Supplement to Prospectus Dated May 1, 1997
Aetna Life Insurance and Annuity Company
Variable Annuity Account B
A Fixed and Variable Single Premium Immediate Annuity
The prospectus dated May 1, 1997 is amended as follows:
Cover:
The following Funds will be replaced with the designated Substitute Funds after
the close of business of the New York Stock Exchange on November 26, 1997:
<TABLE>
<CAPTION>
Replaced Fund Substitute Fund
<S> <C>
Alger American Small Capitalization Portfolio Portfolio Partners MFS Emerging Equities Portfolio
Neuberger & Berman AMT Growth Portfolio Portfolio Partners MFS Value Equity Portfolio
</TABLE>
The Date of this Supplement is August 21, 1997
Form No. X09515-97
<PAGE>
Fee Table - 2
The table under Annual Expenses of the Funds is amended by deleting the
Replaced Funds and adding the following Substitute Funds:
<TABLE>
<CAPTION>
Investment
Advisory Fees Other Expenses
(after expense (after expense Total Annual
reimbursement) reimbursement) Fund Expenses
<S> <C> <C> <C>
Portfolio Partners MFS Emerging Equities .70%(1) .13% .83%(2)
Portfolio
Portfolio Partners MFS Value Equity Portfolio .65% .25% .90%(2)
</TABLE>
1 The advisory fee is .70% of the first $500 million in assets and .65% on the
excess.
2 The Company has agreed to reimburse the Fund for expenses and/or waive its
fees so that the aggregate expenses will not exceed this amount through
April 30, 1999. Without such reimbursements or waivers, Total Annual Fund
Expenses are estimated to be as follows: .87% for the MFS Emerging Equities
Portfolio; and .90% for the MFS Value Equity Portfolio.
Fee Table - 3
The hypothetical illustrations in Fee Table - 3 are amended by deleting all
information with respect to the Replaced Funds for periods after November 26,
1997, and adding the following:
<TABLE>
<CAPTION>
EXAMPLE A EXAMPLE B
If you withdraw the entire If you do not withdraw your
Commuted Value at the end of the Commuted Value you would pay the
periods shown, you would pay the following expenses (no withdrawal
following expenses, including any charge is reflected):
applicable withdrawal charge:
1 year 3 yrs 5 yrs 10 yrs 1 year 3 yrs 5 yrs 10 yrs
------ ----- ----- ------ ------ ----- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio Partners MFS Emerging Equities $67 $90 $103 $145 $20 $57 $89 $145
Portfolio
Portfolio Partners MFS Value Equity $68 $92 $106 $149 $21 $59 $92 $149
Portfolio
</TABLE>
Prospectus, Page 3
In the Section Investment Options, the Substitute Funds will take the place of
the Replaced Funds after the close of business of the New York Stock Exchange
on November 26, 1997. Any amounts allocated to the Replaced Funds will
automatically be allocated to the Substitute Funds after that date. The
following will be added:
Portfolio Partners MFS Emerging Equities Portfolio seeks long-term growth of
capital by investing primarily in common stocks issued by companies that its
subadviser believes are early in their life cycle but which have the potential
to become major enterprises (emerging growth companies).
Portfolio Partners MFS Value Equity Portfolio seeks capital appreciation by
investing primarily in common stocks.
Aetna Life Insurance and Annuity Company serves as the investment adviser to
each Portfolio, and Massachusetts Financial Services Company serves as the
subadviser.
Form No. X09515-97
