July 29, 1996
VIA EDGAR
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, DC 20549
Attention: Office of Filings, Information & Consumer Services
Re: Panorama Trust (the "Trust")
File Nos. 811-9050/33-92712
CIK No. 945774
Dear Sir or Madam:
Pursuant to Rule 497(e) under the Securities Act of 1933, as
amended, please accept for filing on behalf of Pictet
International Small Companies Fund a series of the above-
referenced Trust the Supplements dated July 23, 1996 to Prospectus
and Statement of Additional Information dated January 2, 1996.
Any comments on this filing should be directed to Kathleen
A. Strong, Senior Legal Product Manager, at (617) 573-1575.
Please return an electronic transmittal as evidence of your
receipt of this filing.
Sincerely,
/s/ Gail A. Hanson
Gail A. Hanson
Counel
Enclosures
cc: J. Barri, Esq.- Hale and Dorr
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