<PAGE>
P A N O R A M A P L U S
S E P A R A T E A C C O U N T
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
[CONNECTICUT MUTUAL LOGO]
S E M I - A N N U A L
R E P O R T S
JUNE 30, 1995
Money Market Portfolio
Government Securities Portfolio
Income Portfolio
Total Return Portfolio
Growth Portfolio
International Equity Portfolio
[LOGO] CM LIFE
A Connecticut Mutual Company
- -----------------------------------------------------------------------------
THIS DOCUMENT CONTAINS THE JUNE 30, 1995 SEMI-ANNUAL REPORTS FOR CONNECTICUT
MUTUAL FINANCIAL SERVICES SERIES FUND I, INC., AND THE PANORAMA PLUS SEPARATE
ACCOUNT OF C.M. LIFE INSURANCE COMPANY.
Securities nationally distributed through G.R. Phelps & Co., Inc.,
a subsidiary of Connecticut Mutual Life insurance Company,
140 Garden Street, Hartford, CT 006154.
- ------------------------------------------------------------------------------
Effective August 1, 1995, the National Distributor for Panorama Plus
is Connecticut Mutual Financial Services, LLC; an affiliate of
Connecticut Mutual Life Insurance Company.
L2586.5
<PAGE>
PANORAMA PLUS SEPARATE ACCOUNT/
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
1995 SEMI-ANNUAL REPORT
DEAR PANORAMA PLUS CONTRACT HOLDER:
The first half of 1995 marked a sharp rebound in stocks and bonds from their
lackluster performance in 1994.
The bond market environment changed dramatically earlier in the year as
investors reacted to an apparent slowdown in the economy, an end to the Fed's
series of interest rate hikes and benign inflation.
The stock market headed up, too, boosted by a strengthening economy, the
prospect of strong corporate earnings, a calming of inflation fears and the
end of the Fed's tightening of interest rates.
The Panorama Plus portfolios were well-positioned for the turnaround and,
as a result, provided handsome returns as the bond and stock markets
rallied.
The Panorama Plus Money Market Fund, reacting to the increase in rates
through February 1995, was up 3.91 percent for the 12 months ended June 30,
1995, according to Morningstar. Results were higher than the category average
of 3.85 percent, partly due to an extension of average maturity rates over
time.
The Panorama Plus Government Securities Account was positioned for the
decreasing interest rate environment with maturities longer than the average
of most funds. The result was above average results. The Account showed a
10.79 percent increase for the 12 months ended June 30, 1995, compared
with a 10.18 percent category average increase, according to Morningstar.
The Panorama Plus Income Account was up 10.70 percent, compared with the
category average increase of 10.25 percent, according to Morningstar. The
solid results stemmed from the Account's position in non-callable high grade
corporate bonds, Treasury securities and discount mortgage-backed
pass-throughs that performed well in the decreasing interest rate environment.
The Panorama Plus Total Return Account, with a mix of stocks, bonds and
cash, ended the 12 months with a 14.97 percent increase -- better than
the category average of 13.32 percent, according to Morningstar. As of
June 30, 1995, the Total Return Account consisted of 39 percent stocks,
35 percent bonds and 26 percent cash.
While these results show a marked improvement from last year's returns
and the outlook remains good, the economy is still unsettled.
Although some investors have engaged in profit-taking during these heady
times, our advice remains the same -- that a long-term stance generally
produces the greatest results for investors seeking long-term growth of
capital. Short-term moves are unpredictable but, over the long-term the
markets have continued to produce positive results.
We, too, plan to stay the course with our consistently applied, value
oriented investment strategy that has produced solid results during both bull
and bear financial markets. While past performance does not guarantee future
results, we are confident that this approach will continue to reward patient
investors over time.
ECONOMIC FORECAST: THIRD AND FOURTH QUARTERS 1995
All the right elements were in place to produce the
strong showings of stocks and bonds in the first half of 1995. The economy
slowed, interest rates ceased their upward climb, inflation stalled and
corporate earnings were strong.
It appears that the Fed may have succeeded in engineering a soft landing
for the economy with moderate economic growth and low inflation. Although
this seems to be an ideal situation for investors, there are no guarantees
that an economic slowdown will not follow.
On average, stocks are somewhat overvalued by historical standards,
dividend ratios are low and price/earnings ratios are high. These indicators
would suggest caution in the short-term.
