CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I INC
N-30D, 1996-09-06
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<PAGE>   1
                           PANORAMA SERIES FUND, INC.






                                SEMIANNUAL REPORT

                                  JUNE 30, 1996
<PAGE>   2
PANORAMA SERIES FUND, INC.-- MONEY MARKET

OBJECTIVE-

THE MONEY MARKET PORTFOLIO seeks high current income consistent with
preservation of capital and maintenance of liquidity by investing in money
market instruments. An investment in the Money Market Portfolio is neither
insured nor guaranteed by the U.S. Government. While the Money Market Portfolio
seeks to maintain a stable net asset value of $1.00 per share, there can be no
assurance that it will be able to do so.

NARRATIVE BY CAROL WOLF, PORTFOLIO MANAGER

During what was a very difficult year for the fixed income market, this
portfolio performed well. By positioning our investments in securities offering
competitive yields and relatively steady prices, we successfully provided
shareholders with a very consistent level of income while maintaining a constant
share price.

The portfolio's objective is to preserve capital while capturing the highest
yield possible. To meet this objective, that means our assets are invested in
low risk, short term securities such as commercial paper, letters of credit and
floating rate securities--all generally conservative securities. However, within
these areas, there are actions we took to maximize the portfolio's performance
as the market changed. For example, as interest rates began to rise early this
year, we began to invest in securities that had even shorter maturities than we
owned last year. Shorter maturity securities must be replaced by new issues more
frequently, and as rates have risen, we have been able to replace our maturing
holdings with new securities that offered higher yields. This positioning is one
factor that helped us maintain a competitive yield during the period.

Because the securities in which we must invest have short maturities, the yields
paid are directly related to prevailing interest rates. As a result, this type
of money market fund is one of the few types of investments that benefits from
higher interest rates. The fact that rates are higher now than they were at the
beginning of the year should continue to work in our favor over the near term.
Still, unless we begin to see clear evidence of a slowdown in the economy,
relative to last year, we will remain fairly short in our average maturity.
Given this outlook for the market, we expect to continue to provide investors a
competitive income stream as well as safety of principal as the year progresses.

We appreciate your confidence in Panorama Series Fund, Inc--Money Market
Portfolio. We look forward to helping you reach your financial goals in the
future.
<PAGE>   3
PANORAMA SERIES FUND, INC.-- INCOME PORTFOLIO

OBJECTIVE-

THE INCOME PORTFOLIO seeks high current income consistent with prudent
investment risk and preservation of capital by investing primarily in fixed
income debt securities anticipated to have an average maturity of eight to
twelve years.

NARRATIVE BY DAVID ROSENBERG, PORTFOLIO MANAGER

The Income Portfolio's performance was very strong over the past six months,
both compared to similar bond investments, and given the somewhat difficult
market. During a period when many fixed income investments lost a lot of ground
due to rising interest rates, our performance was positive. In addition, we
continued to provide competitive monthly income over the period.

Two major factors contributed to the performance of the Fund. First, was our
defensive decision to keep the portfolio's average maturity relatively short,
and second, was our strategic diversification over a variety of different types
of bonds. A short average maturity was a benefit as interest rates rose. Since
longer bonds are typically the most sensitive to changes in interest rates, they
depreciated most this year. So, by having a shorter portfolio, we were able to
capture a competitive level of income, but suffered less in terms of price than
some longer-term investments. Our diversification among different classes of
bonds also benefited the portfolio. In particular, our mortgage-backed
securities also performed well. As interest rates rose, prepayment risk
decreased supporting mortgage bond prices. Mortgage-backed securities also pay
very competitive income, which benefited the portfolio.

While the Fund's short average maturity and high degree of current income helped
to offset the negative price performance of the general bond market, our
Treasury securities performed poorly in comparison with our other holdings.
Still, at only half of our U.S. government bond allocation, and with
shorter-term maturities, we were able to limit their potentially negative
impact.

As we began the second half of the year, we continued to work on capturing as
much income as possible. Because we believe the economy is relatively healthy,
we continued to focus on corporate bonds. In particular, we believe there is
great potential to be found in bonds issued by financial services firms and oil-
and gas-related businesses. Among financial services companies, ongoing
consolidations should improve balance sheets and profitability, while in the oil
and gas industry, technology is improving profits.

Finally, we continue to favor mortgage-related securities over Treasuries, and
have been adding to our holdings in private label mortgages. Because these are
loans underwritten by banks rather than the federal government, in general they
tend to offer higher yields than similar securities.

Currently, we expect that economic growth in the U.S. will continue, though it
may not necessarily accelerate. In this type of environment, it's difficult to
imagine the Federal Reserve will cut interest rates, so it's hard to imagine
another bull market like the one we experienced last year.

We appreciate your confidence in Panorama Series Fund, Inc--Income Portfolio. We
look forward to helping your financial goals in the future.
<PAGE>   4
PANORAMA SERIES FUND, INC.-- TOTAL RETURN PORTFOLIO

OBJECTIVE-

THE TOTAL RETURN PORTFOLIO seeks to maximize total investment return (including
both capital appreciation and income) principally by allocating its assets among
stocks, corporate bonds, U.S. Government securities and money market instruments
according to changing market conditions.

NARRATIVE BY PETER ANTOS AND TEAM, PORTFOLIO MANAGERS

The Total Return portfolio's long-term performance has been strong. However,
over the past six months, our Fund has lagged other stock and bond portfolios
slightly. This happened for two reasons. First, this is a relatively
conservative, value-oriented asset allocation fund and the stock market had
reached what we consider fairly high valuations. As a result, we owned a smaller
percentage of stocks than usual during this period. However, because the stock
market has so clearly outperformed the bond market over the past six months, our
performance was slowed. Second, the Fund emphasizes undervalued and out-of-favor
stocks, a strategy to which we attribute our strong long-term results. During
the past six months, these stocks underperformed as investors focused on more
expensive growth stocks instead of the value stocks we tend to buy.

Despite the fact that, though our style was out-of-favor, our results were
positive and some of our investments performed very well. Over the past six
months, we benefited most from our aerospace and retail holdings. We bought
stocks in the aerospace industry when most investors shied away from them due to
concerns about cuts in defense spending. However, cost-cutting, consolidations
and a rise in demand from commercial airlines raised valuations. As a result, we
enjoyed better than expected earnings there.

Another industry that was out-of-favor was retailing. Many retailing companies
focused on their profitable core businesses and became leaner and more
cost-efficient compared to their competitors. By owning shares in these
companies, we were able to capture higher stock valuations once consumer demand
picked up. The retailers that did particularly well for us had strong cash flows
and used their cash in ways that benefited shareholders--such as stock buybacks
and strategic acquisitions.

On the negative side, beyond having moved some assets from stocks to bonds
early, our exposure to two higher yielding sectors of the stock market hindered
the portfolio's performance. Income-producing equity investments were relatively
poor performers as were some of our holdings in higher-yielding financial and
utility stocks.

Though we underperformed slightly over the period, our approach has helped us to
have a good long-term track record. In any market environment, we look for
stocks with relatively low price/earnings, or P/E, ratios and positive earnings
surprises. We also look for high quality bonds that offer competitive income
with lower than average interest rate risk.

Looking toward the remainder of the year, we expect the portfolio to perform
better. With the stock market becoming more volatile, it is an environment that
will likely favor value investors. We also believe the bond market will improve
as current interest rates are accepted, and as
<PAGE>   5
inflation proves to remain a minor threat.

Because we emphasize value in both our stocks and bond holdings, this portfolio
provides investors with a relatively conservative way to take advantage of the
market's growth potential. As the stock market returns to more normal price
levels and the bond market recovers, we believe the portfolio will perform well,
while continuing to offer reduced risk and competitive returns.

We appreciate your confidence in Panorama Series Fund, Inc.--Total Return
Portfolio. We look forward to helping you reach all your financial goals in the
future.
<PAGE>   6
PANORAMA SERIES FUND, INC.-- GROWTH PORTFOLIO

OBJECTIVE

THE GROWTH PORTFOLIO seeks long term growth of capital by investing primarily in
common stocks with low price-earnings ratios and better-than-anticipated
earnings. Realization of current income is a secondary consideration.

NARRATIVE BY PETER ANTOS AND TEAM, PORTFOLIO MANAGERS

The Growth portfolio performed well over the past six months, although it lagged
the broader market slightly. During the period, traditional high growth stocks
led the market, primarily due to investors' concerns about the overall slower
U.S. economic growth. In contrast, we buy stocks that have either low
price/earnings ratios or positive earnings surprises. This is an investment
strategy that has been very successful over time. Part of the long-term appeal
of this strategy is that it leads us to stocks we expect will perform well in
the future and allows us to buy them when their prices are discounted. However,
these types of stocks were somewhat overlooked by investors over the period.

Despite the fact that our style of investing was temporarily out-of-favor, some
of our investments performed extremely well. For example, we benefited most from
our aerospace holdings. We bought into the aerospace industry when it was
out-of-favor due to concerns regarding cuts in defense spending. Cost-cutting,
consolidations and a pick up in demand from commercial airlines, however, raised
valuations. Therefore, we had better than expected earnings.

Companies in the retail industry were also out-of-favor. This was due to
generally slow and discount-oriented consumer activity and a high degree of
competition. By owning companies that focused on their profitable core
businesses and tended to be leaner and more cost-efficient than their
competitors. The retailers that did well for us generated good cash flows and
used their cash in ways that benefited investors--such as stock buybacks and
strategic acquisitions.

On the other hand, in a market that was decidedly up this year, and one in which
bond yields rose, yield-oriented equity investments were relatively poor
performers. Part of the reason for the lag was that stock investors focused
their attention on capital appreciation potential rather than income. At the
same time, rising interest rates made bonds more attractive to yield investors.
The Fund suffered from our exposure to two higher yielding sectors of the
market, financial stocks and utilities. Though earnings for the companies we
owned in these areas were good, we reduced some of our holdings.

As we move through the remainder of the year, we're sticking to our investment
discipline. We believe that having a consistent buy and sell approach is the
best way to profit from the market's various phases. Within the portfolio, we
decreased our financial and utility stocks and are adding more cyclical, or
economically-sensitive, stocks as well as technology stocks. Here again, we look
for well-managed, strong companies that are temporarily out-of-favor with the
market. Our goal is to buy them at a low cost and then profit when their
strengths are recognized.

