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:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2021
Date of reporting period:	2/28/2021

Item 1 – Reports to Stockholders

PGIM JENNISON VALUE FUND

SEMIANNUAL REPORT

FEBRUARY 28, 2021

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of February 28, 2021 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 LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2021 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Jennison Value Fund informative and useful. The report covers performance for the six-month period ended February 28, 2021.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Value Fund

April 15, 2021

PGIM Jennison Value Fund 3

Your Fund’s Performance

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 pgim.com/investments or by calling (800) 225-1852.

	(without sales charges)	Average Annual Total Returns as of 2/28/21 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	17.88	16.10		10.19		7.01		—
Class C	17.00	20.23		10.39		6.74		—
Class R	17.62	22.40		11.07		7.33		—
Class Z	18.07	23.20		11.78		7.94		—
Class R6	18.11	23.39		11.91		N/A		9.88 (10/31/11)
Russell 1000® Value Index
	19.15	22.22		12.02		10.40		—
S&P 500 Index
	9.75	31.27		16.82		13.42		—
Average Annual Total Returns as of 2/28/21 Since Inception (%)
							Class R6 (10/31/11)
Russell 1000 Value Index								12.02
S&P 500 Index								14.99

*Not annualized

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

4 Visit our website at pgim.com/investments

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 C	Class R	Class Z	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% 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)	0.30%	1.00%	0.75% (0.50% currently)	None	None

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.

S&P 500 Index*—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

*The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright ^© 2021 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

PGIM Jennison Value Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 2/28/21

Ten Largest Holdings	Line of Business	% of Net Assets
JPMorgan Chase & Co.	Banks		3.6	%
Walt Disney Co. (The)	Entertainment		2.6	%
Goldman Sachs Group, Inc. (The)	Capital Markets		2.5	%
Bank of America Corp.	Banks		2.5	%
Chevron Corp.	Oil, Gas & Consumable Fuels		2.4	%
General Motors Co.	Automobiles		2.3	%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services		2.3	%
Johnson Controls International PLC	Building Products		2.3	%
Union Pacific Corp.	Road & Rail		2.2	%
Chubb Ltd.	Insurance		2.2	%

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

6 Visit our website at pgim.com/investments

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended February 28, 2021. The example is for illustrative purposes only; you should consult the Fund’s 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 PGIM 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

PGIM Jennison Value Fund 7

Fees and Expenses (continued)

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.

PGIM Jennison Value Fund		Beginning Account Value September 1, 2020		Ending Account Value February 28, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,178.80		1.10	%	$	5.94
	Hypothetical	$	1,000.00	$	1,019.34		1.10	%	$	5.51
Class C	Actual	$	1,000.00	$	1,170.00		2.58	%	$	13.88
	Hypothetical	$	1,000.00	$	1,012.00		2.58	%	$	12.87
Class R	Actual	$	1,000.00	$	1,176.20		1.50	%	$	8.09
	Hypothetical	$	1,000.00	$	1,017.36		1.50	%	$	7.50
Class Z	Actual	$	1,000.00	$	1,180.70		0.80	%	$	4.33
	Hypothetical	$	1,000.00	$	1,020.83		0.80	%	$	4.01
Class R6	Actual	$	1,000.00	$	1,181.10		0.70	%	$	3.79
	Hypothetical	$	1,000.00	$	1,021.32		0.70	%	$	3.51

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2021, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgim.com/investments

Schedule of Investments    (unaudited)

as of February 28, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS     99.0%
COMMON STOCKS
Aerospace & Defense     2.6%
Airbus SE (France)*		38,235	$	4,440,546
Raytheon Technologies Corp.		93,748		6,748,919
				11,189,465
Air Freight & Logistics     0.9%
FedEx Corp.		14,752		3,754,384
Airlines     0.8%
Delta Air Lines, Inc.		68,580		3,287,725
Automobiles     2.3%
General Motors Co.		200,505		10,291,922
Banks     11.8%
Bank of America Corp.		316,338		10,980,092
Citigroup, Inc.		115,283		7,594,844
JPMorgan Chase & Co.		106,657		15,696,711
PNC Financial Services Group, Inc. (The)		53,121		8,943,451
Truist Financial Corp.		153,954		8,769,220
				51,984,318
Beverages     1.3%
PepsiCo, Inc.		44,451		5,742,625
Biotechnology     1.3%
AbbVie, Inc.		52,291		5,633,832
Building Products     2.3%
Johnson Controls International PLC		178,283		9,946,409
Capital Markets     3.4%
Blackstone Group, Inc. (The) (Class A Stock)		55,134		3,816,927
Goldman Sachs Group, Inc. (The)		34,728		11,094,901
				14,911,828
Chemicals     4.9%
Dow, Inc.		128,317		7,610,482

See Notes to Financial Statements.