Despite this cautionary note, we are optimistic that moderate
economic growth and low inflation will continue, fueling strong demand for
stocks and bonds over time. Inflation is expected to hover around 3 percent,
dropping even lower if the economy slows further.
A slowing of the economy could prompt the Fed to lower interest rates even
further, spurring a continuation of the bond market rally in the second half
of 1995.
SUMMARY
Both the stock and bond markets have picked up a good head of steam that we
expect to continue for the foreseeable future. But amid good news always
lurks the chance for a negative surprise. We believe that by sticking to a
long-term investment discipline -- rather than chasing the latest investment
fad -- you are more likely to achieve favorable returns over the
long-term.
As a Panorama Plus investor, you know that your money is in a quality fund
with a solid track record. You can feel confident that our investment
professionals continue to pursue a conservative management philosophy
designed to provide you with highly competitive returns, as well as peace of
mind.
If you would like additional information on your investment options, talk
to your registered representative or call 1-800-234-5606, and press one, to
find out more.
David E. Sams, Jr.
PRESIDENT AND CHIEF EXECUTIVE OFFICER
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
T H E P A N O R A M A P L U S I N V E S T M E N T O P T I O N S
GENERAL ACCOUNT
This Account is designed to provide a guaranteed interest rate and protection
of principal. Rates are declared quarterly and the minimum interest rate is
guaranteed never to go below 3 percent per year.
MONEY MARKET
This Portfolio is designed to achieve as high a level of current income as is
consistent with preservation of capital and maintenance of liquidity by
investing in money market instruments.
GOVERNMENT SECURITIES
The objective of this Portfolio is to provide a high level of current income
with a high degree of safety of principal by investing primarily in
securities that are issued or guaranteed as to principal and interest by the
U.S. government, its agencies, authorities or instrumentalities and by
obligations that are fully collateralized or otherwise fully backed by U.S.
Government Securities.*
INCOME
This Portfolio's objective is to obtain a maximum level of income consistent
with prudent investment risk and preservation of capital by investing
primarily in fixed-income debt securities anticipated to have an average
maturity of eight to twelve years from the date of purchase.
TOTAL RETURN
This Portfolio seeks to maximize over time the return achieved from capital
appreciation and income by varying the allocation of the assets of the
Portfolio among stocks, corporate bonds, securities issued by the U.S.
Government and its instrumentalities, and money market instruments of the
type acquired respectively by the Growth Portfolio, the Income Portfolio, the
Government Securities Portfolio and the Money Market Portfolio.
GROWTH
The objective of this Portfolio is to achieve long-term growth of capital by
investing primarily in common stocks with low price-earnings ratios and
better than anticipated earnings.
INTERNATIONAL EQUITIES
This Portfolio seeks to achieve long-term growth of capital by investing
primarily in equity securities (such as common stocks) of non-U.S. issuers
trading for the most part in non-U.S. markets.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.
* THE GOVERNMENT BACKING APPLIES ONLY TO THE TIMELY PAYMENT OF PRINCIPAL AND
INTEREST AND DOES NOT APPLY TO THE SHARES OF THE FUND.
THIS MATERIAL IS INTENDED FOR USE ONLY WHEN ACCOMPANIED OR PRECEDED BY A
PROSPECTUS.
THE PERFORMANCE EVALUATED BY MORNINGSTAR, INC., WHICH TRACKS MORE THAN
190 ANNUITY CONTRACTS, IS ACTUAL PORTFOLIO PERFORMANCE (NON-STANDARD) AND
INCLUDES REINVESTED DIVIDENDS AND CAPITAL GAINS, AND REFLECTS ALL ON-GOING
INVESTMENT, MORTALITY, AND EXPENSE CHARGES.