We feel our investment strategy has produced an impressive long-term track
record and reflects a
<PAGE>   7
proven investment technique. It's also a relatively conservative way to take
advantage of the market's growth potential. While our year-to-date figures may
be lagging the market slightly, we are investing in a manner that may incur less
risk and still allow the portfolio to enjoy long term growth of capital.

We appreciate your confidence in Panorama Series Fund, Inc.--Growth Portfolio.
We look forward to helping you reach your financial goals in the future.
<PAGE>   8
PANORAMA SERIES FUND, INC.--GOVERNMENT SECURITIES PORTFOLIO

OBJECTIVE -

THE GOVERNMENT SECURITIES PORTFOLIO seeks high level of current income with a
high degree of safety of principal by investing primarily in U.S. Government
securities and U.S. Government related securities.

NARRATIVE BY DAVID ROSENBERG, PORTFOLIO MANAGER

         The Government Securities Portfolio has done relatively well over the
past six months. Our performance this year demonstrates the value of a
defensive, income-focused investment approach, by providing competitive returns
when the market was up, and limiting our volatility when the market moved down.

         Performing well in both "normal" and down markets is a factor that is
critically important to successfully achieving the portfolio's objective of high
current income. An important factor contributing to the portfolio's good
performance was our decision to limit the average maturity of the overall
portfolio. Having achieved an intermediate average maturity for our overall
portfolio, it was less sensitive to the fluctuation in interest rates.

         Another factor that helped performance was our reliance on
mortgage-backed securities over past six months. With interest rates
stabilizing, opportunities in the mortgage sector have improved because the
threat that rising rates would lead to prepayments has receded. In addition,
mortgage-backed bonds helped keep our income profile high, which was a real
benefit over the period, particularly as appreciation potential began to decline
when interest rates began to increase.(1)

         As we move through the second half of the year, we're continuing to add
to our holdings in mortgage-backed securities, because they not only perform
well when interest rates are stable, but they also provide extra yield compared
to more creditworthy Treasuries.

         Additionally, over the period, we've begun to position our investments
in the intermediate range of the yield curve. This is a switch from our previous
policy of "barbelling" the maturities, in which we combined very short with
longer-term maturities to achieve our targeted intermediate maturity.

         We appreciate your confidence in Panorama Series Fund, Inc.--
Government Securities Portfolio. We look forward to helping you reach your
financial goals in the future.

- -------------------------

         (1) The portfolio is subject to change.
<PAGE>   9
PANORAMA SERIES FUND, INC.--INTERNATIONAL EQUITY PORTFOLIO

OBJECTIVE-

THE INTERNATIONAL PORTFOLIO seeks long-term growth of capital by investing
primarily in equity securities of companies wherever located, the primary stock
market of which is outside the United States.

NARRATIVE BY JAMES BURNS, PORTFOLIO MANAGER

Last March, Babson-Stewart Ivory International took over management of this
portfolio as its subadvisor, though its investment strategy remains the same. We
continue to look for opportunities to capture faster-than-average growth around
the world, and can attribute both our strong current and long-term performance
to this search. As a bottom-up manager, we look for growing companies with
predictable earnings, good competitive positions, and strong balance sheets. We
also conduct personal visits to the companies with whom we invest, getting to
know their future plans and key management personnel. Taken together, we think
this approach offers superior growth over time.

Over the period, we were roughly 50% invested in companies in the United Kingdom
and Europe. The remaining 50% of the Fund was invested in markets that included
Japan, Australia, New Zealand, the fast growing Asian "Tiger" markets and Latin
America. Most of these regions, with the exception of some areas of central
Europe, have experienced revitalized growth over the period, which benefited our
holdings. The United Kingdom enjoyed the most vibrant growth, with low interest
rates supporting the market. Japan is emerging from recession, and the far east
"Tiger" markets, like Hong Kong and Singapore, have continued to experience some
of the fastest growth worldwide.

One of our strongest investments during the period was a French retailer with
both a healthy domestic core business and expansion into developing markets. We
also did well with two major Swiss pharmaceutical companies that agreed to merge
and should experience even better growth as a result. Elsewhere, we had success
with some Japanese high tech and retailing firms and selected TV and media
companies in Southeast Asia.(1)

We consider ourselves long-term investors. As such, we're very pleased with our
current portfolio, and do not expect to make major changes. As the year
continues, however, we would like to add to our holdings in medium-sized
companies, since they typically offer faster growth than the more established
large growth companies which now make up the majority of our portfolio.

International markets have lagged the U.S. in the recent past, due to some
growth concerns, especially in Japan and in parts of Europe. However, growth
rates have been picking up almost universally. We believe these factors,
combined with the knowledge that many foreign companies are currently
implementing the type of restructuring that made domestic companies so
profitable, suggest potential real long-term benefits from international
investing. From this vantage point, we

- -------------------------

         (1)The portfolio is subject to change.
<PAGE>   10
believe we're looking at better growth potential abroad than in the U.S. market
at the present time--and because of the recent performance of international
markets, more attractive stock prices. All told, we believe this portfolio
continues to offer investors both diversification and very strong appreciation
potential.

We appreciate your confidence in Panorama Series Fund, Inc-- International
Portfolio. We look forward to helping you reach your financial goals in the
future.
<PAGE>   11
PANORAMA SERIES FUND, INC--LIFESPANS

OBJECTIVE--

LIFESPAN CAPITAL APPRECIATION PORTFOLIO seeds long-term appreciation by
investing in a strategically allocated portfolio consisting primarily of stocks.
Current income is not a primary consideration.

LIFESPAN BALANCED PORTFOLIO seeks a blend of capital appreciation and income by
investing in a strategically allocated portfolio of stocks and bonds with a
slightly stronger emphasis on stocks. LIFESPAN DIVERSIFIED INCOME PORTFOLIO
seeks high current income, with opportunities for capital appreciation by
investing in a strategically allocated portfolio consisting primarily of bonds.

NARRATIVE

As the fear of inflation increased and pushed interest rates higher, market
conditions, during the fiscal period, became much more difficult for both stock
and bond investors. Though the impact of higher interest rates has meant
increased volatility in both the stock and bond market, stocks continued to move
higher while bonds have sold off sharply during the first six months of 1996.

Despite the more volatile environment, each of the LifeSpan portfolios consists
of a diversified portfolio of investments aimed at achieving good performance
and while limiting overall risk in a variety of market conditions. Over the past
six months, the strategic allocation of assets over a broad range of stocks and
bonds has helped position the Fund's to capture the strength of the stock market
while limiting some of the declines of the bond market.

The Capital Appreciation portfolio benefited from its focus on equity
investments, which generally helped to offset the declines from its fixed income
investments. The portfolio's relatively large weighting in technology stocks
contributed significantly to performance over the period. Also, the portfolio's
International Equity component increased, reflecting the fact that performance
of foreign stock markets have begun to improve over the period. Finally, the
High Yield component outperformed the Corporate/Government component, due to the
sharp rise in interest rates, which made it difficult for high quality, long
maturity bonds to show positive returns.

Given the relative strength of the stock market and the weakness of the bond
market, the Balanced portfolio benefited from maintaining a larger weighting in
equities than in bonds. In particular the Small Cap and International components
provided the bulk of the overall return of the portfolio during the period. In
the fixed-income portion of the portfolio, with the exception of high yield bond
investments, higher interest rates made it very difficult for high quality bonds
to show positive returns.

Overall, Diversified Income portfolio's focus on high current income helped it
to avoid some of the more significant declines experienced by the bond market
over the period. Of the four primary components of the portfolio, the High Yield
Bond segment, responding to an increase in U.S. economic growth, provided the
greatest contribution to performance. And, although rising interest rates
adversely affected most fixed income investments, the Growth/Income component
contributed positively to performance, benefiting from a high weighting in
technology stocks.
<PAGE>   12
PANORAMA SERIES FUND, INC. - MONEY MARKET PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                      PRINCIPAL        VALUE
                                                                      AMOUNT           (NOTE 1)
- -------------------------------------------------------------------------------------------------
LETTERS OF CREDIT - 9.1%
- -------------------------------------------------------------------------------------------------
<S>                                                                   <C>              <C>
       Credit Suisse, guaranteeing commercial paper of Guandong
       Enterprises (Holdings) Ltd., 5.46%, 7/24/96                    $  747,000       $  744,394
       ------------------------------------------------------------------------------------------
       Unibanco-Uniao de Brancos Brasileiros SA-Grand Cayman,
       guaranteed by Westdeutsche Landesbank Girozentrale,
       5.37%, 7/5/96                                                     750,000          749,553
                                                                                       ----------

       Total Letters of Credit                                                          1,493,947

- -------------------------------------------------------------------------------------------------
SHORT-TERM NOTES - 77.1%
- -------------------------------------------------------------------------------------------------

BANKS - 4.3%
- -------------------------------------------------------------------------------------------------
       Barnett Banks, Inc., 5.36%, 7/1/96                                700,000          700,000
- -------------------------------------------------------------------------------------------------
BROKER/DEALERS - 10.5%
- -------------------------------------------------------------------------------------------------
       Dean Witter, Discover & Co., 5.30%, 7/2/96                        440,000          439,935
- -------------------------------------------------------------------------------------------------
       Merrill Lynch & Co., Inc., 5.29%, 7/15/96                         521,600          520,527
- -------------------------------------------------------------------------------------------------
       Morgan Stanley Group, Inc., 5.62%, 7/1/96                         750,000          750,000
                                                                                       ----------
                                                                                        1,710,462
- -------------------------------------------------------------------------------------------------
CHEMICALS - 2.0%
- -------------------------------------------------------------------------------------------------
       Monsanto Co., 5.27%, 7/23/96                                      326,000          324,950
- -------------------------------------------------------------------------------------------------
COMMERCIAL FINANCE - 10.1%
- -------------------------------------------------------------------------------------------------
       Countrywide Home Loan, 5.32%, 7/25/96                             263,000          262,048
- -------------------------------------------------------------------------------------------------
       FINOVA Capital Corp., 5.50%, 7/12/96                              640,000          638,924
- -------------------------------------------------------------------------------------------------
       Heller Financial, Inc., 5.40%, 7/25/96                            750,000          747,275
                                                                                       ----------
                                                                                        1,648,247
- -------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 16.4%
- -------------------------------------------------------------------------------------------------
       CSW Credit, Inc.:
       5.35%, 7/25/96                                                    300,000          298,930
       5.42%, 8/12/96                                                    400,000          397,471
- -------------------------------------------------------------------------------------------------
       General Electric Capital Corp., 5.50%, 7/8/96                     680,000          679,273
- -------------------------------------------------------------------------------------------------
       General Motors Acceptance Corp., 5.45%, 7/19/96                   750,000          747,956
- -------------------------------------------------------------------------------------------------
       TransAmerica Life Insurance & Annuity Co., 5.39%,
       7/22/96                                                           552,000          550,264
                                                                                       ----------
                                                                                        2,673,894
- -------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 6.7%
- -------------------------------------------------------------------------------------------------
        Allergan, Inc., 5.33%, 7/16/96                                   323,400          322,682
- -------------------------------------------------------------------------------------------------
        American Home Food Products, Inc., guaranteed by
        American Home Products, 5.40%, 8/15/96                           375,000          372,469
- -------------------------------------------------------------------------------------------------
        Sherwood Medical Co., guaranteed by American Home
        Products, 5.43%, 7/19/96                                         395,000          393,928
                                                                                       ----------
                                                                                        1,089,079
- -------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 4.6%
- -------------------------------------------------------------------------------------------------
       PHH Corp., 5.38%, 7/22/96                                         752,000          749,640
- -------------------------------------------------------------------------------------------------
LEASING & FACTORING - 4.5%
- -------------------------------------------------------------------------------------------------
       The Hertz Corp., 5.37%, 7/10/96                                   750,000          748,993
- -------------------------------------------------------------------------------------------------
METALS/MINING - 3.3%
- -------------------------------------------------------------------------------------------------
       English China Clays PLC, 5.43%, 7/2/96                            540,000          539,919
</TABLE>



