PANORAMA SERIES FUND, INC.
Total Return Portfolio
Supplement dated January 2, 2001 to the
Prospectus dated May 1, 2000
The paragraph captioned "Portfolio Managers" under the section "How the
Portfolio is Managed" on page 8 is deleted and replaced with the following:
The portfolio managers of the Portfolio are Patrick Bisbey and John
Kowalik. They are the persons primarily responsible for the day-to-day
management of the Portfolio's investments. Mr. Bisbey became a portfolio
manager on March 1, 2000, and Mr. Kowalik became a portfolio manager on
June 26, 2000. Mr. Bisbey is a Managing Director and Manager of Trading
and Portfolio Operations (since June, 1992) of Trinity Investment
Management Corporation ("Trinity"), a wholly-owned subsidiary of the
Manager's immediate parent, Oppenheimer Acquisition Corp. Mr. Kowalik is a
Senior Vice President of the Manager. Prior to joining the Manager in July
1998, he was Managing Director and senior portfolio manager for Prudential
Investments Global Fixed Income Group. Each is a Vice President of the
Company.
January 2, 2001 609PS.001
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PANORAMA SERIES FUND, INC.
Total Return Portfolio
Supplement dated January 2, 2001 to the
Statement of Additional Information dated May 1, 2000
1. The biography for David Dalzell in the section captioned "Directors
and Officers of the Company" on page 40 is deleted in its entirety.
January 2, 2001 609PX.001
