<PAGE>
PANORAMA PREMIER
SUPPLEMENT TO THE PROSPECTUS
DATED SEPTEMBER 1, 1995
OF
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
(THE "COMPANY")
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
LIFESPAN BALANCED PORTFOLIO
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
(THE "LIFESPAN PORTFOLIOS")
APPOINTMENT OF OPPENHEIMERFUNDS, INC. AS EACH PORTFOLIO'S INVESTMENT MANAGER.
(EFFECTIVE MARCH 1, 1996).
On February 14, 1996, shareholders of each Portfolio authorized the Portfolios
to enter into new investment management agreements with OppenheimerFunds, Inc.
(the "Manager"). These agreements became effective on March 1, 1996 at the time
of the consummation of the merger between Connecticut Mutual Life Insurance
Company and Massachusetts Mutual Life Insurance Company ("MassMutual"), the
indirect parent company of the Manager.
The new management agreements (the "New Agreements") provide for compensation to
the Manager at the same rate as was previously paid to G.R. Phelps & Co., Inc.
("Phelps"), the former investment manager to the Portfolios, and set forth in
the Portfolios' prospectus. The New Agreements do not contain the contractual
limitation on a Portfolio's expenses that was included in the investment
advisory agreement with Phelps. Effective March 1, 1996, the portfolio managers
of the Portfolios, previously employed by Phelps, have become employees of the
Manager and will continue to manage the Portfolios, except as noted below.
Phelps will provide fund administrative services to the Manager pursuant to an
administrative services agreement between Phelps and the Manager. Compensation
to Phelps for such services is paid by the Manager.
The Manager has operated as an investment adviser since 1959 and, together with
an affiliate, manages investment companies with $40 million in assets and more
than 2.8 million shareholder accounts. The Manager is owned by Oppenheimer
Acquisition Corp., a holding company that is owned in part by senior officers
for the Manager and controlled by MassMutual. The address of the Manager is Two
World Trade Center, New York, NY 10048-0203.
APPOINTMENT OF SUBADVISERS TO THE LIFESPAN PORTFOLIOS. (EFFECTIVE MARCH 1,
1996).
BEA Associates will continue to provide investment subadvisory services to the
LifeSpan Portfolios pursuant to separate subadvisory agreements between BEA and
the Manager. Pilgrim Baxter & Associates Ltd. will continue to provide
subadvisory services to the LifeSpan Capital Appreciation Portfolio and the
LifeSpan Balanced Portfolio pursuant to separate subadvisory agreements between
Pilgrim and the Manager. The shareholders of the LifeSpan Capital Appreciation
Portfolio and the LifeSpan Balanced Portfolio approved the Manager's selection
of Babson-Stewart Ivory International
<PAGE>
("Babson-Stewart") to provide subadvisory services to the LifeSpan Capital
Appreciation Portfolio and the LifeSpan Balanced Portfolio pursuant to separate
subadvisory agreements between Babson-Stewart and the Manager. Babson-Stewart
is located at One Memorial Drive, Cambridge, MA 02142, and is a partnership
formed in 1987 between David L. Babson & Co., Inc., a subsidiary of MassMutual,
and Stewart Ivory & Co., Ltd., located in Edinburgh, Scotland.
CHANGE IN NAME. (EFFECTIVE MAY 1, 1996).
The Board of Directors has approved the change in name of the registered
investment company from Connecticut Mutual Financial Services Series Fund I,
Inc. to Panorama Series Fund I, Inc.
OTHER CHANGES TO THE PORTFOLIOS.
THE PORTFOLIO MANAGERS. As of March 1, 1996, Mr. James M. Burns, Managing
Director of Babson-Stewart, will manage the international component of the
LifeSpan Capital Appreciation Portfolio and LifeSpan Balanced Portfolio on
behalf of Babson-Stewart. He has been affiliated with Stuart Ivory & Co., Ltd.
since 1990, and serves as a portfolio manager for that firm and leads the
Continental Europe Team. The portfolio management teams at BEA and Pilgrim
Baxter will continue to provide portfolio management services to the respective
components of the LifeSpan Portfolios.
TRANSFER AGENT. Effective as of March 18, 1996, the Portfolios' transfer and
shareholder servicing agent will be OppenheimerFunds Services ("OFS"), a
division of the Manager. OFS will provide these services to the Portfolios at
cost.
EXCHANGE PRIVILEGE. Shareholders of each Portfolio will continue to be entitled
to the same exchange privileges described in the current Prospectus. At the
current time, shares of the Portfolios may be exchanged as provided in the
Prospectus only for shares of other funds for which Phelps formerly acted as
investment adviser.