<PAGE>
<TABLE>
<S> <C>
PERFORMANCE -- TOTAL RETURN(1)
</TABLE>
<TABLE>
<CAPTION>
SYNTHETIC(4) STANDARD(2) AVERAGE SYNTHETIC(4) NON-STANDARD(3) AVERAGE
ANNUAL ANNUAL
TOTAL RETURN AS OF JUNE 30, 1995 TOTAL RETURN AS OF JUNE 30, 1995
SINCE PORTFOLIO SINCE PORTFOLIO
PORTFOLIO FIVE YEAR TEN YEAR INCEPTION(5) FIVE YEAR TEN YEAR INCEPTION(5)
<S> <C> <C> <C> <C> <C> <C>
MONEY MARKET(7) 3.18% 4.58% 5.54% 3.18% 4.58% 5.54%
GOVERNMENT SECURITIES N/A N/A N/A N/A N/A N/A
INCOME 8.02% 8.31% 9.79% 8.02% 8.31% 9.79%
TOTAL RETURN 11.10% 11.64% 12.19% 11.10% 11.64% 12.19%
GROWTH 13.09% 13.60% 15.67% 13.09% 13.60% 15.67%
INTERNATIONAL EQUITY N/A N/A N/A N/A N/A N/A
</TABLE>
<TABLE>
<CAPTION>
STANDARD(2) AVERAGE ANNUAL NON-STANDARD(3) AVERAGE ANNUAL
TOTAL RETURN AS OF JUNE 30, 1995 TOTAL RETURN AS OF JUNE 30, 1995
UNIT VALUE SINCE ACCOUNT SINCE ACCOUNT
SUB-ACCOUNT(6) (JUNE 30, 1995) ONE YEAR THREE YEAR INCEPTION(6) ONE YEAR THREE YEAR INCEPTION(6)
<S> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET(7) 1.077831 -0.91% 0.80% 0.89% 3.78% 2.36% 2.36%
SEVEN DAY YIELD:
(6/23/95-6/30/95)
Annualized 4.25%
Effective 4.34%
GOVERNMENT SECURITIES 1.210458 5.62% 4.31% 4.60% 10.66% 5.94% 6.23%
INCOME 1.231054 5.54% 4.86% 5.18% 10.57% 6.50% 6.80%
TOTAL RETURN 1.337595 9.60% 8.96% 8.06% 14.84% 10.67% 9.67%
GROWTH 1.482865 16.31% 13.82% 11.70% 21.91% 15.62% 13.35%
INTERNATIONAL EQUITY(8) 1.179090 -2.43% 4.69% 3.91% 2.18% 6.31% 5.34%
</TABLE>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND IS NOT AN INDICATION OF
FUTURE RETURNS.
THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO
THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL INVESTMENT.
1. All returns take into consideration all ongoing investment, mortality and
expense charges pertaining to the Panorama Plus contracts as well as the
annual maintenance charge paid from each contract. Total return figures
include reinvestment of all dividends and capital gains.
2. The "standard" returns assume the contract is surrendered at the end of the
calculation period and incurs a 5% surrender charge depending on the length
of time invested. For the 5 year and 10 year calculations, the surrender
charge is 0%.
3. The "non-standard" returns assume the contract is still in force and
therefore do not take into consideration the surrender charge.
4. The "synthetic" returns are based on the actual performance of the Series
Fund I Portfolios before the Panorama Plus Separate Account commenced
operations, and assume Panorama Plus charges and Series Fund I net asset
values.
5. Inception was January 21, 1982 except for the Total Return Portfolio which
began on September 30, 1982.
6. These returns are based on the actual historical performance of the Panorama
Plus Accounts of the Series Fund I Portfolios. Inception for the Separate
Account was May 13, 1992.
7. Amounts allocated to the Money Market Sub-Account are invested in the Money
Market Portfolio of Series Fund I. AN INVESTMENT IN THE MONEY MARKET
PORTFOLIO IS NEITHER INSURED NOR GUARANTEED BY THE U.S. GOVERNMENT AND THERE
CAN BE NO ASSURANCE THAT THE MONEY MARKET PORTFOLIO WILL BE ABLE TO MAINTAIN
A STABLE NET ASSET VALUE OF $1.00 PER SHARE.
8. There are special risks associated with international investing such as
political changes and currency fluctuations.
PANORAMA PLUS SEPARATE ACCOUNT OF
C.M. LIFE INSURANCE COMPANY
UNIT VALUES, PERCENT CHANGES June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
DECEMBER 31, 1994 JUNE 30, 1995 PERCENT CHANGE
S U B - A C C O U N T S UNIT VALUE* UNIT VALUE* PERCENT CHANGE SINCE INCEPTION**
<S> <C> <C> <C> <C>
MONEY MARKET 1.054570 1.077831 2.21% 7.78%
GOVERNMENT SECURITIES 1.095471 1.210458 10.50% 21.05%
INCOME 1.114759 1.231054 10.43% 23.11%
TOTAL RETURN 1.186187 1.337595 12.76% 33.76%
GROWTH 1.258146 1.482865 17.86% 48.29%
INTERNATIONAL EQUITY 1.145014 1.179090 2.98% 17.91%
<FN>
* These unit values do not reflect the
annual $30 contract maintenance fee or
surrender charges.
