<PAGE>
P A N O R A M A -Registered
Trademark-
S E P A R A T E A C C O U N T
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
[CONNECTICUT MUTUAL LOGO]
S E M I - A N N U A L
R E P O R T S
JUNE 30, 1995
Money Market Portfolio
Income Portfolio
Total Return Portfolio
Growth Portfolio
[LOGO] CONNECTICUT
MUTUAL
The Blue Chip Company-Registered
Trademark-
- -----------------------------------------------------------------------------
This document contains the June 30, 1995 Semi-Annual Reports for Connecticut
Mutual Financial Services Series Fund I, Inc., and the Panorama Separate
Account of Connecticut Mutual Life Insurance Company.
- -----------------------------------------------------------------------------
Effective August 1, 1995, the National Distributor for Panorama is
Connecticut Mutual Financial Services, LLC; an affiliate of
Connecticut Mutual Life Insurance Company.
National Distributor
G.R. Phelps & Co., Inc.
a subsidiary of
[LOGO] CONNECTICUT
MUTUAL
The Blue Chip Company-Registered
Trademark-
Connecticut Mutual
Life Insurance Company
140 Garden Street
Hartford, CT 06154
(203) 987-6500
L1618.5 -c-MCMXCIV Connecticut Mutual Life Insurance Company
<PAGE>
PANORAMA SEPARATE ACCOUNT/
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
1995 SEMI-ANNUAL REPORT
DEAR PANORAMA CONTRACT HOLDER:
The first half of 1995 saw a sharp rebound in stocks and bonds from their
lackluster performance in 1994.
The bond market environment changed dramatically earlier in the year as
investors reacted to an apparent slowdown in the economy, an end to the Fed's
series of interest rate hikes and benign inflation.
The stock market headed up, too, boosted by a strengthening economy, the
prospect of strong corporate earnings, a calming of inflation fears and the
end, at least temporarily, of the Fed's tightening of interest rates.
The Panorama portfolios were prepared and well-positioned for the turnaround
and, as a result, provided handsome returns as the bond and stock markets
rallied.
The Panorama Money Market Fund, reacting to the increased rates through
February 1995, was up 4.31 percent for the 12 months ended June 30, 1995,
according to Morningstar. Results were higher than the category average of
3.85 percent, partly due to an extension of average maturity rates over time.
The Panorama Income Account was up 11.16 percent, compared with the category
average increase of 10.25 percent, according to Morningstar. The solid
results stemmed from the Account's position in non-callable high grade
corporate bonds, Treasury securities and discount mortgage-backed
pass-throughs that performed well in the decreasing interest rate environment.
According to Morningstar, the Panorama Total Return Account, with a mix of
stocks, bonds and cash, ended the 12 months with a 15.44 percent increase --
better than the category average of 13.32 percent. As of June 30, 1995, the
Total Return Account consisted of 39 percent stocks, 35 percent bonds and 26
percent cash.
The Panorama Growth Account gained 22.54 percent in the 12 months ended June
30, 1995 according to Morningstar. This was in line with the category average
increase of 24.28 percent.
While these results show a marked improvement from last year's returns and
the outlook remains good, the economy is still unsettled.
Although some investors have engaged in profit-taking during these heady
times, our advice remains the same -- that a long-term stance generally
produces the best results for investors seeking long-term growth of capital.
Short-term moves are unpredictable but, over the long-term the markets have
continued to produce positive results.
We, too, plan to stay the course with our consistently applied, value
oriented investment strategy that has produced solid results during both bull
and bear financial markets.
While past performance does not guarantee future results, we are confident
that this approach will continue to reward patient investors over time.
ECONOMIC FORECAST: THIRD AND FOURTH QUARTERS 1995
All the right elements were in place to produce the strong showings of stocks
and bonds in the first half of 1995. The economy slowed, interest rates
ceased their upward climb, inflation stalled and corporate earnings were
strong.
It appears that the Fed may have succeeded in engineering a soft landing for
the economy with moderate economic growth and low inflation. Although this
seems to be an ideal situation for investors, there are no guarantees that an
economic slowdown will not follow.
On average, stocks are somewhat overvalued by historical standards, dividend
ratios are low and price/earnings ratios are high. These indicators would
suggest caution in the short-term.
