PANORAMA SERIES FUND, INC.
LifeSpan Balanced Portfolio
LifeSpan Capital Appreciation Portfolio
LifeSpan Diversified Income Portfolio
Supplement dated March 21, 2000 to the
Prospectus dated April 30, 1999
This is to notify you that Massachusetts Mutual Life Insurance Company
filed an application with the Securities and Exchange Commission for approval
to replace shares of the LifeSpan Balanced Portfolio with shares of
Oppenheimer Multiple Strategies Fund/VA, shares of LifeSpan Capital
Appreciation Portfolio with shares of Oppenheimer Main Street Growth & Income
Fund/VA, and shares of LifeSpan Diversified Income Portfolio with shares of
MML Blend Fund, a separate series of the MML Series Fund. The Oppenheimer
Multiple Strategies Fund/VA and Oppenheimer Main Street Growth & Income
Fund/VA are separate series of Oppenheimer Variable Account Funds. If
approved by the Securities and Exchange Commission, your policy value in the
LifeSpan Balanced Portfolio will be automatically transferred to the
Oppenheimer Multiple Strategies Fund/VA, your policy value in the LifeSpan
Capital Appreciation Portfolio will be automatically transferred to the
Oppenheimer Main Street Growth & Income Fund/VA, and your policy value in the
LifeSpan Diversified Income Portfolio will be automatically transferred to
the MML Blend Fund. The Oppenheimer Multiple Strategies Fund/VA and
Oppenheimer Main Street Growth & Income Fund/VA have the same investment
advisor (OppenheimerFunds, Inc.) as the replaced LifeSpan Funds. The
investment advisor to MML Blend Fund is Massachusetts Mutual Life Insurance
Company. The expense ratio of the LifeSpan Balanced Portfolio for 1999 was
0.91% whereas the expense ratio of the Oppenheimer Multiple Strategies
Fund/VA for 1999 was 0.73%. The expense ratio of the LifeSpan Capital
Appreciation Portfolio for 1999 was 0.93% whereas the expense ratio of the
Oppenheimer Main Street Growth & Income Fund/VA for 1999 was 0.78%. The
expense ratio of the LifeSpan Diversified Income Portfolio for 1999 was 0.83%
whereas the expense ratio of the MML Blend Fund for 1999 was 0.41%.
You will be notified when the Securities and Exchange Commission
approves the proposed substitution.
March 21, 2000 618PS.001
