<PAGE>
EXECUTIVE BENEFIT VARIABLE UNIVERSAL LIFE
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1995
OF
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
(THE "COMPANY")
GOVERNMENT SECURITIES PORTFOLIO
INCOME PORTFOLIO
TOTAL RETURN PORTFOLIO
GROWTH PORTFOLIO
INTERNATIONAL EQUITY PORTFOLIO
At a meeting of the Company's shareholders on February 14, 1996, the
shareholders approved several changes to the management of the Company and the
Portfolios as a result of the impending merger (the "Merger") between
Connecticut Mutual Life Insurance Company ("Connecticut Mutual") and
Massachusetts Mutual Life Insurance Company ("Massachusetts Mutual").
Connecticut Mutual is the indirect parent company of G.R. Phelps & Co., Inc.
("G.R. Phelps"), the current investment adviser to all Portfolios. The Merger is
expected to be consummated on March 1, 1996.
The shareholders have approved the following changes to the Company's
management effective as follows:
- The selection of OppenheimerFunds, Inc. ("Oppenheimer"), Two World
Trade Center, New York, NY, as the investment adviser to all
Portfolios. Oppenheimer is a registered investment adviser which,
together with its affiliates, has over $38 billion under management.
(EFFECTIVE IMMEDIATELY UPON CONSUMMATION OF THE MERGER.)
The rate of the investment management fee applicable to each Portfolio
will not change as a result of Oppenheimer's assumption of management
of the Portfolios.
- The selection of Babson-Stewart Ivory International
("Babson-Stewart"), a registered investment adviser and affiliate of
Oppenheimer, as the subadviser to the International Equity Portfolio.
Scudder, Stevens & Clark, Inc. ("Scudder"), the current subadviser to
the International Equity Portfolio, will not provide subadvisory
services after the Merger. The rate of the subadvisory fee to be paid
by Oppenheimer to Babson- Stewart is less than that paid by G.R.
Phelps to Scudder. However, unlike the current Scudder fee
<PAGE>
arrangement Babson-Stewart's subadvisory fee will not be calculated on
the aggregate assets of the Portfolio and other portfolios managed by
Babson-Stewart. (EFFECTIVE IMMEDIATELY AFTER THE CONSUMMATION OF THE
MERGER.)
- The election of eight (8) new directors to serve as the Company's
Board of Directors. (EFFECTIVE ON THE 91ST DAY AFTER THE MERGER.)
Subject to receipt of an order of the Securities and Exchange Commission
for which application has been made, corresponding Oppenheimer mutual funds may
be substituted for Government Securities Portfolio and Income Portfolio.
February 16, 1996
-2-
<PAGE>
PANORAMA PLUS SEPARATE ACCOUNT
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1995
OF
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
(THE "COMPANY")
MONEY MARKET PORTFOLIO
GOVERNMENT SECURITIES PORTFOLIO
INCOME PORTFOLIO
TOTAL RETURN PORTFOLIO
GROWTH PORTFOLIO
INTERNATIONAL EQUITY PORTFOLIO
At a meeting of the Company's shareholders on February 14, 1996, the
shareholders approved several changes to the management of the Company and the
Portfolios as a result of the impending merger (the "Merger") between
Connecticut Mutual Life Insurance Company ("Connecticut Mutual") and
Massachusetts Mutual Life Insurance Company ("Massachusetts Mutual").
Connecticut Mutual is the indirect parent company of G.R. Phelps & Co., Inc.
("G.R. Phelps"), the current investment adviser to all Portfolios. The Merger is
expected to be consummated on March 1, 1996.
The shareholders have approved the following changes to the Company's
management effective as follows:
- The selection of OppenheimerFunds, Inc. ("Oppenheimer"), Two World
Trade Center, New York, NY, as the investment adviser to all
Portfolios. Oppenheimer is a registered investment adviser which,
together with its affiliates, has over $38 billion under management.
(EFFECTIVE IMMEDIATELY UPON CONSUMMATION OF THE MERGER.)
The rate of the investment management fee applicable to each Portfolio
will not change as a result of Oppenheimer's assumption of management
of the Portfolios.
- The selection of Babson-Stewart Ivory International
("Babson-Stewart"), a registered investment adviser and affiliate of
Oppenheimer, as the subadviser to the International Equity Portfolio.
