Prudential Investment Portfolios 7 NCSRS Certified semi-annual shareholder report (management investment company)

Prudential Investment Portfolios 7 N-CSRSCertified semi-annual shareholder report (management investment company)

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, 6^th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 6^th Floor
		Newark, New Jersey 07102

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

Date of fiscal year end:		8/31/2023

Date of reporting period:		2/28/2023

Item 1 – Reports to Stockholders

LOGO

PGIM JENNISON VALUE FUND

SEMIANNUAL REPORT

FEBRUARY 28, 2023

LOGO

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, 2023 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. ^© 2023 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, 2023.

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 provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Jennison Value Fund

April 14, 2023

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.



	Total Returns as of 2/28/23 (without sales charges) *Six Months (%)**	Average Annual Total Returns as of 2/28/23 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)

Class A	3.52	-10.97	4.79	7.34

Class C	2.95	-7.65	4.82	6.98

Class R	3.32	-6.10	5.59	7.63

Class Z	3.67	-5.53	6.29	8.26

Class R6	3.73	-5.44	6.41	8.40

Russell 1000 Value Index

	4.07	-2.81	7.22	9.60

S&P 500 Index

	1.26	-7.68	9.82	12.24

*Not annualized

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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 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.

*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 ^© 2023 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.

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.

PGIM Jennison Value Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 2/28/23



Ten Largest Holdings	Line of Business	% of Net Assets

Chevron Corp.	Oil, Gas & Consumable Fuels	3.4%

JPMorgan Chase & Co.	Banks	3.4%

Bristol-Myers Squibb Co.	Pharmaceuticals	3.2%

Chubb Ltd.	Insurance	2.9%

Eli Lilly & Co.	Pharmaceuticals	2.6%

Linde plc (United Kingdom)	Chemicals	2.5%

Goldman Sachs Group, Inc.	Capital Markets	2.3%

McDonald’s Corp.	Hotels, Restaurants & Leisure	2.2%

Raytheon Technologies Corp.	Aerospace & Defense	2.1%

Walmart, Inc.	Food & Staples Retailing	2.1%

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, 2023. 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 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 and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information

PGIM Jennison Value Fund 7

Fees and Expenses (continued)

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, 2022	Ending Account Value February 28, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$1,035.20	1.11%	$ 5.60

	Hypothetical	$1,000.00	$1,019.29	1.11%	$ 5.56

Class C	Actual	$1,000.00	$1,029.50	2.17%	$10.92

	Hypothetical	$1,000.00	$1,014.03	2.17%	$10.84

Class R	Actual	$1,000.00	$1,033.20	1.47%	$ 7.41

	Hypothetical	$1,000.00	$1,017.50	1.47%	$ 7.35

Class Z	Actual	$1,000.00	$1,036.70	0.83%	$ 4.19

	Hypothetical	$1,000.00	$1,020.68	0.83%	$ 4.16

Class R6	Actual	$1,000.00	$1,037.30	0.68%	$ 3.43

	Hypothetical	$1,000.00	$1,021.42	0.68%	$ 3.41

*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, 2023, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2023 (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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Schedule of Investments (unaudited)

as of February 28, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 99.1%

COMMON STOCKS

Aerospace & Defense 3.5%

Airbus SE (France)		47,844	$	6,266,155
Raytheon Technologies Corp.		98,529		9,664,710


				15,930,865

Airlines 1.4%

Delta Air Lines, Inc.*(a)		166,234		6,373,412

Auto Components 1.3%

Aptiv PLC*		49,645		5,772,721

Automobiles 1.4%

General Motors Co.		163,038		6,316,092

Banks 8.9%

Bank of America Corp.		264,816		9,083,189
JPMorgan Chase & Co.		105,329		15,098,912
PNC Financial Services Group, Inc. (The)		57,990		9,157,781
Truist Financial Corp.		142,628		6,696,384


				40,036,266

Beverages 1.8%

PepsiCo, Inc.		46,716		8,106,628

Biotechnology 3.1%

AbbVie, Inc.		59,659		9,181,520
Amgen, Inc.		20,991		4,862,775


				14,044,295

Building Products 1.6%

Johnson Controls International PLC		117,175		7,349,216

Capital Markets 3.4%

Blackstone, Inc.		50,416		4,577,773
Goldman Sachs Group, Inc. (The)		29,731		10,454,906


				15,032,679

See Notes to Financial Statements.

