<PAGE>
PEGASUS PATHMAKER VARIABLE ANNUITY
ITT HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
SUPPLEMENT DATED JULY 11, 1997 TO THE PEGASUS PATHMAKER PROSPECTUS DATED MAY 1,
1997
1. The "Annual Fund Operating Expenses" table should be deleted and replaced
with the following:
Annual Fund Operating Expenses
(as a percentage of net assets)
<TABLE>
<CAPTION>
TOTAL FUND
MANAGEMENT OTHER OPERATING
FEES EXPENSES EXPENSES
---------- -------- ----------
<S> <C> <C> <C>
Pegasus Mid-Cap Opportunity Fund (1)............ 0.60% 0.35% 0.95%
Pegasus Growth Fund (1)......................... 0.60% 0.35% 0.95%
Pegasus Growth and Value Fund (1)............... 0.60% 0.35% 0.95%
Pegasus Intrinsic Value Fund (1)(2)............. 0.60% 0.35% 0.95%
Pegasus Bond Fund (1)(2)........................ 0.40% 0.35% 0.75%
Pegasus Managed Assets Balanced Fund (1) (3).... 0.65% 0.30% 0.95%
Pegasus Money Market Fund (1)(3)................ 0.30% 0.30% 0.60%
Putnam VT New Opportunities Fund................ 0.63% 0.09% 0.72%
Putnam VT International Growth Fund............. 0.80% 0.18% 0.98%
Putnam VT Global Growth Fund.................... 0.60% 0.16% 0.76%
Putnam VT Global Asset Allocation Fund.......... 0.68% 0.15% 0.83%
Putnam VT Growth and Income Fund................ 0.49% 0.05% 0.54%
Putnam VT Diversified Income Fund............... 0.70% 0.13% 0.83%
Putnam VT U.S. Government and High Quality Bond
Fund.......................................... 0.62% 0.07% 0.69%
Putnam VT Money Market Fund (4)................. 0.45% 0.10% 0.55%
</TABLE>
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(1) Operating expenses of these Funds of the Pegasus Variable Annuity Fund
reflect the management fee schedule that will be in effect for future
periods combined with the historic expense levels for the Funds. The
Investment Adviser has agreed to waive portions of the management fee in
order to keep total Fund operating expenses at the level shown in the table.
(2) These Fund expenses reflect the anticipated expenses for 1997. The Funds had
no actual expenses in 1996 because as of December 31, 1996, they had not
commenced operations.
(3) These Funds are closed to new investors and to transfers and additional
premium payments from current investors effective May 1, 1997
(4) Other expenses for Putnam VT Money Market Fund have been restated to reflect
the cost of certain insurance purchased by the Fund. See "Putnam VT Money
Market Fund -- Insurance" in the Fund's prospectus. Actual other expenses
and total Fund operating expenses were 0.08% and 0.53%, respectively.
<PAGE>
2. In addition, the "Example" table should be replaced with the following:
EXAMPLE
<TABLE>
<CAPTION>
If you surrender your Contract If you annuitize your Contract If you do not surrender your
at the end of the applicable at the end of the applicable Contract, you would pay the
time period, you would pay the time 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%
investment, assuming a 5% investment, assuming a 5% annual return on assets:
annual return on assets: annual 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>
Pegasus Mid-Cap
Opportunity Fund....... $ 85 $ 127 $ 171 $ 279 $ 24 $ 76 $ 130 $ 278 $ 25 $ 77 $ 131 $ 279
Pegasus Growth Fund...... 85 127 171 279 24 76 130 278 25 77 131 279
Pegasus Growth and Value
Fund................... 85 127 171 279 24 76 130 278 25 77 131 279
Pegasus Intrinsic Value
Fund................... 85 127 171 279 24 76 130 278 25 77 131 279
Pegasus Bond Fund........ 83 120 161 259 22 70 120 258 23 70 121 259
Pegasus Managed Assets
Balanced Fund (1)...... 84 124 166 269 23 71 122 261 24 74 126 269
Pegasus Money Market Fund
(1).................... 80 113 148 232 19 60 104 224 20 63 108 232
PCM New Opportunities
Fund................... 83 120 159 255 22 67 115 247 23 70 119 255
PCM International Growth
Fund................... 85 127 171 280 24 74 127 272 25 77 131 280
PCM Global Growth Fund... 83 121 161 260 22 68 117 251 23 71 121 260
PCM Global Asset
Allocation Fund........ 84 123 165 267 23 70 121 254 24 73 125 267
PCM Growth and Income
Fund................... 80 117 155 247 21 65 111 239 22 67 115 247
PCM Diversified Income
Fund................... 84 123 165 267 23 70 121 259 24 73 125 267
PCM U.S. Government and
High Quality Bond
Fund................... 82 119 158 252 21 66 113 244 22 69 118 252
PCM Money Market Fund.... 81 114 150 238 20 62 106 229 21 64 110 238
</TABLE>
(1) These Funds are closed to new investors and to transfers and additional
premium payments from current investors.
The purpose of this table is to assist the Contract Owner in understanding
various costs and expenses that a Contract Owner will bear directly or
indirectly. The table reflects expenses of the Separate Account and underlying
Funds. Premium taxes may also be applicable.
This EXAMPLE should not be considered a representation of past or future
expenses and actual expenses may be greater or less than those shown.