PGIM Jennison Value Fund     9

Schedule of Investments    (unaudited)(continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
FMC Corp.		49,848	$	5,069,043
Linde PLC (United Kingdom)		36,830		8,996,464
				21,675,989
Communications Equipment     1.2%
Cisco Systems, Inc.		117,605		5,276,936
Consumer Finance     3.5%
Capital One Financial Corp.		67,354		8,095,277
SLM Corp.		446,839		7,055,588
				15,150,865
Containers & Packaging     1.4%
Crown Holdings, Inc.*		61,920		5,917,075
Diversified Telecommunication Services     1.3%
Verizon Communications, Inc.		105,553		5,837,081
Electrical Equipment     1.4%
Emerson Electric Co.		73,331		6,299,133
Entertainment     2.6%
Walt Disney Co. (The)*		60,842		11,501,572
Equity Real Estate Investment Trusts (REITs)     2.5%
Alexandria Real Estate Equities, Inc.		18,701		2,986,363
American Campus Communities, Inc.		96,050		3,934,208
American Tower Corp.		18,477		3,993,434
				10,914,005
Food & Staples Retailing     2.0%
Walmart, Inc.		66,332		8,617,853
Food Products     1.4%
Mondelez International, Inc. (Class A Stock)		118,584		6,303,925
Health Care Equipment & Supplies     1.5%
Zimmer Biomet Holdings, Inc.		40,816		6,655,457

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services    2.6%
Cigna Corp.		27,275	$	5,725,022
Laboratory Corp. of America Holdings*		23,761		5,700,502
				11,425,524
Hotels, Restaurants & Leisure    2.1%
McDonald’s Corp.		24,172		4,982,816
Royal Caribbean Cruises Ltd.		43,578		4,064,520
				9,047,336
Household Durables    1.1%
D.R. Horton, Inc.		62,884		4,833,893
Household Products    0.9%
Procter & Gamble Co. (The)		33,582		4,148,385
Insurance    5.8%
Chubb Ltd.		59,442		9,664,080
Marsh & McLennan Cos., Inc.		37,721		4,346,214
MetLife, Inc.		120,167		6,921,619
RenaissanceRe Holdings Ltd. (Bermuda)		27,593		4,607,479
				25,539,392
Interactive Media & Services    2.3%
Alphabet, Inc. (Class A Stock)*		4,951		10,010,476
Machinery    3.5%
Deere & Co.		18,846		6,579,515
Fortive Corp.		53,838		3,543,617
Otis Worldwide Corp.		80,487		5,127,827
				15,250,959
Media    0.8%
Comcast Corp. (Class A Stock)		65,372		3,446,412
Multi-Utilities    3.4%
Ameren Corp.		83,432		5,862,767
Dominion Energy, Inc.		132,376		9,043,928
				14,906,695

See Notes to Financial Statements.

PGIM Jennison Value Fund     11

Schedule of Investments    (unaudited)(continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels    5.4%
Chevron Corp.		104,574	$	10,457,400
ConocoPhillips		100,226		5,212,754
Suncor Energy, Inc. (Canada)		187,082		3,715,449
Williams Cos., Inc. (The)		193,627		4,422,441
				23,808,044
Pharmaceuticals    4.3%
AstraZeneca PLC (United Kingdom), ADR		100,300		4,852,514
Bristol-Myers Squibb Co.		102,409		6,280,744
Eli Lilly & Co.		38,155		7,817,578
				18,950,836
Road & Rail    2.2%
Union Pacific Corp.		47,851		9,855,392
Semiconductors & Semiconductor Equipment    5.1%
Broadcom, Inc.		20,383		9,577,360
QUALCOMM, Inc.		41,503		5,652,294
Texas Instruments, Inc.		41,573		7,161,781
				22,391,435
Software    2.7%
Microsoft Corp.		31,317		7,277,444
PTC, Inc.*		34,589		4,736,618
				12,014,062
Specialty Retail    3.4%
Advance Auto Parts, Inc.		14,451		2,317,218
Lowe’s Cos., Inc.		37,448		5,982,318
Ross Stores, Inc.		55,622		6,487,750
				14,787,286
Technology Hardware, Storage & Peripherals    1.3%
Apple, Inc.		45,245		5,486,409

