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<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
Annual Report
December 31, 1995
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
LIFESPAN BALANCED PORTFOLIO
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
COMMON STOCKS (22.0% of Net Assets)
Aerospace (1.5%)
General Dynamics Corp. 2,500 $ 147,812
Lockheed Martin Corp. 1,100 86,900
Rockwell International Corp. 1,700 89,888
-----------
324,600
-----------
Banking (2.7%)
Bank of Boston Corp. 2,300 106,375
Bankers Trust New York Corp. 2,000 133,000
Chase Manhattan Corp. 1,700 103,063
Morgan (J.P.) & Company, Inc. 1,400 112,350
PNC Bank Corp. 3,700 119,325
-----------
574,113
-----------
Business Equipment & Services (.4%)
New England Business Service, Inc. 4,200 91,875
-----------
Chemicals (1.0%)
Goodrich (B.F.) Co. 1,400 95,375
Monsanto Co. 900 110,250
-----------
205,625
-----------
Conglomerates (.5%)
Hanson PLC 6,700 102,175
-----------
Drugs & Cosmetics (1.2%)
American Home Products Corp. 1,300 126,100
Bristol-Myers Squibb Co. 1,500 128,812
-----------
254,912
-----------
Electric Utilities (3.6%)
Entergy Corp. 4,200 122,850
FPL Group, Inc. 3,100 143,763
Illinova Corp. 3,400 102,000
Kansas City Power & Light Co. 4,500 117,563
Texas Utilities Co. 600 24,675
Unicom Corp. 4,300 140,825
Western Resources, Inc. 3,500 116,812
-----------
768,488
-----------
Health Services & Hospital Supplies (.4%)
Baxter International Inc. 2,000 83,750
-----------
Insurance (2.1%)
Aetna Life & Casualty Co. 2,000 138,500
CIGNA Corp. 800 82,600
Hartford Steam Boiler Inspection & Insurance Co. 2,500 125,000
St. Paul Companies Inc. 1,800 100,125
-----------
446,225
-----------
Iron & Steel (1.0%)
Carpenter Technology Corp. 2,800 115,150
UNR Industries Inc. 12,000 103,500
-----------
218,650
-----------
Oil & Gas (3.9%)
Amoco Corp. 1,200 86,250
Chevron Corp. 2,200 115,500
Exxon Corp. 1,400 112,175
Mobil Corp. 1,100 123,200
Panhandle Eastern Corp. 5,600 156,100
Royal Dutch Petroleum Co. 900 127,012
Ultramar Corp. 3,900 100,425
-----------
820,662
-----------
Real Estate (1.4%)
Camden Property Trust 4,300 102,663
Health & Retirement Property Trust 5,700 92,625
Meditrust Corp. 2,800 97,650
-----------
292,938
-----------
Retail Trade (.3%)
Sears, Roebuck & Co. 1,600 62,400
-----------
Savings & Loan (.3%)
Ahmanson (H.F.) & Co. 2,500 66,250
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Telephone Utilities (1.7%)
Ameritech Corp. 2,000 $ 118,000
GTE Corp. 2,500 110,000
NYNEX Corp. 2,300 124,200
-----------
352,200
-----------
Total Common Stocks
(Cost $4,192,633) 4,664,863
-----------
CONVERTIBLE PREFERRED STOCKS (.5% of Net Assets)
Machinery & Equipment (.5%)
Case Corp. (Cost $105,325) 1,100 105,050
-----------
PRINCIPAL
CORPORATE BONDS (23.1% of Net Assets) AMOUNT
---------
Aerospace (.3%)
British Aerospace Finance Inc.
8.00%,1997 $ 55,000 56,616
-----------
Banking (1.7%)
Barnett Banks, Inc.
8.50%, 1999 55,000 59,419
Chemical Banking Corp.
6.625%, 1998 50,000 50,964
Citicorp
9.46%, 1996 50,000 50,574
First Fidelity Bancorporation
8.50%, 1998 50,000 52,751
First Union Corp.
6.75%, 1998 50,000 50,939
Mellon Financial Co.
6.50%, 1997 50,000 50,803
Security Pacific Corp.
7.75%, 1996 50,000 50,938
-----------
366,388
-----------
Chemicals (2.0%)
G-I Holdings
0.00%, 1998 100,000 77,500
IMC Global, Inc.
6.25%, 2001 90,000 113,400
Lyondell Petrochemical Co.
8.25%, 1997 100,000 102,580
NL Industries, Inc.
0.00%, 2005 100,000 76,750
Rexene Corp.
11.75%, 2004 75,000 78,562
Synthetic Industries, Inc.
12.75%, 2002 75,000 73,500
-----------
522,292
-----------
Drugs & Cosmetics (.3%)
Revlon Worldwide Corp.
0.00%, 1998 100,000 74,250
-----------
Financial Services (1.4%)
American General Finance Corp.
8.50%, 1998 55,000 58,796
Associates Corp. of North America
7.40%, 1999 55,000 57,961
Countrywide Funding Corp.
6.57%, 1997 55,000 55,783
Merrill Lynch & Co., Inc.
8.25%, 1996 80,000 81,455
Norwest Financial, Inc.
6.50%, 1997 50,000 50,811
-----------
304,806
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY AMOUNT VALUE
-------- --------- ------
<S> <C> <C>
Food & Beverages (1.1%)
Grand Metropolitan Investment Corp.
8.125%, 1996 $ 50,000 $ 50,708
Nabisco Brands Inc.
8.00%, 2000 50,000 53,145
Seagram Company Ltd.
9.75%, 2000 55,000 55,764
Van De Kamps, Inc.
12.00%, 2005 75,000 77,625
-----------
237,242
-----------
Health Services & Hospital Supplies (.4%)
Regency Health Services, Inc.
9.875%, 2002 75,000 74,250
-----------
Leasing (.6%)
GPA Delaware, Inc.
8.75%, 1998 75,000 70,500
Penske Truck Leasing Co.
7.75%, 1999 50,000 52,218
-----------
122,718
-----------
Leisure & Entertainment (6.0%)
Argyle Television Inc.
9.75%, 2005 75,000 74,625
Bally Park Place Funding
9.25%, 2004 75,000 76,313
Bally's Grand, Inc.
10.375%, 2003 50,000 51,000
Casino America, Inc.
11.50%, 2001 75,000 69,375
Comcast Corp.
9.125%, 2006 75,000 78,188
Comcast UK Cable Partners Ltd.
0.00%, 2007 75,000 43,875
Continenal Cablevision, Inc.
9.50%, 2013 75,000 80,625
Galaxy Telecom L.P.
12.375%, 2005 75,000 74,812
Graphic Controls Corp.
12.00%, 2005 75,000 78,000
Hollywood Casino Corp.
12.75%, 2003 75,000 68,625
Mohegan Tribal Gaming
13.50%, 2002 75,000 81,000
New World Communications Corp.
0.00%, 1999 150,000 103,500
Paxson Communications Corp.
11.625%, 2002 75,000 76,125
Resorts International, Inc.
11.00%, 2003 75,000 69,750
Rio Hotel & Casino, Inc.
10.625%, 2005 75,000 76,195
Trump Castle Funding, Inc.
11.75%, 2003 75,000 64,594
Trump Taj Mahal
0.00%, 1999 75,000 72,188
United International Holdings, Inc.
0.00%, 1999 50,000 29,375
-----------
1,268,165
-----------
Manufacturing (1.5%)
Figgie International
9.875%, 1999 75,000 75,000
Jordan Industries, Inc.
10.375%, 2003 75,000 66,750
Portola Packaging, Inc.
10.75%, 2005 75,000 77,625
-----------
219,375
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY AMOUNT VALUE
-------- --------- ------
<S> <C> <C>
Oil & Gas (.6%)
Coastal Corp.
8.75%, 1999 $ 50,000 $ 53,951
Mesa Capital CP
12.75%, 1998 75,000 66,375
-----------
120,326
-----------
Paper & Forest Products (1.3%)
Fort Howard Corp.
9.00%, 2006 75,000 73,500
Gaylord Container Corp.
0.00%, 2005 75,000 73,875
Georgia-Pacific Corp.
9.85%, 1997 55,000 57,987
Stone Container Corp.
9.875%, 2001 75,000 72,938
-----------
278,300
-----------
Printing & Publishing (.6%)
Marvel III Holdings Inc.
9.125%, 1998 75,000 69,000
Reed Publishing USA Inc.
7.24%, 1997 50,000 50,921
-----------
119,921
-----------
Retail Trade (1.0%)
Pathmark Stores, Inc.
0.00%, 2003 150,000 91,875
Sears, Roebuck & Co.
9.44%, 1996 55,000 55,464
8.39%, 1999 55,000 59,210
-----------
206,549
-----------
Savings & Loan (.3%)
Golden West Financial Corp.
8.625%, 1998 50,000 53,382
-----------
Technology (.4%)
Storage Technology Corp.
7.00%, 2008 70,000 78,050
-----------
Telecommunications (2.4%)
A+ Network, Inc.
11.875%, 2005 75,000 75,750
In-Flight Phone Corp.
0.00%, 2002 75,000 24,938
Metrocall, Inc.
10.375%, 2007 75,000 79,500
MFS Communications Company, Inc.
0.00%, 2004 100,000 80,750
PriCellular Corp.
0.00%, 2003 100,000 78,000
Tele-Communications, Inc.
5.28%, 1996 80,000 79,681
TeleWest PLC
9.625%, 2006 50,000 50,875
0.00%, 2007 50,000 30,188
-----------
499,682
-----------
Telephone Utilities (.5%)
GTE Corp.
8.85%, 1998 55,000 58,638
MCI Communications Corp.
7.625%, 1996 55,000 55,876
-----------
114,514
-----------
Tobacco (.5%)
B.A.T Capital Corp.