PGIM Jennison Value Fund 9

Schedule of Investments (unaudited) (continued)

as of February 28, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Chemicals 3.7%

DuPont de Nemours, Inc.		77,462	$	5,657,050
Linde PLC (United Kingdom)		31,744		11,058,657


				16,715,707

Communications Equipment 1.3%

Cisco Systems, Inc.(a)		123,601		5,984,760

Consumer Finance 1.0%

SLM Corp.		321,499		4,623,156

Electric Utilities 1.4%

NextEra Energy, Inc.		89,678		6,369,828

Energy Equipment & Services 1.0%

Schlumberger Ltd.		82,102		4,368,647

Equity Real Estate Investment Trusts (REITs) 1.5%

Alexandria Real Estate Equities, Inc.		44,857		6,718,682

Food & Staples Retailing 2.1%

Walmart, Inc.		65,769		9,347,748

Food Products 1.3%

Mondelez International, Inc. (Class A Stock)		89,245		5,816,989

Health Care Equipment & Supplies 1.5%

Abbott Laboratories		66,837		6,798,660

Health Care Providers & Services 1.8%

Centene Corp.*		43,569		2,980,119
Cigna Group (The)		17,897		5,227,714


				8,207,833

Hotels, Restaurants & Leisure 3.0%

Marriott International, Inc. (Class A Stock)		21,844		3,696,879
McDonald’s Corp.		37,132		9,799,506


				13,496,385

Household Products 1.7%

Procter & Gamble Co. (The)		55,028		7,569,652

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Insurance 6.9%

Chubb Ltd.(a)		62,473	$	13,183,052
Marsh & McLennan Cos., Inc.		34,920		5,661,929
MetLife, Inc.		107,694		7,724,891
RenaissanceRe Holdings Ltd. (Bermuda)		20,885		4,488,186


				31,058,058

Interactive Media & Services 2.5%

Alphabet, Inc. (Class A Stock)*		34,386		3,096,803
Meta Platforms, Inc. (Class A Stock)*		47,654		8,336,591


				11,433,394

Life Sciences Tools & Services 1.5%

Danaher Corp.		26,434		6,543,208

Machinery 5.4%

Deere & Co.(a)		14,327		6,006,452
Fortive Corp.		94,534		6,301,636
Otis Worldwide Corp.		84,591		7,158,090
Parker-Hannifin Corp.		13,013		4,578,624


				24,044,802

Multi-Utilities 3.0%

Ameren Corp.		23,060		1,907,293
CenterPoint Energy, Inc.		194,469		5,410,127
NiSource, Inc.		224,754		6,165,002


				13,482,422

Oil, Gas & Consumable Fuels 8.9%

Chevron Corp.		96,503		15,514,787
ConocoPhillips		83,792		8,659,903
Hess Corp.(a)		67,821		9,135,489
Williams Cos., Inc. (The)		219,705		6,613,121


				39,923,300

Pharmaceuticals 7.8%

AstraZeneca PLC (United Kingdom), ADR		141,203		9,203,612
Bristol-Myers Squibb Co.		205,705		14,185,417
Eli Lilly & Co.		37,878		11,788,391


				35,177,420

See Notes to Financial Statements.

PGIM Jennison Value Fund 11

Schedule of Investments (unaudited) (continued)

as of February 28, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Road & Rail 1.2%

Union Pacific Corp.		26,226	$	5,436,125

Semiconductors & Semiconductor Equipment 6.4%

Advanced Micro Devices, Inc.*(a)		57,320		4,504,205
Broadcom, Inc.		12,254		7,282,430
Lam Research Corp.		11,131		5,409,777
NXP Semiconductors NV (China)		31,335		5,592,671
QUALCOMM, Inc.		49,136		6,069,770


				28,858,853

Software 3.3%

Microsoft Corp.		32,914		8,209,410
Salesforce, Inc.*		40,396		6,609,189


				14,818,599

Specialty Retail 1.0%

Lowe’s Cos., Inc.		21,812		4,487,819

Technology Hardware, Storage & Peripherals 1.8%

Apple, Inc.		54,163		7,984,168

Wireless Telecommunication Services 1.7%

T-Mobile US, Inc.*		54,149		7,698,905


TOTAL LONG-TERM INVESTMENTS (cost $302,611,490)				445,927,294


SHORT-TERM INVESTMENTS 6.4%

AFFILIATED MUTUAL FUND 5.4%
PGIM Institutional Money Market Fund (cost $24,101,577; includes $24,038,826 of cash collateral for securities on loan)(b)(we)		24,109,379		24,102,147

See Notes to Financial Statements.