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors 1.7%
United Rentals, Inc.*(a)		25,743	$	7,655,453
TOTAL LONG-TERM INVESTMENTS   (cost $265,548,913)				434,450,388
SHORT-TERM INVESTMENTS 1.2%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		3,082,073		3,082,073
PGIM Institutional Money Market Fund   (cost $2,155,059; includes $2,154,223 of cash collateral for securities on loan)(b)(wa)		2,161,977		2,160,896
TOTAL SHORT-TERM INVESTMENTS   (cost $5,237,132)				5,242,969
TOTAL INVESTMENTS 100.2%   (cost $270,786,045)				439,693,357
Liabilities in excess of other assets (0.2)%				(772,605	)
NET ASSETS 100.0%			$	438,920,752

Below is a list of the abbreviation(s) used in the semiannual report:

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $2,092,644; cash collateral of $2,154,223 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(wa) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

Fair Value Measurements:

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

levels listed below.

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

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

See Notes to Financial Statements.

PGIM Jennison Value Fund     13

Schedule of Investments(unaudited)(continued)

as of February 28, 2021

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

The following is a summary of the inputs used as of February 28, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense		$	6,748,919		$	4,440,546		$	—
Air Freight & Logistics			3,754,384			—			—
Airlines			3,287,725			—			—
Automobiles			10,291,922			—			—
Banks			51,984,318			—			—
Beverages.			5,742,625			—			—
Biotechnology			5,633,832			—			—
Building Products.			9,946,409			—			—
Capital Markets			14,911,828			—			—
Chemicals			21,675,989			—			—
Communications Equipment			5,276,936			—			—
Consumer Finance			15,150,865			—			—
Containers & Packaging			5,917,075			—			—
Diversified Telecommunication Services.			5,837,081			—			—
Electrical Equipment			6,299,133			—			—
Entertainment			11,501,572			—			—
Equity Real Estate Investment Trusts (REITs)			10,914,005			—			—
Food & Staples Retailing			8,617,853			—			—
Food Products			6,303,925			—			—
Health Care Equipment & Supplies			6,655,457			—			—
Health Care Providers & Services			11,425,524			—			—
Hotels, Restaurants & Leisure.			9,047,336			—			—
Household Durables.			4,833,893			—			—
Household Products			4,148,385			—			—
Insurance			25,539,392			—			—
Interactive Media & Services			10,010,476			—			—
Machinery.			15,250,959			—			—
Media.			3,446,412			—			—
Multi-Utilities			14,906,695			—			—
Oil, Gas & Consumable Fuels			23,808,044			—			—
Pharmaceuticals			18,950,836			—			—
Road & Rail			9,855,392			—			—
Semiconductors & Semiconductor Equipment			22,391,435			—			—
Software			12,014,062			—			—
Specialty Retail.			14,787,286			—			—
Technology Hardware, Storage & Peripherals			5,486,409			—			—
Trading Companies & Distributors			7,655,453			—			—
Affiliated Mutual Funds			5,242,969			—			—
Total		$	435,252,811		$	4,440,546		$	—

See Notes to Financial Statements.

14

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2021 were as follows:

Banks	11.8	%	Health Care Equipment & Supplies	1.5	%
Insurance	5.8		Food Products	1.4
Oil, Gas & Consumable Fuels	5.4		Electrical Equipment	1.4
Semiconductors & Semiconductor Equipment	5.1		Containers & Packaging	1.4
Chemicals	4.9		Diversified Telecommunication Services	1.3
Pharmaceuticals	4.3		Beverages	1.3
Machinery	3.5		Biotechnology	1.3
Consumer Finance	3.5		Technology Hardware, Storage & Peripherals	1.3
Capital Markets	3.4		Communications Equipment	1.2
Multi-Utilities	3.4		Affiliated Mutual Funds (0.5% represents investments purchased with collateral from securities on loan)	1.2
Specialty Retail	3.4
Software	2.7
Entertainment	2.6		Household Durables	1.1
Health Care Providers & Services	2.6		Household Products	0.9
Aerospace & Defense	2.6		Air Freight & Logistics	0.9
Equity Real Estate Investment Trusts (REITs)	2.5		Media	0.8
Automobiles	2.3		Airlines	0.8
Interactive Media & Services	2.3			100.2
Building Products	2.3		Liabilities in excess of other assets	(0.2	)
Road & Rail	2.2			100.0	%
Hotels, Restaurants & Leisure	2.1
Food & Staples Retailing	2.0
Trading Companies & Distributors	1.7