6.66%, 2000 55,000 56,270
Philip Morris Companies Inc.
8.75%, 1996 55,000 56,512
-----------
112,782
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY AMOUNT VALUE
-------- --------- ------
<S> <C> <C>
Wholesale Trade (.2%)
Hines Horticulture, Inc.
11.75%, 2005 $ 50,000 $ 52,500
-----------
Total Corporate Bonds
(Cost $4,842,340) 4,882,108
-----------
U.S. GOVERNMENT & AGENCY LONG-TERM OBLIGATIONS (48.9% of Net Assets)
U.S. Treasury Bond
8.125%, 2019 1,160,000 1,458,514
U.S. Treasury Notes
7.625%, 1996 695,000 700,213
7.375%, 1997 1,025,000 1,063,755
5.125%, 1998 3,610,000 3,601,458
6.75%, 1999 1,320,000 1,380,219
7.50%, 2001 1,055,000 1,161,988
7.25%, 2004 895,000 995,267
-----------
Total U.S. Government & Agency Long-Term Obligations
(Cost $10,070,179) 10,361,414
-----------
REPURCHASE AGREEMENTS (4.2% of Net Assets)
State Street Bank & Trust Co.
4.75%, due 1/2/96 (Cost $886,000) 886,000 886,000
-----------
TOTAL INVESTMENTS
(Cost $20,096,477) $20,899,435
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
COMMON STOCKS (42.8% of Net Assets)
Aerospace (2.2%)
General Dynamics Corp. 3,800 $224,675
Lockheed Martin Corp. 2,400 189,600
Loral Corp. 3,800 134,425
McDonnell Douglas Corp. 1,100 101,200
Rockwell International Corp. 2,800 148,050
----------
797,950
----------
Airlines (.5%)
AMR Corp. 800 59,400
Delta Air Lines, Inc. 700 51,712
Northwest Airlines Corp. 1,500 76,500
----------
187,612
----------
Apparel & Textiles (.8%)
Nautica Enterprises, Inc. 2,000 87,500
St. John Knits, Inc. 1,400 74,375
Tommy Hilfiger Corp. 2,700 114,412
----------
276,287
----------
Auto & Auto Related (.2%)
Discount Auto Parts, Inc. 2,200 68,475
----------
Banking (3.1%)
Bank of Boston Corp. 4,600 212,750
Bankers Trust New York Corp. 2,800 186,200
Chase Manhattan Corp. 3,400 206,125
Morgan (J.P.) & Company, Inc. 2,800 224,700
PNC Bank Corp. 5,900 190,275
Wells Fargo & Co. 300 64,800
----------
1,084,850
----------
Building Materials & Construction (.2%)
USG Corp. 1,900 57,000
----------
Business Equipment & Services (.4%)
Medic Computer Systems, Inc. 900 54,450
New England Business Service, Inc. 4,200 91,875
----------
146,325
----------
Chemicals (2.0%)
Cabot Corp. 600 32,325
FMC Corp. 800 54,100
Goodrich (B.F.) Co. 2,200 149,875
Grace (W.R.) & Co. 1,400 82,775
IMC Global, Inc. 2,200 89,925
Monsanto Co. 1,600 196,000
Potash Corporation of Saskatchewan Inc. 1,200 85,050
----------
690,050
----------
Commercial Services (1.3%)
AccuStaff, Inc. 2,400 105,600
Alternative Resources Corp. 1,300 39,325
Cambridge Technology Partners, Inc. 1,700 97,750
Corrections Corporation of America 4,000 148,500
Quintiles Transnational Corp. 1,800 73,800
----------
464,975
----------
Computer Business Equipment & Services (3.5%)
Acxiom Corporation 2,500 68,437
ALANTEC Corp. 1,600 93,200
Cognex Corp. 4,000 139,000
Comverse Technology, Inc. 2,300 46,000
Davidson and Associates, Inc. 1,700 37,400
Epic Design Technology, Inc. 2,600 54,600
Global Village Communication 2,400 46,500
Hyperion Software Corp. 3,400 72,250
Inso Corp. 1,200 51,000
McAfee Associates, Inc. 2,350 103,106
Microcom, Inc. 1,600 41,600
National Data Corp. 1,400 34,650
NetManage, Inc. 2,000 46,500
Optical Data Systems, Inc. 1,000 25,250
Project Software & Development, Inc. 2,000 69,750
Rational Software Corp. 2,300 51,463
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Remedy Corp. 900 $53,325
Shiva Corp. 800 58,200
StorMedia, Inc. 1,700 62,050
Zebra Technologies Corp. 3,000 102,000
----------
1,256,281
----------
Conglomerates (.8%)
Hanson PLC 6,700 102,175
Jardine Matheson Holdings Ltd. 45 308
Textron, Inc. 1,500 101,250
Tyco International Ltd. 2,600 92,625
----------
296,358
----------
Drugs & Cosmetics (.9%)
American Home Products Corp. 1,800 174,600
Bristol-Myers Squibb Co. 1,500 128,812
Watson Pharmaceuticals, Inc. 500 24,500
----------
327,912
----------
Electric Utilities (3.1%)
Entergy Corp. 7,100 207,675
FPL Group, Inc. 4,900 227,237
Illinova Corp. 5,000 150,000
Kansas City Power & Light Co. 4,500 117,562
Texas Utilities Co. 1,200 49,350
Unicom Corp. 7,300 239,075
Western Resources, Inc. 3,500 116,812
----------
1,107,711
----------
Electrical & Electronic Equipment (1.7%)
Actel Corp. 3,400 36,550
Allen Group, Inc. 2,000 44,750
Burr-Brown Corp. 1,800 45,900
Cable Design Technologies 1,100 48,400
Cidco, Inc. 1,100 28,050
Credence Systems Corp. 1,700 38,887
GaSonics International 2,500 33,750
Input/Output, Inc. 1,200 69,300
Kemet Corp. 2,800 66,850
S3, Inc. 3,200 56,400
Sanmina Corp. 1,400 72,625
Ultratech Stepper, Inc. 2,100 54,075
----------
595,537
----------
Environmental Control (.4%)
Tetra Tech, Inc. 2,400 54,600
United Waste Systems, Inc. 2,700 100,575
----------
155,175
----------
Financial Services (.1%)
Amresco, Inc. 3,000 38,250
----------
Food & Beverages (.1%)
Dole Food Company, Inc. 1,500 52,500
----------
Health Services & Hospital Supplies (2.7%)
Baxter International Inc. 4,300 180,062
Columbia Healthcare Corp. 1,600 81,200
Express Scripts, Inc. 1,300 66,300
Gulf South Medical Supply, Inc. 2,400 72,600
Idexx Laboratories, Inc. 1,800 84,600
MedPartners, Inc. 1,600 52,800
Omnicare, Inc. 1,600 71,600
OrNda Healthcorp 2,700 62,775
PhyCor, Inc. 1,850 93,541
Physician Reliance Network, Inc. 1,500 59,625
Physician Sales & Service, Inc. 4,600 131,100
----------
956,203
----------
Insurance (3.0%)
Aetna Life & Casualty Co. 3,200 221,600
Allstate Corp. 2,300 94,587
CIGNA Corp. 1,600 165,200
Compdent Corp. 1,600 66,400
Hartford Steam Boiler Inspection & Insurance Co. 2,500 125,000
St. Paul Companies Inc. 2,900 161,312
TIG Holdings, Inc. 2,000 57,000
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Travelers Group 2,500 $157,187
----------
1,048,286
----------
Iron & Steel (.6%)
Carpenter Technology Corp. 2,800 115,150
UNR Industries Inc. 12,000 103,500
----------
218,650
----------
Leasing (.1%)
Oxford Resources Corp. 1,900 42,750
----------
Leisure & Entertainment (.7%)
Clear Channel Communications, Inc. 2,200 97,075
Mattel, Inc. 1,700 52,275
Regal Cinemas, Inc. 3,000 89,250
----------
238,600
----------
Lodging & Restaurants (.3%)
Boston Chicken, Inc. 2,300 73,887
Papa John's International, Inc. 1,000 41,187
----------
115,074
----------
Machinery & Equipment (.8%)
Case Corp. 2,000 91,500
Electroglas, Inc. 3,200 78,400
Harnischfeger Industries, Inc. 800 26,600
Mark IV Industries, Inc. 1,900 37,525
Parker-Hannifin Corp. 1,600 54,800
----------
288,825
----------
Manufacturing (1.0%)
AGCO Corp. 1,600 81,600
Black & Decker Corp. 1,500 52,875
Blyth Industries, Inc. 2,400 70,800
FSI International, Inc. 2,400 48,600
Helix Technology Corp. 1,400 55,300
Integrated Process Equipment Corp. 1,400 32,900
----------
342,075
----------
Miscellaneous (.3%)
Premark International, Inc. 1,800 91,125
----------
Office Equipment (.4%)
US Office Products Co. 2,400 54,600
Xerox Corp. 600 82,200
----------
136,800
----------
Oil & Gas (3.6%)
Amoco Corp. 1,900 136,562
Chevron Corp. 3,800 199,500
Exxon Corp. 1,400 112,175
Mobil Corp. 1,900 212,800
Panhandle Eastern Corp. 9,400 262,025
Repsol SA (ADR) 1,300 42,601
Royal Dutch Petroleum Co. 1,300 183,463
Ultramar Corp. 3,900 100,425
YPF Sociedad Anonima (ADR) 1,300 28,113
----------
1,277,664
----------
Paper & Forest Products (.3%)
Kimberly-Clark Corp. 1,092 90,363
----------
Printing & Publishing (.3%)
Gartner Group, Inc. 1,900 90,963
----------
Real Estate (.8%)
Camden Property Trust 4,300 102,663
Castle & Cooke Inc. 500 8,375
Health & Retirement Property Trust 5,700 92,625
Meditrust Corp. 2,800 97,650
----------
301,313
----------
Retail Trade (1.6%)