                                        1
<PAGE>   13
PANORAMA SERIES FUND, INC. - MONEY MARKET PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                      PRINCIPAL       VALUE
                                                                      AMOUNT          (NOTE 1)
- -------------------------------------------------------------------------------------------------
SPECIAL PURPOSE FINANCIAL - 9.9%
      -------------------------------------------------------------------------------------------
<S>                                                                   <C>             <C>
      Asset Securitization Cooperative Corp., 5.31%, 7/8/96           $  260,800      $   260,531
      -------------------------------------------------------------------------------------------
      Cooperative Association of Tractor Dealers, Inc., 5.08%,
      7/2/96                                                             521,600          521,523
      -------------------------------------------------------------------------------------------
      Corporate Asset Funding Co., Inc., 5.60% 7/1/96                    239,000          239,000
      -------------------------------------------------------------------------------------------
      Sheffield Receivables Corp., 5.35%, 7/8/96                         600,000          599,373
                                                                                      -----------
                                                                                        1,620,427
- -------------------------------------------------------------------------------------------------
SPECIALTY RETAILING - 4.8%
      -------------------------------------------------------------------------------------------
      St. Michael Finance Ltd., guaranteed by Marks & Spencer
      PLC, 5.35%, 9/4/96                                                 791,000          783,359
                                                                                      -----------

      Total Short-Term Notes                                                           12,588,970

- -------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 12.8%
- -------------------------------------------------------------------------------------------------
      Federal Home Loan Bank, 5.26%, 7/15/96                             900,000          898,159
      -------------------------------------------------------------------------------------------
      Federal National Mortgage Assn., 5.26%, 8/6/96                   1,200,000        1,193,688
                                                                                      -----------

      Total U.S. Government Agencies                                                    2,091,847

- -------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 1.6%
- -------------------------------------------------------------------------------------------------
      U.S. Treasury Nts., 6.13%, 7/31/96                                 260,000          259,930

      -------------------------------------------------------------------------------------------
      TOTAL INVESTMENTS, AT VALUE                                          100.6%      16,434,694
      -------------------------------------------------------------------------------------------
      LIABILITIES IN EXCESS OF OTHER ASSETS                                 (0.6)        (104,604)
                                                                            -----     -----------
      NET ASSETS                                                            100.0%    $16,330,090
                                                                            =====     ===========
</TABLE>


      Short-term notes and letters of credit are generally traded on a discount
      basis; the interest rate is the discount rate received by the Fund at the
      time of purchase. Other securities normally bear interest at the rates
      shown.



See accompanying Notes to Financial Statements.

                                       2
<PAGE>   14
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                                 PRINCIPAL          MARKET VALUE
                                                                                 AMOUNT             (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 17.6%
- ----------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>                <C>        
GOVERNMENT AGENCY - 14.9%
- ----------------------------------------------------------------------------------------------------------------
FHLMC/FNMA/SPONSORED - 8.3%
      ----------------------------------------------------------------------------------------------------------
      Federal Home Loan Mortgage Corp., 5.27%, 7/1/96                            $ 1,850,000        $ 1,850,000
      ----------------------------------------------------------------------------------------------------------
      Federal National Mortgage Assn.:
      7%, 4/1/04                                                                     118,774            118,713
      7.50%, 1/1/08                                                                  167,334            168,547
      8%, 5/1/17                                                                     219,780            223,576
                                                                                                    -----------
                                                                                                      2,360,836
- ----------------------------------------------------------------------------------------------------------------
GNMA/GUARANTEED - 6.6%
      ----------------------------------------------------------------------------------------------------------
      Government National Mortgage Assn., 7%, 1/15/09-1/15/24                      1,957,772          1,891,262
- ----------------------------------------------------------------------------------------------------------------
PRIVATE - 2.7%
- ----------------------------------------------------------------------------------------------------------------
MANUFACTURED HOUSING - 0.9%
      ----------------------------------------------------------------------------------------------------------
      Green Tree Financial Corp., Series 1994-6, C1, A3, 7.70%,
      1/15/20                                                                        262,000            266,501
- ----------------------------------------------------------------------------------------------------------------
OTHER - 0.7%
      ----------------------------------------------------------------------------------------------------------
      GE Capital Mortgage Services, Inc., Series 1994-14, C1, A1, 
      6.50%, 4/25/24                                                                 168,893            168,102
      ----------------------------------------------------------------------------------------------------------
      Salomon Brothers Mortgage Securities VI:
      Interest-Only Stripped Mtg.-Backed Security, Series 1987-3,
      C1, B, 12.50%, 10/23/17                                        (1)              38,424              9,774
      Principal-Only Stripped Mtg.-Backed Security, Series 1987-3,
      C1, A, 8.31%, 10/23/17                                         (2)              56,802             37,702
                                                                                                    -----------
                                                                                                        215,578
- ----------------------------------------------------------------------------------------------------------------
RESIDENTIAL - 1.1%
      ----------------------------------------------------------------------------------------------------------
      Contimortgage Home Equity Loan Trust, Series 1995-2, C1, A2,
      7.95%, 4/15/10                                                                 196,000            199,873
      ----------------------------------------------------------------------------------------------------------
      Ryland Mortgage Securities Corp. III, Sub. Bonds,
      Series 1992-A, C1, 1A, 7.17%, 3/29/30                          (3)             104,170            103,585
                                                                                                    -----------
                                                                                                        303,458
                                                                                                    -----------

           Total Mortgage-Backed Obligations                                                          5,037,635

- ----------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 54.6%
- ----------------------------------------------------------------------------------------------------------------
      U.S. Treasury Bonds:
      10.375%, 11/15/12                                                              135,000            171,387
      7.50%, 11/15/16                                                              2,420,000          2,542,500
      8.125%, 8/15/19                                                                740,000            830,650
      8.875%, 8/15/17                                                                260,000            312,161
      9.25%, 2/15/16                                                                 260,000            321,547
      STRIPS, Zero Coupon, 7.862%, 5/15/15                           (4)             393,000            103,524
      STRIPS, Zero Coupon, 7.835%, 8/15/14                           (4)           1,310,000            364,468
      ----------------------------------------------------------------------------------------------------------
      U.S. Treasury Nts.:
      5.75%, 8/15/03                                                                 470,000            447,600
      6.75%, 6/30/99                                                               5,810,000          5,877,164
      7.25%, 8/15/04                                                               1,770,000          1,833,331
</TABLE>


                                       3
<PAGE>   15
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                             PRINCIPAL           MARKET VALUE
                                                                             AMOUNT              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                 <C>       
      U.S. Treasury Nts. (Continued)
      7.50%, 11/15/01                                                        $  830,000          $  866,445
      7.50%, 2/15/05                                                          1,834,000           1,929,423
                                                                                                 ------------

      Total U.S. Government Obligations                                                          15,600,200

- -------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT OBLIGATIONS - 0.7%
- -------------------------------------------------------------------------------------------------------------
      Ontario, Canada (Province of) Bonds, 8%, 10/17/01                         196,000             205,394

