424B3 1 draft-supplementxfundxchan.htm 424B3 Document


PRUCO LIFE INSURANCE COMPANY
PRUCO LIFE FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION
PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION VARIABLE ACCOUNT B

Supplement dated July 1, 2018
to Prospectuses dated April 30, 2018

This Supplement should be read in conjunction with the current Prospectus for your Annuity and should be retained for future reference. This Supplement is intended to update certain information in the Prospectus for the variable annuity you own and is not intended to be a prospectus or offer for any other variable annuity that you do not own. Defined terms used herein and not otherwise defined herein shall have the meanings given to them in the Prospectuses and Statements of Additional Information.
This Supplement contains information about changes, effective July 1, 2018, to the management fees, or fee waivers or expense reimbursements, and total expenses for certain Portfolios of the Advanced Series Trust available through your Annuity and updates other information in the prospectus for your Annuity. Please check your Annuity Prospectus to determine which of the following changes affect the Annuity that you own. If you would like another copy of the current Annuity Prospectus, please call us at 1-888-PRU-2888. :
The table captioned “Underlying Mutual Fund Portfolio Annual Expenses” in the “Summary of Contract Fees and Charges” section of the Prospectus is revised as follows with respect to the Portfolios shown below:

UNDERLYING PORTFOLIO ANNUAL EXPENSES
(as a percentage of the average daily net assets of the underlying Portfolios)
 
 
FUNDS
Management
 Fees
Other
 Expenses
Distribution
 (12b-1)
  Fees
Dividend
 Expense on
 Short Sales
Broker Fees
 and Expenses
 on Short
 Sales
Acquired
 Portfolio
 Fees &
 Expenses
Total
Annual
 Portfolio
 Operating
 Expenses
Fee Waiver
or Expense
Reimbursement
Net Annual
 Fund
  Operating
 Expenses
AST AQR Large-Cap Portfolio*
0.56%
0.01%
0.25%
0.00%
0.00%
0.00%
0.82%
0.01%
0.81%
AST Cohen & Steers Realty Portfolio*
0.82%
0.03%
0.25%
0.00%
0.00%
0.00%
1.10%
0.05%
1.05%
AST Goldman Sachs Large-Cap Value Portfolio*
0.56%
0.01%
0.25%
0.00%
0.00%
0.00%
0.82%
0.03%
0.79%
AST Goldman Sachs Multi-Asset Portfolio*
0.76%
0.06%
0.25%
0.00%
0.00%
0.01%
1.08%
0.14%
0.94%
AST Government Money Market Portfolio
0.30%
0.02%
0.25%
0.00%
0.00%
0.00%
0.57%
0.00%
0.57%
AST QMA Large-Cap Portfolio*
0.55%
0.02%
0.25%
0.00%
0.00%
0.00%
0.82%
0.02%
0.80%
AST T. Rowe Price Large-Cap Value Portfolio*
0.67%
0.02%
0.25%
0.00%
0.00%
0.00%
0.94%
0.04%
0.90%
*See notes immediately below for important information about this fund.
AST AQR Large-Cap Portfolio 
The Manager has contractually agreed to waive 0.007% of its investment management fee through June 30, 2019. This arrangement may not be terminated or modified prior to June 30, 2019 without the prior approval of the Trust’s Board of Trustees.
AST Cohen & Steers Realty Portfolio
The Manager has contractually agreed to waive 0.052% of its investment management fee through June 30, 2019. This arrangement may not be terminated or modified prior to June 30, 2019 without the prior approval of the Trust’s Board of Trustees.
AST Goldman Sachs Large-Cap Value Portfolio
The Manager has contractually agreed to waive 0.013% of its investment management fee through June 30, 2019. The Manager has also contractually agreed to waive an additional 0.015% of its investment management fee through June 30, 2019. These arrangements may not be terminated or modified prior to June 30, 2019 without the prior approval of the Trust’s Board of Trustees.

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AST Goldman Sachs Multi-Asset Portfolio
The Manager has contractually agreed to waive 0.120% of its investment management fee through June 30, 2019. In addition, the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive, in all cases of, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 0.930% of the Portfolio's average daily net assets through June 30, 2019. These arrangements may not be terminated or modified prior to June 30, 2019 without the prior approval of the Trust’s Board of Trustees. Expenses waived/reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The Manager has also contractually agreed to waive a portion of its investment management fee equal to the management fee of any acquired fund managed or subadvised by Goldman Sachs Asset Management, L.P.
AST QMA Large-Cap Portfolio
The Manager has contractually agreed to waive 0.015% of its investment management fee through June 30, 2019. This arrangement may not be terminated or modified prior to June 30, 2019 without the prior approval of the Trust’s Board of Trustees.
AST T. Rowe Price Large-Cap Value Portfolio
The Manager has contractually agreed to waive 0.040% of its investment management fee through June 30, 2019. This arrangement may not be terminated or modified prior to June 30, 2019 without the prior approval of the Trust’s Board of Trustees.


Summary of Contract Fees and Charges - Minimum/Maximum:

Effective July 1, 2018, for those prospectuses which the AST Government Money Market Portfolio represents the minimum total underlying portfolio operating expense, the Total Annual Underlying Portfolio Operating Expenses table is amended to reflect the reduction in the minimum operating expense from 0.59% to 0.57% as follows:

The following table provides the range (minimum and maximum) of the total annual expenses for the underlying mutual funds (“Portfolios”) as of July 1, 2018 before any contractual waivers and expense reimbursements. Each figure is stated as a percentage of the underlying Portfolio’s average daily net assets.
TOTAL ANNUAL UNDERLYING PORTFOLIO OPERATING EXPENSES
 
MINIMUM
MAXIMUM
Total Underlying Portfolio Operating Expense
0.57%
2.42%


Subadviser Change:

AST J.P. Morgan Global Thematic Portfolio. Security Capital Research & Management Incorporated is removed as a subadviser to the Portfolio.