CDW Computer Centers, Inc. 1,300 52,650
Corporate Express, Inc. 2,000 60,250
Eckerd Corp. 1,500 66,938
Kroger Co. 2,400 90,000
MSC Industrial Direct Co., Inc. 1,000 27,500
Sears, Roebuck & Co. 4,200 163,800
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Service Merchandise Co., Inc. 2,200 $11,000
Sunglass Hut International, Inc. 2,400 57,000
Waban Inc. 2,200 41,250
----------
570,388
----------
Savings & Loan (.3%)
Ahmanson (H.F.) & Co. 4,300 113,950
----------
Technology (1.3%)
Compaq Computer Corp. 1,500 72,000
Conner Peripherals, Inc. 1,300 27,300
Electronics for Imaging, Inc. 3,000 131,250
Seagate Technology, Inc. 1,100 52,250
Storage Technology Corp. 1,800 42,975
Stratus Computer, Inc. 2,000 69,250
Sun Microsystems, Inc. 1,800 82,125
----------
477,150
----------
Telcommunications (.9%)
Aspect Telecommunications Corp. 2,700 90,450
Coherent Communication System Corp. 2,300 44,275
DSP Communications, Inc. 1,400 61,075
Ericsson LM Tel. Co. (ADR) 3,520 68,640
LCI International, Inc. 2,400 49,200
-----------
313,640
-----------
Telephone Utilities (2.0%)
Ameritech Corp. 3,800 224,200
GTE Corp. 4,700 206,800
NYNEX Corp. 4,000 216,000
VTEL Corp. 2,400 44,400
-----------
691,400
-----------
Transportation (.5%)
Atlas Air, Inc. 3,000 50,250
Fritz Companies, Inc. 2,000 83,000
Wisconsin Central Transportation 900 59,175
-----------
192,425
-----------
Total Common Stocks
(Cost $13,675,873) 15,200,892
-----------
FOREIGN COMMON STOCKS (12.7% of Net Assets)
Auto & Auto Related (.4%)
Autoliv AB (Sweden) 1,000 58,436
Bridgestone Corp. (Japan) 1,000 15,884
Michelin CGDE (France) 1,000 39,882
Valeo SA (France) 700 32,420
-----------
146,622
-----------
Banking (.8%)
Banco Popular Espanol (Spain) 400 73,768
Bangkok Bank Company Ltd. (Thailand) 4,000 48,591
HSBC Holdings PLC (Hong Kong) 2,000 30,262
Malayan Banking Berhad (Malaysia) 6,000 50,557
Societe Generale Paris (France) 215 26,562
Thai Farmers Bank Ltd. (Thailand) 4,600 46,383
-----------
276,123
-----------
Building Materials & Construction (.3%)
Autopistas Concesionaria Espanola SA (Spain) 4,000 45,507
Compagnie de Saint-Gobain (France) 250 27,262
PT Indocement Tunggal Prakar (Indonesia) 7,000 27,553
-----------
100,322
-----------
Chemicals (.3%)
Akzo Nobel (Netherlands) 200 23,132
Sekisui Chemical Co. (Japan) 5,000 73,608
-----------
96,740
-----------
Computer Business Equipment & Services (.3%)
Fujitsu Ltd. (Japan) 8,000 89,104
Getronics NV (Netherlands) 600 28,043
-----------
117,147
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Conglomerates (.9%)
Canadian Pacific Ltd. (Canada) 2,100 $38,255
First Pacific Co. (Hong Kong) 42,000 46,712
Hutchison Whampoa Ltd. (Hong Kong) 10,000 60,912
Mannesmann AG (Germany) 195 62,082
Renong Berhad (Malaysia) 22,000 32,571
Viag AG (Germany) 170 68,142
-----------
308,674
-----------
Drugs & Cosmetics (1.8%)
Astra AB (Sweden) 1,800 71,841
Ciba-Geigy AG (Switzerland) 100 87,993
PT Kalbe Farma (Indonesia) 6,000 20,337
Sandoz AG (Switzerland) 100 91,547
Schering AG (Germany) 1,000 66,246
SmithKline Beecham (United Kingdom) 8,000 88,212
SmithKline Bch/Bec Units (United Kingdom) 5,000 54,512
Takeda Chemical Industries (Japan) 5,000 82,325
Zeneca Group PLC (United Kingdom) 4,000 77,372
-----------
640,385
-----------
Electric Utilities (.3%)
Powergen PLC (United Kingdom) 3,542 29,265
VEBA AG (Germany) 2,000 84,908
-----------
114,173
-----------
Electrical & Electronic Equipment (1.4%)
BBC AG Brown Boveri & Cie. (Switzerland) 65 75,509
Hitachi Ltd. (Japan) 5,000 50,363
Keyence Corp. (Japan) 600 69,153
Kyocera Corp. (Japan) 1,000 74,286
Matsushita Electric Industrial Co., Ltd. (Japan) 4,000 65,085
Philips Electronics NV (Netherlands) 1,100 39,758
Toshiba Corp. (Japan) 14,000 109,695
-----------
483,849
-----------
Financial Services (.5%)
Compagnie Bancaire SA (France) 445 49,798
International Nederlanden Groep NV (Netherlands) 1,000 66,804
Nichiei Co., Ltd. (Japan) 1,000 74,576
-----------
191,178
-----------
Food & Beverages (.4%)
Heineken NV (Netherlands) 550 90,142
Nestle SA (Switzerland) 50 55,310
-----------
145,452
-----------
Insurance (.7%)
AEGON NV (Netherlands) 2,000 88,490
AXA (France) 900 60,649
Munich Reinsurance (Germany) 25 54,374
Skandia Foersaekrings AB (Sweden) 1,300 35,145
-----------
238,658
-----------
Iron & Steel (.4%)
Acerinox SA (Spain) 500 50,577
Outokumpu Oy (Finland) 1,200 19,037
Rio Tinto-Zinc Corp. PLC (United Kingdom) 4,000 58,146
-----------
127,760
-----------
Leisure & Entertainment (.3%)
Carlton Communications PLC (United Kingdom) 3,400 50,982
Television Broadcasts Ltd. (Hong Kong) 11,000 39,192
Thorn EMI PLC (United Kingdom) 1,000 23,552
-----------
113,726
-----------
Machinery & Equipment (.4%)
Mabuchi Motor Co. (Japan) 800 49,743
Mitsubishi Heavy Industries Ltd. (Japan) 6,000 47,826
NSK Limited (Japan) 3,000 21,792
SMC Corp. (Japan) 100 7,235
THK Company Ltd. (Japan) 1,000 28,475
-----------
155,071
-----------
Metals & Mining (.1%)
Western Mining Corp. Holdings Ltd. (Australia) 2,000 12,844
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Miscellaneous (.2%)
SGS Societe Generale de Surveillance
Holdings SA (Switzerland) 30 $59,558
Siemens AG (Germany) 40 21,889
-----------
81,447
-----------
Office Equipment (.4%)
Canon Inc. (Japan) 6,000 108,668
Ricoh Corp., Ltd (Japan) 5,000 54,722
-----------
163,390
-----------
Oil & Gas (1.0%)
Ampolex Ltd. (Australia) 23,000 50,260
British Petroleum Co., Ltd. (United Kingdom) 6,000 50,085
Compagnie Francaise de Petroleum Total (France) 900 60,741
Hong Kong & China Gas Company Ltd. (Hong Kong) 13,000 20,931
Imperial Oil Ltd. (Canada) 1,100 39,573
Lasmo PLC (United Kingdom) 7,393 19,978
Saga Petroleum (Norway) 4,000 53,362
Societe Nationale Elf Aquitaine (France) 560 41,260
-----------
336,190
-----------
Paper & Forest Products (.1%)
Mo och Domsjo AB (Sweden) 800 34,098
-----------
Printing & Publishing (.2%)
De la Rue PLC (United Kingdom) 1,600 16,176
Elsevier NV (Netherlands) 2,200 29,339
Wolters-Kluwer NV (Netherlands) 400 37,839
-----------
83,354
-----------
Retail Trade (.8%)
Adidas AG (Germany) 140 7,407
Argyll Group PLC (United Kingdom) 4,000 21,121
Carrefour Supermarche SA (France) 115 69,770
Ito-Yokado Ltd. (Japan) 1,000 61,598
JUSCO Co. (Japan) 1,000 26,053
LVMH Louis Vuitton Moet-Hennessy (France) 270 56,239
Next PLC (United Kingdom) 7,000 49,573
-----------
291,761
-----------
Telecommunications (.3%)
Nokia AB (Finland) 1,200 47,179
Telecom Italia S.p.A (Italy) 19,000 29,551
Telecom Italia Mobile S.p.A (Italy) 19,000 33,439
-----------
110,169
-----------
Telephone Utilities (.3%)
DDI Corporation (Japan) 7 54,237
Telefonica de Espana (Spain) 3,000 41,550
-----------
95,787
-----------
Tobacco (.1%)
PT HM Sampoerna (Indonesia) 4,000 41,636
-----------
Total Foreign Common Stocks
(Cost $4,378,634) 4,506,556
-----------
CONVERTIBLE PREFERRED STOCKS (.3% of Net Assets)
Machinery & Equipment (.3%)
Case Corp. (Cost $105,325) 1,100 105,050
-----------
FOREIGN PREFERRED STOCKS (.8% of Net Assets)
Computer Business Equipment & Services (.2%)
SAP AG (Germany) 400 60,509
-----------
Conglomerates (.1%)
RWE AG (Germany) 185 51,586
-----------
Electric Utilities (.2%)
CEMIG (Brazil) 2,724,149 57,510
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Financial Services (.2%)
Banco Bradesco SA (Brazil) 6,140,292 $52,700
-----------
Telecommunications (.1%)
Telecomunicacoes de Sao Paulo SA (Brazil) 350,000 51,492
-----------
Total Foreign Preferred Stocks
(Cost $305,428) 273,797
-----------
PRINCIPAL
AMOUNT
CORPORATE BONDS (17.9% of Net Assets) ---------
Aerospace (.1%)
British Aerospace Finance Inc.