** The inception date was May 13, 1992
for all sub-accounts. All unit values
were $1.00 at inception.
</TABLE>
<PAGE>
<TABLE>
<S> <C>
STATEMENT OF NET ASSETS PANORAMA PLUS SEPARATE ACCOUNT OF
C.M. LIFE INSURANCE COMPANY
June 30, 1995 (Unaudited)
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investments, at market:
Connecticut Mutual Financial Services
Series Fund I, Inc.
Money Market Portfolio
15,058,254 shares (Cost $15,058,254) $ 15,058,254
Government Securities Portfolio
14,195,117 shares (Cost $14,789,167) 15,036,291
Income Portfolio
18,482,114 shares (Cost $22,777,164) 22,753,496
Total Return Portfolio
132,688,631 shares (Cost $218,952,157) 227,942,614
Growth Portfolio
40,193,719 shares (Cost $85,143,226) 94,009,611
International Equity Portfolio
28,478,997 shares (Cost $31,666,990) 32,086,176
-------------
406,886,442
Cash 1,424,883
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Total Assets 408,311,325
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LIABILITIES
Payable for Investments Purchased 1,040,247
Due to Affiliates 384,636
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Total Liabilities 1,424,883
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NET ASSETS (variable annuity contract liabilities) $406,886,442
-------------
-------------
</TABLE>
<TABLE>
<CAPTION>
VARIABLE ANNUITY CONTRACT LIABILITIES
<S> <C> <C> <C>
VARIABLE
At June 30, 1995 the variable annuity UNITS OWNED ANNUITY
contract liabilities of the Account BY CONTRACT
consisted of the following: PARTICIPANTS UNIT VALUE LIABILITIES
MONEY MARKET SUB-ACCOUNT 13,970,886 1.077831 $ 15,058,254
GOVERNMENT SECURITIES SUB-ACCOUNT 12,421,985 1.210458 15,036,291
INCOME SUB-ACCOUNT 18,482,939 1.231054 22,753,496
TOTAL RETURN SUB-ACCOUNT 170,412,280 1.337595 227,942,614
GROWTH SUB-ACCOUNT 63,397,282 1.482865 94,009,611
INTERNATIONAL EQUITY SUB-ACCOUNT 27,212,661 1.179090 32,086,176
-------------
$406,886,442
-------------
-------------
</TABLE>
1 The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS PANORAMA PLUS SEPARATE ACCOUNT OF
C.M. LIFE INSURANCE COMPANY
For the six months ended June 30, 1995 (Unaudited)
</TABLE>
<TABLE>
<CAPTION>
S U B - A C C O U N T S
MONEY GOVERNMENT TOTAL INTERNATIONAL
MARKET SECURITIES INCOME RETURN GROWTH EQUITY
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME (LOSS)
Income:
Dividends $404,619 $ -- $ -- $ -- $ -- $ --
Expenses:
Mortality and Expense Risk Fees 87,595 76,673 109,169 1,116,880 395,011 152,706
--------- ----------- ----------- ------------ ------------ -----------
NET INVESTMENT INCOME (LOSS) 317,024 (76,673) (109,169) (1,116,880) (395,011) (152,706)
--------- ----------- ----------- ------------ ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net Realized Gain (Loss) from Fund Share
Transactions -- (124,792) (278,269) (250,942) 204,225 (5,592)
Unrealized Appreciation -- 1,586,301 2,384,337 25,365,422 12,823,038 1,123,687
--------- ----------- ----------- ------------ ------------ -----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS -- 1,461,509 2,106,068 25,114,480 13,027,263 1,118,095
--------- ----------- ----------- ------------ ------------ -----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $317,024 $1,384,836 $1,996,899 $23,997,600 $12,632,252 $ 965,389
--------- ----------- ----------- ------------ ------------ -----------
--------- ----------- ----------- ------------ ------------ -----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 2
<PAGE>
<TABLE>
<S> <C>
STATEMENTS OF CHANGES IN NET ASSETS PANORAMA PLUS SEPARATE ACCOUNT OF
C.M. LIFE INSURANCE COMPANY
For the six months ended June 30, 1995 (Unaudited)