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

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)		Net Amount
Securities on Loan		$2,092,644		$(2,092,644)		$—

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

See Notes to Financial Statements.
PGIM Jennison Value Fund	15

Statement of Assets and Liabilities(unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $2,092,644:
Unaffiliated investments (cost $265,548,913)	$	434,450,388
Affiliated investments (cost $5,237,132)		5,242,969
Receivable for investments sold		2,112,249
Dividends receivable		742,173
Receivable for Fund shares sold		464,518
Tax reclaim receivable		61,989
Prepaid expenses and other assets		17,070
Total Assets		443,091,356

Liabilities
Payable to broker for collateral for securities on loan		2,154,223
Payable for investments purchased		1,068,095
Payable for Fund shares purchased		473,685
Management fee payable		200,381
Accrued expenses and other liabilities		126,480
Distribution fee payable		95,158
Affiliated transfer agent fee payable		51,493
Trustees’ fees payable		1,089
Total Liabilities		4,170,604
Net Assets	$	438,920,752
Net assets were comprised of:
Shares of beneficial interest, at par	$	221,467
Paid-in capital in excess of par		263,160,202
Total distributable earnings (loss)		175,539,083
Net assets, February 28, 2021	$	438,920,752

See Notes to Financial Statements.

16

Class A
Net asset value and redemption price per share,   ($393,428,655 ÷ 19,847,452 shares of beneficial interest issued and outstanding)	$	19.82
Maximum sales charge (5.50% of offering price)		1.15
Maximum offering price to public	$	20.97
Class C
Net asset value, offering price and redemption price per share,   ($2,525,522 ÷ 133,691 shares of beneficial interest issued and outstanding)	$	18.89
Class R
Net asset value, offering price and redemption price per share,   ($6,913,960 ÷ 350,183 shares of beneficial interest issued and outstanding)	$	19.74
Class Z
Net asset value, offering price and redemption price per share,   ($35,054,510 ÷ 1,765,081 shares of beneficial interest issued and outstanding)	$	19.86
Class R6
Net asset value, offering price and redemption price per share,   ($998,105 ÷ 50,323 shares of beneficial interest issued and outstanding)	$	19.83

See Notes to Financial Statements.
PGIM Jennison Value Fund	17

Statement of Operations    (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $8,897 foreign withholding tax)	$  4,267,522
Income from securities lending, net (including affiliated income of $8,713)	11,414
Affiliated dividend income	3,051
Total income	4,281,987
Expenses
Management fee	1,208,534
Distribution fee(a)	582,741
Transfer agent’s fees and expenses (including affiliated expense of $113,175)(a)	302,948
Registration fees(a)	36,644
Custodian and accounting fees	34,395
Shareholders’ reports	14,331
Audit fee	12,016
Legal fees and expenses	11,411
Trustees’ fees	7,259
Miscellaneous	12,076
Total expenses	2,222,355
Less: Fee waiver and/or expense reimbursement(a)	(6,827	)
Distribution fee waiver(a)	(8,161	)
Net expenses	2,207,367
Net investment income (loss)	2,074,620
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(1,502))	7,965,029
Foreign currency transactions	257
	7,965,286
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(5,248))	57,289,434
Foreign currencies	(620	)
	57,288,814
Net gain (loss) on investment and foreign currency transactions	65,254,100
Net Increase (Decrease) In Net Assets Resulting From Operations	$67,328,720

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

	Class A		Class C		Class R			Class Z		Class R6
Distribution fee		545,361		12,897		24,483			—		—
Transfer agent’s fees and expenses		278,644		4,813		4,140			15,299		52
Registration fees		7,779		7,297		7,281			7,286		7,001
Fee waiver and/or expense reimbursement		—		—		—			—		(6,827	)
Distribution fee waiver		—		—		(8,161	)		—		—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets    (unaudited)