8.00%, 1997 $40,000 41,175
-----------
Banking (.7%)
Barnett Banks, Inc.
8.50%, 1999 35,000 37,812
Chemical Banking Corp.
6.625%, 1998 35,000 35,675
Citicorp
9.46%, 1996 35,000 35,402
First Fidelity Bancorporation
8.50%, 1998 35,000 36,926
First Union Corp.
6.75%, 1998 35,000 35,657
Mellon Financial Co.
6.50%, 1997 35,000 35,562
Security Pacific Corp.
7.75%, 1996 35,000 35,657
-----------
252,691
-----------
Chemicals (2.0%)
G-I Holdings
0.00%, 1998 150,000 116,250
IMC Global, Inc.
6.25%, 2001 90,000 113,400
Lyondell Petrochemical Co.
8.25%, 1997 70,000 71,806
NL Industries, Inc.
0.00%, 2005 175,000 134,312
Rexene Corp.
11.75%, 2004 125,000 130,937
Synthetic Industries, Inc.
12.75%, 2002 125,000 122,500
-----------
689,205
-----------
Drugs & Cosmetics (.4%)
Revlon Worldwide Corp.
0.00%, 1998 175,000 129,938
-----------
Financial Services (.6%)
American General Finance Corp.
8.50%, 1998 40,000 42,761
Associates Corp. of North America
7.40%, 1999 40,000 42,153
Countrywide Funding Corp.
6.57%, 1997 40,000 40,569
Merrill Lynch & Co., Inc.
8.25%, 1996 55,000 56,000
Norwest Financial, Inc.
6.50%, 1997 35,000 35,568
-----------
217,051
-----------
Food & Beverages (.7%)
Grand Metropolitan Investment Corp.
8.125%, 1996 35,000 35,496
Nabisco Brands Inc.
8.00%, 2000 35,000 37,202
Seagram Company Ltd.
9.75%, 2000 40,000 40,556
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY AMOUNT VALUE
-------- --------- ------
<S> <C> <C>
Van De Kamps, Inc.
12.00%, 2005 $125,000 $129,375
-----------
242,629
-----------
Health Services & Hospital Supplies (.4%)
Regency Health Services, Inc.
9.875%, 2002 125,000 123,750
-----------
Leasing (.4%)
GPA Delaware, Inc.
8.75%, 1998 125,000 117,500
Penske Truck Leasing Co.
7.75%, 1999 35,000 36,553
-----------
154,053
-----------
Leisure & Entertainment (5.7%)
Bally Park Place Funding
9.25%, 2004 125,000 127,188
Bally's Grand, Inc.
10.375%, 2003 75,000 76,500
Casino America, Inc.
11.50%, 2001 125,000 115,625
Century Communications Corp.
9.75%, 2002 100,000 104,500
Comcast Corp.
9.125%, 2006 125,000 130,312
Comcast UK Cable Partners Ltd.
0.00%, 2007 125,000 73,125
Continental Cablevision, Inc.
9.50%, 2013 125,000 134,375
Galaxy Telecom L.P.
12.375%, 2005 125,000 124,688
Graphic Controls Corp.
12.00%, 2005 125,000 130,000
Hollywood Casino Corp.
12.75%, 2003 125,000 114,375
Mohegan Tribal Gaming
13.50%, 2002 125,000 135,000
New World Communications Corp.
0.00%, 1999 250,000 172,500
Paxson Communications Corp.
11.625%, 2002 125,000 126,875
Resorts International, Inc.
11.00%, 2003 125,000 116,250
Rio Hotel & Casino, Inc.
10.625%, 2005 125,000 126,992
Trump Castle Funding, Inc.
11.75%, 2003 125,000 107,656
Trump Taj Mahal
0.00%, 1999 125,000 120,312
-----------
2,036,273
-----------
Manufacturing (1.0%)
Figgie International, Inc.
9.875%, 1999 125,000 125,000
Jordan Industries, Inc.
10.375%, 2003 125,000 111,250
Portola Packaging, Inc.
10.75%, 2005 125,000 129,375
-----------
365,625
-----------
Oil & Gas (.4%)
Coastal Corp.
8.75%, 1999 35,000 37,766
Mesa Capital CP
12.75%, 1998 125,000 110,625
-----------
148,391
-----------
Paper & Forest Products (1.2%)
Fort Howard Corp.
9.00%, 2006 125,000 122,500
Gaylord Container Corp.
0.00%, 2005 125,000 123,125
Georgia-Pacific Corp.
9.85%, 1997 40,000 42,172
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY AMOUNT VALUE
-------- --------- ------
<S> <C> <C>
Stone Container Corp.
9.875%, 2001 $125,000 $121,562
-----------
409,359
-----------
Printing & Publishing (.4%)
Marvel III Holdings Inc.
9.125%, 1998 125,000 115,000
Reed Publishing USA Inc.
7.24%, 1997 35,000 35,645
-----------
150,645
-----------
Retail Trade (.7%)
Pathmark Stores, Inc.
0.00%, 2003 250,000 153,125
Sears, Roebuck & Co.
9.44%, 1996 40,000 40,338
8.39%, 1999 40,000 43,062
-----------
236,525
-----------
Savings & Loan (.1%)
Golden West Financial Corp.
8.625%, 1998 35,000 37,368
-----------
Technology (.2%)
Storage Technology Corp.
7.00%, 2008 70,000 78,050
-----------
Telecommunications (2.1%)
A+ Network, Inc.
11.875%, 2005 125,000 126,250
In-Flight Phone Corp.
0.00%, 2002 125,000 41,562
Metrocall, Inc.
10.375%, 2007 125,000 132,500
MFS Communications Company, Inc.
0.00%, 2004 175,000 141,312
PriCellular Corp.
0.00%, 2003 175,000 136,500
Tele-Communications, Inc.
5.28%, 1996 60,000 59,761
TeleWest PLC
9.625%, 2006 75,000 76,313
0.00%, 2007 75,000 45,281
-----------
759,479
-----------
Telephone Utilities (.2%)
GTE Corp.
8.85%, 1998 40,000 42,646
MCI Communications Corp.
7.625%, 1996 40,000 40,637
-----------
83,283
-----------
Tobacco (.2%)
B.A.T. Capital Corp.
6.66%, 2000 40,000 40,924
Philip Morris Companies Inc.
8.75%, 1996 40,000 41,100
-----------
82,024
-----------
Wholesale Trade (.4%)
Hines Horticulture, Inc.
11.75%, 2005 125,000 131,250
-----------
Total Corporate Bonds
(Cost $6,313,125) 6,368,764
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY AMOUNT VALUE
-------- --------- ------
<S> <C> <C>
U.S. GOVERNMENT & AGENCY LONG-TERM OBLIGATIONS (20.4% of Net Assets)
U.S. Treasury Bond
8.125%, 2019 $830,000 $1,043,592
U.S. Treasury Notes
7.625%, 1996 440,000 443,300
7.375%, 1997 695,000 721,278
5.125%, 1998 2,505,000 2,499,139
6.75%, 1999 945,000 988,111
7.50%, 2001 755,000 831,565
7.25%, 2004 645,000 717,259
-----------
Total U.S. Government & Agency Long-Term Obligations
(Cost $7,037,137) 7,244,244
-----------
FOREIGN CURRENCY (.1% of Net Assets)
Australian Dollar 75 53
British Pound Sterling 1,373 2,133
Canadian Dollar 160 117
Deutsche Mark 6,272 4,372
French Franc 1,296 265
Hong Kong Dollar 6,461 836
Japanese Yen 237,194 2,297
Malaysian Ringgit 462 182
Netherlands Guilder 1,310 816
Spanish Peseta 105,303 868
-----------
Total Foreign Currency
(Cost $11,900) 11,939
-----------
REPURCHASE AGREEMENTS (4.4% of Net Assets)
State Street Bank & Trust Co.