- -------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES - 24.5%
- -------------------------------------------------------------------------------------------------------------
BASIC INDUSTRY - 1.4%
- -------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.9%
      -------------------------------------------------------------------------------------------------------
      Lyondell Petrochemical Co., 8.25% Nts., 3/15/97                           262,000             265,152
      -------------------------------------------------------------------------------------------------------
PAPER - 0.5%
      -------------------------------------------------------------------------------------------------------
      Potlatch Corp., 9.46% Medium-Term Nts., 4/2/02                            131,000             145,386
- -------------------------------------------------------------------------------------------------------------
CONSUMER RELATED - 2.2%
- -------------------------------------------------------------------------------------------------------------
CONSUMER PRODUCTS - 0.5%
      -------------------------------------------------------------------------------------------------------
      Procter & Gamble Co., 9.36% Debs., 1/1/21                                 131,000             155,176
      -------------------------------------------------------------------------------------------------------
FOOD/BEVERAGES/TOBACCO - 0.7%
      -------------------------------------------------------------------------------------------------------
      Bass America, Inc., 6.75% Gtd. Nts., 8/1/99                               196,000             195,420
- -------------------------------------------------------------------------------------------------------------
HEALTHCARE - 1.0%
      -------------------------------------------------------------------------------------------------------
      Roche Holdings, Inc., 2.75% Bonds, 4/14/00                                330,000             291,019
- -------------------------------------------------------------------------------------------------------------
ENERGY - 3.4%
- -------------------------------------------------------------------------------------------------------------
      Coastal Corp., 8.75% Sr. Nts., 5/15/99                                    131,000             136,450
      -------------------------------------------------------------------------------------------------------
      Colorado International Gas Corp., 10% Sr. Debs., 6/15/05                  131,000             152,767
      -------------------------------------------------------------------------------------------------------
      Norsk Hydro AS, 8.75% Bonds, 10/23/01                                     262,000             278,375
      -------------------------------------------------------------------------------------------------------
      Texaco Capital, Inc., 8.875% Gtd. Debs., 9/1/21                           131,000             149,960
      -------------------------------------------------------------------------------------------------------
      TransCanada PipeLines Ltd., 9.875% Debs., 1/1/21                          196,000             236,578
                                                                                                 ------------
                                                                                                    954,130
- -------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES - 11.0%
- -------------------------------------------------------------------------------------------------------------
BANKS & THRIFTS - 2.4%
      -------------------------------------------------------------------------------------------------------
      Banco Ganadero SA, 9.75% Sr. Unsub. Unsec. Nts.,
      8/26/99                                                          (5)       65,000              67,519
      -------------------------------------------------------------------------------------------------------
      BankAmerica Corp., 7.75% Sub. Nts., 7/15/02                               196,000             202,774
      -------------------------------------------------------------------------------------------------------
      Chase Manhattan Corp. (New), 10.125% Sub. Nts., 11/1/00                   196,000             218,520
      -------------------------------------------------------------------------------------------------------
      First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98            196,000             202,337
                                                                                                 ------------
                                                                                                    691,150
- -------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 7.9%
      -------------------------------------------------------------------------------------------------------
      Allied-Lyons Finance BV, 6.50% Debs., 8/26/97                             131,000             130,836
      -------------------------------------------------------------------------------------------------------
      American General Finance Corp., 5.875% Sr. Nts., 7/1/00                   196,000             188,901
      -------------------------------------------------------------------------------------------------------
      Associates Corp. of North America, 8.625% Sr. Nts.,
      6/15/97                                                                   131,000             133,938
      -------------------------------------------------------------------------------------------------------
      AVCO Financial Services Asia Ltd., 5.875% Sr. Nts., 10/15/97              131,000             130,146
      -------------------------------------------------------------------------------------------------------
      Caterpillar Financial Services, Inc., 6.85% Medium-Term 
      Nts., Series D, 9/15/97                                                   131,000             132,175
      -------------------------------------------------------------------------------------------------------
      Chrysler Financial Corp., 6.65% Medium-Term Nts., 4/28/97                 131,000             131,534
</TABLE>


                                       4
<PAGE>   16
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                      PRINCIPAL        MARKET VALUE
                                                                                      AMOUNT           (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL (CONTINUED)
      ---------------------------------------------------------------------------------------------------------------
<S>                                                                                   <C>              <C>          
      Countrywide Funding Corp., 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97        $   196,000      $     196,837
      ---------------------------------------------------------------------------------------------------------------
      Fleet Mtg. Group, Inc., 6.50% Nts., 9/15/99                                         131,000            130,289
      ---------------------------------------------------------------------------------------------------------------
      General Motors Acceptance Corp., 7.875% Medium-Term Nts., 2/27/97                   131,000            132,455
      ---------------------------------------------------------------------------------------------------------------
      Golden West Financial Corp.:
      10.25% Sub. Nts., 5/15/97                                                           131,000            135,315
      8.625% Sub. Nts., 8/30/98                                                            65,000             67,552
      ---------------------------------------------------------------------------------------------------------------
      Household Finance Corp., 8.95% Debs., 9/15/99                                       131,000            139,279
      ---------------------------------------------------------------------------------------------------------------
      Household International, BV, 6% Gtd. Sr. Nts., 3/15/99                              131,000            128,384
      ---------------------------------------------------------------------------------------------------------------
      Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99                                262,000            269,690
      ---------------------------------------------------------------------------------------------------------------
      U.S. Leasing International, 7% Nts., 11/1/97                                        196,000            197,815
                                                                                                       -------------
                                                                                                           2,245,146
- ---------------------------------------------------------------------------------------------------------------------
INSURANCE - 0.7%
- ---------------------------------------------------------------------------------------------------------------------
      SunAmerica, Inc., 9% Sr. Nts., 1/15/99                                              196,000            204,510
- ---------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 1.4%
- ---------------------------------------------------------------------------------------------------------------------
AEROSPACE/ELECTRONICS/COMPUTERS - 1.4%
      ---------------------------------------------------------------------------------------------------------------
      British Aerospace PLC, 8% Debs., 5/27/97                                            260,000            263,575
      ---------------------------------------------------------------------------------------------------------------
      Coltec Industries, Inc., 9.75% Sr. Nts., 4/1/00                                     131,000            133,620
                                                                                                       -------------
                                                                                                             397,195
- ---------------------------------------------------------------------------------------------------------------------
MEDIA - 1.8%
- ---------------------------------------------------------------------------------------------------------------------

PUBLISHING/PRINTING - 1.8%
      ---------------------------------------------------------------------------------------------------------------
      Reed Publishing (USA), Inc., 7.66% Medium-Term Nts., 2/19/99                        500,000            512,295
- ---------------------------------------------------------------------------------------------------------------------
OTHER - 1.2%
- ---------------------------------------------------------------------------------------------------------------------
CONGLOMERATES - 0.7%
      ---------------------------------------------------------------------------------------------------------------
      Tenneco, Inc., 10% Debs., 8/1/98                                                    196,000            208,899
- ---------------------------------------------------------------------------------------------------------------------
SERVICES - 0.5%
      ---------------------------------------------------------------------------------------------------------------
      PHH Corp., 6.50% Nts., 2/1/00                                                       131,000            129,411
- ---------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.1%
- ---------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.5%
      ---------------------------------------------------------------------------------------------------------------
      HNG Internorth/Enron Corp., 9.625% Debs., 3/15/06                                   131,000            150,404
- ---------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - 1.6%
      ---------------------------------------------------------------------------------------------------------------
      GTE Corp., 8.85% Debs., 3/1/98                                                      196,000            203,206
      ---------------------------------------------------------------------------------------------------------------
      Tele-Communications, Inc., 5.28% Medium-Term Nts., 8/20/96                          249,000            248,719
                                                                                                       -------------
                                                                                                             451,925
                                                                                                       -------------

      Total Corporate Bonds and Notes                                                                      6,997,218

      ---------------------------------------------------------------------------------------------------------------
      TOTAL INVESTMENTS, AT VALUE (COST $28,094,319)                                         97.4%        27,840,447
      ---------------------------------------------------------------------------------------------------------------
      OTHER ASSETS NET OF LIABILITIES                                                         2.6            733,245
                                                                                            -----      -------------
      NET ASSETS                                                                            100.0%     $  28,573,692
                                                                                            =====      =============
</TABLE>

                                       5
<PAGE>   17
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
Statement of Investments (Continued)
- --------------------------------------------------------------------------------

        1. Interest-Only Strips represent the right to receive the monthly
        interest payments on an underlying pool of mortgage loans. These
        securities typically decline in price as interest rates decline. Most
        other fixed-income securities increase in price when interest rates
        decline. The principal amount of the underlying pool represents the
        notional amount on which current interest is calculated. The price of
        these securities is typically more sensitive to changes in prepayment
        rates than traditional mortgage-backed securities (for example, GNMA
        pass-throughs). Interest rates disclosed represent current yields based
        upon the current cost basis and estimated timing and amount of future
        cash flows.

        2. Principal-Only Strips represent the right to receive the monthly
        principal payments on an underlying pool of mortgage loans. The value of
        these securities generally increases as interest rates decline and
        prepayment rates rise. The price of these securities is typically more
        volatile than that of coupon-bearing bonds of the same maturity.
        Interest rates disclosed represent current yields based upon the current
        cost basis and estimated timing of future cash flows.

        3. Represents the current interest rate for a variable rate security.

        4. For zero coupon bonds, the interest rate shown is the effective yield
        on the date of purchase.

        5. Represents a security sold under Rule 144A, which is exempt from
        registration under the Securities Act of 1933, as amended. This security
        has been determined to be liquid under guidelines established by the
        Board of Directors. These securities amount to $67,519 or 0.24% of the
        Fund's net assets, at June 30, 1996.



See accompanying Notes to Financial Statements.

                                       6
<PAGE>   18
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                           PRINCIPAL            MARKET VALUE
                                                                           AMOUNT               (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
SHORT-TERM NOTES - 13.1%
- ---------------------------------------------------------------------------------------------------------------
<S>                                                                        <C>                  <C>
      American Home Products, 5.38%, 7/22/96                               $   4,985,000        $    4,969,355
      ---------------------------------------------------------------------------------------------------------
      Asset Securitization Cooperative Corp., 5.36%, 7/9/96                    5,325,000             5,317,655
      ---------------------------------------------------------------------------------------------------------
      Barnett Banks, Inc., 5.35%, 7/1/96                                       7,000,000             7,000,000
      ---------------------------------------------------------------------------------------------------------
      Cooperative Association of Tractor Dealers, Inc., 5.37%, 7/17/96         5,000,000             4,988,813
      ---------------------------------------------------------------------------------------------------------
      Countrywide Home Loan, 5.38%, 7/12/96                                    8,000,000             7,986,849
      ---------------------------------------------------------------------------------------------------------
      Dean Witter, Discover & Co., 5.30%, 7/2/96                               9,560,000             9,558,593
      ---------------------------------------------------------------------------------------------------------
      Falcon Asset Securitization Corp.:
      5.35%, 7/15/96                                                           5,435,000             5,423,692
      5.37%, 7/16/96                                                           5,000,000             4,988,067
      ---------------------------------------------------------------------------------------------------------
      Federal Home Loan Bank, 5.52%, 7/1/96                                    6,000,000             6,000,000
      ---------------------------------------------------------------------------------------------------------
      Federal Home Loan Mortgage Corp.:
      5.22%, 7/9/96                                                           23,000,000            22,973,064
      5.27%, 7/1/96                                                            7,800,000             7,800,000
      ---------------------------------------------------------------------------------------------------------
      First Data Corp., 5.35%, 7/8/96                                          6,400,000             6,393,342
      ---------------------------------------------------------------------------------------------------------
      General Motors Acceptance Corp., 5.38%, 7/19/96                         10,000,000             9,988,044
      ---------------------------------------------------------------------------------------------------------
      GTE Corp., 5.38%, 7/17/96                                                3,175,000             3,167,408
      ---------------------------------------------------------------------------------------------------------
      Merrill Lynch & Co., Inc.:
      5.34%, 7/3/96                                                            5,670,000             5,668,318
      5.36%, 7/8/96                                                            4,000,000             3,995,831
      ---------------------------------------------------------------------------------------------------------
      Sears Roebuck Acceptance Corp.:
      5.37%, 7/11/96                                                           6,600,000             6,590,155
      5.38%, 7/10/96                                                           7,150,000             7,140,383
      ---------------------------------------------------------------------------------------------------------
      Sheffield Receivables Corp., 5.37%, 7/18/96                              7,800,000             7,780,221
                                                                                                   ------------

