SUPPLEMENT DATED NOVEMBER 22, 1995
TO
PROSPECTUS DATED APRIL 28, 1995
PANORAMA PLUS SEPARATE ACCOUNT
PANORAMA PLUS VARIABLE ANNUITY
On or about December 1, 1995, C.M. Life Insurance Company ("C.M. Life") and
several other applicants intend to file an application with the Securities and
Exchange Commission seeking an order approving the substitution of shares
issued by Oppenheimer Variable Accounts Funds ("OVAF") for shares of certain
investment portfolios of Connecticut Mutual Financial Services Series Fund I,
Inc. ("CMFSSF") currently held by various Sub-Accounts of Panorama Plus
Separate Account ("PanPlus Account"). To the extent required by law,
approvals of such substitutions will also be obtained from the state insurance
regulators in certain jurisdictions. The effect of such a share substitution
would be to replace certain portfolios of CMFSSF with those of OVAF as
investment options under the Panorama Plus Variable Annuity Policies described
in your April 28, 1995 prospectus.
More particularly, C.M. Life proposes to substitute: (1) shares issued
by OVAF representing interests in OVAF'S Money Fund for shares currently held
in a Sub-Account of PanPlus Account representing interests in CMFSSF's Money
Market Portfolio, (2) shares issued by OVAF representing interests in OVAF'S
Bond Fund for shares currently held in a Sub-Account of PanPlus Account
representing interests in CMFSSF's Income Portfolio, and (3) shares issued by
OVAF representing interests in OVAF's Bond Fund for shares currently held in a
Sub-Account of PanPlus Account representing interests in CMFSSF's Government
Securities Portfolio. If approved by the SEC and appropriate state insurance
regulators, C.M. Life would carry out the proposed substitutions by redeeming
the CMFSSF shares described above and purchasing with the proceeds, OVAF shares
as described above. If carried out, the proposed substitutions would result in
the involuntary reinvestment of policyowners' Policy Values, if any, invested
in the foregoing CMFSSF Portfolios in the OVAF Funds as outlined above.
The investment objectives of the OVAF Money Fund and Bond Fund are
summarized below. Policyowners and prospective purchasers should carefully
read the prospectus for the OVAF Money Fund and Bond Fund. C.M. Life will
send each policyowner a copy of this prospectus before the proposed
substitutions are carried out.
OVAF Money Fund seeks the maximum current income from investments in "money
market" securities consistent with low capital risk and maintenance of
liquidity.
OVAF Bond Fund seeks a high level of current income from investments in
high-yield, fixed income securities rated "Baa" or better by Moody's or
"BBB" or better by Standard & Poor's. As a secondary objective, the Bond
Fund seeks capital growth when consistent with its primary objective.
From the date of this supplement to the date of the proposed
substitutions, each policyowner will be permitted to make one transfer of all
of his or her Policy Value in any of the Sub-Accounts of PanPlus Account that
would be affected by the proposed substitutions without that transfer being
subject to any of the restrictions regarding transfers to the General Account.
In addition, the competing option restriction will not apply to this transfer.
If the proposed substitutions are carried out, each policyowner affected
by the substitutions will be permitted, within 30 days from the date of the
substitution, to make one transfer of all of his or her Policy Value in any of
the Sub-Accounts of PanPlus Account that were affected by the proposed
substitutions without that transfer being subject to any of the restrictions
regarding transfers to the General Account. In addition, the competing option
restriction will not apply to this one transfer.
The proposed substitutions have come about as an indirect result of an
Agreement and Plan of Merger between Connecticut Mutual Life Insurance Company
(which owns C.M. Life) and Massachusetts Mutual Life Insurance Company,
pursuant to which Connecticut Mutual would merge with and into Massachusetts
Mutual. Upon consummation of the Merger, the separate existence of
Connecticut Mutual would cease and Massachusetts Mutual would continue its
corporate existence under its current name. It is currently anticipated that
this Merger would occur during the first three months of 1996. If the
approvals described above are obtained, C.M. Life currently intends to carry
out the proposed substitutions within several months of the Merger of
Connecticut Mutual with and into Massachusetts Mutual. If the Merger does not
occur, C.M. Life will not carry out the proposed substitutions.