Despite this cautionary note, we are optimistic that moderate economic growth
and low inflation will continue, fueling strong demand for stocks and bonds
over time. Inflation is expected to hover around 3 percent, dropping even
lower if the economy slows further.
A slowing of the economy could prompt the Fed to lower interest rates even
further, spurring a continuation of the bond market rally in the second half
of 1995.
SUMMARY
Both the stock and bond markets have picked up a good head of steam that we
expect to continue for the foreseeable future. But amid good news always
lurks the chance for a negative surprise. We believe that by sticking to a
long-term investment discipline -- rather than chasing the latest investment
fad -- you are most likely to achieve favorable returns over the long-term.
As a Panorama investor, you know that your money is in a quality fund with a
solid track record. You can feel confident that our investment professionals
continue to pursue a conservative management philosophy designed to provide
you with highly competitive returns, as well as peace of mind.
If you would like additional information on your investment options, talk to
your registered representative or call 1-800-234-5606, and press one, to find
out more.
David E. Sams, Jr.
PRESIDENT AND CHIEF EXECUTIVE OFFICER
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
T H E P A N O R A M A P O R T F O L I O S
MONEY MARKET
This Portfolio is designed to achieve as high a level of current income as is
consistent with preservation of capital and maintenance of liquidity by
investing in money market instruments.
INCOME
This Portfolio's objective is to obtain a maximum level of income consistent
with prudent investment risk and preservation of capital by investing
primarily in fixed-income debt securities anticipated to have an average
maturity of eight to twelve years from the date of purchase.
TOTAL RETURN
This Portfolio seeks to maximize over time the return achieved from capital
appreciation and income by varying the allocation of the assets of the
Portfolio among stocks, corporate bonds, securities issued by the U.S.
Government and its instrumentalities, and money market instruments of the
type acquired respectively by the Growth Portfolio, the Income Portfolio, and
the Money Market Portfolio.
GROWTH
The objective of this Portfolio is to achieve long-term growth of capital by
investing primarily in common stocks with low price-earnings ratios and
better than anticipated earnings.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.
ONLY FOUR OF THE PORTFOLIOS OF CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES
FUND I, INC. (THE MONEY MARKET PORTFOLIO, THE INCOME PORTFOLIO, THE TOTAL
RETURN PORTFOLIO AND THE GROWTH PORTFOLIO) ARE AVAILABLE UNDER THE PANORAMA
VARIABLE ANNUITY CONTRACT.
THIS MATERIAL IS INTENDED FOR USE ONLY WHEN ACCOMPANIED OR PRECEDED BY A
PROSPECTUS.
THE PERFORMANCE EVALUATED BY MORNINGSTAR,[|NB|]INC., WHICH TRACKS MORE THAN
190 ANNUITY CONTRACTS, IS ACTUAL PORTFOLIO PERFORMANCE (NON-STANDARD) AND
INCLUDES REINVESTED DIVIDENDS AND CAPITAL GAINS, AND REFLECTS ALL ON-GOING
INVESTMENT, MORTALITY, AND EXPENSE CHARGES.
<PAGE>
PERFORMANCE -- TOTAL RETURN1
<TABLE>
<CAPTION>
STANDARD2 AVERAGE ANNUAL NON-STANDARD3 AVERAGE ANNUAL
TOTAL RETURN AS OF JUNE 30, 1995 TOTAL RETURN AS OF JUNE 30, 1995
SINCE SINCE
SUB-ACCOUNTS UNIT VALUE ONE YEAR FIVE YEAR TEN YEAR INCEPTION4 ONE YEAR FIVE YEAR TEN YEAR INCEPTION4
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET5
Tax-Qualified Plan
Contracts 2.235882 -0.51% 2.82% 4.97% 5.99% 4.20% 3.58% 4.97% 5.99%
Non Tax-Qualified
Plan Contracts 2.235882
SEVEN DAY YIELD:
(6/23/95 - 6/30/95)
Annualized 4.66%
Effective 4.77%
INCOME
Tax-Qualified Plan
Contracts 3.835349 6.00% 7.63% 8.71% 10.34% 11.05% 8.43% 8.71% 10.34%
Non Tax-Qualified
Plan Contracts 3.597273 9.82% 9.82%
TOTAL RETURN
Tax-Qualified Plan
Contracts 4.726737 10.07% 10.69% 12.06% 12.77% 15.33% 11.52% 12.06% 12.77%
Non Tax-Qualified
Plan Contracts 4.507996 12.35% 12.35%
GROWTH
Tax-Qualified Plan
Contracts 7.528557 16.81% 12.67% 14.02% 16.03% 22.43% 13.52% 14.02% 16.03%
Non Tax-Qualified
Plan Contracts 6.755120 15.09% 15.09%
</TABLE>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND IS NOT AN INDICATION OF
FUTURE RETURNS.
THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO
THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL INVESTMENT.
1. All returns take into consideration all ongoing investment, mortality and
expense charges pertaining to the Panorama contracts as well as the annual
maintenance charge paid from each contract. Total return figures include
reinvestment of all dividends and capital gains.
2. The "standard" returns assume the contract is surrendered at the end of the
calculation period and incurs a 5%, 4% or 0% surrender charge, depending on
the length of time invested. For the 10 year calculation, the surrender
charge is 0%.
3. The "non-standard" returns assume the contract is still in force and
therefore do not take into consideration the surrender charge.
4. Inception was January 21, 1982 except for the Total Return Sub-Account which
began on September 30, 1982.
5. Amounts allocated to the Money Market Sub-Account are invested in the Money
Market Portfolio of Series Fund I. AN INVESTMENT IN THE MONEY MARKET
PORTFOLIO IS NEITHER INSURED NOR GUARANTEED BY THE U.S. GOVERNMENT AND THERE
CAN BE NO ASSURANCE THAT THE MONEY MARKET PORTFOLIO WILL BE ABLE TO MAINTAIN
A STABLE NET ASSET VALUE OF $1.00 PER SHARE.
UNIT VALUES, PERCENT CHANGES
PANORAMA SEPARATE ACCOUNT OF
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
DECEMBER 31, 1994 JUNE 30, 1995 PERCENT CHANGE
S U B - A C C O U N T S UNIT VALUE* UNIT VALUE* PERCENT CHANGE SINCE INCEPTION**
<S> <C> <C> <C> <C>
MONEY MARKET 2.183169 2.235882 +2.41% +123.59%
INCOME
Tax-Qualified Plan Contracts 3.465955 3.835349 +10.66% +283.53%
Non Tax-Qualified Plan Contracts 3.250807 3.597273 +10.66% +259.73%
TOTAL RETURN
Tax-Qualified Plan Contracts 4.183148 4.726737 +12.99% +372.67%
Non Tax-Qualified Plan Contracts 3.989561 4.507996 +12.99% +350.80%
GROWTH
Tax-Qualified Plan Contracts 6.374619 7.528557 +18.10% +652.86%
Non Tax-Qualified Plan Contracts 5.719724 6.755120 +18.10% +575.51%
<FN>
* These unit values do not reflect the annual $40 contract maintenance fee or
surrender charges.
** January 21, 1982 for all sub-accounts, except for Total Return which began
operations on September 30, 1982. All unit values were $1.00 at inception.
</TABLE>
1
<PAGE>
STATEMENT OF NET ASSETS PANORAMA SEPARATE ACCOUNT OF
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investments, at market:
Connecticut Mutual Financial Services
Series Fund I, Inc.