Description	Shares		Value

UNAFFILIATED FUND 1.0%
Dreyfus Government Cash Management (Institutional Shares) (cost $4,666,574)		4,666,574	$	4,666,574


TOTAL SHORT-TERM INVESTMENTS (cost $28,768,151)				28,768,721


TOTAL INVESTMENTS 105.5% (cost $331,379,641)				474,696,015
Liabilities in excess of other assets (5.5)%				(24,788,090	)


NET ASSETS 100.0%			$	449,907,925

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

SOFR—Secured Overnight Financing Rate

*	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 $23,443,786; cash collateral of $24,038,826 (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.

(we)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of February 28, 2023 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	9,664,710	$	6,266,155		$—
Airlines		6,373,412		—		—

See Notes to Financial Statements.

PGIM Jennison Value Fund 13

Schedule of Investments (unaudited) (continued)

as of February 28, 2023


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Auto Components	$	5,772,721	$	—		$—
Automobiles		6,316,092		—		—
Banks		40,036,266		—		—
Beverages		8,106,628		—		—
Biotechnology		14,044,295		—		—
Building Products		7,349,216		—		—
Capital Markets		15,032,679		—		—
Chemicals		16,715,707		—		—
Communications Equipment		5,984,760		—		—
Consumer Finance		4,623,156		—		—
Electric Utilities		6,369,828		—		—
Energy Equipment & Services		4,368,647		—		—
Equity Real Estate Investment Trusts (REITs)		6,718,682		—		—
Food & Staples Retailing		9,347,748		—		—
Food Products		5,816,989		—		—
Health Care Equipment & Supplies		6,798,660		—		—
Health Care Providers & Services		8,207,833		—		—
Hotels, Restaurants & Leisure		13,496,385		—		—
Household Products		7,569,652		—		—
Insurance		31,058,058		—		—
Interactive Media & Services		11,433,394		—		—
Life Sciences Tools & Services		6,543,208		—		—
Machinery		24,044,802		—		—
Multi-Utilities		13,482,422		—		—
Oil, Gas & Consumable Fuels		39,923,300		—		—
Pharmaceuticals		35,177,420		—		—
Road & Rail		5,436,125		—		—
Semiconductors & Semiconductor Equipment		28,858,853		—		—
Software		14,818,599		—		—
Specialty Retail		4,487,819		—		—
Technology Hardware, Storage & Peripherals		7,984,168		—		—
Wireless Telecommunication Services		7,698,905		—		—
Short-Term Investments
Affiliated Mutual Fund		24,102,147		—		—
Unaffiliated Fund		4,666,574		—		—


Total	$	468,429,860	$	6,266,155		$—

See Notes to Financial Statements.

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, 2023 were as follows:


Banks	8.9	%
Oil, Gas & Consumable Fuels	8.9
Pharmaceuticals	7.8
Insurance	6.9
Semiconductors & Semiconductor Equipment	6.4
Affiliated Mutual Fund (5.3% represents investments purchased with collateral from securities on loan)	5.4
Machinery	5.4
Chemicals	3.7
Aerospace & Defense	3.5
Capital Markets	3.4
Software	3.3
Biotechnology	3.1
Hotels, Restaurants & Leisure	3.0
Multi-Utilities	3.0
Interactive Media & Services	2.5
Food & Staples Retailing	2.1
Health Care Providers & Services	1.8
Beverages	1.8
Technology Hardware, Storage & Peripherals	1.8
Wireless Telecommunication Services	1.7


Household Products	1.7	%
Building Products	1.6
Health Care Equipment & Supplies	1.5
Equity Real Estate Investment Trusts (REITs)	1.5
Life Sciences Tools & Services	1.5
Airlines	1.4
Electric Utilities	1.4
Automobiles	1.4
Communications Equipment	1.3
Food Products	1.3
Auto Components	1.3
Road & Rail	1.2
Unaffiliated Fund	1.0
Consumer Finance	1.0
Specialty Retail	1.0
Energy Equipment & Services	1.0


	105.5
Liabilities in excess of other assets	(5.5	)


	100.0	%

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

$23,443,786

$(23,443,786)

$—

(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, 2023



Assets

Investments at value, including securities on loan of $23,443,786:
Unaffiliated investments (cost $307,278,064)	$	450,593,868
Affiliated investments (cost $24,101,577)		24,102,147
Cash		200,515
Receivable for investments sold		2,539,946
Receivable for Fund shares sold		1,032,820
Dividends receivable		904,313
Tax reclaim receivable		61,989
Prepaid expenses and other assets		2,739