	Six Months Ended February 28, 2021				Year Ended         August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	2,074,620			$	5,599,865
Net realized gain (loss) on investment and foreign currency transactions			7,965,286				14,267,093
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			57,288,814				(15,472,926	)
Net increase (decrease) in net assets resulting from operations			67,328,720				4,394,032
Dividends and Distributions
Distributions from distributable earnings
Class A			(14,676,285	)			(33,860,057	)
Class B			—				(94,016	)
Class C			(79,510	)			(319,906	)
Class R			(244,950	)			(577,452	)
Class Z			(1,263,023	)			(3,043,449	)
Class R6			(34,890	)			(55,926	)
			(16,298,658	)			(37,950,806	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			11,436,524				14,841,352
Net asset value of shares issued in reinvestment of dividends and distributions			16,011,718				37,226,569
Cost of shares purchased			(26,710,651	)			(64,535,504	)
Net increase (decrease) in net assets from Fund share transactions			737,591				(12,467,583	)
Total increase (decrease)			51,767,653				(46,024,357	)
Net Assets:
Beginning of period			387,153,099				433,177,456
End of period		$	438,920,752			$	387,153,099

See Notes to Financial Statements.
PGIM Jennison Value Fund	19

Notes to Financial Statements    (unaudited)

1. Organization

Prudential Investment Portfolios 7 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. PGIM Jennison Value Fund (the “Fund”) is the sole series of the Trust. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is capital appreciation.

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

20

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Fund is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

PGIM Jennison Value Fund     21

Notes to Financial Statements    (unaudited) (continued)

most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment 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) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Master Netting Arrangements: The Trust, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion 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

22

amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Fund invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific

PGIM Jennison Value Fund     23

Notes to Financial Statements    (unaudited) (continued)

expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Fund expects to pay dividends from net investment income and distributions from net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The Manager pays for the services of Jennison.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.60% of the Fund’s average daily net assets up to $500 million, 0.50% of the next $500 million, 0.475% of the next $500 million and 0.45% of the average daily net assets in excess of $1.5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.60% for the reporting period ended February 28, 2021.

The Manager has contractually agreed, through December 31, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.70% of average

24

daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%,1% and 0.75% of the average daily net assets of the Class A, Class C and Class R shares, respectively. PIMS has contractually agreed through December 31, 2021 to limit such expenses to 0.50% of the average daily net assets of the Class R shares. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Fund.

For the reporting period ended February 28, 2021, PIMS received $53,837 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended February 28, 2021, PIMS received $126 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

4. Other Transactions with Affiliates

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

PGIM Jennison Value Fund     25

Notes to Financial Statements    (unaudited)

(continued)

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the reporting period ended February 28, 2021, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended February 28, 2021, were $39,648,014 and $52,604,262, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 28, 2021, is presented as follows:

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$  5,504,048	$	27,898,305	$	30,320,280	$	—		$	—		$	3,082,073		3,082,073	$	3,051
PGIM Institutional Money Market Fund (1)(b)(wa)
43,539,015		83,211,281		124,582,650		(5,248	)		(1,502	)		2,160,896		2,161,977		8,713	(2)
$49,043,063	$	111,109,586	$	154,902,930	$	(5,248	)	$	(1,502	)	$	5,242,969			$	11,764

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

26

(wa) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2021 were as follows:

Tax Basis	$	271,410,811
Gross Unrealized Appreciation		171,651,417
Gross Unrealized Depreciation		(3,368,871	)
Net Unrealized Appreciation	$	168,282,546

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

The Manager 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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2020 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A shares. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Effective January 22, 2021, Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available 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, below.

The Fund has authorized an unlimited number of shares of beneficial interest at $0.01 par value currently divided into nine classes, designated Class A, Class B, Class C, Class R,

PGIM Jennison Value Fund     27

Notes to Financial Statements    (unaudited)(continued)

Class Z, Class R6, Class L, Class M and Class X. The Fund currently does not have any Class B, Class L, Class M or Class X shares outstanding.

As of February 28, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of   Outstanding Shares
Class A		16,709		0.1	%
Class C		57		0.1	%
Class R		318,199		90.9	%

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	2	42.2%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended February 28, 2021:
Shares sold		246,096		$	4,629,295
Shares issued in reinvestment of dividends and distributions		780,189			14,425,695
Shares purchased		(1,255,732	)		(23,110,865	)
Net increase (decrease) in shares outstanding before conversion		(229,447	)		(4,055,875	)
Shares issued upon conversion from other share class(es)		26,971			527,202
Shares purchased upon conversion into other share class(es)		(28,317	)		(526,454	)
Net increase (decrease) in shares outstanding		(230,793	)	$	(4,055,127	)
Year ended August 31, 2020:
Shares sold		359,983		$	6,260,895
Shares issued in reinvestment of dividends and distributions		1,780,370			33,292,932
Shares purchased		(2,619,233	)		(46,318,588	)
Net increase (decrease) in shares outstanding before conversion		(478,880	)		(6,764,761	)
Shares issued upon conversion from other share class(es)		130,394			2,190,145
Shares purchased upon conversion into other share class(es)		(68,117	)		(1,228,319	)
Net increase (decrease) in shares outstanding		(416,603	)	$	(5,802,935	)
Class B
Period ended June 26, 2020*:
Shares sold		4,573		$	77,459
Shares issued in reinvestment of dividends and distributions		5,204			93,573
Shares purchased		(10,087	)		(171,295	)
Net increase (decrease) in shares outstanding before conversion		(310	)		(263	)
Shares purchased upon conversion into other share class(es)		(72,373	)		(1,155,276	)
Net increase (decrease) in shares outstanding		(72,683	)	$	(1,155,539	)

