<PAGE>
CONNECTICUT MUTUAL INVESTMENT ACCOUNTS, INC.
SUPPLEMENT TO THE PROSPECTUS DATED OCTOBER 1, 1995
MARCH 1, 1996
Connecticut Mutual Liquid Account ("Liquid Account")
Connecticut Mutual Income Account ("Income Account")
Connecticut Mutual Government Securities Account ("Government Account")
Connecticut Mutual Total Return Account ("Total Return Account")
Connecticut Mutual Growth Account ("Growth Account")
CMIA LifeSpan Capital Appreciation Account ("LifeSpan Capital Appreciation
Account")
CMIA LifeSpan Balanced Account ("LifeSpan Balanced Account")
CMIA LifeSpan Diversified Income Account ("LifeSpan Income Account")
(collectively, the "LifeSpan Accounts")
(collectively, the "Accounts")
APPOINTMENT OF OPPENHEIMERFUNDS, INC. AS EACH ACCOUNT'S INVESTMENT MANAGER.
(EFFECTIVE MARCH 1, 1996).
On February 14, 1996, shareholders of each Account authorized the Accounts 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 Accounts, and set forth
in the Accounts' respective prospectuses. The New Agreements do not contain
the contractual limitation on an Account's expenses that was included in the
investment advisory agreement with Phelps. Effective March 1, 1996, the
portfolio managers of the Accounts, previously employed by Phelps, have
become employees of the Manager and will continue to manage the Accounts,
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 ACCOUNTS. (EFFECTIVE MARCH 1,
1996).
BEA Associates will continue to provide investment subadvisory services to
the LifeSpan Accounts 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 Account and the
LifeSpan Balanced Account pursuant to separate subadvisory agreements between
Pilgrim and the Manager. The shareholders
<PAGE>
of the LifeSpan Capital Appreciation Account and the LifeSpan Balanced
Account approved the Manager's selection of Babson-Stewart Ivory
International ("Babson-Stewart") to provide subadvisory services to the
LifeSpan Capital Appreciation Account and the LifeSpan Balanced Account
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.
OPPENHEIMERFUNDS DISTRIBUTOR, INC. HAS BEEN APPOINTED AS THE ACCOUNTS'
DISTRIBUTOR. (EFFECTIVE MARCH 18, 1996).
OppenheimerFunds Distributor, Inc. (the "Distributor"), a subsidiary of the
Manager, has been selected by the Board of Directors as each Account's
Distributor, and shareholders of each Account approved new Rule 12b-1 Plans
(the "Plans") for each class of its shares. The Class A Plans authorize the
Accounts to reimburse the Distributor for its actual expenditures in
servicing accounts. The fee under each Class A Plan is 0.25% of the average
net assets of the Class A shares. Services provided include answering
customer inquiries about an Account, assisting in establishing and
maintaining accounts in an Account, making an Account's investment plans
available and providing other services at the request of an Account or the
distributor.
The Class B Plans authorize the Accounts to compensate the Distributor for
its services in distributing Class B shares and servicing accounts. The fee
under each Class B Plan consists of an "asset-based" sales charge of 0.75% of
the average net assets of the Class B shares and a service fee of 0.25% of
such assets. The asset-based sales charge is used to compensate the
Distributor for distribution services to an Account including paying and
financing the payment of sales commissions, service fees and other costs of
distributing and selling Class B shares. The service fee is used to provide
the same services described for the Class A Plan.
CHANGE IN NAMES. (EFFECTIVE MARCH 18, 1996).
The Board of Directors has approved the change in name of the registered
investment company from Connecticut Mutual Investment Accounts, Inc. to
Oppenheimer Series Fund, Inc. (the "Company") and the following changes to
the names of five series of the Company:
Connecticut Mutual Total Return Account to
OPPENHEIMER DISCIPLINED ALLOCATION FUND
Connecticut Mutual Growth Account to
OPPENHEIMER DISCIPLINED VALUE FUND
CMIA LifeSpan Capital Appreciation Account to
OPPENHEIMER LIFESPAN GROWTH FUND
CMIA LifeSpan Balanced Account to
OPPENHEIMER LIFESPAN BALANCED FUND
CMIA LifeSpan Diversified Income Account to
OPPENHEIMER LIFESPAN INCOME FUND
OTHER CHANGES TO THE ACCOUNTS.
