PANORAMA TRUST
Pictet Global Emerging Markets Fund
Pictet International Small Companies Fund
Supplement dated October 23, 1997
to the Prospectuses and Statements of Additional Information
each dated August 1, 1997
The following information replaces paragraph two to the
Prospectuses under Purchase of Shares:
Purchase orders for shares are accepted only on days on
which both the Adviser and the Federal Reserve Bank of New York
are open for business. It is the responsibility of the Adviser or
Institution to transmit orders for shares purchased to First Data
Investor Services Group, Inc. ("FDISG"), the Fund's transfer
agent, and deliver required funds to the Fund's transfer agent on
a timely basis. Payment in cash for Fund shares must be made in
federal funds by 12:00 noon Eastern time on the day after the
purchase order is received by the transfer agent. Shareholders
should contact the Adviser for appropriate purchase/wire
procedures. Shareholders should also contact the Adviser for
information on in-kind purchases of Fund shares. See "Purchase of
Shares" in the SAI.
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