Money Market Portfolio
51,281,911 shares (Cost $51,281,911) $51,281,911
Income Portfolio
61,864,537 shares (Cost $78,406,744) 76,161,988
Total Return Portfolio
373,618,826 shares (Cost $591,718,426) 641,830,814
Growth Portfolio
84,359,585 shares (Cost $171,103,496) 197,309,730
------------
966,584,443
Cash 265,064
------------
Total Assets 966,849,507
------------
LIABILITIES
Due to Affiliates 944,006
------------
Total Liabilities 944,006
------------
NET ASSETS (variable annuity contract liabilities) $965,905,501
------------
------------
</TABLE>
<TABLE>
<CAPTION>
VARIABLE ANNUITY CONTRACT LIABILITIES
At June 30, 1995, the variable annuity contract UNITS OWNED BY VARIABLE ANNUITY
liabilities of the Account consisted of the following: PARTICIPANTS UNIT VALUE CONTRACT LIABILITIES
<S> <C> <C> <C>
MONEY MARKET SUB-ACCOUNT
Tax-Qualified Plan Contracts 16,565,869 2.235882 $ 37,039,328
Non Tax-Qualified Plan Contracts 6,181,742 2.235882 13,821,646
Annuity Reserve Tax-Qualified Plan Contracts 159,166 2.235882 355,876
Annuity Reserve Non Tax-Qualified Plan Contracts 18,772 2.235882 41,972
INCOME SUB-ACCOUNT
Tax-Qualified Plan Contracts 13,161,606 3.835349 50,479,352
Non Tax-Qualified Plan Contracts 7,070,257 3.597273 25,433,645
Annuity Reserve Tax-Qualified Plan Contracts 39,512 3.835349 151,542
Annuity Reserve Non Tax-Qualified Plan Contracts 13,651 3.597273 49,106
TOTAL RETURN SUB-ACCOUNT
Tax-Qualified Plan Contracts 95,938,087 4.726737 453,474,106
Non Tax-Qualified Plan Contracts 41,274,956 4.507996 186,067,337
Annuity Reserve Tax-Qualified Plan Contracts 242,708 4.726737 1,147,217
Annuity Reserve Non Tax-Qualified Plan Contracts 161,070 4.507996 726,103
GROWTH SUB-ACCOUNT
Tax-Qualified Plan Contracts 17,974,420 7.528557 135,321,446
Non Tax-Qualified Plan Contracts 9,103,690 6.755120 61,496,518
Annuity Reserve Tax-Qualified Plan Contracts 31,034 7.528557 233,641
Annuity Reserve Non Tax-Qualified Plan Contracts 9,869 6.755120 66,666
--------------------
$ 965,905,501
--------------------
--------------------
</TABLE>
2 The accompanying notes are an integral part of these financial statements.
<PAGE>
STATEMENT OF OPERATIONS PANORAMA SEPARATE ACCOUNT OF
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
For the six months ended June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
S U B - A C C O U N T S
MONEY MARKET INCOME TOTAL RETURN GROWTH
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Dividends $ 1,428,810 $ -- $ -- $ --
Expenses:
Mortality and Expense Risk Fees 188,488 276,590 2,214,470 638,024
------------ ---------- ------------ -----------
NET INVESTMENT INCOME (LOSS) 1,240,322 (276,590) (2,214,470) (638,024)
------------ ---------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) from Fund Share Transactions -- (366,909) 3,360,961 2,360,921
Unrealized Appreciation -- 8,076,073 72,569,400 27,623,457
------------ ---------- ------------ -----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS -- 7,709,164 75,930,361 29,984,378
------------ ---------- ------------ -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,240,322 $7,432,574 $73,715,891 $29,346,354
------------ ---------- ------------ -----------
------------ ---------- ------------ -----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 3
<PAGE>
STATEMENT OF CHANGES IN NET PANORAMA SEPARATE ACCOUNT OF
ASSETS CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
For the six months ended June 30, 1995
(Unaudited)
and for the year ended December 31, 1994
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
S U B - A C C O U N T S
MONEY MARKET INCOME
1995 1994 1995 1994
INCREASE (DECREASE) IN NET
ASSETS
FROM OPERATIONS:
Net Investment Income
(Loss) $ 1,240,322 $ 1,533,558 $ (276,590) $ 4,836,914
Net Realized Gain (Loss)
from Fund Share
Transactions -- -- (366,909) 163,882
Unrealized Appreciation
(Depreciation) -- -- 8,076,073 (8,784,178)
------------- ------------- ------------ ------------
Net Increase (Decrease) in
Net Assets Resulting from
Operations 1,240,322 1,533,558 7,432,574 (3,783,382)
------------- ------------- ------------ ------------
FROM UNIT TRANSACTIONS:
Purchases by Contract
Holders 4,996,629 11,335,950 2,384,213 11,032,967
Withdrawals by Contract
Holders (4,849,211) (10,870,603) (4,030,131) (7,437,529)
Net Transfers from (to)
other Panorama