THE PORTFOLIO MANAGERS. As of March 1, 1996, Carol E. Wolf has assumed
portfolio management of the Liquid Account. Ms. Wolf is an officer of
Centennial Asset Management Corporation, a subsidiary of the Manager, and
provides portfolio
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<PAGE>
management services to Oppenheimer Money Market Account, Inc. David A.
Rosenberg has assumed portfolio management of the Government Account and the
Income Account. Mr. Rosenberg provides portfolio management services to two
other Oppenheimer fixed-income funds and was an officer and portfolio manager
at Delaware Investment Advisors until 1994. Mr. Arthur Zimmer will join the
team that currently provides portfolio management services to Total Return
Account and Growth Account. Mr. Zimmer is a Vice President and Portfolio
Manager for the Manager, and currently serves as an officer and portfolio
manager for other Oppenheimer funds. Mr. James M. Burns, Managing Director
of Babson-Stewart, will manage the international component of the LifeSpan
Capital Appreciation Account and LifeSpan Balanced Account 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 Accounts.
TRANSFER AGENT. Effective as of March 18, 1996, the Accounts' transfer and
shareholder servicing agent will be OppenheimerFunds Services ("OFS"), a
division of the Manager. OFS will provide these services to the Accounts at
cost. Until that date, National Financial Data Services will continue to
serve as the Accounts' transfer agent.
EXCHANGE PRIVILEGE. Shareholders of each Account will continue to be
entitled to the same exchange privileges described in the current Prospectus.
At the current time, shares of the Accounts may be exchanged as provided in
the Prospectus only for shares of other funds for which Phelps formerly acted
as investment adviser.
PROPOSED REORGANIZATIONS. The Company's Board of Directors has approved the
reorganization of each of Liquid Account, Income Account and Government
Account with a corresponding Oppenheimer mutual fund subject to shareholder
approval.
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES AND ANNUAL ACCOUNT
OPERATING EXPENSES FOR THE ACCOUNTS. (EFFECTIVE MARCH 18, 1996).
Please see the current Prospectus for a description of the Shareholder
Transaction Expenses and Annual Account Operating Expenses for the Accounts
in effect until March 18, 1996.
The following table sets forth the Shareholder Transaction Expenses and
Annual Account Operating Expenses of the Accounts for the current fiscal year
effective as of March 18, 1996. Annual Operating Expenses are based on
expenses incurred in the fiscal year ended December 31, 1995 and restated to
reflect the change in sales charges and the termination of the agreements by
Connecticut Mutual Financial Services, L.L.C. not to impose Rule 12b-1 fees
and to reimburse expenses for certain of the Accounts.
