SUPPLEMENT DATED NOVEMBER 22, 1995
TO
PROSPECTUS DATED MAY 2, 1988
CML ACCUMULATION ANNUITY ACCOUNT E
On or about December 1, 1995, Connecticut Mutual Life Insurance Company
("CML") and several other applicants intend to file an application with the
Securities and Exchange Commission seeking an order approving the substitution
of shares issued by Oppenheimer Variable Accounts Funds ("OVAF") representing
interests in OVAF's Bond Fund for shares representing interests in the Income
Portfolio of Connecticut Mutual Financial Services Series Fund I, Inc.
("CMFSSF") currently held by CML Accumulation Annuity Account E ("Account E").
To the extent required by law, approvals of such substitution will also be
obtained from the state insurance regulators in certain jurisdictions. The
effect of such a share substitution would be to replace the CMFSSF Income
Portfolio with the OVAF Bond Fund as the investment under the variable annuity
contracts described in your May 2, 1988 prospectus.
The proposed substitution has come about as an indirect result of an
Agreement and Plan of Merger between CML and Massachusetts Mutual Life
Insurance Company, ("MML"), pursuant to which CML would merge with and into
MML. Upon consummation of the Merger, the separate existence of CML would
cease and MML would continue its corporate existence under its current name.
In addition, Account E would become a separate account of MML. It is
currently anticipated that this Merger would occur during the first three
months of 1996. If the approvals described above are obtained, MML currently
intends to carry out the proposed substitution within several months of the
Merger of CML with and into MML. If the Merger does not occur, the proposed
substitution will not be carried out.
If approved by the SEC and appropriate state insurance regulators, MML
would carry out the proposed substitution by redeeming the CMFSSF shares
described above and purchasing with the proceeds, OVAF shares as described
above. If carried out, the proposed substitution would result in the
involuntary reinvestment of contractowners' cash values, in the CMFSSF Income
Portfolio in the OVAF Bond Fund.
The investment objectives of the OVAF Bond Fund are summarized below.
Contractowners should carefully read the prospectus for the Bond Fund. MML
will send each contractowner a copy of this prospectus before the proposed
substitution is carried out.
OVAF Bond Fund seeks a high level of current income from investments in
high-yield, fixed income securities rated "Baa" or better by Moody's or
"BBB" or better by Standard & Poor's. As a secondary objective, the Bond
Fund seeks capital growth when consistent with its primary objective.