PROPOSED SUBSTITUTIONS. 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 Income Portfolio and Government
Securities Portfolio.
SUPPLEMENT DATED: MARCH 1, 1996
-2-
<PAGE>
EXECUTIVE BENEFIT VARIABLE UNIVERSAL LIFE
SUPPLEMENT TO THE PROSPECTUS
DATED SEPTEMBER 1, 1995
OF
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
(THE "COMPANY")
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
LIFESPAN BALANCED PORTFOLIO
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
(THE "LIFESPAN PORTFOLIOS")
APPOINTMENT OF OPPENHEIMERFUNDS, INC. AS EACH PORTFOLIO'S INVESTMENT MANAGER.
(EFFECTIVE MARCH 1, 1996).
On February 14, 1996, shareholders of each Portfolio authorized the Portfolios
to enter into new investment management agreements with OppenheimerFunds, Inc.
(the "Manager"). These agreements became effective on March 1, 1996 at the time
of the consummation of the merger between Connecticut Mutual Life Insurance
Company and Massachusetts Mutual Life Insurance Company ("MassMutual"), the
indirect parent company of the Manager.
The new management agreements (the "New Agreements") provide for compensation to
the Manager at the same rate as was previously paid to G.R. Phelps & Co., Inc.
("Phelps"), the former investment manager to the Portfolios, and set forth in
the Portfolios' prospectus. The New Agreements do not contain the contractual
limitation on a Portfolio's expenses that was included in the investment
advisory agreement with Phelps. Effective March 1, 1996, the portfolio managers
of the Portfolios, previously employed by Phelps, have become employees of the
Manager and will continue to manage the Portfolios, except as noted below.
Phelps will provide fund administrative services to the Manager pursuant to an
administrative services agreement between Phelps and the Manager. Compensation
to Phelps for such services is paid by the Manager.
The Manager has operated as an investment adviser since 1959 and, together with
an affiliate, manages investment companies with $40 million in assets and more
than 2.8 million shareholder accounts. The Manager is owned by Oppenheimer
Acquisition Corp., a holding company that is owned in part by senior officers
for the Manager and controlled by MassMutual. The address of the Manager is Two
World Trade Center, New York, NY 10048-0203.
APPOINTMENT OF SUBADVISERS TO THE LIFESPAN PORTFOLIOS. (EFFECTIVE MARCH 1,
1996).
BEA Associates will continue to provide investment subadvisory services to the
LifeSpan Portfolios pursuant to separate subadvisory agreements between BEA and
the Manager. Pilgrim Baxter & Associates Ltd. will continue to provide
subadvisory services to the LifeSpan Capital Appreciation Portfolio and the
LifeSpan Balanced Portfolio pursuant to separate subadvisory agreements between
Pilgrim and the Manager. The shareholders of the LifeSpan Capital Appreciation
Portfolio and the LifeSpan Balanced Portfolio approved the Manager's selection
of Babson-Stewart Ivory International
<PAGE>
("Babson-Stewart") to provide subadvisory services to the LifeSpan Capital
Appreciation Portfolio and the LifeSpan Balanced Portfolio pursuant to separate
subadvisory agreements between Babson-Stewart and the Manager. Babson-Stewart
is located at One Memorial Drive, Cambridge, MA 02142, and is a partnership
formed in 1987 between David L. Babson & Co., Inc., a subsidiary of MassMutual,
and Stewart Ivory & Co., Ltd., located in Edinburgh, Scotland.
CHANGE IN NAME. (EFFECTIVE MAY 1, 1996).
The Board of Directors has approved the change in name of the registered
investment company from Connecticut Mutual Financial Services Series Fund I,
Inc. to Panorama Series Fund I, Inc.
OTHER CHANGES TO THE PORTFOLIOS.
THE PORTFOLIO MANAGERS. As of March 1, 1996, Mr. James M. Burns, Managing
Director of Babson-Stewart, will manage the international component of the
LifeSpan Capital Appreciation Portfolio and LifeSpan Balanced Portfolio on
behalf of Babson-Stewart. He has been affiliated with Stuart Ivory & Co., Ltd.
since 1990, and serves as a portfolio manager for that firm and leads the
Continental Europe Team. The portfolio management teams at BEA and Pilgrim
Baxter will continue to provide portfolio management services to the respective
components of the LifeSpan Portfolios.
TRANSFER AGENT. Effective as of March 18, 1996, the Portfolios' transfer and
shareholder servicing agent will be OppenheimerFunds Services ("OFS"), a
division of the Manager. OFS will provide these services to the Portfolios at
cost.