28

Class C	Shares			Amount
Six months ended February 28, 2021:
Shares sold		24,749		$	437,379
Shares issued in reinvestment of dividends and distributions		4,466			78,914
Shares purchased		(20,527	)		(347,597	)
Net increase (decrease) in shares outstanding before conversion		8,688			168,696
Shares purchased upon conversion into other share class(es)		(28,796	)		(537,062	)
Net increase (decrease) in shares outstanding		(20,108	)	$	(368,366	)
Year ended August 31, 2020:
Shares sold		21,502		$	350,421
Shares issued in reinvestment of dividends and distributions		14,680			263,361
Shares purchased		(58,935	)		(1,004,518	)
Net increase (decrease) in shares outstanding before conversion		(22,753	)		(390,736	)
Shares purchased upon conversion into other share class(es)		(61,839	)		(997,254	)
Net increase (decrease) in shares outstanding		(84,592	)	$	(1,387,990	)
Class R
Six months ended February 28, 2021:
Shares sold		12,738		$	227,249
Shares issued in reinvestment of dividends and distributions		13,291			244,950
Shares purchased		(34,222	)		(633,591	)
Net increase (decrease) in shares outstanding		(8,193	)	$	(161,392	)
Year ended August 31, 2020:
Shares sold		42,070		$	663,534
Shares issued in reinvestment of dividends and distributions		30,928			576,805
Shares purchased		(74,279	)		(1,215,921	)
Net increase (decrease) in shares outstanding		(1,281	)	$	24,418
Class Z
Six months ended February 28, 2021:
Shares sold		320,132		$	5,983,398
Shares issued in reinvestment of dividends and distributions		66,303			1,227,269
Shares purchased		(138,832	)		(2,535,818	)
Net increase (decrease) in shares outstanding before conversion		247,603			4,674,849
Shares issued upon conversion from other share class(es)		29,638			554,360
Shares purchased upon conversion into other share class(es)		(920	)		(18,046	)
Net increase (decrease) in shares outstanding		276,321		$	5,211,163
Year ended August 31, 2020:
Shares sold		424,665		$	7,288,166
Shares issued in reinvestment of dividends and distributions		157,264			2,943,973
Shares purchased		(859,016	)		(15,619,602	)
Net increase (decrease) in shares outstanding before conversion		(277,087	)		(5,387,463	)
Shares issued upon conversion from other share class(es)		57,082			1,051,888
Shares purchased upon conversion into other share class(es)		(4,562	)		(80,794	)
Net increase (decrease) in shares outstanding		(224,567	)	$	(4,416,369	)

PGIM Jennison Value Fund     29

Notes to Financial Statements    (unaudited)(continued)

Class R6	Shares			Amount
Six months ended February 28, 2021:
Shares sold		8,386		$	159,203
Shares issued in reinvestment of dividends and distributions		1,888			34,890
Shares purchased		(4,506	)		(82,780	)
Net increase (decrease) in shares outstanding		5,768		$	111,313
Year ended August 31, 2020:
Shares sold		11,181		$	200,877
Shares issued in reinvestment of dividends and distributions		2,992			55,925
Shares purchased		(11,733	)		(205,580	)
Net increase (decrease) in shares outstanding before conversion		2,440			51,222
Shares issued upon conversion from other share class(es)		13,347			219,610
Net increase (decrease) in shares outstanding		15,787		$	270,832

* Effective June 26, 2020, all of the issued and outstanding Class B shares of the Fund converted into Class A shares.

8. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating 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 table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

30

The Fund did not utilize the SCA during the reporting period ended February 28, 2021.

9. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s Prospectus and Statement of Additional Information.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased

PGIM Jennison Value Fund     31

Notes to Financial Statements    (unaudited)(continued)

market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Value Style Risk: Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security’s intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund’s value investment style may go out of favor with investors, negatively affecting the Fund’s performance. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

10. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule is scheduled to take effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

32

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended February 28, 2021			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.50			$18.92			$20.93			$19.89			$17.96			$19.28
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.25			0.24			0.20			0.19			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.98			0.04	(b)		(0.56	)		2.24			2.54			(0.09	)
Total from investment operations		3.07			0.29			(0.32	)		2.44			2.73			0.10
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.26	)		(0.23	)		(0.20	)		(0.22	)		(0.18	)
Distributions from net realized gains		(0.51	)		(1.45	)		(1.46	)		(1.20	)		(0.58	)		(1.24	)
Total dividends and distributions		(0.75	)		(1.71	)		(1.69	)		(1.40	)		(0.80	)		(1.42	)
Net asset value, end of period		$19.82			$17.50			$18.92			$20.93			$19.89			$17.96
Total Return(c):		17.88	%		0.96	%		(0.73	)%		12.56	%		15.46	%		0.61	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$393,429			$351,437			$387,717			$426,573			$420,155			$417,815
Average net assets (000)		$366,587			$360,910			$394,572			$429,922			$427,252			$426,272
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.10	%(f)		1.12	%		1.11	%		1.06	%		1.10	%		1.12	%
Expenses before waivers and/or expense reimbursement		1.10	%(f)		1.12	%		1.11	%		1.06	%		1.10	%		1.12	%
Net investment income (loss)		1.02	%(f)		1.40	%		1.28	%		0.99	%		1.01	%		1.09	%
Portfolio turnover rate(g)		10	%		31	%		26	%		21	%		15	%		29	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c) 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Value Fund    33

Financial Highlights(unaudited)(continued)

Class C Shares
	Six Months Ended February 28, 2021			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.65			$18.12			$20.13			$19.20			$17.37			$18.69
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)(b)		0.03			0.06			0.03			0.06			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.83			0.04	(c)		(0.54	)		2.16			2.45			(0.10	)
Total from investment operations		2.79			0.07			(0.48	)		2.19			2.51			(0.03	)
Less Dividends and Distributions:
Dividends from net investment income		(0.04	)		(0.09	)		(0.07	)		(0.06	)		(0.10	)		(0.05	)
Distributions from net realized gains		(0.51	)		(1.45	)		(1.46	)		(1.20	)		(0.58	)		(1.24	)
Total dividends and distributions		(0.55	)		(1.54	)		(1.53	)		(1.26	)		(0.68	)		(1.29	)
Net asset value, end of period		$18.89			$16.65			$18.12			$20.13			$19.20			$17.37
Total Return(d):		17.00	%		(0.24	)%		(1.68	)%		11.65	%		14.68	%		(0.14	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,526			$2,561			$4,320			$15,073			$16,298			$17,617
Average net assets (000)		$2,601			$3,456			$10,131			$15,977			$17,274			$19,046
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		2.58	%(g)		2.36	%		2.00	%		1.87	%		1.80	%		1.82	%
Expenses before waivers and/or expense reimbursement		2.58	%(g)		2.36	%		2.00	%		1.87	%		1.80	%		1.82	%
Net investment income (loss)		(0.46	)%(g)		0.17	%		0.31	%		0.17	%		0.31	%		0.39	%
Portfolio turnover rate(h)		10	%		31	%		26	%		21	%		15	%		29	%

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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 GAAP. Total returns for periods less than one full year are not annualized.

(e) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(g) Annualized.

(h) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

34

Class R Shares
	Six Months Ended February 28, 2021			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.41			$18.83			$20.83			$19.83			$17.91			$19.23
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.18			0.16			0.12			0.15			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.96			0.04	(b)		(0.56	)		2.23			2.53			(0.10	)
Total from investment operations		3.02			0.22			(0.40	)		2.35			2.68			0.06
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.19	)		(0.14	)		(0.15	)		(0.18	)		(0.14	)
Distributions from net realized gains		(0.51	)		(1.45	)		(1.46	)		(1.20	)		(0.58	)		(1.24	)
Total dividends and distributions		(0.69	)		(1.64	)		(1.60	)		(1.35	)		(0.76	)		(1.38	)
Net asset value, end of period		$19.74			$17.41			$18.83			$20.83			$19.83			$17.91
Total Return(c):		17.62	%		0.58	%		(1.10	)%		12.11	%		15.24	%		0.38	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6,914			$6,239			$6,772			$7,900			$8,449			$9,347
Average net assets (000)		$6,583			$6,328			$7,091			$8,257			$8,872			$9,603
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.50	%(f)		1.52	%		1.51	%		1.46	%		1.30	%		1.32	%
Expenses before waivers and/or expense reimbursement		1.75	%(f)		1.77	%		1.76	%		1.71	%		1.55	%		1.57	%
Net investment income (loss)		0.63	%(f)		1.01	%		0.87	%		0.58	%		0.81	%		0.90	%
Portfolio turnover rate(g)		10	%		31	%		26	%		21	%		15	%		29	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Value Fund    35

