<PAGE>
SELECT DIMENSIONS ASSETMANAGER
VARIABLE ANNUITY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
SEPARATE ACCOUNT THREE
SUPPLEMENT DATED SEPTEMBER 8, 1999 TO THE
PROSPECTUS DATED MAY 3, 1999
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The tables and accompanying footnotes under the section entitled "Fee Table --
Summary" should be deleted and replaced with the following:
ANNUAL FUND OPERATING EXPENSES
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
MANAGEMENT OTHER TOTAL FUND
FEES EXPENSES OPERATING
INCLUDING EXPENSES
WAIVERS INCLUDING
WAIVERS
<S> <C> <C> <C>
MORGAN STANLEY DEAN WITTER SELECT DIMENSIONS
INVESTMENT SERIES:
Money Market Portfolio 0.500% 0.050% 0.550%
North American Government Securities Portfolio 0.650% 0.500% 1.150%
Diversified Income Portfolio 0.400% 0.090% 0.490%
Balanced Growth Portfolio 0.620% 0.090% 0.710%
Utilities Portfolio 0.650% 0.060% 0.710%
Dividend Growth Portfolio 0.600% 0.030% 0.630%
Value-Added Market Portfolio 0.500% 0.050% 0.550%
Growth Portfolio 0.810% 0.250% 1.060%
American Value Portfolio 0.620% 0.040% 0.660%
Mid-Cap Growth Portfolio (1) 0.750% 0.230% 0.980%
Global Equity Portfolio 1.000% 0.100% 1.100%
Developing Growth Portfolio 0.500% 0.090% 0.590%
Emerging Markets Portfolio 1.250% 0.480% 1.730%
MORGAN STANLEY DEAN WITTER UNIVERSAL FUNDS, INC.:
High Yield Portfolio (2) 0.150% 0.650% 0.800%
Mid-Cap Value Portfolio (2) 0.230% 0.820% 1.050%
Emerging Markets Debt Portfolio (2) 0.270% 1.250% 1.520%
Emerging Markets Equity Portfolio (2) 0.000% 1.750% 1.750%
Fixed Income Portfolio (2) 0.060% 0.640% 0.700%
<PAGE>
VAN KAMPEN LIFE INVESTMENT TRUST:
Strategic Stock Portfolio (3) 0.000% 0.650% 0.650%
Enterprise Portfolio (3) 0.460% 0.140% 0.600%
</TABLE>
(1) With respect to the Mid-Cap Growth Portfolio, the expense information shown
in the table above has been restated to reflect the current fees. Prior to
April 30, 1999, the investment adviser, Morgan Stanley Dean Witter Advisors
Inc., assumed all expenses of the Portfolio and waived the compensation
provided for the Portfolio in its management agreement with the Fund.
(2) With respect to the High Yield, Mid-Cap Value, Fixed Income, Emerging
Markets Equity, and Emerging Markets Debt Portfolios, the investment
advisers have voluntarily agreed to waive their investment advisory fees
and to reimburse the Portfolios for certain other expenses. Absent such
reductions, it is estimated that "Management Fees", "Other Expenses" and
"Total Fund Operating Expenses" for the Portfolios would have been as
follows:
<TABLE>
<CAPTION>
TOTAL FUND
MANAGEMENT OTHER OPERATING
PORTFOLIO FEES EXPENSES EXPENSES
<S> <C> <C> <C>
High Yield 0.500% 0.650% 1.150%
Mid-Cap Value 0.750% 0.820% 1.570%
Fixed Income 0.400% 0.640% 1.040%
Emerging Markets Equity 1.250% 2.200% 3.450%
Emerging Markets Debt 0.800% 1.250% 2.050%
</TABLE>
(2) With respect to the Strategic Stock Portfolio and the Enterprise Portfolio,
the investment adviser, Van Kampen Asset Management Inc. has voluntarily
agreed to waive its investment advisory fees and to reimburse the
Portfolios if such fees would cause their respective "Total Fund Operating
Expenses" to exceed those set forth in the table above. Absent such
reductions, it is estimated that "Management Fees", "Other Expenses" and
"Total Fund Operating Expenses" for the Portfolios would have been as
follows:
<TABLE>
<CAPTION>
TOTAL FUND
MANAGEMENT OTHER OPERATING
PORTFOLIO FEES EXPENSES EXPENSES
<S> <C> <C> <C>
Strategic Stock 0.500% 2.090% 2.590%
Enterprise 0.500% 0.170% 0.670%
</TABLE>
The following should be added to the Example following the Annual Fund
Operating Expenses:
<TABLE>
<CAPTION>
If you surrender your Contract at If you annuitize your Contract at If you do not surrender your
the end of the applicable time the end of the applicable time Contract, you would pay the
period you would pay the period you would pay the following expenses on a $1,000
following expenses on a $1,000 following expenses on a $1,000 investment, assuming a 5% annual
investment, assuming a 5% annual investment, assuming a 5% annual return on assets:
return on assets: return on assets:
SUB-ACCOUNT 1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fixed Income $96 $154 $206 $356 $32 $100 $170 $355 $33 $100 $170 $356
Emerging Markets $85 $122 $153 $251 $22 $68 $116 $251 $22 $68 $117 $251
Equity
</TABLE>
The investment objective of the Utilities Portfolio in the section entitled "The
Portfolios -- Morgan Stanley Dean Witter Select Dimensions Investment Series"
deleted and replaced with the following:
UTILITIES PORTFOLIO
Seeks to provide current income and capital appreciation.
The MidCap Growth Portfolio's name is changed to MidCap Equity Portfolio. All
references in the prospectus and statement of additional information to "MidCap
Growth Portfolio" should be replaced with "MidCap Equity Portfolio."
HV-2427
333-52707
