CONNECTICUT MUTUAL INVESTMENT ACCOUNTS, INC.
(the "Company")
SUPPLEMENT DATED NOVEMBER 20, 1995 TO THE PROSPECTUS
Dated October 1, 1995
Class A and Class B Shares
CMIA LifeSpan Capital Appreciation Account
CMIA LifeSpan Balanced Account
CMIA LifeSpan Diversified Income Account
(the "LifeSpan Accounts")
At a meeting of the Company's Board of Directors on November 17, 1995, the
Board approved several changes to the management of the Company and the
LifeSpan Accounts as a result of the 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 the LifeSpan Accounts. The
Merger is expected to be consummated during the first three months of 1996.
The Board has approved the following changes subject to consummation of
the Merger and to the approval of the LifeSpan Accounts' shareholders:
* The selection of Oppenheimer Management Corporation ("Oppenheimer"),
Two World Trade Center, New York, NY, as the investment adviser to the
LifeSpan Accounts. Oppenheimer is a registered investment adviser, which
together with its affiliates, has over $38 billion in assets under
management. Oppenheimer is an indirect subsidiary of Massachusetts
Mutual. (Effective immediately after the consummation of the Merger
and approval by shareholders.)
The rate of the investment management fee applicable to each LifeSpan
Account will not change as a result of Oppenheimer's assumption of the
management of the Accounts. Oppenheimer will be responsible to pay
subadvisory fees directly to the LifeSpan Accounts' respective
subadvisers.
* The selection of Babson-Stewart Ivory International ("Babson-Stewart"), a
registered investment adviser and affiliate of Massachusetts Mutual, as
the subadviser to the International Component of each of LifeSpan Capital
Appreciation Account and Balanced Account. Scudder, Stevens & Clark, Inc.
("Scudder"), the current subadviser to the International Component of
such Accounts, 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 arrangement, Babson-Stewart's subadvisory
fee will not be calculated on the aggregate assets of the Accounts
managed by Babson-Stewart. (Effective immediately after the consummation
of the Merger and approval by shareholders.)
* The amendment of each LifeSpan Account's Class A Rule 12b-1 distribution
plan to permit the payment of service fees to OFD and others, including
affiliates of OFD ("Qualified Recipients"). (Effective no later than 90
days after the consummation of the Merger and approval by shareholders.)
The maximum level of payment to OFD and Qualified Recipients pursuant
to the Class A Rule 12b-1 plans will not be increased from the present
maximum level.
* The amendment of each LifeSpan Account's Class B Rule 12b-1 distribution
plan to permit OFD and Qualified Recipients to be compensated for
expenditures under the Class B Rule 12b-1 plan for the full amount of the
authorized payment. (Effective no later than 90 days after the
consummation of the Merger and approval by shareholders.)
The maximum level of payment to OFD and Qualified Recipients pursuant
to the Class A Rule 12b-1 plans will not be increased from the present
maximum level.
* The nomination of twelve (12) new directors to serve as the Company's
Board of Directors. (Effective 90 days after the consummation of
the Merger and approval by shareholders.)
The Board has also approved the appointment of Oppenheimer Shareholder
Services as the Company's transfer agent and shareholder servicing agent.
Until the transition to full service by Oppenheimer and its affiliates to
the LifeSpan Accounts is completed during the 90 day period after the
consummation of the Merger, distribution services will continue to be provided
by Connecticut Mutual Financial Services, L.L.C. (the current distributor) and
transfer agency and shareholder services will be provided by National Financial
Data Services (the current transfer agent).
November 20, 1995
