Panorama Series Fund, Inc.
                                        Growth Portfolio
                              Supplement dated June 25, 2008 to the
                                Prospectus dated April 29, 2008

     This  supplement  amends  the  Prospectus  of  the  Growth  Portfolio  (the
"Portfolio") of the Panorama Series Fund, Inc. dated April 29, 2008.

     The section  "How the Fund is Managed - Portfolio  Managers,"  on page 8 of
the Prospectus, is deleted in its entirety and is replaced by the following:

Portfolio Managers. The Portfolio's portfolio is managed by Marc Reinganum,
Mark  Zavanelli  and Wentong Alex Zhou,  who are primarily  responsible  for the
day-to-day management of the Portfolio's  investments.  Dr. Reinganum has been a
Vice President and co-portfolio manager of the Portfolio since October 2003. Mr.
Zavanelli and Dr. Zhou are co-portfolio managers of the Portfolio effective June
30, 2008.

     Dr.  Reinganum  has been a Vice  President  of the Manager and  Director of
Quantitative  Research and Portfolio  Strategist  for Equities  since  September
2002.  He was the Mary Jo Vaughn  Rauscher  Chair in  Financial  Investments  at
Southern  Methodist   University  from  1995  to  2002.  At  Southern  Methodist
University he also served as the Director of the Finance Institute, the Chairman
of the Finance  Department,  the  President  of the Faculty at the Cox School of
Business  and a member of the Board of Trustees  Investment  Committee.  He is a
portfolio  manager and an officer of other  portfolios  in the  OppenheimerFunds
complex.

     Mr. Zavanelli,  CFA, has been a portfolio manager of the Manager since July
1999 and a Vice President of the Manager since  November 2000.  Prior to joining
the Manager in April 1998,  Mr.  Zavanelli  was  President of Waterside  Capital
Management,  a registered  investment  adviser,  from August 1995 through  April
1998.  He is a  portfolio  manager  and an  officer of other  portfolios  in the
OppenheimerFunds complex.

     Dr. Zhou, CFA, has been a senior quantitative  analyst of the Manager since
June 1999,  assisting in the  management  and  maintenance  of the  quantitative
models for the Main Street Funds. He has been a portfolio manager of the Manager
since January 2007 and an Assistant Vice President of the Manager since 2001. He
is a portfolio manager of other portfolios in the OppenheimerFunds complex.

     The Statement of Additional  Information  provides  additional  information
about the Portfolio Managers' compensation, other accounts they manage and their
ownership of Portfolio shares.





June 25, 2008                                                        PS0608.007