4.75%, due 1/2/96 (Cost $1,549,000) 1,549,000 1,549,000
-----------
TOTAL INVESTMENTS
(Cost $33,376,422) $35,260,242
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
COMMON STOCKS (61.6% of Net Assets)
Aerospace (3.0%)
General Dynamics Corp. 3,800 $ 224,675
Lockheed Martin Corp. 2,400 189,600
Loral Corp. 3,800 134,425
McDonnell Douglas Corp. 1,100 101,200
Rockwell International Corp. 2,800 148,050
-----------
797,950
-----------
Airlines (.7%)
AMR Corp. 800 59,400
Delta Air Lines, Inc. 700 51,713
Northwest Airlines Corp. 1,500 76,500
-----------
187,613
-----------
Apparel & Textiles (1.3%)
Nautica Enterprises, Inc. 2,500 109,375
St. John Knits, Inc. 1,800 95,625
Tommy Hilfiger Corp. 3,400 144,075
-----------
349,075
-----------
Auto & Auto Related (.3%)
Discount Auto Parts, Inc. 2,700 84,037
-----------
Banking (4.1%)
Bank of Boston Corp. 4,600 212,750
Bankers Trust New York Corp. 2,800 186,200
Chase Manhattan Corp. 3,400 206,125
Morgan (J.P.) & Company, Inc. 2,800 224,700
PNC Bank Corp. 5,900 190,275
Wells Fargo & Co. 300 64,800
-----------
1,084,850
-----------
Building Materials & Construction (.2%)
USG Corp. 1,900 57,000
-----------
Business Equipment & Services (.6%)
Medic Computer Systems, Inc. 900 54,450
New England Business Services, Inc. 4,200 91,875
-----------
146,325
-----------
Chemicals (2.6%)
Cabot Corp. 600 32,325
FMC Corp. 800 54,100
Goodrich (B.F.) Co. 2,200 149,875
Grace (W.R.) & Co. 1,400 82,775
IMC Global, Inc. 2,200 89,925
Monsanto Co. 1,600 196,000
Potash Corporation of Saskatchewan Inc. 1,200 85,050
-----------
690,050
-----------
Commercial Services (2.2%)
AccuStaff, Inc. 3,000 132,000
Alternative Resources Corp. 1,600 48,400
Cambridge Technology Partners, Inc. 2,200 126,500
Corrections Corporation of America 5,000 185,625
Quintiles Transnational Corp. 2,400 98,400
-----------
590,925
-----------
Computer Business Equipment & Services (5.9%)
Acxiom Corporation 3,200 87,600
ALANTEC Corp. 2,000 116,500
Cognex Corp. 5,000 173,750
Comverse Technology, Inc. 2,800 56,000
Davidson and Associates, Inc. 2,200 48,400
Epic Design Technology, Inc. 3,200 67,200
Global Village Communication 3,000 58,125
Hyperion Software Corp. 4,200 89,250
Inso Corp. 1,500 63,750
McAfee Associates, Inc. 2,950 129,431
Microcom, Inc. 2,000 52,000
National Data Corp. 1,800 44,550
NetManage, Inc. 2,500 58,125
Optical Data Systems, Inc. 1,300 32,825
Project Software & Development, Inc. 2,500 87,188
Rational Software Corp. 2,900 64,888
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Remedy Corp. 1,100 $ 65,175
Shiva Corp. 1,000 72,750
StorMedia, Inc. 2,100 76,650
Zebra Technologies Corp. 3,600 122,400
-----------
1,566,557
-----------
Conglomerates (1.1%)
Hanson PLC 6,700 102,175
Jardine Matheson Holdings Ltd. 45 308
Textron, Inc. 1,500 101,250
Tyco International Ltd. 2,600 92,625
-----------
296,358
-----------
Drugs & Cosmetics (1.2%)
American Home Products Corp. 1,800 174,600
Bristol-Myers Squibb Co. 1,500 128,813
Watson Pharmaceuticals, Inc. 600 29,400
-----------
332,813
-----------
Electric Utilities (4.1%)
Entergy Corp. 7,100 207,675
FPL Group, Inc. 4,900 227,238
Illinova Corp. 5,000 150,000
Kansas City Power & Light Co. 4,500 117,563
Texas Utilities Co. 1,200 49,350
Unicom Corp. 7,300 239,075
Western Resources, Inc. 3,500 116,813
-----------
1,107,714
-----------
Electrical & Electronic Equipment (2.8%)
Actel Corp. 4,300 46,225
Allen Group, Inc. 2,500 55,937
Burr-Brown Corp. 2,200 56,100
Cable Design Technologies 1,300 57,200
Cidco, Inc. 1,400 35,700
Conner Peripherals, Inc. 1,300 27,300
Credence Systems Corp. 2,100 48,038
GaSonics International 3,050 41,175
Input/Output, Inc. 1,400 80,850
Kemet Corp. 3,500 83,562
S3, Inc. 4,000 70,500
Sanmina Corp. 1,700 88,188
Ultratech Stepper, Inc. 2,700 69,525
-----------
760,300
-----------
Environmental Control (.7%)
Tetra Tech, Inc. 3,000 68,250
United Waste Systems, Inc. 3,400 126,650
-----------
194,900
-----------
Financial Services (.2%)
Amresco, Inc. 3,700 47,175
-----------
Food & Beverages (.2%)
Dole Food Company, Inc. 1,500 52,500
-----------
Health Services & Hospital Supplies (4.2%)
Baxter International Inc. 4,300 180,062
Columbia Healthcare Corp. 1,600 81,200
Express Scripts, Inc. 1,700 86,700
Gulf South Medical Supply, Inc. 2,900 87,725
Idexx Laboratories, Inc. 2,300 108,100
MedPartners. Inc. 2,000 66,000
Omnicare, Inc. 2,100 93,975
OrNda Healthcorp 2,700 62,775
PhyCor, Inc. 2,250 113,766
Physician Reliance Network, Inc. 1,900 75,525
Physician Sales & Services, Inc. 5,800 165,300
-----------
1,121,128
-----------
Insurance (4.0%)
Aetna Life & Casualty Co. 3,200 221,600
Allstate Corp. 2,300 94,587
CIGNA Corp. 1,600 165,200
Compdent Corp. 2,000 83,000
Hartford Steam Boiler Inspection & Insurance Co. 2,500 125,000
St. Paul Companies Inc. 2,900 161,312
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
TIG Holdings, Inc. 2,000 $ 57,000
Travelers Group 2,500 157,187
-----------
1,064,886
-----------
Iron & Steel (.8%)
Carpenter Technology Corp. 2,800 115,150
UNR Industries Inc. 12,000 103,500
-----------
218,650
-----------
Leasing (.2%)
Oxford Resources Corp. 2,400 54,000
-----------
Leisure & Entertainment (1.0%)
Clear Channel Communications, Inc. 2,400 105,900
Mattel, Inc. 1,700 52,275
Regal Cinemas, Inc. 3,750 111,562
-----------
269,737
-----------
Lodging & Restaurants (.5%)
Boston Chicken, Inc. 2,800 89,950
Papa John's International, Inc. 1,300 53,544
-----------
143,494
-----------
Machinery & Equipment (1.2%)
Case Corp. 2,000 91,500
Electroglas, Inc. 4,000 98,000
Harnischfeger Industries, Inc. 800 26,600
Mark IV Industries, Inc. 1,900 37,525
Parker-Hannifin Corp. 1,600 54,800
-----------
308,425
-----------
Manufacturing (1.5%)
AGCO Corp. 1,600 81,600
Black & Decker Corp. 1,500 52,875
Blyth Industries, Inc. 3,000 88,500
FSI International, Inc. 3,000 60,750
Helix Technology Corp. 1,700 67,150
Integrated Process Equipment Corp. 1,800 42,300
-----------
393,175
-----------
Miscellaneous (.3%)
Premark International, Inc. 1,800 91,125
-----------
Office Equipment (.6%)
US Office Products Co. 3,000 68,250
Xerox Corp. 600 82,200
-----------
150,450
-----------
Oil & Gas (4.8%)
Amoco Corp. 1,900 136,562
Chevron Corp. 3,800 199,500
Exxon Corp. 1,400 112,175
Mobil Corp. 1,900 212,800
Panhandle Eastern Corp. 9,400 262,025
Repsol SA (ADR) 1,300 42,601
Royal Dutch Petroleum Co. 1,300 183,462
Ultramar Corp. 3,900 100,425
YPF Sociedad Anonima (ADR) 1,300 28,112
-----------
1,277,662
-----------
Paper & Forest Products (.3%)
Kimberly-Clark Corp. 1,092 90,363
-----------
Printing & Publishing (.4%)
Gartner Group, Inc. 2,300 110,112
-----------
Real Estate (1.1%)
Camden Property Trust 4,300 102,662
Castle & Cooke Inc. 500 8,375
Health & Retirement Property Trust 5,700 92,625
Meditrust Corp. 2,800 97,650
-----------
301,312
-----------
Retail Trade (2.3%)
CDW Computer Centers, Inc. 1,700 68,850
Corporate Express, Inc. 2,500 75,312
Eckerd Corp. 1,500 66,937
Kroger Co. 2,400 90,000
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
MSC Industrial Direct Co., Inc. 1,300 $ 35,750
Sears, Roebuck & Co. 4,200 163,800
Service Merchandise Co., Inc. 2,200 11,000
Sunglass Hut International, Inc. 3,000 71,250
Waban Inc. 2,200 41,250
-----------
624,149
-----------
Savings & Loan (.4%)
Ahmanson (H.F.) & Co. 4,300 113,950
-----------
Technology (1.8%)
Compaq Computer Corp. 1,500 72,000
Electronics for Imaging, Inc. 3,800 166,250
Seagate Technology, Inc. 1,100 52,250
Storage Technology Corp. 1,800 42,975
Stratus Computer, Inc. 2,000 69,250
Sun Microsystems, Inc. 1,800 82,125
-----------
484,850
-----------
Telcommunications (1.5%)
Aspect Telecommunications Corp. 3,500 117,250
Coherent Communications Systems Corp. 3,000 57,750
DSP Communications, Inc. 2,000 87,250
Ericsson LM Tel. Co. (ADR) 3,520 68,640
LCI International, Inc. 3,000 61,500
-----------
392,390
-----------
Telephone Utilities (2.6%)
Ameritech Corp. 3,800 224,200
GTE Corp. 4,700 206,800
NYNEX Corp. 4,000 216,000