      Total Short-Term Notes                                                                       137,729,790

- ---------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 9.6%
- ---------------------------------------------------------------------------------------------------------------
      BankAmerica Manufactured Housing Contract, Series 1996-1,
      C1. A1, 6.125%, 10/10/26                                                 2,500,000             2,501,968
      ---------------------------------------------------------------------------------------------------------
      Chase Commercial Mortgage Securities Corp., Commercial
      Mortgage Obligations, Series 1996-1, C1. A2, 7.60%, 7/1/26               6,000,000             6,063,600
      ---------------------------------------------------------------------------------------------------------
      Contimortgage Home Equity Loan Trust, Series 1995-2,
      C1. A2, 7.95%, 4/15/10                                                   1,000,000             1,019,759
      ---------------------------------------------------------------------------------------------------------
      Federal Home Loan Mortgage Corp.:
      5.29%, 7/5/96                                                            6,500,000             6,496,179
      Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
      Participation Certificates, Series 1992-15, C1. KZ, 7%,
      2/25/22                                                                  2,029,758             1,638,396
      Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09              4,264,046             4,069,478
      Gtd. Multiclass Mtg. Participation Certificates, Series 1337,
      C1. D, 6%, 8/15/07                                                       3,000,000             2,697,180
      Gtd. Multiclass Mtg. Participation Certificates, Series 1694,
      C1. PG, 5.75%, 12/15/21                                                  5,000,000             4,712,195
      Gtd. Multiclass Mtg. Participation Certificates, Series 1820,
      C1. P1, 5.75%, 7/15/06                                                   4,880,000             4,713,441
</TABLE>


                                       7
<PAGE>   19
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                   PRINCIPAL           MARKET VALUE
                                                                                    AMOUNT               (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>                    <C>          
      Federal Home Loan Mortgage Corp. (Continued)
      Gtd. Multiclass Mtg. Participation Certificates, Series 1994-43,
      C1. PE, 6%, 12/25/19                                                         $ 2,950,000          $ 2,872,563
      Series 1843, C1. VB, 7%, 4/15/03                                               3,578,600            3,567,417
      Series 1849, C1. VA, 6%, 12/15/10                                              5,663,396            5,543,049
      --------------------------------------------------------------------------------------------------------------
      Federal National Mortgage Assn.:
      6%, 12/1/03                                                                    3,917,613            3,787,902
      6.50%, 4/1/24-4/1/26                                                           3,542,714            3,315,414
      7.50%, 5/1/07-12/1/08                                                          1,735,674            1,748,333
      8%, 3/1/17 - 6/1/17                                                              344,637              349,197
      --------------------------------------------------------------------------------------------------------------
      GE Capital Mortgage Securities, Inc., Series-HE2, C1. A3,
      7.30%, 6/25/26                                                                 2,700,000            2,706,750
      --------------------------------------------------------------------------------------------------------------
      Green Tree Financial Corp., Series 1994-7, C1. A3, 8%,
      3/15/20                                                                        1,500,000            1,532,340
      --------------------------------------------------------------------------------------------------------------
      Government National Mortgage Assn.:
      6.50%, 10/15/23-4/15/26                                                       26,255,605           24,567,882
      7%, 11/15/08-1/15/24                                                           3,346,495            3,272,786
      7.50%, 1/15/09-11/15/23                                                        7,766,682            7,755,723
      8%, 5/15/17                                                                    1,293,156            1,319,007
      --------------------------------------------------------------------------------------------------------------
      Housing Securities, Inc., Series 1994-3, C1. A3, 7.25%,
      9/25/12                                                                        1,418,119            1,420,742
      --------------------------------------------------------------------------------------------------------------
      Olympic Automobile Receivables Trust, Series 1996-A,
      C1. A4, 5.85%, 7/15/01                                                         4,000,000            3,917,436
                                                                                                      -------------

      Total Mortgage-Backed Obligations                                                                 101,588,737

- --------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 10.7%
- --------------------------------------------------------------------------------------------------------------------
AGENCY - 0.3%
- --------------------------------------------------------------------------------------------------------------------
GOVERNMENT AGENCY-SPONSORED - 0.3%
      --------------------------------------------------------------------------------------------------------------
      Federal Home Loan Bank, 6.365% Bonds, Series MW01, 4/9/01                      3,000,000            2,956,032
- --------------------------------------------------------------------------------------------------------------------
TREASURY - 10.4%
- --------------------------------------------------------------------------------------------------------------------
      U.S. Treasury Bonds:
      10.375%, 11/15/12                                                              3,000,000            3,808,590
      7.50%, 11/15/16                                                               58,725,000           61,697,660
      8.75%, 5/15/17                                                                 3,000,000            3,559,230
      8.875%, 8/15/17                                                                1,000,000            1,200,620
      STRIPS, Zero Coupon:
      7.835%, 5/15/15                                                    (1)         2,250,000              592,695
      6.425%, 5/15/97                                                    (1)         6,000,000            5,712,000
      --------------------------------------------------------------------------------------------------------------
      U.S. Treasury Nts.:
      5.75%, 10/31/00                                                                1,000,000              974,060
      6.75%, 6/30/99                                                                   865,000              874,999
      7.25%, 8/15/04                                                                 9,265,000            9,596,502
      7.50%, 11/15/01                                                               15,735,000           16,425,924
</TABLE>


                                       8
<PAGE>   20
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                    PRINCIPAL          MARKET VALUE
                                                                                     AMOUNT              (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------
<S>                                                                                <C>               <C>
      U.S. Treasury Nts. (Continued)
      8.50%, 2/15/00                                                                $  750,000         $    799,920
      8.50%, 4/15/97                                                                 4,000,000            4,084,360
                                                                                                       -------------
                                                                                                        109,326,560
                                                                                                       -------------

      Total U.S. Government Obligations                                                                 112,282,592

- --------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT OBLIGATIONS - 0.2%
- --------------------------------------------------------------------------------------------------------------------
      Colombia (Republic of) Unsub. Nts., 7.125%, 5/11/98                              600,000              595,500
      --------------------------------------------------------------------------------------------------------------
      United Mexican States Bonds, 6.97%, 8/12/00                                    1,750,000            1,561,875
                                                                                                       -------------

      Total Foreign Government Obligations                                                                2,157,375

- --------------------------------------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 20.6%
- --------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 2.1%
- --------------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.2%
      --------------------------------------------------------------------------------------------------------------
      Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97                         2,000,000            2,022,980
      --------------------------------------------------------------------------------------------------------------
      FMC Corp., 8.75% Sr. Nts., 4/1/99                                              2,500,000            2,601,475
      --------------------------------------------------------------------------------------------------------------
      Lyondell Petrochemical Co., 8.25% Nts., 3/15/97                                3,500,000            3,542,105
      --------------------------------------------------------------------------------------------------------------
      Morton International, Inc., 9.25% Credit Sensitive Nts.,
      6/1/20                                                                         2,512,000            2,968,631
      --------------------------------------------------------------------------------------------------------------
      PPG Industries, Inc., 9% Debs., 5/1/21                                         1,190,000            1,373,141
                                                                                                       -------------
                                                                                                         12,508,332
- --------------------------------------------------------------------------------------------------------------------
METALS - 0.4%
      --------------------------------------------------------------------------------------------------------------
      Alcan Aluminum Ltd., 9.625% Debs., 7/15/19                                     4,000,000            4,379,160
- --------------------------------------------------------------------------------------------------------------------
PAPER - 0.5%
      --------------------------------------------------------------------------------------------------------------
      Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98                        2,250,000            2,266,875
      --------------------------------------------------------------------------------------------------------------
      Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97                    2,950,000            3,038,028
                                                                                                       -------------
                                                                                                          5,304,903
- --------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 2.5%
- --------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.2%
      --------------------------------------------------------------------------------------------------------------
      Blockbuster Entertainment Group, 6.625% Sr. Nts., 2/15/98                      1,750,000            1,740,743
      --------------------------------------------------------------------------------------------------------------
      Dresser Industries, Inc., 6.25% Nts., 6/1/00                                   6,000,000            5,857,260
      --------------------------------------------------------------------------------------------------------------
      Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01                    5,350,000            5,254,556
                                                                                                       -------------
                                                                                                         12,852,559
- --------------------------------------------------------------------------------------------------------------------
MEDIA - 0.8%
      --------------------------------------------------------------------------------------------------------------
      Reed Elsevier, Inc., 6.625% Nts., 10/15/23                        (2)          1,600,000            1,384,720
      --------------------------------------------------------------------------------------------------------------
      Tele-Communications, Inc., 7.14% Sr. Medium-Term Nts.,
      2/3/98                                                                         3,100,000            3,121,506
      --------------------------------------------------------------------------------------------------------------
      Time Warner, Inc., 7.45% Nts., 2/1/98                                          3,900,000            3,942,237
                                                                                                       -------------
                                                                                                          8,448,463
- --------------------------------------------------------------------------------------------------------------------
RETAIL:  GENERAL - 0.5%
      --------------------------------------------------------------------------------------------------------------
      Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01                       1,770,000            1,862,925
      --------------------------------------------------------------------------------------------------------------
      Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99                           1,590,000            1,660,055
      --------------------------------------------------------------------------------------------------------------
      Wal-Mart Stores, Inc., 5.875% Nts., 10/15/05                                   2,000,000            1,826,600
                                                                                                       -------------
                                                                                                          5,349,580
</TABLE>


