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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> Panorama Growth Portfolio
<SERIES>
<NUMBER> 3
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> 3,766,948
<REALIZED-GAINS-CURRENT> 39,711,549
<APPREC-INCREASE-CURRENT> (17,082,813)
<NET-CHANGE-FROM-OPS> 26,395,684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,827,903
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> Panorama Total Return Portfolio
<SERIES>
<NUMBER> 5
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
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<PERIOD-END> JUN-30-1996
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> PANORAMA MONEY MARKET PORTFOLIO
<SERIES>
<NUMBER> 4
<NAME> PANORAMA SERIES FUND, INC.
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1996
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> PANORAMA INCOME PORTFOLIO
<SERIES>
<NUMBER> 1
<NAME> PANORAMA SERIES FUND, INC.
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> PANORAMA GOVERNMENT SECURITIES PORTFOLIO
<SERIES>
<NUMBER> 6
<NAME> PANORAMA SERIES FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> International Equity Portfolio
<SERIES>
<NUMBER> 7
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> Panorama LifeSpan Diversified Income Portfolio
<SERIES>
<NUMBER> 8
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Balanced Portfolio
<SERIES>
<NUMBER> 9
<NAME> Panorama Series Fund, Inc.
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> Panorama LifeSpan Capital Appreciation Portfolio
<SERIES>
<NUMBER> 10
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
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<OTHER-ITEMS-ASSETS> 143,665
<TOTAL-ASSETS> 33,451,616
<PAYABLE-FOR-SECURITIES> 285,602
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64,561
<TOTAL-LIABILITIES> 350,163
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,551,337
<SHARES-COMMON-STOCK> 28,111,469
<SHARES-COMMON-PRIOR> 25,154,663
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 72,310
<ACCUMULATED-NET-GAINS> 662,194
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,960,232
<NET-ASSETS> 33,101,453
<DIVIDEND-INCOME> 220,457
<INTEREST-INCOME> 236,491
<OTHER-INCOME> 0
<EXPENSES-NET> 233,977
<NET-INVESTMENT-INCOME> 222,971
<REALIZED-GAINS-CURRENT> 877,312
<APPREC-INCREASE-CURRENT> 2,123,642
<NET-CHANGE-FROM-OPS> 3,223,925
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 278,560
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,130,270
<NUMBER-OF-SHARES-REDEEMED> 1,410,034
<SHARES-REINVESTED> 236,570
<NET-CHANGE-IN-ASSETS> 6,332,969
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (215,118)
<OVERDISTRIB-NII-PRIOR> 16,721
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 127,562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 233,977
<AVERAGE-NET-ASSETS> 30,096,806
<PER-SHARE-NAV-BEGIN> 1.06
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.12
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.18
<EXPENSE-RATIO> 1.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
OPPENHEIMERFUNDS, INC.
TO: George Bowen cc: B. Zack
B. Bishop
FROM: Janelle Gellermann C. Antonson
C. Bechtolt
DATE: June 11, 1996 B. Borland
SUBJECT: Resignation of Arthur Andersen LLP
- ----------------------------------------------------------------------
Arthur Andersen LLP, the independent accountant for Panorama Series Fund, Inc.
(the registrant), formerly Connecticut Mutual Financial Services Series Fund I,
Inc., resigned effective June 3, 1996. The resignation occurred as a result of
the acquisition of the management agreements for the registrant by
OppenheimerFunds, Inc. (the Manager), and resulted from the Manager's desire to
engage only one independent accounting firm, Deloitte & Touche LLP, for its
Denver based funds. In the past two years, Arthur Andersen's report on the
Panorama Series Fund, Inc. financial statements contained an unqualified
opinion. The decision to change accountants will be submitted to the Fund's
Board at its meeting on June 27, 1996.
Deloitte & Touche LLP was engaged as the new independent accountant effective
June 3, 1996. To the best of our knowledge, during the two most recent fiscal
years, Deloitte & Touche LLP was not consulted with respect to any of the items
listed under Regulation S-K, item 304, paragraphs (a)(2)(i) and (ii).
Deloitte & Touche LLP has reviewed this disclosure and has been given the
opportunity to furnish the registrant with a letter containing any new
information, clarification of the registrant's expression of its views, or the
respects in which it does not agree with the statements made by the registrant.
Should Deloitte & Touche LLP respond to the registrant, the registrant will file
the response as an exhibit to Form N-SAR.
The former accountant has been given a copy of this disclosure and been asked to
furnish the registrant a letter addressed to the Commission stating whether it
agrees with the statements made by the registrant. The registrant will file the
letter as an exhibit to Form N-SAR.