and for the year ended December 31, 1994
</TABLE>
<TABLE>
<CAPTION>
S U B - A C C O U N T S
MONEY MARKET GOVERNMENT SECURITIES
<S> <C> <C> <C> <C>
1995 1994 1995 1994
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net Investment Income (Loss) $ 317,024 $ 258,141 $ (76,673) $ 621,480
Net Realized Gain (Loss) from
Fund Share Transactions -- -- (124,792) (131,988)
Unrealized Appreciation
(Depreciation) -- -- 1,586,301 (1,110,222)
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net
Assets Resulting from
Operations 317,024 258,141 1,384,836 (620,730)
------------ ------------ ------------ ------------
FROM UNIT TRANSACTIONS:
Purchases by Contract Holders 7,101,030 16,747,944 1,616,162 6,647,876
Withdrawals by Contract Holders (188,748) (301,788) (487,131) (728,540)
Net Transfers from (to) other
Panorama Plus Sub-Accounts (6,516,415) (5,581,994) (617,284) (1,943,149)
------------ ------------ ------------ ------------
Increase in Net Assets From
Unit Transactions 395,867 10,864,162 511,747 3,976,187
------------ ------------ ------------ ------------
INCREASE IN NET ASSETS 712,891 11,122,303 1,896,583 3,355,457
------------ ------------ ------------ ------------
NET ASSETS
Beginning of Period 14,345,363 3,223,060 13,139,708 9,784,251
------------ ------------ ------------ ------------
End of Period $15,058,254 $14,345,363 $15,036,291 $13,139,708
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
S U B - A C C O U N T S
INCOME TOTAL RETURN GROWTH INTERNATIONAL EQUITY
<C> <C> <C> <C> <C> <C> <C> <C>
1995 1994 1995 1994 1995 1994 1995 1994
$ (109,169) $ 1,186,668 $ (1,116,880) $ 9,976,188 $ (395,011) $ 2,396,992 $ (152,706) $ 169,474
(278,269) (425,183) (250,942) (86,743) 204,225 201,092 (5,592) 237,020
2,384,337 (1,578,812) 25,365,422 (13,080,114) 12,823,038 (3,322,855) 1,123,687 (846,587)
------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------
1,996,899 (817,327) 23,997,600 (3,190,669) 12,632,252 (724,771) 965,389 (440,093)
------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------
3,062,431 9,384,403 29,806,998 91,565,680 17,861,458 36,240,295 6,974,160 17,297,089
(791,918) (731,934) (5,531,412) (5,429,841) (2,189,172) (1,264,571) (428,796) (521,706)
104,901 (3,875,075) 4,914,769 5,153,362 3,255,673 3,471,723 (1,095,377) 2,941,839
------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------
2,375,414 4,777,394 29,190,355 91,289,201 18,927,959 38,447,447 5,449,987 19,717,222
------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------
4,372,313 3,960,067 53,187,955 88,098,532 31,560,211 37,722,676 6,415,376 19,277,129
------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------
18,381,183 14,421,116 174,754,659 86,656,127 62,449,400 24,726,724 25,670,800 6,393,671
------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------
$22,753,496 $18,381,183 $227,942,614 $174,754,659 $94,009,611 $62,449,400 $32,086,176 $25,670,800
------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------
------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 4
<PAGE>
<TABLE>
<S> <C>
NOTES TO FINANCIAL STATEMENTS PANORAMA PLUS SEPARATE ACCOUNT OF
C. M. LIFE INSURANCE COMPANY
June 30, 1995 (Unaudited)
</TABLE>
1. ORGANIZATION
The Panorama Plus Separate Account (the Account) is a separate account within
C.M. Life Insurance Company (C.M. Life). C.M. Life is a wholly-owned stock life
insurance subsidiary of Connecticut Mutual Life Insurance Company (Connecticut
Mutual). Although the Account is an integral part of C.M. Life, it is registered
as a unit investment trust under the Investment Company Act of 1940, as amended.
