424B3 1 supp-8x9x2018xgoldmanxlord.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 August 9, 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 for certain Portfolios of the Advanced Series Trust available through 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.

AST Goldman Sachs Strategic Income Portfolio – Subadviser Change and Name Change:

The Board of Trustees of Advanced Series Trust approved (i) replacing Goldman Sachs Asset Management, L.P. as a subadviser to the AST Goldman Sachs Strategic Income Portfolio with Pacific Investment Management Company, LLC, and (ii) changing the name of the Portfolio to the AST PIMCO Dynamic Bond Portfolio. These changes are expected to become effective on or about September 17, 2018.

The annual expenses for the AST PIMCO Dynamic Bond Portfolio are shown below. The table captioned “Underlying Mutual Fund Portfolio Annual Expenses” in the “Summary of Contract Fees and Expenses” section of the Prospectus is as follows with respect to the Portfolio shown below:

UNDERLYING MUTUAL FUND 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 PIMCO Dynamic Bond Portfolio
0.71%
0.09%
0.25%
0.00%
0.00%
0.00%
1.05%
0.00%
1.05%


In the “Investment Options” section of the Prospectus, information pertaining to the AST PIMCO Dynamic Bond Portfolio is as follows:

PORTFOLIO
NAME
INVESTMENT
OBJECTIVE(S)
PORTFOLIO
ADVISER(S)/SUBADVISER(S)
AST PIMCO Dynamic Bond Portfolio
Seeks total return.
Pacific Investment Management Company, LLC

AST Lord Abbett Core Fixed Income Portfolio – Merger:

Effective as of the close of business on September 14, 2018 (the “Effective Date”), the AST Lord Abbett Core Fixed Income Portfolio (the “Target Portfolio”) will be merged into the AST Western Asset Core Plus Bond Portfolio (the “Acquiring Portfolio”) as noted below. All references to the AST Lord Abbett Core Fixed Income Portfolio in your Annuity Prospectus should be disregarded after the Effective Date.

Target Portfolio
Acquiring Portfolio
AST Lord Abbett Core Fixed Income Portfolio
AST Western Asset Core Plus Bond Portfolio

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On the Effective Date, the Target Portfolio will no longer be available under your annuity contract, and any Account Value allocated to the Sub-account investing in the Target Portfolio will be transferred to the Sub-account investing in the Acquiring Portfolio. This transfer will be made by replacing your contract’s units of the Sub-account investing in the Target Portfolio with units of the Sub-account investing in the Acquiring Portfolio based on the unit value of each Portfolio at the time of the merger.

The annual expenses for the AST Western Asset Core Plus Bond Portfolio are shown below. The table captioned “Underlying Mutual Fund Portfolio Annual Expenses” in the “Summary of Contract Fees and Expenses” section of the Prospectus is as follows with respect to the Portfolio shown below:

UNDERLYING MUTUAL FUND 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 Western Asset Core Plus Bond Portfolio
0.51%
0.02%
0.25%
0.00%
0.00%
0.00%
0.78%
0.00%
0.78%


In the “Investment Options” section of the Prospectus, information pertaining to the AST Western Asset Core Plus Bond Portfolio is as follows:

PORTFOLIO
NAME
INVESTMENT
OBJECTIVE(S)
PORTFOLIO
ADVISER(S)/SUBADVISER(S)
AST Western Asset Core Plus Bond Portfolio
Seeks to maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified for the Portfolio.
Western Asset Management Company
Western Asset Management Company Limited

Please note that you have the ability to transfer Account Value out of the Target Portfolio into an investment option available under your annuity contract any time prior to the Effective Date. Such transfers will be free of charge and will not count as one of your annual free transfers under your annuity contract. Also, for a period of 60 days after the Effective Date, any Account Value that was transferred to the Acquiring Portfolio as a result of the merger can be transferred into an investment option available under your annuity contract free of charge and will not count as one of your annual free transfers. It is important to note that any investment option into which you make your transfer will be subject to the transfer limitations described in your Prospectus. Please refer to your Prospectus for detailed information about investment options.

After the Effective Date, the Target Portfolio will no longer exist and, unless you instruct us otherwise, any outstanding instruction you have on file with us that designates the Target Portfolio will be deemed an instruction for the Acquiring Portfolio. This includes, but is not limited to, Systematic Withdrawals and Dollar Cost Averaging.

You may wish to consult with your financial professional to determine if your existing allocation instructions should be changed before or after the Effective Date.





THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.

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