                                       9
<PAGE>   21
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                               PRINCIPAL              MARKET VALUE
                                                                               AMOUNT                 (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 2.2%
- --------------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.2%
      --------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>                    <C>
      Bass America, Inc., 6.75% Gtd. Nts., 8/1/99                              $     1,250,000        $   1,246,300
      --------------------------------------------------------------------------------------------------------------
      Fomento Economico Mexico SA, 9.50% Unsub. Nts., 7/22/97                        1,300,000            1,322,750
                                                                                                      --------------
                                                                                                          2,569,050
- --------------------------------------------------------------------------------------------------------------------
FOOD - 0.9%
      --------------------------------------------------------------------------------------------------------------
      ConAgra, Inc., 9.75% Sr. Nts., 11/1/97                                         1,500,000            1,557,840
      --------------------------------------------------------------------------------------------------------------
      CPC International, Inc., 6.15% Unsec. Nts., Series C, 1/15/06                  2,000,000            1,864,960
      --------------------------------------------------------------------------------------------------------------
      Dole Food Co., 6.75% Nts., 7/15/00                                             3,500,000            3,452,645
      --------------------------------------------------------------------------------------------------------------
      Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98                        2,000,000            2,062,500
      --------------------------------------------------------------------------------------------------------------
      Safeway, Inc., 9.35% Sr. Sub. Nts., 3/15/99                                    1,000,000            1,027,500
                                                                                                      --------------
                                                                                                          9,965,445
- --------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 0.3%
      --------------------------------------------------------------------------------------------------------------
      Roche Holdings, Inc., 2.75% Bonds, 4/14/00                                     3,000,000            2,645,625
- --------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 0.2%
      --------------------------------------------------------------------------------------------------------------
      Tenet Healthcare Corp., 8.625% Sr. Unsec. Nts., 12/1/03                        2,000,000            2,027,500
- --------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.5%
      --------------------------------------------------------------------------------------------------------------
      Black & Decker Corp., 6.625% Nts., 11/15/00                                    2,700,000            2,666,844
      --------------------------------------------------------------------------------------------------------------
      Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97                                 2,000,000            2,022,500
      --------------------------------------------------------------------------------------------------------------
      Procter & Gamble Co., 9.36% Debs., 1/1/21                                        750,000              888,413
                                                                                                      --------------
                                                                                                          5,577,757
- --------------------------------------------------------------------------------------------------------------------
TOBACCO - 0.1%
      --------------------------------------------------------------------------------------------------------------
      B.A.T. Capital Corp., 6.66% Medium-Term Nts., 3/22/00             (2)            500,000              494,350
- --------------------------------------------------------------------------------------------------------------------
ENERGY - 2.6%
- --------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.7%
      --------------------------------------------------------------------------------------------------------------
      Coastal Corp., 8.125% Sr. Nts., 9/15/02                                        3,190,000            3,325,862
      --------------------------------------------------------------------------------------------------------------
      Ferrellgas LP/Ferrellgas Finance Corp., 10% Sr. Nts.,
      8/1/01                                                                         2,000,000            2,045,000
      --------------------------------------------------------------------------------------------------------------
      Petroliam Nasional Berhad, 6.875% Nts., 7/1/03                    (2)          2,500,000            2,462,000
                                                                                                     ---------------
                                                                                                          7,832,862
- --------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 1.9%
      --------------------------------------------------------------------------------------------------------------
      BP America, Inc., 8.875% Gtd. Debs., 12/1/97                                   1,000,000            1,035,060
      --------------------------------------------------------------------------------------------------------------
      Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23                         4,000,000            3,871,960
      --------------------------------------------------------------------------------------------------------------
      Norsk Hydro AS, 8.75% Bonds, 10/23/01                                          1,500,000            1,593,750
      --------------------------------------------------------------------------------------------------------------
      Occidental Petroleum Corp., 6.27% Medium-Term Nts., 11/8/00                    4,000,000            3,884,664
      --------------------------------------------------------------------------------------------------------------
      Phillips Petroleum Co., 7.53% Pass-Through Certificates,
      Series 1994-A1, 9/27/98                                                        2,721,149            2,790,661
      --------------------------------------------------------------------------------------------------------------
      Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19                       3,190,000            3,336,325
      --------------------------------------------------------------------------------------------------------------
      Texaco Capital, Inc., 8.875% Gtd. Debs., 9/1/21                                  500,000              572,365
      --------------------------------------------------------------------------------------------------------------
      TransCanada PipeLines Ltd., 9.875% Debs., 1/1/21                               2,250,000            2,715,818
                                                                                                      --------------
                                                                                                         19,800,603
- --------------------------------------------------------------------------------------------------------------------
FINANCIAL - 7.4%
- --------------------------------------------------------------------------------------------------------------------
BANKS - 1.0%
      --------------------------------------------------------------------------------------------------------------
      BankAmerica Corp., 7.75% Sub. Nts., 7/15/02                                    1,250,000            1,293,200
      --------------------------------------------------------------------------------------------------------------
      Chase Manhattan Corp. (New), 10.125% Sub. Nts., 11/1/00                        1,000,000            1,114,900
      --------------------------------------------------------------------------------------------------------------
      Citicorp, 5.625% Sr. Nts., 2/15/01                                             2,135,000            2,035,253
</TABLE>


                                       10
<PAGE>   22
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                  PRINCIPAL      MARKET VALUE
                                                                                                  AMOUNT              (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                               <C>            <C>
BANKS (CONTINUED)
                 ------------------------------------------------------------------------------------------------------------
                 First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98                   $1,500,000      $ 1,548,495
                 ------------------------------------------------------------------------------------------------------------
                 Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01                            750,000          839,213
                 ------------------------------------------------------------------------------------------------------------
                 Marshall & Ilsley Corp., 6.95% Medium-Term Nts., Series C, 3/31/97                1,500,000        1,509,630
                 ------------------------------------------------------------------------------------------------------------
                 Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97                         1,350,000        1,351,985
                 ------------------------------------------------------------------------------------------------------------
                 Shawmut Corp., 8.125% Debs., 2/1/97                                                 500,000          505,820
                                                                                                                  -----------
                                                                                                                   10,198,496
- -----------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 5.7%
                 ------------------------------------------------------------------------------------------------------------
                 American General Finance Corp.:
                 5.875% Sr. Nts., 7/1/00                                                           1,500,000        1,445,670
                 7.70% Sr. Nts., 11/15/97                                                          2,000,000        2,032,080
                 ------------------------------------------------------------------------------------------------------------
                 Aristar, Inc., 8.125% Sr. Nts., 12/1/97                                           1,250,000        1,277,875
                 ------------------------------------------------------------------------------------------------------------
                 Associates Corp. of North America, 6.75% Sr. Nts.,
                 10/15/99                                                                          1,500,000        1,503,450
                 ------------------------------------------------------------------------------------------------------------
                 AVCO Financial Services Asia Ltd., 5.875% Sr. Nts., 10/15/97                      1,500,000        1,490,220
                 ------------------------------------------------------------------------------------------------------------
                 Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99                              2,500,000        2,496,520
                 ------------------------------------------------------------------------------------------------------------
                 Chrysler Financial Corp.:
                 5.08% Medium-Term Nts., 1/24/97                                                   2,000,000        1,989,580
                 5.875% Nts., 2/7/01                                                               1,500,000        1,441,380
                 ------------------------------------------------------------------------------------------------------------
                 Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01                                 4,000,000        3,809,040
                 ------------------------------------------------------------------------------------------------------------
                 Countrywide Funding Corp.:
                 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01                                     1,285,000        1,232,949
                 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99                                   1,800,000        1,767,240
                 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97                                     1,000,000        1,004,270
                 ------------------------------------------------------------------------------------------------------------
                 Fleet Mtg. Group, Inc.:
                 6.125% Nts., 8/15/97                                                              3,000,000        2,989,290
                 6.50% Nts., 9/15/99                                                                 750,000          745,928
                 ------------------------------------------------------------------------------------------------------------
                 Ford Motor Credit Co.:
                 6.25% Unsub. Nts., 2/26/98                                                        1,000,000          998,050
                 8% Nts., 12/1/97                                                                  1,000,000        1,022,580
                 ------------------------------------------------------------------------------------------------------------
                 General Motors Acceptance Corp.:
                 5.625% Nts., 2/15/01                                                              1,200,000        1,139,872
                 5.65% Medium-Term Nts., 12/15/97                                                  2,000,000        1,985,560
                 7.75% Medium-Term Nts., 1/17/97                                                   2,500,000        2,522,425
                 ------------------------------------------------------------------------------------------------------------
                 Golden West Financial Corp.:
                 10.25% Sub. Nts., 5/15/97                                                         1,250,000        1,291,175
                 8.625% Sub. Nts., 8/30/98                                                           500,000          519,630
                 ------------------------------------------------------------------------------------------------------------
                 Grand Metropolitan PLC, 7% Gtd. Nts., 6/15/99                                     3,000,000        3,009,375
                 ------------------------------------------------------------------------------------------------------------
                 Household Finance Corp.:
                 7.50% Nts., 3/15/97                                                                 250,000          252,515
                 8.95% Debs., 9/15/99                                                              1,200,000        1,275,840
                 ------------------------------------------------------------------------------------------------------------
                 Household International, BV, 6% Gtd. Sr. Nts., 3/15/99                            1,500,000        1,470,045
                 ------------------------------------------------------------------------------------------------------------
                 Merrill Lynch & Co., Inc.:
                 6% Nts., 3/1/01                                                                   1,500,000        1,446,731
                 6.50% Nts., 4/1/01                                                                2,500,000        2,456,000
                 ------------------------------------------------------------------------------------------------------------
                 Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97                                 1,500,000        1,505,205
</TABLE>