The assets attributable to contracts participating in the Account are held for
the benefit of the participants and are not chargeable with liabilities arising
out of any other business that C.M. Life or Connecticut Mutual may conduct. Each
purchase payment is allocated to one or more sub-accounts of the Account. The
Account is invested exclusively in portfolios of Connecticut Mutual Financial
Services Series Fund I, Inc. (the Fund). Net purchase payments and transfers
between sub-accounts are applied to purchase Fund shares in the appropriate
portfolio at the net asset value determined as of the end of the valuation
period during which the payments were received or the transfer made.
2. SIGNIFICANT ACCOUNTING POLICIES
(a)FUND SHARE TRANSACTIONS - Fund share transactions are recorded on the trade
date. The cost of Fund shares sold is determined on the basis of identified
cost.
(b)VALUATION OF INVESTMENT SECURITIES - The investments in shares of the Fund
are valued at their closing net asset value per share as determined for the
appropriate portfolio of the Fund on June 30, 1995.
(c)FEDERAL INCOME TAXES - The operations of the Account form a part of the
total operations of C.M. Life and are not taxed separately. C.M. Life is
included in Connecticut Mutual's consolidated Federal income tax return.
Connecticut Mutual is taxed as a life insurance company under the life
insurance tax provisions of the Internal Revenue Code of 1986, as amended.
The Account will not be taxed as a regulated investment company under
Subchapter M of the Internal Revenue Code. Accordingly, no provision for
income taxes has been required in the accompanying financial statements.
(d)Certain reclassifications have been made to prior year amounts to conform
with current year presentation.
3. CONTRACT CHARGES
For assuming mortality and expense risks, and administrative expenses, C.M.
Life makes a daily charge equal to .00312% (1.14% on an annual basis) of the
value of the Account's assets. A deduction of $30 per contract is made
annually to cover the expense of administering the Account.
5
<PAGE>
C.M. LIFE INSURANCE COMPANY
--------------------------------------
BOARD OF DIRECTORS AND OFFICERS
DAVID E. SAMS, JR.
President and Director
JOHN D. LOEWENBERG
Director and Executive Vice President
J. BRINKE MARCUCCILLI
Director and Chief Financial Officer
ANNE MELISSA DOWLING
Vice President and Chief Financial Officer
MAUREEN FORD
Vice President
EMELIA BRUNO
Controller
ANN F. LOMELI
Secretary
DONALD A. SKOKAN, FSA
Actuary
JOHN A. HUBBARD, FSA
Actuary
SCOTT C. PETERS
Treasurer
This report is prepared for the general information of contract owners and is
not an offer of contracts of Panorama Plus Separate Account. It should not be
used in connection with any offer except in conjunction with the Prospectus
which contains all pertinent information including the applicable sales charges.
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
-------------------------------------------
BOARD OF DIRECTORS AND OFFICERS
DIRECTORS
RICHARD H. AYERS
Chairman and Chief Executive Officer
The Stanley Works
DAVID E. A. CARSON
President, Chairman and
Chief Executive Officer
People's Bank
RICHARD W. GREENE
Executive Vice President and Treasurer
University of Rochester
BEVERLY L. HAMILTON
President
ARCO Investment Management Company
DAVID E. SAMS, JR.
President and Chief Executive Officer
Connecticut Mutual Life Insurance Company
OFFICERS
LINDA M. NAPOLI, Treasurer and Controller
Treasurer, Mutual Funds
Connecticut Mutual Life Insurance Company
LOUIS A. LACCAVOLE, CPA, General Auditor
Vice President and General Auditor
Connecticut Mutual Life Insurance Company
ANN F. LOMELI, Secretary
Corporate Secretary and Counsel
Connecticut Mutual Life Insurance Company
AUDITORS
ARTHUR ANDERSEN LLP
Hartford, CT
This report is prepared for the general information of contract owners and is
not an offer of contracts of Panorama Plus Separate Account. It should not be
used in connection with any offer except in conjunction with the Prospectus
which contains all pertinent information including the applicable sales charges.
<PAGE>
CONNECTICUT MUTUAL FINANCIAL SERVICES
SERIES FUND I, INC.
[LOGO]
S E M I - A N N U A L
R E P O R T
----------JUNE 30,
1995
Money Market Portfolio
Government Securities Portfolio
Income Portfolio
Total Return Portfolio
Growth Portfolio
International Equity Portfolio