Total Assets		479,438,337


Liabilities

Payable to broker for collateral for securities on loan		24,038,826
Payable for investments purchased		3,576,585
Payable for Fund shares purchased		1,386,929
Management fee payable		213,260
Accrued expenses and other liabilities		140,124
Distribution fee payable		96,183
Affiliated transfer agent fee payable		77,743
Trustees’ fees payable		762


Total Liabilities		29,530,412


Net Assets	$	449,907,925




Net assets were comprised of:
Shares of beneficial interest, at par	$	239,354
Paid-in capital in excess of par		297,192,826
Total distributable earnings (loss)		152,475,745


Net assets, February 28, 2023	$	449,907,925

See Notes to Financial Statements.



Class A

Net asset value and redemption price per share, ($380,525,870 ÷ 20,232,329 shares of beneficial interest issued and outstanding)	$	18.81
Maximum sales charge (5.50% of offering price)		1.09


Maximum offering price to public	$	19.90


Class C

Net asset value, offering price and redemption price per share, ($4,868,110 ÷ 275,034 shares of beneficial interest issued and outstanding)	$	17.70


Class R

Net asset value, offering price and redemption price per share, ($6,195,774 ÷ 331,001 shares of beneficial interest issued and outstanding)	$	18.72


Class Z

Net asset value, offering price and redemption price per share, ($22,399,090 ÷ 1,188,406 shares of beneficial interest issued and outstanding)	$	18.85


Class R6

Net asset value, offering price and redemption price per share, ($35,919,081 ÷ 1,908,610 shares of beneficial interest issued and outstanding)	$	18.82

See Notes to Financial Statements.

PGIM Jennison Value Fund 17

Statement of Operations (unaudited)

Six Months Ended February 28, 2023



Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $8,335 foreign withholding tax)	$	5,202,061
Affiliated income from securities lending, net		7,457


Total income		5,209,518


Expenses
Management fee		1,399,609
Distribution fee(a)		619,843
Transfer agent’s fees and expenses (including affiliated expense of $186,133)(a)		330,391
Registration fees(a)		37,574
Custodian and accounting fees		31,578
Shareholders’ reports		21,628
Audit fee		11,802
Professional fees		11,480
Trustees’ fees		7,559
Miscellaneous		15,783

Total expenses		2,487,247

Less: Distribution fee waiver(a)		(7,954	)


Net expenses		2,479,293


Net investment income (loss)		2,730,225


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Investment transactions (including affiliated of $(4,360))		10,266,403
Foreign currency transactions		(258	)


		10,266,145


Net change in unrealized appreciation (depreciation) on investments (including affiliated of $464)		4,371,699


Net gain (loss) on investment and foreign currency transactions		14,637,844


Net Increase (Decrease) In Net Assets Resulting From Operations	$	17,368,069

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


	Class A		Class C		Class R			Class Z		Class R6
Distribution fee		572,907		23,074		23,862			—		—
Transfer agent’s fees and expenses		305,569		6,282		5,173			12,974		393
Registration fees		10,538		5,840		5,082			7,513		8,601
Distribution fee waiver		—		—		(7,954	)		—		—

See Notes to Financial Statements.

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 28, 2023				Year Ended August 31, 2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	2,730,225			$	4,233,484
Net realized gain (loss) on investment and foreign currency transactions			10,266,145				37,679,282
Net change in unrealized appreciation (depreciation) on investments			4,371,699				(77,755,510	)


Net increase (decrease) in net assets resulting from operations			17,368,069				(35,842,744	)


Dividends and Distributions
Distributions from distributable earnings
Class A			(29,716,450	)			(29,321,499	)
Class C			(331,743	)			(235,923	)
Class R			(477,002	)			(510,928	)
Class Z			(1,753,796	)			(1,537,311	)
Class R6			(4,799,419	)			(2,415,392	)


			(37,078,410	)			(34,021,053	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold			24,914,021				89,269,356
Net asset value of shares issued in reinvestment of dividends and distributions			36,578,249				33,478,991
Cost of shares purchased			(59,664,402	)			(88,570,707	)


Net increase (decrease) in net assets from Fund share transactions			1,827,868				34,177,640


Total increase (decrease)			(17,882,473	)			(35,686,157	)

Net Assets:

Beginning of period			467,790,398				503,476,555


End of period		$	449,907,925			$	467,790,398

See Notes to Financial Statements.