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SHAREHOLDER TRANSACTION EXPENSES AND ANNUAL OPERATING EXPENSES*
<TABLE>
<CAPTION>
LifeSpan
Total Capital LifeSpan LifeSpan
Income Government Return Growth Appreciation Balanced Income
Account Account Account Account Account Account Account
------------- ------------ ------------- ------------- ------------ ------------- ------------
Liquid Class Class Class Class Class Class Class Class Class Class Class Class Class Class
Account A B A B A B A B A B A B A B
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SHAREHOLDER
TRANSACTION
EXPENSES
Maximum Sales
Charge
Imposed on
Purchases
(as a
percentage of
offering
(price) None 4.75% None 4.75% None 5.75% None 5.75% None 5.75% None 5.75% None 5.75% None
Deferred Sales
Charge (as
a percentage
of original
purchase price
or redemption
proceeds, as
applicable) None None(1) 5.00% None(2) 5.00% None(1) 5.00% None(1) 5.00% None(1) 5.00% None(1) 5.00% None(1) 5.00%
Exchange Fee None None None None None None None None None None None None None None None
ANNUAL OPERATING
EXPENSES OF
EACH ACCOUNT
(as a percentage
of average
net assets)
Management Fees .50% .625% .625% .625% .625% .625% .625% .625% .625% .85% .85% .85% .85% .75% .75%
12b-1 Fees N/A .25 1.00 .25 1.00 .25 1.00 .25 1.00 .25 1.00 .25 1.00 .25 1.00
Other Expenses .46 .315 .315 .355 .355 .295 .295 .345 .345 .45 .45 .45 .45 .50 .50
---- ----- ----- ----- ------ ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
TOTAL ANNUAL
OPERATING
EXPENSES OF
EACH ACCOUNT .96% 1.19% 1.94% 1.23% 1.98% 1.17% 1.92% 1.22% 1.97% 1.55% 2.30% 1.55% 2.30% 1.50% 2.25%
---- ----- ----- ----- ------ ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
---- ----- ----- ----- ------ ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
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</TABLE>
* Effective as of March 18, 1996. See the current Prospectus for the sales
charges and fees in effect until March 18, 1996.
(1)Purchases of $1,000,000 or more will not be subject to an initial sales
charge but may be subject to a contingent deferred sales charge of 1% if the
shares are redeemed within 18 months after the calendar month of purchase.
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EXAMPLE: Assuming that a Fund's annual return is 5% and that its
operating expenses are exactly as shown in the table above, if you closed
your account after the number of years indicated below, for every $1,000
invested, your investment would bear the following amounts in total
expenses:
<TABLE>
<CAPTION>
LIFESPAN
GOVERNMENT TOTAL CAPITAL LIFESPAN LIFESPAN
INCOME SECURITIES RETURN GROWTH APPRECIATION BALANCED INCOME
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
------- ---------- ------- ------- ------------ -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
After 1 year $ 59 $ 59 $ 69 $ 69 $ 72 $ 72 $ 72
After 3 years 83 85 93 94 104 104 103
After 5 years 110 112 118 121 N/A N/A N/A
After 10 years 185 189 191 197 N/A N/A N/A
CLASS B SHARES
ASSUMING COMPLETE REDEMPTION
AT END OF PERIOD
After 1 year $ 70 $ 70 $ 70 $ 70 $ 73 $ 73 $ 73
After 3 years 101 102 100 102 112 112 110
After 5 years 125 127 124 126 N/A N/A N/A
After 10 years 207 211 205 210 N/A N/A N/A
ASSUMING NO REDEMPTION
After 1 year $ 20 $ 20 $ 20 $ 20 $ 23 $ 23 $ 23
After 3 years 61 62 60 62 72 72 70
After 5 years 105 107 104 106 N/A N/A N/A
After 10 years 207 211 205 210 N/A N/A N/A
WITH RESPECT TO THE LIQUID ACCOUNT:
LIQUID
ACCOUNT
-------
<S> <C>
After 1 year $ 10
After 3 years 31
After 5 years 53
After 10 years 118
</TABLE>
THESE EXEMPLES ILLUSTRATE THE EFFECT OF EXPENSES, AND SHOULD NOT BE
CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES; ACTUAL EXPENSES MAY
BE GREATER OR LESS THAN THOSE SHOWN.
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<PAGE>
CONNECTICUT MUTUAL INVESTMENT ACCOUNTS, INC.
SUPPLEMENT TO
STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 1, 1995
Connecticut Mutual Liquid Account
Connecticut Mutual Income Account
Connecticut Mutual Government Securities Account
Connecticut Mutual Total Return Account
Connecticut Mutual Growth Account
CMIA LifeSpan Capital Appreciation Account (""LifeSpan Capital Appreciation
Account'')
CMIA LifeSpan Balanced Account (""LifeSpan Balanced Account'')
CMIA LifeSpan Diversified Income Account
(collectively, the ""LifeSpan Accounts'')
(collectively, the ""Accounts'')
APPOINTMENT OF OPPENHEIMERFUNDS, INC. AS EACH ACCOUNT'S
INVESTMENT MANAGER. (EFFECTIVE MARCH 1, 1996).