VTEL Corp. 3,000 55,500
-----------
702,500
-----------
Transportation (.9%)
Atlas Air, Inc. 3,700 61,975
Fritz Companies, Inc. 2,600 107,900
Wisconsin Central Transportation 1,100 72,325
-----------
242,200
-----------
Total Common Stocks
(Cost $14,854,915) 16,500,700
-----------
FOREIGN COMMON STOCKS (16.8% of Net Assets)
Auto & Auto Related (.5%)
Autoliv AB (Sweden) 1,000 58,436
Bridgestone Corp. (Japan) 1,000 15,884
Michelin CGDE (France) 1,000 39,882
Valeo SA (France) 700 32,420
-----------
146,622
-----------
Banking (1.0%)
Banco Popular Espanol (Spain) 400 73,768
Bangkok Bank Company Ltd. (Thailand) 4,000 48,591
HSBC Holdings PLC (Hong Kong) 2,000 30,262
Malayan Banking Berhad (Malaysia) 6,000 50,557
Societe Generale Paris (France) 215 26,562
Thai Farmers Bank Ltd. (Thailand) 4,600 46,383
-----------
276,123
-----------
Building Materials & Construction (.4%)
Autopistas Concesionaria Espanola SA (Spain) 4,000 45,507
Compagnie de Saint-Gobain (France) 250 27,262
PT Indocement Tunggal Prakar (Indonesia) 7,000 27,553
-----------
100,322
-----------
Chemicals (.4%)
Akzo Nobel (Netherlands) 200 23,132
Sekisui Chemical Co. (Japan) 5,000 73,608
-----------
96,740
-----------
Computer Business Equipment & Services (.4%)
Fujitsu Ltd. (Japan) 8,000 89,104
Getronics NV (Netherlands) 600 28,043
-----------
117,147
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Conglomerates (1.1%)
Canadian Pacific Ltd. (Canada) 2,100 $ 38,255
First Pacific Co. (Hong Kong) 42,000 46,712
Hutchison Whampoa Ltd. (Hong Kong) 10,000 60,912
Mannesmann AG (Germany) 195 62,082
Renong Berhad (Malaysia) 22,000 32,571
Viag AG (Germany) 170 68,142
-----------
308,674
-----------
Drugs & Cosmetics (2.4%)
Astra AB (Sweden) 1,800 71,841
Ciba-Geigy AG (Switzerland) 100 87,993
PT Kalbe Farma (Indonesia) 6,000 20,337
Sandoz AG (Switzerland) 100 91,547
Schering AG (Germany) 1,000 66,246
SmithKline Beecham (United Kingdom) 8,000 88,212
SmithKline Bch/Bec Units (United Kingdom) 5,000 54,512
Takeda Chemical Industries (Japan) 5,000 82,324
Zeneca Group PLC (United Kingdom) 4,000 77,372
-----------
640,384
-----------
Electric Utilities (.4%)
Powergen PLC (United Kingdom) 3,542 29,265
VEBA AG (Germany) 2,000 84,908
-----------
114,173
-----------
Electrical & Electronic Equipment (1.8%)
BBC AG Brown Boveri & Cie. (Switzerland) 65 75,509
Hitachi Ltd. (Japan) 5,000 50,363
Keyence Corp. (Japan) 600 69,153
Kyocera Corp. (Japan) 1,000 74,286
Matsushita Electric Industrial Co., Ltd. (Japan) 4,000 65,085
Philips Electronics NV (Netherlands) 1,100 39,758
Toshiba Corp. (Japan) 14,000 109,695
-----------
483,849
-----------
Financial Services (.7%)
Compagnie Bancaire SA (France) 445 49,798
International Nederlanden Groep NV (Netherlands) 1,000 66,804
Nichiei Co., Ltd. (Japan) 1,000 74,576
-----------
191,178
-----------
Food & Beverages (.5%)
Heineken NV (Netherlands) 550 90,141
Nestle SA (Switzerland) 50 55,310
-----------
145,451
-----------
Insurance (.9%)
AEGON NV (Netherlands) 2,000 88,490
AXA (France) 900 60,649
Munich Reinsurance (Germany) 25 54,374
Skandia Foersaekrings AB (Sweden) 1,300 35,145
-----------
238,658
-----------
Iron & Steel (.5%)
Acerinox SA (Spain) 500 50,577
Outokumpu Oy (Finland) 1,200 19,037
Rio Tinto-Zinc Corp. PLC (United Kingdom) 4,000 58,146
-----------
127,760
-----------
Leisure & Entertainment (.4%)
Carlton Communications PLC (United Kingdom) 3,400 50,982
Television Broadcasts Ltd. (Hong Kong) 11,000 39,192
Thorn EMI PLC (United Kingdom) 1,000 23,552
-----------
113,726
-----------
Machinery & Equipment (.6%)
Mabuchi Motor Co. (Japan) 800 49,743
Mitsubishi Heavy Industries Ltd. (Japan) 6,000 47,826
NSK Limited (Japan) 3,000 21,792
SMC Corp. (Japan) 100 7,235
THK Company Ltd. (Japan) 1,000 28,475
-----------
155,071
-----------
Manufacturing (.1%)
Western Mining Corp. Holdings Ltd. (Australia) 2,000 12,844
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Miscellaneous (.3%)
SGS Societe Generale de Surveillance
Holdings SA (Switzerland) 30 $ 59,558
Siemens AG (Germany) 40 21,889
-----------
81,447
-----------
Office Equipment (.6%)
Canon Inc. (Japan) 6,000 108,668
Ricoh Corp., Ltd. (Japan) 5,000 54,722
-----------
163,390
-----------
Oil & Gas (1.3%)
Ampolex Ltd. (Australia) 23,000 50,260
British Petroleum Co., Ltd. (United Kingdom) 6,000 50,085
Compagnie Francaise de Petroleum Total (France) 900 60,741
Hong Kong & China Gas Company Ltd. (Hong Kong) 13,000 20,931
Imperial Oil Ltd. (Canada) 1,100 39,573
Lasmo PLC (United Kingdom) 7,393 19,978
Saga Petroleum (Norway) 4,000 53,362
Societe Nationale Elf Aquitaine (France) 560 41,260
-----------
336,190
-----------
Paper & Forest Products (.1%)
Mo och Domsjo AB (Sweden) 800 34,098
-----------
Printing & Publishing (.3%)
De la Rue PLC (United Kingdom) 1,600 16,176
Elsevier NV (Netherlands) 2,200 29,339
Wolters-Kluwer NV (Netherlands) 400 37,839
-----------
83,354
-----------
Retail Trade (1.1%)
Adidas AG (Germany) 140 7,407
Argyll Group PLC (United Kingdom) 4,000 21,121
Carrefour Supermarche SA (France) 115 69,770
Ito-Yokado Ltd. (Japan) 1,000 61,598
JUSCO Co. (Japan) 1,000 26,053
LVMH Louis Vuitton Moet-Hennessy (France) 270 56,239
Next PLC (United Kingdom) 7,000 49,573
-----------
291,761
-----------
Telecommunications (.4%)
Nokia AB (Finland) 1,200 47,179
Telecom Italia S.p.A (Italy) 19,000 29,551
Telecom Italia Mobile S.p.A (Italy) 19,000 33,439
-----------
110,169
-----------
Telephone Utilities (.4%)
DDI Corporation (Japan) 7 54,237
Telefonica de Espana (Spain) 3,000 41,550
-----------
95,787
-----------
Tobacco (.2%)
PT HM Sampoerna (Indonesia) 4,000 41,636
-----------
Total Foreign Common Stocks
(Cost $4,378,632) 4,506,554
-----------
CONVERTIBLE PREFERRED STOCKS (.4% of Net Assets)
Machinery & Equipment (.4%)
Case Corp. (Cost $105,325) 1,100 105,050
-----------
FOREIGN PREFERRED STOCKS (1.0% of Net Assets)
Computer Business Equipment & Services (.2%)
SAP AG (Germany) 400 60,509
-----------
Conglomerates (.2%)
RWE AG (Germany) 185 51,586
-----------
Electric Utilities (.2%)
CEMIG (Brazil) 2,600,000 57,510
-----------
Financial Services (.2%)
Banco Bradesco SA (Brazil) 6,140,292 52,700
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
MARKET
SECURITY SHARES VALUE
-------- ------ ------
<S> <C> <C>
Telecommunications (.2%)
Telecomunicacoes de Sao Paulo SA (Brazil) 350,000 $ 51,492
-----------
Total Foreign Preferred Stocks
(Cost $305,428) 273,797
-----------
PRINCIPAL
CORPORATE BONDS (10.0% of Net Assets) AMOUNT
---------
Chemicals (1.2%)
G-I Holdings
0.00%, 1998 $ 75,000 58,125
IMC Global, Inc.
6.25%, 2001 90,000 113,400
NL Industries, Inc.
0.00%, 2005 75,000 57,563
Rexene Corp.
11.75%, 2004 50,000 52,375
Synthetic Industries, Inc.
12.75%, 2002 50,000 49,000
-----------
330,463
-----------
Drugs & Cosmetics (.2%)
Revlon Worldwide Corp.
0.00%, 1998 75,000 55,688
-----------
Food & Beverages (.2%)
Van De Kamps, Inc.
12.00%, 2005 50,000 51,750
-----------
Health Services & Hospital Supplies (.2%)
Regency Health Services, Inc.
9.875%, 2002 50,000 49,500
-----------
Leasing (.2%)
GPA Delaware, Inc.
8.75%, 1998 50,000 47,000
-----------
Leisure & Entertainment (4.1%)
Argyle Television, Inc.
9.75%, 2005 50,000 49,750
Bally Park Place Funding
9.25%, 2004 50,000 50,875
Bally's Casino Holdings, Inc.
0.00%, 1998 100,000 80,500
Bally's Grand, Inc.
10.375%, 2003 50,000 51,000
Casino America, Inc.
11.50%, 2001 50,000 46,250
Century Communications, Inc.
9.75%, 2002 50,000 52,250
Comcast Corp.
9.125%, 2006 50,000 52,125
Comcast UK Cable Partners Ltd.
0.00%, 2007 50,000 29,250
Continental Cablevision, Inc.
9.50%, 2013 50,000 53,750
Galaxy Telecom L.P.
12.375%, 2005 50,000 49,875
Graphic Controls Corp.
12.00%, 2005 50,000 52,000
Hollywood Casino Corp.
12.75%, 2003 50,000 45,750
Lenfest Communications, Inc.
8.375%, 2005 50,000 50,187
Mohegan Tribal Gaming
13.50%, 2002 50,000 54,000
New World Communications Corp.
0.00%, 1999 100,000 69,000
Paxson Communications Corp.