EXCHANGE PRIVILEGE. Shareholders of each Portfolio will continue to be entitled
to the same exchange privileges described in the current Prospectus. At the
current time, shares of the Portfolios may be exchanged as provided in the
Prospectus only for shares of other funds for which Phelps formerly acted as
investment adviser.
PROPOSED SUBSTITUTIONS. 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 Income Portfolio and Government
Securities Portfolio.
SUPPLEMENT DATED: MARCH 1, 1996
-2-
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
SUPPLEMENT TO
STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 1, 1995
MONEY MARKET PORTFOLIO
GOVERNMENT SECURITIES PORTFOLIO
INCOME PORTFOLIO
TOTAL RETURN PORTFOLIO
GROWTH PORTFOLIO
INTERNATIONAL EQUITY PORTFOLIO
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
LIFESPAN BALANCED PORTFOLIO
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
(THE "LIFESPAN PORTFOLIOS")
(collectively, the "Portfolios")
APPOINTMENT OF OPPENHEIMERFUNDS, INC. AS EACH PORTFOLIO'S INVESTMENT MANAGER.
(EFFECTIVE MARCH 1, 1996).
On February 14, 1996, shareholders of each Portfolio authorized the Portfolios
to enter into new investment management agreements with OppenheimerFunds, Inc.
(the "Manager"). These agreements became effective on March 1, 1996 at the time
of the consummation of the merger between Connecticut Mutual Life Insurance
Company and Massachusetts Mutual Life Insurance Company ("MassMutual"), the
indirect parent company of the Manager.
The new management agreements (the "New Agreements") provide for compensation to
the Manager at the same rate as was previously paid to G.R. Phelps & Co., Inc.
("Phelps"), the former investment manager to the Portfolios, and set forth in
the Portfolios' respective prospectuses. The New Agreements do not contain the
contractual limitation on a Portfolio's expenses that was included in the
investment advisory agreement with Phelps. Phelps will provide fund
administrative services to the Manager pursuant to an administrative services
agreement between Phelps and the Manager. Compensation to Phelps for such
services is paid by the Manager.
The Manager has operated as an investment adviser since 1959 and, together with
an affiliate, manages investment companies with $40 million in assets and more
than 2.8 million shareholder accounts. The Manager is owned by Oppenheimer
Acquisition Corp., a holding company that is owned in part by senior officers
for the Manager and controlled by MassMutual. The address of the Manager is Two
World Trade Center, New York, NY 10048-0203.
<PAGE>
APPOINTMENT OF SUBADVISERS TO THE INTERNATIONAL EQUITY PORTFOLIO AND THE
LIFESPAN PORTFOLIOS. (EFFECTIVE MARCH 1, 1996).
BEA Associates will continue to provide investment subadvisory services to the
LifeSpan Portfolios pursuant to separate subadvisory agreements between BEA and
the Manager. Pilgrim Baxter & Associates Ltd. will continue to provide
subadvisory services to the LifeSpan Capital Appreciation Portfolio and the
LifeSpan Balanced Portfolio pursuant to separate subadvisory agreements between
Pilgrim and the Manager. The shareholders of the International Equity
Portfolio, the LifeSpan Capital Appreciation Portfolio and the LifeSpan Balanced
Portfolio approved the Manager's selection of Babson-Stewart Ivory International
("Babson-Stewart") to provide subadvisory services to the International Equity
Portfolio, the LifeSpan Capital Appreciation Portfolio and the LifeSpan Balanced
Portfolio pursuant to separate subadvisory agreements between Babson-Stewart and
the Manager. Babson-Stewart is located at One Memorial Drive, Cambridge, MA
02142, and is a partnership formed in 1987 between David L. Babson & Co., Inc.,
a subsidiary of MassMutual, and Stewart Ivory & Co., Ltd., located in Edinburgh,
Scotland.
CHANGE IN NAME. (EFFECTIVE MAY 1, 1996).
The Board of Directors has approved the change in name of the registered
investment company from Connecticut Mutual Financial Services Series Fund I,
Inc. to Panorama Series Fund I, Inc.
OTHER CHANGES TO THE PORTFOLIOS.
TRANSFER AGENT. Effective as of March 18, 1996, the Portfolios' transfer and
shareholder servicing agent will be OppenheimerFunds Services ("OFS"), a
division of the Manager. OFS will provide these services to the Portfolios at
cost.
EXCHANGE PRIVILEGE. Shareholders of each Portfolio will continue to be entitled
to the same exchange privileges described in the current Prospectus. At the
current time, shares of the Portfolios may be exchanged as provided in the
Prospectus only for shares of other funds for which Phelps formerly acted as
investment adviser.
SUPPLEMENT DATED: MARCH 1, 1996
-2-