Sub-Accounts (1,876,016) 469,904 (2,057,403) (9,413,832)
------------- ------------- ------------ ------------
Increase (Decrease) in Net
Assets from Unit
Transactions (1,728,598) 935,251 (3,703,321) (5,818,394)
------------- ------------- ------------ ------------
INCREASE (DECREASE) IN NET
ASSETS (488,276) 2,468,809 3,729,253 (9,601,776)
------------- ------------- ------------ ------------
NET ASSETS
Beginning of Period 51,747,098 49,278,289 72,384,392 81,986,168
------------- ------------- ------------ ------------
End of Period $ 51,258,822 $ 51,747,098 $76,113,645 $72,384,392
------------- ------------- ------------ ------------
------------- ------------- ------------ ------------
</TABLE>
4 The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
S U B - A C C O U N T S
TOTAL RETURN GROWTH
1995 1994 1995 1994
INCREASE (DECREASE) IN NET
ASSETS
FROM OPERATIONS:
Net Investment Income
(Loss) $ (2,214,470) $ 34,140,704 $ (638,024) $ 6,477,544
Net Realized Gain (Loss)
from Fund Share
Transactions 3,360,961 9,912,323 2,360,921 2,779,921
Unrealized Appreciation
(Depreciation) 72,569,400 (55,823,983) 27,623,457 (10,850,931)
------------- ------------- ------------- -------------
Net Increase (Decrease) in
Net Assets Resulting from
Operations 73,715,891 (11,770,956) 29,346,354 (1,593,466)
------------- ------------- ------------- -------------
FROM UNIT TRANSACTIONS:
Purchases by Contract
Holders 24,114,927 86,647,735 11,583,918 30,687,768
Withdrawals by Contract
Holders (22,672,241) (33,741,199) (5,033,149) (7,758,931)
Net Transfers from (to)
other Panorama
Sub-Accounts (848,658) 2,578,456 4,781,908 6,363,573
------------- ------------- ------------- -------------
Increase (Decrease) in Net
Assets from Unit
Transactions 594,028 55,484,992 11,332,677 29,292,410
------------- ------------- ------------- -------------
INCREASE (DECREASE) IN NET
ASSETS 74,309,919 43,714,036 40,679,031 27,698,944
------------- ------------- ------------- -------------
NET ASSETS
Beginning of Period 567,104,844 523,390,808 156,439,240 128,740,296
------------- ------------- ------------- -------------
End of Period $641,414,763 $567,104,844 $197,118,271 $156,439,240
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS PANORAMA SEPARATE ACCOUNT OF
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
June 30, 1995 (Unaudited)
1. ORGANIZATION
The Panorama Separate Account (the Account) is a separate account within
Connecticut Mutual Life Insurance Company (Connecticut Mutual). Although the
Account is an integral part of Connecticut Mutual, it is registered as a unit
investment trust under the Investment Company Act of 1940, as amended. The
assets attributable to contracts participating in the Account are held for the
benefit of the participants and are not chargeable with liabilities arising out
of any other business that Connecticut Mutual may conduct. Each purchase payment
is allocated to one or more sub-accounts of the Account. The Account is invested
exclusively in portfolios of Connecticut Mutual Financial Services Series Fund
I, Inc. (the Fund). Separate sub-accounts have been established for
tax-qualified and non tax-qualified assets for each portfolio. Net purchase
payments and transfers between sub-accounts are applied to purchase Fund shares
in the appropriate portfolio at the net asset value determined as of the end of
the valuation period during which the payments were received or the transfer
made.
2. SIGNIFICANT ACCOUNTING POLICIES
(a)FUND SHARE TRANSACTIONS - Fund share transactions are recorded on the trade
date. The cost of Fund shares sold is determined on the basis of identified
cost.
(b)VALUATION OF INVESTMENT SECURITIES - The investments in shares of the Fund
are valued at their closing net asset value per share as determined for the
appropriate portfolio of the Fund on June 30, 1995.
(c)FEDERAL INCOME TAXES - The operations of the Account form a part of the
total operations of Connecticut Mutual and are not taxed separately.
Connecticut Mutual is taxed as a life insurance company under the life
insurance tax provisions of the Internal Revenue Code of 1986, as amended.
The Account will not be taxed as a regulated investment company under
Subchapter M of the Internal Revenue Code. Accordingly, no provision for
income taxes has been required in the accompanying financial statements.