On February 14, 1996, shareholders of each Account authorized the Accounts 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
Accounts, and set forth in the Accounts' respective prospectuses. The New
Agreements do not contain the contractual limitation on an Account'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.
APPOINTMENT OF SUBADVISERS TO THE LIFESPAN ACCOUNTS. (EFFECTIVE
MARCH 1, 1996).
BEA Associates will continue to provide investment subadvisory services to
the LifeSpan Accounts pursuant to separate subadvisory agreements between BEA
and the Manager. Pilgrim Baxter & Associates Ltd. will continue to provide
subadvisory services to the
<PAGE>
LifeSpan Capital Appreciation Account and the LifeSpan Balanced Account
pursuant to separate subadvisory agreements between Pilgrim and the Manager.
The shareholders of the LifeSpan Capital Appreciation Account and the
LifeSpan Balanced Account approved the Manager's selection of Babson-Stewart
Ivory International (""Babson-Stewart'') to provide subadvisory services to
the LifeSpan Capital Appreciation Account and the LifeSpan Balanced Account
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.
OPPENHEIMERFUNDS DISTRIBUTOR, INC. HAS BEEN APPOINTED AS THE
ACCOUNTS' DISTRIBUTOR. (EFFECTIVE MARCH 18, 1996).
OppenheimerFunds Distributor, Inc. (the ""Distributor''), a subsidiary of the
Manager, has been selected by the Board of Directors as each Account's
Distributor, and shareholders of each Account approved new Rule 12b-1 Plans
(the ""Plans'') for each class of its shares. The Class A Plans authorize
the Accounts to reimburse the Distributor for its actual expenditures in
servicing accounts. The fee under each Class A Plan is 0.25% of the average
net assets of the Class A shares. Services provided include answering
customer inquiries about an Account, assisting in establishing and
maintaining accounts in an Account, making an Account's investment plans
available and providing other services at the request of an Account or the
distributor.
The Class B Plans authorize the Accounts to compensate the Distributor for
its services in distributing Class B shares and servicing accounts. The fee
under each Class B Plan consists of an ""asset-based'' sales charge of 0.75%
of the average net assets of the Class B shares and a service fee of 0.25% of
such assets. The asset-based sales charge is used to compensate the
Distributor for distribution services to an Account including paying and
financing the payment of sales commissions, service fees and other costs of
distributing and selling Class B shares. The service fee is used to provide
the same services described for the Class A Plan.
CHANGE IN NAME. (EFFECTIVE MARCH 18, 1996).
The Board of Directors has approved the change in name of the registered
investment company from Connecticut Mutual Investment Accounts, Inc. to
Oppenheimer Series Fund, Inc. (the ""Company'') and the following changes to
the names of five series of the Company:
Connecticut Mutual Total Return Account to
OPPENHEIMER DISCIPLINED ALLOCATION FUND
Connecticut Mutual Growth Account to
OPPENHEIMER DISCIPLINED VALUE FUND
CMIA LifeSpan Capital Appreciation Account to
OPPENHEIMER LIFESPAN GROWTH FUND
CMIA LifeSpan Balanced Account to
OPPENHEIMER LIFESPAN BALANCED FUND
CMIA LifeSpan Diversified Income Account to
OPPENHEIMER LIFESPAN INCOME FUND
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<PAGE>
OTHER CHANGES TO THE ACCOUNTS.
TRANSFER AGENT. Effective as of March 18, 1996, the Accounts' transfer and
shareholder servicing agent will be OppenheimerFunds Services (""OFS''), a
division of the Manager. OFS will provide these services to the Accounts at
cost. Until that date, National Financial Data Services will continue to
serve as the Accounts' transfer agent.
EXCHANGE PRIVILEGE. Shareholders of each Account will continue to be
entitled to the same exchange privileges described in the current Prospectus.
At the current time, shares of the Accounts 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
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