PGIM Jennison Value Fund 19

Financial Highlights (unaudited)



Class A Shares
	Six Months Ended February 28, 2023
				Year Ended August 31,
				2022			2021			2020			2019			2018

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$19.64			$22.83			$17.50			$18.92			$20.93			$19.89
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.18			0.17			0.25			0.24			0.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.62			(1.83	)		5.91			0.04	^(b)		(0.56	)		2.24
Total from investment operations		0.73			(1.65	)		6.08			0.29			(0.32	)		2.44
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.16	)		(0.24	)		(0.26	)		(0.23	)		(0.20	)
Distributions from net realized gains		(1.36	)		(1.38	)		(0.51	)		(1.45	)		(1.46	)		(1.20	)
Total dividends and distributions		(1.56	)		(1.54	)		(0.75	)		(1.71	)		(1.69	)		(1.40	)
Net asset value, end of period		$18.81			$19.64			$22.83			$17.50			$18.92			$20.93
Total Return^(c):		3.52	%		(7.85	)%		35.78	%		0.96	%		(0.73	)%		12.56	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$380,526			$384,088			$441,273			$351,437			$387,717			$426,573
Average net assets (000)		$385,103			$423,766			$396,964			$360,910			$394,572			$429,922
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.11	%^(e)		1.09	%		1.09	%		1.12	%		1.11	%		1.06	%
Expenses before waivers and/or expense reimbursement		1.11	%^(e)		1.09	%		1.09	%		1.12	%		1.11	%		1.06	%
Net investment income (loss)		1.12	%^(e)		0.84	%		0.85	%		1.40	%		1.28	%		0.99	%
Portfolio turnover rate^(f)		14	%		31	%		19	%		31	%		26	%		21	%

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

(e)	Annualized.

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

See Notes to Financial Statements.



Class C Shares
	Six Months Ended February 28, 2023
				Year Ended August 31,
				2022			2021			2020			2019			2018

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$18.48			$21.63			$16.65			$18.12			$20.13			$19.20
Income (loss) from investment operations:
Net investment income (loss)		0.01			(0.04	)^(b)		(0.09	)^(b)		0.03			0.06			0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.57			(1.73	)		5.62			0.04	^(c)		(0.54	)		2.16
Total from investment operations		0.58			(1.77	)		5.53			0.07			(0.48	)		2.19
Less Dividends and Distributions:
Dividends from net investment income		-			-			(0.04	)		(0.09	)		(0.07	)		(0.06	)
Distributions from net realized gains		(1.36	)		(1.38	)		(0.51	)		(1.45	)		(1.46	)		(1.20	)
Total dividends and distributions		(1.36	)		(1.38	)		(0.55	)		(1.54	)		(1.53	)		(1.26	)
Net asset value, end of period		$17.70			$18.48			$21.63			$16.65			$18.12			$20.13
Total Return^(d):		2.95	%		(8.82	)%		33.98	%		(0.24	)%		(1.68	)%		11.65	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$4,868			$4,587			$3,427			$2,561			$4,320			$15,073
Average net assets (000)		$4,653			$4,339			$2,880			$3,456			$10,131			$15,977
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		2.17	%^(f)		2.17	%		2.36	%		2.36	%		2.00	%		1.87	%
Expenses before waivers and/or expense reimbursement		2.17	%^(f)		2.17	%		2.36	%		2.36	%		2.00	%		1.87	%
Net investment income (loss)		0.06	%^(f)		(0.22	)%		(0.45	)%		0.17	%		0.31	%		0.17	%
Portfolio turnover rate^(g)		14	%		31	%		19	%		31	%		26	%		21	%

(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)

(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, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Value Fund 21

Financial Highlights (unaudited) (continued)



Class R Shares
	Six Months Ended February 28, 2023
				Year Ended August 31,
				2022			2021			2020			2019			2018