Financial Highlights(unaudited)(continued)

Class Z Shares
	Six Months Ended February 28, 2021			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.55			$18.97			$20.99			$19.95			$18.00			$19.33
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.30			0.30			0.26			0.25			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.99			0.05	(b)		(0.58	)		2.24			2.55			(0.10	)
Total from investment operations		3.11			0.35			(0.28	)		2.50			2.80			0.15
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.32	)		(0.28	)		(0.26	)		(0.27	)		(0.24	)
Distributions from net realized gains		(0.51	)		(1.45	)		(1.46	)		(1.20	)		(0.58	)		(1.24	)
Total dividends and distributions		(0.80	)		(1.77	)		(1.74	)		(1.46	)		(0.85	)		(1.48	)
Net asset value, end of period		$19.86			$17.55			$18.97			$20.99			$19.95			$18.00
Total Return(c):		18.07	%		1.26	%		(0.46	)%		12.85	%		15.85	%		0.88	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$35,055			$26,134			$32,505			$41,937			$41,038			$52,277
Average net assets (000)		$29,578			$27,407			$33,784			$41,471			$44,372			$59,259
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.80	%(f)		0.83	%		0.81	%		0.77	%		0.80	%		0.82	%
Expenses before waivers and/or expense reimbursement		0.80	%(f)		0.83	%		0.81	%		0.77	%		0.80	%		0.82	%
Net investment income (loss)		1.32	%(f)		1.66	%		1.56	%		1.28	%		1.31	%		1.39	%
Portfolio turnover rate(g)		10	%		31	%		26	%		21	%		15	%		29	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

36

Class R6 Shares
	Six Months Ended February 28, 2021			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.54			$18.96			$20.97			$19.94			$17.99			$19.32
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.32			0.32			0.29			0.27			0.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.99			0.05	(b)		(0.57	)		2.22			2.55			(0.09	)
Total from investment operations		3.12			0.37			(0.25	)		2.51			2.82			0.18
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.34	)		(0.30	)		(0.28	)		(0.29	)		(0.27	)
Distributions from net realized gains		(0.51	)		(1.45	)		(1.46	)		(1.20	)		(0.58	)		(1.24	)
Total dividends and distributions		(0.83	)		(1.79	)		(1.76	)		(1.48	)		(0.87	)		(1.51	)
Net asset value, end of period		$19.83			$17.54			$18.96			$20.97			$19.94			$17.99
Total Return(c):		18.11	%		1.37	%		(0.31	)%		12.92	%		16.02	%		1.04	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$998			$782			$545			$18,838			$10,344			$12,452
Average net assets (000)		$835			$634			$18,529			$16,087			$10,297			$18,472
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.70	%(f)		0.70	%		0.70	%		0.70	%		0.66	%		0.67	%
Expenses before waivers and/or expense reimbursement		2.35	%(f)		2.91	%		0.73	%		0.73	%		0.66	%		0.67	%
Net investment income (loss)		1.43	%(f)		1.82	%		1.72	%		1.40	%		1.42	%		1.53	%
Portfolio turnover rate(g)		10	%		31	%		26	%		21	%		15	%		29	%

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Value Fund    37

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgim.com/investments

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s 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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jon Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
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 the prospectus and summary prospectus by visiting our website at pgim.com/investments 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 pgim.com/investments/resource/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, PGIM Jennison Value Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at 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 as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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

PGIM JENNISON VALUE FUND

SHARE CLASS	A	C	R	Z	R6
NASDAQ	PBEAX	PEICX	JDVRX	PEIZX	PJVQX
CUSIP	74440N102	74440N300	74440N607	74440N805	74440N888

MF131E2

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

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

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

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

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

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

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

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

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

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 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – 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/ Andrew R. French
	Andrew R. French
	Secretary
Date:	April 20, 2021

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 20, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	April 20, 2021