                                       11
<PAGE>   23
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                     PRINCIPAL       MARKET VALUE
                                                                                     AMOUNT          (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>   <C>             <C>
DIVERSIFIED FINANCIAL (CONTINUED)
                 ------------------------------------------------------------------------------------------------
                 Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99                $3,250,000       $ 3,345,388
                 ------------------------------------------------------------------------------------------------
                 Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D,
                 3/1/99                                                               4,000,000         4,153,560
                 ------------------------------------------------------------------------------------------------
                 Sears Roebuck Acceptance Corp., 5.99% Medium-Term
                 Nts., Series 1, 12/26/00                                             2,000,000         1,933,200
                 ------------------------------------------------------------------------------------------------
                 TransAmerica Finance Corp.:
                 6.75% Sr. Nts., 8/15/97                                              2,000,000         2,008,000
                 6.80% Sr. Nts., 3/15/99                                                725,000           727,929
                 ------------------------------------------------------------------------------------------------
                 U.S. Leasing International, 7% Nts., 11/1/97                         1,500,000         1,513,890
                                                                                                      -----------
                                                                                                       59,802,462
- -----------------------------------------------------------------------------------------------------------------
INSURANCE - 0.7%
                 ------------------------------------------------------------------------------------------------
                 Equitable Life Assurance Society (U.S.A.), 6.95% Surplus
                 Nts., 12/1/05                                                 (2)    2,000,000         1,920,260
                 ------------------------------------------------------------------------------------------------
                 SunAmerica, Inc., 9% Sr. Nts., 1/15/99                               1,700,000         1,773,814
                 ------------------------------------------------------------------------------------------------
                 Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01         3,500,000         3,474,520
                                                                                                      -----------
                                                                                                        7,168,594
- -----------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 1.6%
- -----------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.3%
                 ------------------------------------------------------------------------------------------------
                 Honeywell, Inc., 6.60% Nts., 4/15/01                                 3,000,000         2,967,300
- -----------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 0.1%
                 ------------------------------------------------------------------------------------------------
                 PHH Corp., 6.50% Nts., 2/1/00                                        1,250,000         1,234,838
- -----------------------------------------------------------------------------------------------------------------
MANUFACTURING - 0.5%
                 ------------------------------------------------------------------------------------------------
                 Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03                    2,200,000         2,200,000
                 ------------------------------------------------------------------------------------------------
                 Tenneco, Inc.:
                 10% Debs., 8/1/98                                                    1,250,000         1,332,263
                 9.25% Sr. Nts., 11/1/96                                              2,000,000         2,018,980
                                                                                                      -----------
                                                                                                        5,551,243
- -----------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.7%
                 ------------------------------------------------------------------------------------------------
                 Federal Express Corp., 6.25% Nts., 4/15/98                           3,485,000         3,458,305
                 ------------------------------------------------------------------------------------------------
                 Union Pacific Corp.:
                 7% Nts., 6/15/00                                                     2,030,000         2,025,554
                 7.60% Nts., 5/1/05                                                   2,000,000         2,021,680
                                                                                                      -----------
                                                                                                        7,505,539
- -----------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 0.6%
- -----------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 0.2%
                 ------------------------------------------------------------------------------------------------
                 British Aerospace PLC, 8% Debs., 5/27/97                             1,500,000         1,520,625
                 ------------------------------------------------------------------------------------------------
                 Coltec Industries, Inc., 9.75% Sr. Nts., 4/1/00                      1,000,000         1,020,000
                                                                                                      -----------
                                                                                                        2,540,625
- -----------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 0.2%
                 ------------------------------------------------------------------------------------------------
                 Electric Data Systems Corp., 7.125% Nts., 5/15/05             (2)    2,000,000         1,974,620
- -----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 0.2%
                 ------------------------------------------------------------------------------------------------
                 MCI Communications Corp., 7.125% Sr. Nts., 1/20/00                   2,000,000         2,019,120
- -----------------------------------------------------------------------------------------------------------------
UTILITIES - 1.6%
- -----------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.4%
                 ------------------------------------------------------------------------------------------------
                 Consumers Power Co., 8.75% Mtg. Nts., 2/15/98                        2,000,000         2,056,440
                 ------------------------------------------------------------------------------------------------
                 El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99        2,000,000         1,969,200
                                                                                                      -----------
                                                                                                      $ 4,025,640
</TABLE>

                                       12
<PAGE>   24
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                      PRINCIPAL      MARKET VALUE
                                                                                       AMOUNT           (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------
<S>                                                                                 <C>              <C>
GAS UTILITIES - 1.0%
        ---------------------------------------------------------------------------------------------------------
        Arkla, Inc., 9.875% Nts., 4/15/97                                             $3,000,000     $  3,078,330
        ---------------------------------------------------------------------------------------------------------
        Colorado International Gas Corp., 10% Sr. Debs., 6/15/05                         455,000          530,603
        ---------------------------------------------------------------------------------------------------------
        Columbia Gas Systems, Inc., 6.80% Nts., Series C, 11/28/05                     2,000,000        1,913,300
        ---------------------------------------------------------------------------------------------------------
        HNG Internorth/Enron Corp., 9.625% Debs., 3/15/06                                700,000          803,684
        ---------------------------------------------------------------------------------------------------------
        NorAm Energy Corp., 8.43% Medium-Term Nts., Series B, 9/17/98                  2,000,000        2,060,640
        ---------------------------------------------------------------------------------------------------------
        Transco Energy Co., 9.625% Debs., 6/15/00                                        750,000          808,898
        ---------------------------------------------------------------------------------------------------------
        Transcontinental Gas Pipeline Corp., 9% Debs., 11/15/96                        1,000,000        1,010,150
                                                                                                     ------------
                                                                                                       10,205,605
- -----------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 0.2%
        ---------------------------------------------------------------------------------------------------------
        GTE Corp., 8.85% Debs., 3/1/98                                                 2,350,000        2,436,410
                                                                                                     ------------

        Total Non-Convertible Corporate Bonds and Notes                                               217,386,681

                                                                                          SHARES
- -----------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 44.7%
- -----------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 2.4%
- -----------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.9%
        ---------------------------------------------------------------------------------------------------------
        Cabot Corp.                                                                      202,900        4,971,050
        ---------------------------------------------------------------------------------------------------------
        Potash Corp. of Saskatchewan, Inc.                                               110,300        7,307,375
        ---------------------------------------------------------------------------------------------------------
        Union Carbide Corp.                                                              155,700        6,189,075
        ---------------------------------------------------------------------------------------------------------
        W.R. Grace & Co.                                                                  27,500        1,949,062
                                                                                                     ------------
                                                                                                       20,416,562
- -----------------------------------------------------------------------------------------------------------------
METALS - 0.5%
        ---------------------------------------------------------------------------------------------------------
        UCAR International, Inc.                                           (3)           126,000        5,244,750
- -----------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 7.1%
- -----------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 1.8%
        ---------------------------------------------------------------------------------------------------------
        Black & Decker Corp.                                                             132,200        5,106,225
        ---------------------------------------------------------------------------------------------------------
        Chrysler Corp.                                                                   118,000        7,316,000
        ---------------------------------------------------------------------------------------------------------
        Ford Motor Co.                                                                   188,700        6,109,162
                                                                                                     ------------
                                                                                                       18,531,387
- -----------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.5%
        ---------------------------------------------------------------------------------------------------------
        AMR Corp.                                                                         86,500        7,871,500
        ---------------------------------------------------------------------------------------------------------
        Grand Casinos, Inc.                                                (3)           154,500        3,978,375
        ---------------------------------------------------------------------------------------------------------
        Northwest Airlines Corp., C1, A                                    (3)           109,900        4,341,050
                                                                                                     ------------
                                                                                                       16,190,925
- -----------------------------------------------------------------------------------------------------------------
RETAIL:  GENERAL - 3.3%
        ---------------------------------------------------------------------------------------------------------
        Eckerd Corp.                                                       (3)           290,300        6,568,037
        ---------------------------------------------------------------------------------------------------------
        Federated Department Stores, Inc.                                  (3)           108,800        3,712,800
        ---------------------------------------------------------------------------------------------------------
        Price/Costco, Inc.                                                 (3)           243,600        5,267,850
        ---------------------------------------------------------------------------------------------------------
        Sears Roebuck & Co.                                                              156,700        7,619,537
        ---------------------------------------------------------------------------------------------------------
        U.S. Industries, Inc.                                              (3)           298,000        7,189,250
        ---------------------------------------------------------------------------------------------------------
        Waban, Inc.                                                        (3)           197,500        4,715,312
                                                                                                     ------------
                                                                                                       35,072,786
- -----------------------------------------------------------------------------------------------------------------
RETAIL:  SPECIALTY - 0.5%
        ---------------------------------------------------------------------------------------------------------
        Tandy Corp.                                                                      104,200        4,936,475
</TABLE>

                                       13
<PAGE>   25
PANORAMA SERIES FUND - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                        MARKET VALUE
                                                                      SHARES              (NOTE 1)
- ---------------------------------------------------------------------------------------------------
<S>                                                          <C>          <C>           <C>        
CONSUMER NON-CYCLICALS - 5.8%
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
BEVERAGES - 0.8%
- ---------------------------------------------------------------------------------------------------
        Anheuser-Busch Cos., Inc.                                         107,500       $ 8,062,500
- ---------------------------------------------------------------------------------------------------
FOOD - 2.6%
- ---------------------------------------------------------------------------------------------------
        American Stores Co.                                               212,900         8,782,125
- ---------------------------------------------------------------------------------------------------
        Archer-Daniels-Midland Co.                                        355,800         6,804,675
- ---------------------------------------------------------------------------------------------------
        Dole Food Co.                                                      82,300         3,538,900
- ---------------------------------------------------------------------------------------------------
        Kroger Co.                                           (3)          205,300         8,109,350
                                                    -----------------------------------------------
                                                                                         27,235,050
- ---------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 0.7%
- ---------------------------------------------------------------------------------------------------
        Bristol-Myers Squibb Co.                                           81,400         7,326,000
- ---------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 0.9%
- ---------------------------------------------------------------------------------------------------
        Columbia/HCA Healthcare Corp.                                      81,300         4,339,387
- ---------------------------------------------------------------------------------------------------
        OrNda Healthcorp                                     (3)          234,000         5,616,000
                                                    -----------------------------------------------
                                                                                          9,955,387
- ---------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.8%
- ---------------------------------------------------------------------------------------------------
        Premark International, Inc.                                       133,400         2,467,900
- ---------------------------------------------------------------------------------------------------
        Tupperware Corp.                                     (3)          133,400         5,636,150
                                                    -----------------------------------------------
                                                                                          8,104,050
- ---------------------------------------------------------------------------------------------------
ENERGY - 2.5%
- ---------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 2.5%
- ---------------------------------------------------------------------------------------------------
        Amoco Corp.                                                       110,300         7,982,962
- ---------------------------------------------------------------------------------------------------
        Chevron Corp.                                                     127,800         7,540,200
- ---------------------------------------------------------------------------------------------------
        Mobil Corp.                                                        93,500        10,483,687
                                                    -----------------------------------------------
                                                                                         26,006,849
- ---------------------------------------------------------------------------------------------------
FINANCIAL - 6.6%
- ---------------------------------------------------------------------------------------------------
BANKS - 4.0%
- ---------------------------------------------------------------------------------------------------
        Bank of Boston Corp.                                              200,100         9,904,950
- ---------------------------------------------------------------------------------------------------
        BankAmerica Corp.                                                 139,700        10,582,275
- ---------------------------------------------------------------------------------------------------
        Chase Manhattan Corp. (New)                                       120,476         8,508,618
- ---------------------------------------------------------------------------------------------------
        PNC Bank Corp.                                                    211,800         6,301,050
- ---------------------------------------------------------------------------------------------------
        Wells Fargo & Co.                                                  29,200         6,975,150
                                                    -----------------------------------------------
                                                                                         42,272,043
- ---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 1.6%
- ---------------------------------------------------------------------------------------------------
        Federal Home Loan Mortgage Corp.                                   44,900         3,838,950
- ---------------------------------------------------------------------------------------------------
        Salomon, Inc.                                                     294,000        12,936,000
                                                    -----------------------------------------------
                                                                                         16,774,950
- ---------------------------------------------------------------------------------------------------
INSURANCE - 1.0%
- ---------------------------------------------------------------------------------------------------
        General Re Corp.                                                    5,600           852,600
- ---------------------------------------------------------------------------------------------------
        TIG Holdings, Inc.                                                134,100         3,888,900
- ---------------------------------------------------------------------------------------------------
        Travelers/Aetna Property Casualty Corp., C1, A       (3)          208,500         5,916,188
                                                    -----------------------------------------------
                                                                                         10,657,688
- ---------------------------------------------------------------------------------------------------
INDUSTRIAL - 4.2%
- ---------------------------------------------------------------------------------------------------
MANUFACTURING - 4.2%
- ---------------------------------------------------------------------------------------------------
        AGCO Corp.                                                        269,300         7,473,075
- ---------------------------------------------------------------------------------------------------
        Case Corp.                                                        188,500         9,048,000
- ---------------------------------------------------------------------------------------------------
        Harnischfeger Industries, Inc.                                    129,500         4,305,875
- ---------------------------------------------------------------------------------------------------
        Mark IV Industries, Inc.                                          151,134         3,419,407
</TABLE>

