SUPPLEMENT DATED NOVEMBER 22, 1995
TO
PROSPECTUS DATED APRIL 28, 1995
PANORAMA SEPARATE ACCOUNT
PANORAMA VARIABLE ANNUITY
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") for shares of
certain investment portfolios of Connecticut Mutual Financial Services Series
Fund I, Inc. ("CMFSSF") currently held by various Sub-Accounts of Panorama
Separate Account ("Panorama Account"). To the extent required by law,
approvals of such substitutions will also be obtained from the state
insurance regulators in certain jurisdictions. The effect of such a share
substitution would be to replace certain portfolios of CMFSSF with those of
OVAF as investment options under the Panorama Variable Annuity Policies
described in your April 28, 1995 prospectus.
More particularly, CML proposes to have Massachusetts Mutual Life ("MML")
(see explanation below) substitute: (1) shares issued by OVAF representing
interests in OVAF'S Bond Fund for shares currently held in a Sub-Account of
Panorama Account representing interests in CMFSSF's Income Portfolio, and
(2) shares issued by OVAF representing interests in OVAF'S Money Market Fund
for shares currently held in a Sub-Account of Panorama Separate Account
representing interests in CMFSSF's Money Market Portfolio. If approved by the
SEC and appropriate state insurance regulators, MML would carry out the
proposed substitutions by redeeming the CMFSSF shares described above and
purchasing with the proceeds, OVAF shares as described above. If carried out,
the proposed substitutions would result in the involuntary reinvestment of
policyowners' Policy Values, if any, invested in the foregoing CMFSSF
Portfolios in the OVAF Funds as outlined above.
The investment objectives of the OVAF Money Fund and Bond Fund are
summarized below. Policyowners and prospective purchasers should carefully
read the prospectus for the OVAF Money Fund and Bond Fund. MML will send each
policyowner a copy of this prospectus before the proposed substitutions are
carried out.
OVAF Money Fund seeks the maximum current income from investments in "money
market" securities consistent with low capital risk and maintenance of
liquidity.
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.
From the date of this supplement to the date of the proposed
substitutions, each policyowner will be permitted to make one transfer of all
of his or her Policy Value in any of the Sub-Accounts of Panorama Account that
would be affected by the proposed substitutions without that transfer counting
as one of the 4 free transfers permitted in a Policy Year.
If the proposed substitutions are carried out, each policyowner affected
by the substitution will be permitted, within 30 days of the substitution, to
make one transfer of all of his or her Policy Value in any of the Sub-Accounts
of Panorama Account that were affected by the proposed substitutions without
that transfer counting as one of the 4 free transfers permitted in a Policy
Year.
The proposed substitutions have come about as an indirect result of an
Agreement and Plan of Merger between CML and 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, Panorama Account 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 substitutions within
several months of the Merger of CML with and into MML. If the Merger does not
occur, the proposed substitutions will not be carried out.