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$19.53			$22.70			$17.41			$18.83			$20.83			$19.83
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.11			0.10			0.18			0.16			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.61			(1.81	)		5.88			0.04	^(b)		(0.56	)		2.23
Total from investment operations		0.68			(1.70	)		5.98			0.22			(0.40	)		2.35
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.09	)		(0.18	)		(0.19	)		(0.14	)		(0.15	)
Distributions from net realized gains		(1.36	)		(1.38	)		(0.51	)		(1.45	)		(1.46	)		(1.20	)
Total dividends and distributions		(1.49	)		(1.47	)		(0.69	)		(1.64	)		(1.60	)		(1.35	)
Net asset value, end of period		$18.72			$19.53			$22.70			$17.41			$18.83			$20.83
Total Return^(c):		3.32	%		(8.10	)%		35.25	%		0.58	%		(1.10	)%		12.11	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$6,196			$6,437			$7,809			$6,239			$6,772			$7,900
Average net assets (000)		$6,416			$7,479			$7,065			$6,328			$7,091			$8,257
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.47	%^(e)		1.40	%		1.42	%		1.52	%		1.51	%		1.46	%
Expenses before waivers and/or expense reimbursement		1.72	%^(e)		1.65	%		1.67	%		1.77	%		1.76	%		1.71	%
Net investment income (loss)		0.77	%^(e)		0.54	%		0.51	%		1.01	%		0.87	%		0.58	%
Portfolio turnover rate^(f)		14	%		31	%		19	%		31	%		26	%		21	%

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

(e)	Annualized.

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

See Notes to Financial Statements.



Class Z Shares
	Six Months Ended February 28, 2023
				Year Ended August 31,
				2022			2021			2020			2019			2018

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$19.71			$22.89			$17.55			$18.97			$20.99			$19.95
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.24			0.22			0.30			0.30			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.62			(1.83	)		5.92			0.05	^(b)		(0.58	)		2.24
Total from investment operations		0.76			(1.59	)		6.14			0.35			(0.28	)		2.50
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.21	)		(0.29	)		(0.32	)		(0.28	)		(0.26	)
Distributions from net realized gains		(1.36	)		(1.38	)		(0.51	)		(1.45	)		(1.46	)		(1.20	)
Total dividends and distributions		(1.62	)		(1.59	)		(0.80	)		(1.77	)		(1.74	)		(1.46	)
Net asset value, end of period		$18.85			$19.71			$22.89			$17.55			$18.97			$20.99
Total Return^(c):		3.67	%		(7.57	)%		36.09	%		1.26	%		(0.46	)%		12.85	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$22,399			$21,029			$22,585			$26,134			$32,505			$41,937
Average net assets (000)		$22,026			$22,463			$31,897			$27,407			$33,784			$41,471
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.83	%^(e)		0.81	%		0.82	%		0.83	%		0.81	%		0.77	%
Expenses before waivers and/or expense reimbursement		0.83	%^(e)		0.81	%		0.82	%		0.83	%		0.81	%		0.77	%
Net investment income (loss)		1.40	%^(e)		1.13	%		1.12	%		1.66	%		1.56	%		1.28	%
Portfolio turnover rate^(f)		14	%		31	%		19	%		31	%		26	%		21	%

(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)

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

(e)	Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Value Fund 23

Financial Highlights (unaudited) (continued)



Class R6 Shares
	Six Months Ended February 28, 2023
				Year Ended August 31,
				2022			2021			2020			2019			2018

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$19.69			$22.88			$17.54			$18.96			$20.97			$19.94
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.26			0.22			0.32			0.32			0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.62			(1.82	)		5.95			0.05	^(b)		(0.57	)		2.22
Total from investment operations		0.77			(1.56	)		6.17			0.37			(0.25	)		2.51
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.25	)		(0.32	)		(0.34	)		(0.30	)		(0.28	)
Distributions from net realized gains		(1.36	)		(1.38	)		(0.51	)		(1.45	)		(1.46	)		(1.20	)
Total dividends and distributions		(1.64	)		(1.63	)		(0.83	)		(1.79	)		(1.76	)		(1.48	)
Net asset value, end of period		$18.82			$19.69			$22.88			$17.54			$18.96			$20.97
Total Return^(c):		3.73	%		(7.48	)%		36.28	%		1.37	%		(0.31	)%		12.92	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$35,919			$51,650			$28,383			$782			$545			$18,838
Average net assets (000)		$52,204			$31,004			$5,438			$634			$18,529			$16,087
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.68	%^(e)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Expenses before waivers and/or expense reimbursement		0.68	%^(e)		0.70	%		0.81	%		2.91	%		0.73	%		0.73	%
Net investment income (loss)		1.58	%^(e)		1.21	%		0.98	%		1.82	%		1.72	%		1.40	%
Portfolio turnover rate^(f)		14	%		31	%		19	%		31	%		26	%		21	%

(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)

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

(e)	Annualized.

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

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	Organization

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

The investment objective of the Fund is to seek 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 RIC’s Board of Trustees (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. 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.

