PANORAMA SERIES FUND, INC.
Total Return Portfolio
Supplement dated January 2, 2001 to the
Prospectus dated May 1, 2000
The Prospectus is revised as follows:
1. The Supplement dated June 26, 2000 to the Prospectus dated May 1, 2000
is hereby replaced.
2. The paragraph captioned "Portfolio Managers" under the section "How the
Portfolio is Managed" on page 9 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, 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.002
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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
The Statement of Additional Information is revised as follows:
1. The Supplement dated June 26, 2001 to the Statement of Additional
Information dated May 1, 2000 is replaced by this Supplement.
2. The first sentence of the biography of George Evans on page 40 is
deleted and replaced with the following:
George Evans, Vice President and Portfolio Manager of International
Growth Fund/VA, Age: 40
Two World Trade Center, New York, NY 10048-0203
3. The first sentence of the biography of Alan Gilston on page 40 is
deleted and replaced with the following:
Alan Gilston, Vice President and Portfolio Manager of the Small Cap
stock component and the International stock component of LifeSpan
Capital Appreciation Portfolio and LifeSpan Balanced Portfolio, and
Portfolio Manager of the Value/Growth and Growth/Income stock
components of the LifeSpan Portfolios, Age: 41
4. The first sentence of the biography of John S. Kowalik on page 40 is
deleted and replaced with the following:
John Kowalik, Vice President and Portfolio Manager of Government
Securities Portfolio, Total Return Portfolio and Portfolio Manager
of the Short-Term Bonds and Government/Corporate Bonds components
of the LifeSpan Portfolios,
Age: 42
5. The biographies for Messrs. Antos, Dalzell, Libera, Strathearn and
White on pages 39, 40 and 41 are hereby deleted.
January 2, 2001 609PX.002