Other Information:

For Annuities issued by Pruco Life Insurance Company:

In the “OTHER INFORMATION - Fees and Payments Received by Pruco Life” section of the Prospectus, the fourth paragraph is restated as follows:
In addition, an adviser or subadviser of a Portfolio or a distributor of the Annuity (not the Portfolios) may also compensate us by providing reimbursement, defraying the costs of, or paying directly for, among other things, marketing and/or administrative services and/or other services they provide in connection with the Annuity. These services may include, but are not limited to: sponsoring or co-sponsoring various promotional, educational or marketing meetings and seminars attended by distributors, wholesalers, and/or broker dealer firms’ registered representatives, and creating marketing material discussing the Annuity, available options, and underlying Portfolios. The amounts paid depend on the nature of the meetings, the number of meetings attended by the adviser, subadviser, or distributor, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of the adviser’s, subadviser’s or distributor’s participation. These payments or reimbursements may not be offered by all advisers, subadvisers, or distributors and the amounts of such payments may vary between and among each adviser, subadviser, and distributor depending on their respective participation. We may also consider these payments and reimbursements when selecting the Portfolios available under the Annuity. For the annual period ended December 31, 2017, with regard to the total annual amounts that were paid (or as to which a payment amount was accrued) under the kinds of arrangements described in this paragraph, the amounts for any particular adviser, subadviser or distributor ranged from $5,000 to $556,437. These amounts relate to all individual variable annuity contracts issued by Pruco Life or its affiliates, not only the Annuity covered by this prospectus.




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For Annuities issued by Pruco Life Insurance Company of New Jersey:

In the “OTHER INFORMATION - Fees and Payments Received by Pruco Life of New Jersey” section of the Prospectus, the fourth paragraph is restated as follows:
In addition, an adviser or subadviser of a Portfolio or a distributor of the Annuity (not the Portfolios) may also compensate us by providing reimbursement, defraying the costs of, or paying directly for, among other things, marketing and/or administrative services and/or other services they provide in connection with the Annuity. These services may include, but are not limited to: sponsoring or co-sponsoring various promotional, educational or marketing meetings and seminars attended by distributors, wholesalers, and/or broker dealer firms’ registered representatives, and creating marketing material discussing the Annuity, available options, and underlying Portfolios. The amounts paid depend on the nature of the meetings, the number of meetings attended by the adviser, subadviser, or distributor, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of the adviser’s, subadviser’s or distributor’s participation. These payments or reimbursements may not be offered by all advisers, subadvisers, or distributors and the amounts of such payments may vary between and among each adviser, subadviser, and distributor depending on their respective participation. We may also consider these payments and reimbursements when selecting the Portfolios available under the Annuity. For the annual period ended December 31, 2017, with regard to the total annual amounts that were paid (or as to which a payment amount was accrued) under the kinds of arrangements described in this paragraph, the amounts for any particular adviser, subadviser or distributor ranged from $5,000 to $556,437. These amounts relate to all individual variable annuity contracts issued by Pruco Life of New Jersey or its affiliates, not only the Annuity covered by this prospectus.
For Annuities Issued by Prudential Annuities Life Assurance Corporation:

In the “GENERAL INFORMATION - Fees and Payments Received by Prudential Annuities” section of the Prospectus, the fourth paragraph is restated as follows:
In addition, an adviser or subadviser of a Portfolio or a distributor of the Annuity (not the Portfolios) may also compensate us by providing reimbursement, defraying the costs of, or paying directly for, among other things, marketing and/or administrative services and/or other services they provide in connection with the Annuity. These services may include, but are not limited to: sponsoring or co-sponsoring various promotional, educational or marketing meetings and seminars attended by distributors, wholesalers, and/or broker dealer firms’ registered representatives, and creating marketing material discussing the Annuity, available options, and underlying Portfolios. The amounts paid depend on the nature of the meetings, the number of meetings attended by the adviser, subadviser, or distributor, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of the adviser’s, subadviser’s or distributor’s participation. These payments or reimbursements may not be offered by all advisers, subadvisers, or distributors and the amounts of such payments may vary between and among each adviser, subadviser, and distributor depending on their respective participation. We may also consider these payments and reimbursements when selecting the Portfolios available under the Annuity. For the annual period ended December 31, 2017, with regard to the total annual amounts that were paid (or as to which a payment amount was accrued) under the kinds of arrangements described in this paragraph, the amounts for any particular adviser, subadviser or distributor ranged from $5,000 to $556,437. These amounts relate to all individual variable annuity contracts issued by Prudential Annuities or its affiliates, not only the Annuity covered by this prospectus.


Prudential Premier Retirement Variable Annuity

For the following annuities issued by Pruco Life Insurance Company: (i) Prudential Premier Retirement Variable Annuity, Flexible Premium Deferred Annuity; (ii) Prudential Premier Retirement Variable Annuity, Flexible Premium Deferred Annuity Offering Highest Daily Lifetime Income v2.1 Optional Benefits; and (iii) Prudential Premier Retirement Variable Annuity, Flexible Premium Deferred Annuity Offering Highest Daily Lifetime Income v3.0 Optional Living Benefits and Legacy Protection Plus Optional Death Benefit:

With respect to the Spousal Highest Daily Lifetime Income benefit, each designated life must be at least 50 years old when the benefit is elected. Accordingly, each instance where the age requirement of a designated life is indicated as “at least 45 years old at the time of election” is changed to “at least 50 years old at the time of election.”


THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.

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