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

PGIM Jennison Value Fund 25

Notes to Financial Statements (unaudited) (continued)

of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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 Measurement.

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

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 exchange rate as of the valuation date;

(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 unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

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 RIC, 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

PGIM Jennison Value Fund 27

Notes to Financial Statements (unaudited) (continued)

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.

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 open loans 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 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: 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. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*		Frequency

Net Investment Income		Annually

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

*	Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

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.

PGIM Jennison Value Fund 29

Notes to Financial Statements (unaudited) (continued)

3.	Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative services.

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended February 28, 2023, the contractual and effective management fee rates were as follows:



Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements

0.60% to $500 million of average daily net assets;		0.60%

0.50% on the next $500 million of average daily net assets;

0.475% on the next $500 million of average daily net assets;

0.45% over $1.5 billion of average daily net assets.

The Manager has contractually agreed, through December 31, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit 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 limitation in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:



Class	Expense Limitations

A		—	%

C		—

R		—



Class	Expense Limitations

Z		—	%

R6		0.70

The RIC, 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 based on average daily net assets per class. PIMS has contractually agreed through December 31, 2023 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The Fund’s annual gross and net distribution rates, where applicable, are as follows:



Class	Gross Distribution Fee			Net Distribution Fee
A		0.30	%		0.30	%
C		1.00			1.00
R		0.75			0.50
Z		N/A			N/A
R6		N/A			N/A

For the reporting period ended February 28, 2023, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:



Class	FESL		CDSC
A	$	77,464		$129
C		—		503

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 and shareholder servicing 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 31

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 fund 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/trustees, and/or common officers. For the reporting period ended February 28, 2023, 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, 2023, were as follows:



Cost of Purchases		Proceeds from Sales

$66,601,639		$94,681,042

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 28, 2023, 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 Fund:

PGIM Institutional Money Market Fund^(1)(b)(we)

$1,059,407	$183,027,192	$159,980,556		$464		$(4,360)		$24,102,147		24,109,379	$	7,457⁽²⁾

(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.

(we)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

6.	Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2023 were as follows:

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, 2022 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 CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class 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 eight years (ten years prior to January 22, 2021) 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 RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.01 par value per share currently divided into nine classes, designated Class A, Class B, Class C, Class L, Class M, Class R, Class Z, Class R6 and Class X. The Fund currently does not have any Class B, Class L, Class M or Class X shares outstanding.

PGIM Jennison Value Fund 33

Notes to Financial Statements (unaudited) (continued)

As of February 28, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

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



	Number of Shareholders		Percentage of Outstanding Shares
Affiliated		—		—	%
Unaffiliated		3		45.7

Transactions in shares of beneficial interest were as follows:



Share Class	Shares			Amount

Class A

Six months ended February 28, 2023:
Shares sold		392,105		$	7,591,795
Shares issued in reinvestment of dividends and distributions		1,519,380			29,278,448
Shares purchased		(1,203,104	)		(23,432,036	)
Net increase (decrease) in shares outstanding before conversion		708,381			13,438,207
Shares issued upon conversion from other share class(es)		10,010			195,804
Shares purchased upon conversion into other share class(es)		(41,810	)		(820,065	)
Net increase (decrease) in shares outstanding		676,581		$	12,813,946

Year ended August 31, 2022:
Shares sold		960,485		$	20,614,615
Shares issued in reinvestment of dividends and distributions		1,329,677			28,840,690
Shares purchased		(2,033,665	)		(43,439,090	)
Net increase (decrease) in shares outstanding before conversion		256,497			6,016,215
Shares issued upon conversion from other share class(es)		14,832			318,790
Shares purchased upon conversion into other share class(es)		(46,763	)		(1,015,706	)
Net increase (decrease) in shares outstanding		224,566		$	5,319,299



Share Class	Shares			Amount

Class C

Six months ended February 28, 2023:
Shares sold		70,359		$	1,280,748
Shares issued in reinvestment of dividends and distributions		18,245			331,687
Shares purchased		(51,571	)		(942,121	)
Net increase (decrease) in shares outstanding before conversion		37,033			670,314
Shares purchased upon conversion into other share class(es)		(10,208	)		(188,061	)
Net increase (decrease) in shares outstanding		26,825		$	482,253

Year ended August 31, 2022:
Shares sold		166,247		$	3,426,394
Shares issued in reinvestment of dividends and distributions		11,461			235,635
Shares purchased		(72,795	)		(1,481,323	)
Net increase (decrease) in shares outstanding before conversion		104,913			2,180,706
Shares purchased upon conversion into other share class(es)		(15,149	)		(307,290	)
Net increase (decrease) in shares outstanding		89,764		$	1,873,416