11.625%, 2002 50,000 50,750
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY AMOUNT VALUE
-------- --------- ------
<S> <C> <C>
Resorts International, Inc.
11.00%, 2003 $ 50,000 $ 46,500
Rio Hotel & Casino, Inc.
10.625%, 2005 50,000 50,797
Trump Castle Funding, Inc.
11.75%, 2003 50,000 43,063
Trump Taj Mahal
0.00%, 1999 50,000 48,125
United International Holdings, Inc.
0.00%, 1999 100,000 58,750
-----------
1,084,547
-----------
Manufacturing (.5%)
Figgie International, Inc.
9.875%, 1999 50,000 50,000
Jordan Industries, Inc.
10.375%, 2003 50,000 44,500
Portola Packaging, Inc.
10.75%, 2005 50,000 51,750
-----------
146,250
-----------
Oil & Gas (.2%)
Mesa Capital CP
12.75%, 1998 50,000 44,250
-----------
Paper & Forest Products (.7%)
Doman Industries Ltd.
8.75%, 2004 50,000 47,375
Fort Howard Corp.
9.00%, 2006 50,000 49,000
Gaylord Container Corp.
0.00%, 2005 50,000 49,250
Stone Container Corp.
9.875%, 2001 50,000 48,625
-----------
194,250
-----------
Printing & Publishing (.2%)
Marvel III Holdings Inc.
9.125%, 1998 50,000 46,000
-----------
Retail Trade (.2%)
Pathmark Stores, Inc.
0.00%, 2003 100,000 61,250
-----------
Technology (.3%)
Storage Technology Corp.
7.00%, 2008 70,000 78,050
-----------
Telecommunications (1.6%)
A+ Network, Inc.
11.875%, 2005 50,000 50,500
American Communication Services, Inc.
0.00%, 2005 100,000 55,250
In-Flight Phone Corp.
0.00%, 2002 50,000 16,625
Metrocall, Inc.
10.375%, 2007 50,000 53,000
MFS Communications Company, Inc.
0.00%, 2004 75,000 60,562
MobleMedia Corp.
9.375%, 2007 50,000 51,500
Paging Network Inc.
10.125%, 2007 50,000 54,125
PriCellular Corp.
0.00%, 2003 75,000 58,500
TeleWest PLC
9.625%, 2006 25,000 25,437
0.00%, 2007 25,000 15,094
-----------
440,593
-----------
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Cont'd)
December 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY AMOUNT VALUE
-------- --------- ------
<S> <C> <C>
Wholesale Trade (.2%)
Hines Horticulture, Inc.
11.75%, 2005 $ 50,000 $ 52,500
-----------
Total Corporate Bonds
(Cost $2,654,521) 2,682,091
-----------
U.S. GOVERNMENT & AGENCY LONG-TERM OBLIGATIONS (4.8% of Net Assets)
U.S. Treasury Bond
8.125%, 2019 210,000 264,041
U.S. Treasury Notes
5.125%, 1998 375,000 374,355
6.75%, 1999 235,000 245,721
7.50%, 2001 190,000 209,268
7.25%, 2004 160,000 177,925
-----------
Total U.S. Government & Agency Long-Term Obligations
(Cost $1,225,031) 1,271,310
-----------
FOREIGN CURRENCY (.1% of Net Assets)
Australian Dollar 70 52
Canadian Dollar 160 117
Deutsche Mark 6,272 4,372
French Franc 1,392 284
Hong Kong Dollar 6,461 836
Japanese Yen 237,057 2,077
Malaysian Ringgit 462 182
Netherlands Guilder 1,310 816
Spanish Peseta 105,733 872
Total Foreign Currency
(Cost $9,584) 9,608
-----------
REPURCHASE AGREEMENTS (5.1% of Net Assets)
State Street Bank & Trust Co.
4.75%, due 1/2/96 (Cost $1,366,000) 1,366,000 1,366,000
-----------
TOTAL INVESTMENTS
(Cost $24,899,436) $26,715,110
-----------
</TABLE>
Notes to Schedule of Investments
December 31, 1995
1. Aggregate gross unrealized appreciation (depreciation) as of December 31,
1995, based on cost for Federal income tax purposes, was as follows:
<TABLE>
<CAPTION>
DIVERSIFIED CAPITAL
INCOME BALANCED APPRECIATION
----------------------------------------
<S> <C> <C> <C>
Aggregate gross unrealized appreciation $ 882,347 $ 2,623,926 $ 2,604,877
Aggregate gross unrealized depreciation (79,389) (740,106) (789,203)
----------- ----------- -----------
Net unrealized appreciation $ 802,958 $ 1,883,820 $ 1,815,674
----------- ----------- -----------
2. The aggregate cost of investments for
Federal income tax purposes was: $20,096,477 $33,376,422 $24,899,436
----------- ----------- -----------
3. Purchases and sales of securities
(excluding short-term securities) for
the period from September 1, 1995 (Inception) to
December 31, 1995 are summarized as follows:
Purchases $21,845,083 $36,260,259 $26,837,979
Sales $ 2,691,649 $ 4,298,440 $ 3,112,005
</TABLE>
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
STATEMENT OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
LIFESPAN
PORTFOLIOS
----------------------------------------------
DIVERSIFIED CAPITAL
INCOME BALANCED APPRECIATION
----------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments:
Bonds, at market value
(Cost $14,912,519, $13,350,262, $3,879,552) $15,243,522 $13,613,008 $3,953,401
Common stocks, at market value
(Cost $4,192,633, $18,054,507, $19,233,547) 4,664,863 19,707,448 21,007,254
Preferred stocks, at market value
(Cost $105,325, $410,753, $410,753) 105,050 378,847 378,847
Foreign currency, at market value
(Cost $11,900, $9,584) -- 11,939 9,608
Short-term securities 886,000 1,549,000 1,366,000
----------- ----------- -----------
20,899,435 35,260,242 26,715,110
Cash 48,812 88,615 79,730
Investment income receivable 281,130 278,434 104,796
Receivable from securities sold -- 12,775 15,099
Foreign currency market receivable from forward contracts -- 20,883 20,916
Foreign tax receivable -- 1,535 1,094
----------- ----------- -----------
Total Assets 21,229,377 35,662,484 26,936,745
----------- ----------- -----------
LIABILITIES
Accrued expenses payable 53,462 74,249 50,668
Payable for securities purchased -- 121,006 117,593
----------- ----------- -----------
Total Liabilities 53,462 195,255 168,261
----------- ----------- -----------
NET ASSETS $21,175,915 $35,467,229 $26,768,484
----------- ----------- -----------
----------- ----------- -----------
OUTSTANDING SHARES 20,324,034 33,743,194 25,154,663
----------- ----------- -----------
----------- ----------- -----------
NET ASSET VALUE PER SHARE $1.04 $1.05 $1.06
----------- ----------- -----------
----------- ----------- -----------
NET ASSETS CONSIST OF:
Capital (par value and paid-in surplus) $20,337,106 $33,759,324 $25,163,733
Undistributed (distribution in excess of)
net investment income 10,436 (9,802) (16,721)
Accumulated undistributed net realized gain (loss) 25,415 (186,996) (215,118)
Net unrealized appreciation 802,958 1,904,703 1,836,590
----------- ----------- -----------
NET ASSETS $21,175,915 $35,467,229 $26,768,484
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
STATEMENT OF OPERATIONS
For the period from September 1, 1995 (Inception) to December 31, 1995
<TABLE>
<CAPTION>
LIFESPAN
PORTFOLIOS
----------------------------------------------
DIVERSIFIED CAPITAL
INCOME BALANCED APPRECIATION
----------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $377,031 $409,667 $167,824
Dividends 72,611 109,946 106,835
---------- ---------- ----------
Total Income 449,642 519,613 274,659
---------- ---------- ----------
Expenses:
Investment advisory fees 51,050 96,385 72,333
Custodian fees 16,164 40,348 38,102
Other 34,886 33,358 17,212
---------- ---------- ----------
Total Expenses 102,100 170,091 127,647
---------- ---------- ----------
NET INVESTMENT INCOME 347,542 349,522 147,012
---------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized gain (loss) on investments 25,415 (200,333) (231,094)
Net realized gain on foreign currency -- 13,337 15,976
Net unrealized appreciation on investments 802,958 1,883,820 1,815,674
Net unrealized appreciation on foreign currency
forward contracts -- 20,883 20,916
---------- ---------- ----------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 828,373 1,717,707 1,621,472
---------- ---------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,175,915 $2,067,229 $1,768,484
---------- ---------- ----------
---------- ---------- ----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
STATEMENT OF CHANGES IN NET ASSETS
For the period from September 1, 1995 (Inception) to December 31, 1995
<TABLE>
<CAPTION>
LIFESPAN
PORTFOLIOS
----------------------------------------------
DIVERSIFIED CAPITAL
INCOME BALANCED APPRECIATION
----------------------------------------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS
FROM OPERATIONS:
Net investment income $347,542 $349,522 $147,012
Net realized gain (loss) on investments 25,415 (200,333) (231,094)
Net realized gain on foreign currency -- 13,337 15,976
Net unrealized appreciation 802,958 1,904,703 1,836,590
---------- ---------- ----------
Net increase in net assets
resulting from operations 1,175,915 2,067,229 1,768,484
---------- ---------- ----------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (337,106) (359,324) (163,733)
Net realized gain on investments -- -- --
---------- ---------- ----------
(337,106) (359,324) (163,733)
---------- ---------- ----------
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 20,000,000 33,400,000 25,000,000
Net asset value of shares issued to
shareholders from reinvestment of dividends 337,106 359,324 163,733
Cost of shares reacquired -- -- --
----------- ----------- -----------
Increase in net assets derived from
capital share transactions 20,337,106 33,759,324 25,163,733
----------- ----------- -----------
NET INCREASE IN NET ASSETS 21,175,915 35,467,229 26,768,484
NET ASSETS - BEGINNING OF PERIOD -- -- --
----------- ----------- -----------
NET ASSETS - END OF PERIOD $21,175,915 $35,467,229 $26,768,484
----------- ----------- -----------
----------- ----------- -----------
Undistributed (distribution in excess of) net investment
income included in net assets at end of period $10,436 ($9,802) ($16,721)
----------- ----------- -----------
----------- ----------- -----------
Undistributed net realized gain on investments
and foreign currency included in net assets
at end of period $25,415 ($186,996) ($215,118)
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
FINANCIAL HIGHLIGHTS
For the period from September 1, 1995 (Inception) to December 31, 1995
Selected data for a share of capital stock outstanding throughout the period:
<TABLE>
<CAPTION>
NET REALIZED DISTRIBUTIONS
DIVIDENDS & UNREALIZED FROM NET NET ASSET
PERIOD NET FROM NET GAIN REALIZED VALUE AT
ENDED INVESTMENT INVESTMENT ON GAIN ON BEGINNING