3. CONTRACT CHARGES
For assuming mortality and expense risks, Connecticut Mutual makes a daily
charge equal to .002% (.73% on an annual basis) of the value of the Account's
assets. A deduction of $40 per contract is made annually to cover the expense
of administering the Account.
6
<PAGE>
CONNECTICUT MUTUAL
LIFE INSURANCE COMPANY
--------------------------------------
BOARD OF DIRECTORS AND OFFICERS
JAMES R. BIRLE, Director
President
Resolute Partners, Incorporated
ANDREW F. BRIMMER, PH.D., Director
President
Brimmer & Company, Inc.
FRANK C. CARLUCCI, III, Director
Chairman
The Carlyle Group
GENE CHAO, PH.D., Director
Chairman and Chief Executive Officer
Computer Projections, Inc.
PATRICIA D. DENNIS, Director
Special Counsel
Sullivan & Cromwell
WILLIAM B. ELLIS, PH.D., Director
Retired Chairman
Northeast Utilities
GRACE J. FIPPINGER, Director
Retired Vice President, Secretary and
Treasurer
NYNEX Corporation
ROBERT M. FUREK, Director
President and Chief Executive Officer
Heublein, Inc.
HOWARD GOLDFEDER, Director
Retired Chairman and Chief Executive
Officer
Federated Department Stores, Inc.
GEORGE B. HARVEY, Director
Chairman, President and Chief Executive
Officer
Pitney Bowes, Inc.
DAVID E. SAMS, JR., Director
President and Chief Executive Officer
Connecticut Mutual Life Insurance Company
SCOTT C. PETERS
Vice President and Treasurer
ANNE MELISSA DOWLING
Chief Product and Investment Officer
ANN F. LOMELI
Corporate Secretary and Counsel
J. BRINKE MARCUCCILLI
Senior Vice President and
Chief Financial Officer
KATHERINE MCG. SULLIVAN
Senior Vice President and
General Counsel
DAVID J. BEED
Senior Vice President
JOHN D. LOEWENBERG
Director and Executive Vice President
JOHN F. MAYPOLE, Director
Managing Partner
Peach Tree Real Estate Holding Company
This report is prepared for the general information of contract owners and is
not an offer of contracts of Panorama Separate Account. It should not be used in
connection with any offer except in conjunction with the Prospectus which
contains all pertinent information including the applicable sales charges.
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
-------------------------------------------
BOARD OF DIRECTORS AND OFFICERS
DIRECTORS
RICHARD H. AYERS
Chairman and Chief Executive Officer
The Stanley Works
DAVID E. A. CARSON
President, Chairman and
Chief Executive Officer
People's Bank
RICHARD W. GREENE
Executive Vice President and Treasurer
University of Rochester
BEVERLY L. HAMILTON
President
ARCO Investment Management Company
DAVID E. SAMS, JR.
President and Chief Executive Officer
Connecticut Mutual Life Insurance Company
OFFICERS
LINDA M. NAPOLI, Treasurer and Controller
Treasurer, Mutual Funds
Connecticut Mutual Life Insurance Company
LOUIS A. LACCAVOLE, CPA, General Auditor
Vice President and General Auditor
Connecticut Mutual Life Insurance Company
ANN F. LOMELI, Secretary
Corporate Secretary and Counsel
Connecticut Mutual Life Insurance Company
AUDITORS
ARTHUR ANDERSEN LLP
Hartford, CT
This report is prepared for the general information of contract owners and is
not an offer of
contracts of Panorama Separate Account. It should not be used in connection with
any offer
except in conjunction with the Prospectus which contains all pertinent
information including the
applicable sales charges.
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
[LOGO]
S E M I - A N N U A L
R E P O R T
----------
JUNE 30, 1995
Money Market Portfolio
Government Securities Portfolio
Income Portfolio
Total Return Portfolio
Growth Portfolio
International Equity Portfolio
ONLY FOUR OF THE PORTFOLIOS OF CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND
I, INC. (THE MONEY MARKET PORTFOLIO, THE INCOME PORTFOLIO, THE TOTAL RETURN
PORTFOLIO, AND THE GROWTH PORTFOLIO) ARE AVAILABLE UNDER THE PANORAMA VARIABLE
ANNUITY CONTRACT.