Scudder, Stevens & Clark, Inc. ("Scudder"), the current subadviser to
the International Equity Portfolio, will not provide subadvisory
services after the Merger. The rate of the
<PAGE>
subadvisory fee to be paid by Oppenheimer to Babson- Stewart is less
than that paid by G.R. Phelps to Scudder. However, unlike the current
Scudder fee arrangement Babson-Stewart's subadvisory fee will not be
calculated on the aggregate assets of the Portfolio and other
portfolios managed by Babson-Stewart. (EFFECTIVE IMMEDIATELY AFTER THE
CONSUMMATION OF THE MERGER.)
- The election of eight (8) new directors to serve as the Company's
Board of Directors. (EFFECTIVE ON THE 91ST DAY AFTER THE MERGER.)
Subject to receipt of an order of the Securities and Exchange Commission
for which application has been made, corresponding Oppenheimer mutual funds may
be substituted for Money Market Portfolio, Government Securities Portfolio and
Income Portfolio.
February 16, 1996
-2-
<PAGE>
THE BLUE CHIP COMPANY'S VARIABLE UNIVERSAL LIFE
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1995
OF
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
(THE "COMPANY")
GOVERNMENT SECURITIES PORTFOLIO
INCOME PORTFOLIO
TOTAL RETURN PORTFOLIO
GROWTH PORTFOLIO
At a meeting of the Company's shareholders on February 14, 1996, the
shareholders approved several changes to the management of the Company and the
Portfolios as a result of the impending merger (the "Merger") between
Connecticut Mutual Life Insurance Company ("Connecticut Mutual") and
Massachusetts Mutual Life Insurance Company ("Massachusetts Mutual").
Connecticut Mutual is the indirect parent company of G.R. Phelps & Co., Inc.
("G.R. Phelps"), the current investment adviser to all Portfolios. The Merger is
expected to be consummated on March 1, 1996.
The shareholders have approved the following changes to the Company's
management effective as follows:
- The selection of OppenheimerFunds, Inc. ("Oppenheimer"), Two World
Trade Center, New York, NY, as the investment adviser to all
Portfolios. Oppenheimer is a registered investment adviser which,
together with its affiliates, has over $38 billion under management.
(EFFECTIVE IMMEDIATELY UPON CONSUMMATION OF THE MERGER.)
The rate of the investment management fee applicable to each Portfolio
will not change as a result of Oppenheimer's assumption of management
of the Portfolios.
- The election of eight (8) new directors to serve as the Company's
Board of Directors. (EFFECTIVE ON THE 91ST DAY AFTER THE MERGER.)
Subject to receipt of an order of the Securities and Exchange Commission
for which application has been made, corresponding Oppenheimer mutual funds may
be substituted for Government Securities Portfolio and Income Portfolio.
February 16, 1996
<PAGE>
PANORAMA SEPARATE ACCOUNT
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1995
OF
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
(THE "COMPANY")
MONEY MARKET PORTFOLIO
GOVERNMENT SECURITIES PORTFOLIO
INCOME PORTFOLIO
TOTAL RETURN PORTFOLIO
GROWTH PORTFOLIO
At a meeting of the Company's shareholders on February 14, 1996, the
shareholders approved several changes to the management of the Company and the
Portfolios as a result of the impending merger (the "Merger") between
Connecticut Mutual Life Insurance Company ("Connecticut Mutual") and
Massachusetts Mutual Life Insurance Company ("Massachusetts Mutual").
Connecticut Mutual is the indirect parent company of G.R. Phelps & Co., Inc.
("G.R. Phelps"), the current investment adviser to all Portfolios. The Merger is
expected to be consummated on March 1, 1996.
The shareholders have has approved the following changes to the Company's
management effective as follows:
- The selection of OppenheimerFunds, Inc. ("Oppenheimer"), Two World
Trade Center, New York, NY, as the investment adviser to all
Portfolios. Oppenheimer is a registered investment adviser which,
together with its affiliates, has over $38 billion under management.
(EFFECTIVE IMMEDIATELY UPON CONSUMMATION OF THE MERGER.)
The rate of the investment management fee applicable to each Portfolio
will not change as a result of Oppenheimer's assumption of management
of the Portfolios.
- The election of eight (8) new directors to serve as the Company's
Board of Directors. (EFFECTIVE ON THE 91ST DAY AFTER THE MERGER.)
Subject to receipt of an order of the Securities and Exchange Commission
for which application has been made, corresponding Oppenheimer mutual funds may
be substituted for Money Market Portfolio, Government Securities Portfolio and
Income Portfolio.
February 16, 1996