Class R
Six months ended February 28, 2023:
Shares sold		11,733		$	225,951
Shares issued in reinvestment of dividends and distributions		24,857			477,002
Shares purchased		(35,200	)		(677,754	)
Net increase (decrease) in shares outstanding		1,390		$	25,199

Year ended August 31, 2022:
Shares sold		32,158		$	692,167
Shares issued in reinvestment of dividends and distributions		23,643			510,928
Shares purchased		(70,153	)		(1,489,142	)
Net increase (decrease) in shares outstanding		(14,352	)	$	(286,047	)

Class Z
Six months ended February 28, 2023:
Shares sold		103,520		$	2,002,230
Shares issued in reinvestment of dividends and distributions		87,667			1,691,971
Shares purchased		(109,492	)		(2,152,777	)
Net increase (decrease) in shares outstanding before conversion		81,695			1,541,424
Shares issued upon conversion from other share class(es)		40,399			795,612
Shares purchased upon conversion into other share class(es)		(402	)		(7,743	)
Net increase (decrease) in shares outstanding		121,692		$	2,329,293

PGIM Jennison Value Fund 35

Notes to Financial Statements (unaudited) (continued)



Share Class	Shares			Amount

Year ended August 31, 2022:
Shares sold		120,243		$	2,549,785
Shares issued in reinvestment of dividends and distributions		67,972			1,476,346
Shares purchased		(149,077	)		(3,201,036	)
Net increase (decrease) in shares outstanding before conversion		39,138			825,095
Shares issued upon conversion from other share class(es)		45,020			980,933
Shares purchased upon conversion into other share class(es)		(3,935	)		(87,119	)
Net increase (decrease) in shares outstanding		80,223		$	1,718,909

Class R6
Six months ended February 28, 2023:
Shares sold		704,683		$	13,813,297
Shares issued in reinvestment of dividends and distributions		249,177			4,799,141
Shares purchased		(1,669,881	)		(32,459,714	)
Net increase (decrease) in shares outstanding before conversion		(716,021	)		(13,847,276	)
Shares issued upon conversion from other share class(es)		1,304			24,700
Shares purchased upon conversion into other share class(es)		(13	)		(247	)
Net increase (decrease) in shares outstanding		(714,730	)	$	(13,822,823	)

Year ended August 31, 2022:
Shares sold		3,063,783		$	61,986,395
Shares issued in reinvestment of dividends and distributions		111,360			2,415,392
Shares purchased		(1,797,282	)		(38,960,116	)
Net increase (decrease) in shares outstanding before conversion		1,377,861			25,441,671
Shares issued upon conversion from other share class(es)		5,230			114,025
Shares purchased upon conversion into other share class(es)		(167	)		(3,633	)
Net increase (decrease) in shares outstanding		1,382,924		$	25,552,063

8.	Borrowings

The RIC, 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	9/30/2022 - 9/28/2023	10/1/2021 – 9/29/2022
Total Commitment	$ 1,200,000,000	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%



	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% 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

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.

The Fund utilized the SCA during the reporting period ended February 28, 2023. The average daily balance for the 1 day that the Fund had loans outstanding during the period was $15,494,000, borrowed at a weighted average interest rate of 5.41%. The maximum loan balance outstanding during the period was $15,494,000. At February 28, 2023, the Fund did not have an outstanding loan amount.

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.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States.

PGIM Jennison Value Fund 37

Notes to Financial Statements (unaudited) (continued)

Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

Large Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

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.

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had, and future public health epidemics may have, an impact on the Fund’s investments and net asset value and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors. Future public health epidemics 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. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies 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

PGIM Jennison Value Fund 39

Notes to Financial Statements (unaudited) (continued)

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.



∎ 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, Chief Financial Officer · Claudia DiGiacomo, Chief Legal Officer · Isabelle Sajous, Chief Compliance Officer · Kelly Florio, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Treasurer and Principal Accounting Officer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer · Robert W. McCormack, 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 534432 Pittsburgh, PA 15253

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 HOLDINGS

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

LOGO

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 (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during 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.

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.

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

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – 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 17, 2023

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 17, 2023

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		April 17, 2023

Tax Basis

Gross
Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net
Unrealized
Appreciation

$332,212,744

$151,549,189

$(9,065,918)

$142,483,271