DECEMBER 31 INCOME INCOME INVESTMENTS INVESTMENTS OF PERIOD
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
1995(a) $.02 $(.02) .$.04 $ - $1.00
LIFESPAN BALANCED PORTFOLIO
1995(a) .01 (.01) .05 - 1.00
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
1995(a) .01 (.01) .06 - 1.00
</TABLE>
<TABLE>
<CAPTION>
RATIO OF RATIO OF NET NET
NET ASSET OPERATING INVESTMENT ASSETS
VALUE AT EXPENSES TO INCOME TO AT END OF ANNUAL
END AVERAGE AVERAGE PORTFOLIO PERIOD (IN TOTAL
OF PERIOD NET ASSETS (b) NET ASSETS (b) TURNOVER (b) THOUSANDS) RETURN (c)
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
$1.04 1.50% 5.11% 41.21% $21,176 5.69%
LIFESPAN BALANCED PORTFOLIO
1.05 1.50 3.08 39.67 35,467 6.08
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
1.06 1.50 1.73 38.73 26,768 6.65
</TABLE>
(a) For the period from September 1, 1995 (Inception) to December 31, 1995
(b) Annualized
(c) Annual total returns do not include the effect of sales charges
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
NOTES TO FINANCIAL STATEMENTS
For the period from September 1, 1995 (Inception) to December 31, 1995
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Connecticut Mutual Financial Services Series Fund I, Inc. (the Fund), a
Maryland corporation, is registered under the Investment Company Act of
1940, as amended, as an open-end management investment company. The Fund
is currently comprised of nine separate portfolios, including the
following three LifeSpan Portfolios included in these financial
statements: Diversified Income, Balanced and Capital Appreciation. An
interest in the Fund is limited to the assets of the Portfolio or
Portfolios in which shares are held by shareholders, and such
shareholders are entitled to a pro rata share of all dividends and
distributions arising from the net investment income and net realized
capital gains on the investments of such Portfolios.
As of December 31, 1995, the sole shareholders of the LifeSpan Portfolios
are Connecticut Mutual Life Insurance Company and C. M. Life Insurance
Company, through their General Accounts.
The following is a summary of significant accounting policies followed by
the Fund:
(a) Valuation of Investment Securities - Equity and debt securities
which are traded on securities exchanges are valued at the last
sales price as of the close of business on the day the securities
are being valued. Lacking any sales, equity securities are valued at
the last bid price and debt securities are valued at the mean
between the closing bid and asked prices. Securities traded in the
over-the-counter market and included in the NASDAQ National Market
System are valued using the last sales price when available.
Otherwise, over-the-counter securities are valued at the mean
between the bid and asked prices or yield equivalent as obtained
from one or more dealers who make a market in the securities.
Short-term securities are valued on an amortized cost basis, which
approximates market value. Securities for which market quotations
are not readily available are valued at fair value as determined in
accordance with procedures established by the Board of Directors of
the Fund, including the use of valuations furnished by a private
service retained by the custodian.
(b) Foreign Currency Transactions - Foreign currency transactions are
translated to U. S. dollars at the prevailing exchange rate on the
trade date. Since investment transactions are recorded on a trade
date basis, the prevailing exchange rate may differ on actual
settlement date. Similarly, the prevailing exchange rate on
ex-dividend or interest receivable date may vary from the date when
dividends or interest are received. These differences give rise to
currency gains and losses which are included as a component of
investment income. For the four months ended December 31, 1995,
these transactions resulted in net currency losses of $9,375 and
$12,631 for the Balanced and Capital Appreciation Portfolios,
respectively. At December 31, 1995, all foreign currency has been
translated to U. S. dollars using the prevailing exchange rate on
the last business day of the year.
(c) Federal Income Taxes - The Fund intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal
Revenue Code. Under such provisions, by distributing substantially
all of its taxable income to its shareholders or otherwise complying
with requirements for regulated investment companies, the Fund will
not be subject to Federal income taxes. Accordingly, no provision
for Federal income taxes is required. For Federal tax reporting
purposes, each Portfolio is treated as a separate taxable entity.
(d) Gains and Losses - Realized gains and losses from sales of
investments are determined on the identified cost basis.
(e) Other - Investment transactions are accounted for on the trade date
which is the date the order to buy or sell is executed. Dividend
income is recorded on the ex-dividend date and interest income is
accrued on a daily basis. All expenses are accrued on a daily
basis.
<PAGE>
2. INVESTMENT ADVISORY FEES AND OTHER AFFILIATE TRANSACTIONS
The Fund has an Investment Advisory Agreement with G.R. Phelps & Co.,
Inc. (the Investment Adviser), a wholly-owned subsidiary of Connecticut
Mutual Life Insurance Company. Subject to review by the Board of
Directors of the Fund, the Investment Adviser is responsible for the
investment management (the buying, holding and selling of securities) for
all Portfolios and has engaged three Sub-Advisers to assist in the
selection of portfolio investments for three of the Components of the
Accounts. Scudder, Stevens & Clark, Inc. is the Sub-Adviser to the
International Equity Component, BEA Associates is the Sub-Adviser to the
High Yield Bond Component and Pilgrim Baxter & Associates is the
Sub-Adviser to the Small Cap Component. The Fund's Board of Directors
has approved all Sub-Advisory Agreements. The Investment Adviser
performs certain administrative services for all the Portfolios.
The Diversified Income Portfolio, Balanced Portfolio and Capital
Appreciation Portfolio each pay monthly to the Investment Adviser a fee
equal on an annual basis to 0.75%, 0.85% and 0.85%, respectively, of the
respective Portfolios' first $250 million of average daily net assets and
0.65%, 0.75% and 0.75%, respectively, on such assets over $250 million.
The investment advisory fees, which also cover certain administrative and
management services, amounted to $219,769 for all Portfolios for the four
months ended December 31, 1995. As compensation for their services to
the Portfolios, the Sub-Advisers received the following fees from the
Investment Adviser for the four months ended December 31, 1995: Scudder,
Stevens & Clark, Inc. - $24,424, BEA Associates - $15,868, and Pilgrim
Baxter & Associates - $22,858.
3. DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income are declared and paid monthly for
the Diversified Income Portfolio and semi-annually for the Balanced and
Capital Appreciation Portfolios. All net realized capital gains, if any,
are declared and paid at least annually.
4. CAPITAL STOCK
The authorized capital stock of the Fund at December 31, 1995 consisted
of 3,000,000,000 shares of common stock, par value $0.001 per share. The
shares of stock are divided among nine separate Portfolios, three of
which are indicated below. All shares of common stock have equal voting
rights, except that only shares of a particular Portfolio are entitled to
vote on matters pertaining to that Portfolio.
Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
DIVERSIFIED CAPITAL
INCOME BALANCED APPRECIATION
------------ -------- ------------
<S> <C> <C> <C>
Shares authorized (in millions) 200 200 200
------------ ----------- ------------
------------ ----------- ------------
Shares sold 20,000,000 33,400,000 25,000,000
Shares issued to shareholders
from reinvestment of dividends 324,034 343,194 154,663
------------ ----------- ------------
Total issued 20,324,034 33,743,194 25,154,663
Shares reacquired - - -
------------ ----------- ------------
Net increase 20,324,034 33,743,194 25,154,663
------------ ----------- ------------
------------ ----------- ------------
</TABLE>
5. SUBSEQUENT EVENT
On January 27, 1996, the policyholders of Connecticut Mutual Life
Insurance Company (CML) approved a merger, subject to regulatory
approval, of CML with Massachusetts Mutual Life Insurance Company (MML).
In connection with this merger, the shareholders of the Fund are being
asked to consider and approve a new investment advisory agreement between
the Fund and OppenheimerFunds, Inc., an indirect subsidiary of MML.
<PAGE>
[Letterhead]
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Connecticut Mutual Financial Services Series Fund I:
We have audited the accompanying statement of net assets, including the
schedule of investments, of Connecticut Mutual Financial Services Series Fund
I (a Maryland corporation) LifeSpan Diversified Income, LifeSpan Balanced and
LifeSpan Capital Appreciation Accounts (the LifeSpan Accounts) as of December
31, 1995, and the related statements of operations and changes in net assets
for the period from inception (September 1, 1995) to December 31, 1995, and
the financial highlights for the period indicated. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995, by correspondence with the
custodian bank. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
each of the respective LifeSpan Accounts of Connecticut Mutual Financial
Services Series Fund I as of December 31, 1995, the results of their
operations and the changes in their net assets for the period from inception
(September 1, 1995) to December 31, 1995, and the financial highlights for
the period indicated, in conformity with generally accepted accounting
principles.
ARTHUR ANDERSEN LLP
Hartford, Connecticut
February 29, 1996
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