                                       14
<PAGE>   26
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)
<TABLE>
<CAPTION>
                                                                                  MARKET VALUE
                                                                SHARES              (NOTE 1)
- -----------------------------------------------------------------------------------------------
<S>                                                          <C>  <C>            <C>      
MANUFACTURING (CONTINUED)
- -----------------------------------------------------------------------------------------------
        Textron, Inc.                                             153,600        $   12,268,800
- -----------------------------------------------------------------------------------------------
        Tyco International Ltd.                                   182,500             7,436,875
                                                -----------------------------------------------
                                                                                     43,952,032
- -----------------------------------------------------------------------------------------------
TECHNOLOGY - 9.5%
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 4.3%
- -----------------------------------------------------------------------------------------------
        General Dynamics Corp.                                     95,100             5,896,200
- -----------------------------------------------------------------------------------------------
        Goodrich (B.F.) Co.                                       131,700             4,922,288
- -----------------------------------------------------------------------------------------------
        Lockheed Martin Corp.                                     114,051             9,580,284
- -----------------------------------------------------------------------------------------------
        McDonnell Douglas Corp.                                   160,800             7,798,800
- -----------------------------------------------------------------------------------------------
        Rockwell International Corp.                              160,000             9,160,000
- -----------------------------------------------------------------------------------------------
        TRW, Inc.                                                  91,200             8,196,600
                                                -----------------------------------------------
                                                                                     45,554,172
- -----------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 3.0%
- -----------------------------------------------------------------------------------------------
        Dell Computer Corp.                                  (3)   99,000             5,036,625
- -----------------------------------------------------------------------------------------------
        Gateway 2000, Inc.                                   (3)   83,600             2,842,400
- -----------------------------------------------------------------------------------------------
        Storage Technology Corp. (New)                       (3)  252,200             9,646,650
- -----------------------------------------------------------------------------------------------
        Xerox Corp.                                               270,000            14,445,000
                                                -----------------------------------------------
                                                                                     31,970,675
- -----------------------------------------------------------------------------------------------
ELECTRONICS - 1.5%
- -----------------------------------------------------------------------------------------------
        Intel Corp.                                                79,300             5,823,594
- -----------------------------------------------------------------------------------------------
        Varian Associates, Inc.                                   119,300             6,173,775
- -----------------------------------------------------------------------------------------------
        Waters Corp.                                         (3)  112,500             3,712,500
                                                -----------------------------------------------
                                                                                     15,709,869
- -----------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 0.7%
- -----------------------------------------------------------------------------------------------
        AT&T Corp.                                                120,800             7,489,600
- -----------------------------------------------------------------------------------------------
UTILITIES - 6.6%
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 3.1%
- -----------------------------------------------------------------------------------------------
        American Electric Power Co., Inc.                          98,800             4,211,350
- -----------------------------------------------------------------------------------------------
        Calenergy, Inc.                                      (3)  248,100             6,326,550
- -----------------------------------------------------------------------------------------------
        Entergy Corp.                                             278,400             7,899,600
- -----------------------------------------------------------------------------------------------
        FPL Group, Inc.                                           174,200             8,013,200
- -----------------------------------------------------------------------------------------------
        Texas Utilities Co.                                       155,400             6,643,350
                                                -----------------------------------------------
                                                                                     33,094,050
- -----------------------------------------------------------------------------------------------
GAS UTILITIES - 2.2%
- -----------------------------------------------------------------------------------------------
        Columbia Gas System, Inc. (The)                           223,300            11,639,513
- -----------------------------------------------------------------------------------------------
        PanEnergy Corp.                                           334,500            10,996,688
                                                -----------------------------------------------
                                                                                     22,636,201
- -----------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 1.3%
- -----------------------------------------------------------------------------------------------
        Ameritech Corp.                                           101,900             6,050,313
- -----------------------------------------------------------------------------------------------
        GTE Corp.                                                 160,700             7,191,325
                                                -----------------------------------------------
                                                                                     13,241,638
                                                       ----------------------------------------
                                                                                    -----------
        Total Common Stocks                                                         470,435,639

- -----------------------------------------------------------------------------------------------
        TOTAL INVESTMENTS, AT VALUE (COST $990,497,133)              98.9%        1,041,580,814
- -----------------------------------------------------------------------------------------------
        OTHER ASSETS NET OF LIABILITIES                               1.1            11,505,383
                                                -----------------------------------------------
        NET ASSETS                                                  100.0%       $1,053,086,197
                                                ===============================================
</TABLE>


                                       15
<PAGE>   27
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Statement of Investments (Continued)

- -------------------------------------------------------------------------------
        1. For zero coupon bonds, the interest rate shown is the effective yield
        on the date of purchase.

        2. Represents a security sold under Rule 144A, which is exempt from
        registration under the Securities Act of 1933, as amended. This security
        has been determined to be liquid under guidelines established by the
        Board of Directors. These securities amount to $8,235,950 or 0.78% of
        the Fund's net assets, at June 30, 1996.

        3. Non-income producing security.


See accompanying Notes to Financial Statements.

                                       16

<PAGE>   28
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                               PRINCIPAL            MARKET VALUE
                                                                               AMOUNT               (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>                   <C>
SHORT-TERM NOTES - 9.3%
- ----------------------------------------------------------------------------------------------------------------
           Asset Securitization Cooperative Corp., 5.36%, 7/9/96               $ 4,435,000           $ 4,430,378
           -----------------------------------------------------------------------------------------------------
           Barnett Banks, Inc., 5.33%, 7/1/96                                    5,000,000             5,000,000
           -----------------------------------------------------------------------------------------------------
           Countrywide Home Loan, 5.40%, 7/11/96                                 2,500,000             2,496,251
           -----------------------------------------------------------------------------------------------------
           Federal Home Loan Bank, 5.52%, 7/1/96                                20,900,000            20,900,000
           -----------------------------------------------------------------------------------------------------
           Federal Home Loan Mortgage Corp., 5.27%, 7/1/96                       4,900,000             4,900,000
           -----------------------------------------------------------------------------------------------------
           General Motors Acceptance Corp., 5.39%, 7/2/96                        4,060,000             4,059,393
           -----------------------------------------------------------------------------------------------------
           Merrill Lynch & Co., Inc., 5.34%, 7/3/96                              1,960,000             1,959,418
           -----------------------------------------------------------------------------------------------------
           Sears Roebuck Acceptance Corp., 5.38%, 7/9/96                         2,000,000             1,997,609
                                                                                                     -----------
           Total Short-Term Notes                                                                     45,743,049

                                                                               SHARES
- ----------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 89.6%
- ----------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 4.8%
- ----------------------------------------------------------------------------------------------------------------
CHEMICALS - 3.7%
           -----------------------------------------------------------------------------------------------------
           Cabot Corp.                                                           191,300               4,686,850
           -----------------------------------------------------------------------------------------------------
           Potash Corp. of Saskatchewan, Inc.                                     90,400               5,989,000
           -----------------------------------------------------------------------------------------------------
           Union Carbide Corp.                                                   151,800               6,034,050
           -----------------------------------------------------------------------------------------------------
           W.R. Grace & Co.                                                       17,400               1,233,225
                                                                                                     -----------
                                                                                                      17,943,125
- ----------------------------------------------------------------------------------------------------------------
METALS - 1.1%
           -----------------------------------------------------------------------------------------------------
           UCAR International, Inc.                                 (1)          125,600               5,228,100
- ----------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 14.2%
- ----------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 3.4%
           -----------------------------------------------------------------------------------------------------
           Black & Decker Corp.                                                  109,000               4,210,125
           -----------------------------------------------------------------------------------------------------
           Chrysler Corp.                                                        104,100               6,454,200
           -----------------------------------------------------------------------------------------------------
           Ford Motor Co.                                                        190,300               6,160,962
                                                                                                     -----------
                                                                                                      16,825,287
- ----------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.3%
           -----------------------------------------------------------------------------------------------------
           AMR Corp.                                                              77,300               7,034,300
           -----------------------------------------------------------------------------------------------------
           Grand Casinos, Inc.                                      (1)          149,300               3,844,475
           -----------------------------------------------------------------------------------------------------
           Northwest Airlines Corp., C1, A                          (1)          136,700               5,399,650
                                                                                                     -----------
                                                                                                      16,278,425
- ----------------------------------------------------------------------------------------------------------------
RETAIL:  GENERAL - 6.5%
           -----------------------------------------------------------------------------------------------------
           Eckerd Corp.                                             (1)          205,500               4,649,437
           -----------------------------------------------------------------------------------------------------
           Federated Department Stores, Inc.                        (1)          109,100               3,723,037
           -----------------------------------------------------------------------------------------------------
           Price/Costco, Inc.                                       (1)          231,100               4,997,537
           -----------------------------------------------------------------------------------------------------
           Sears Roebuck & Co.                                                   139,300               6,773,462
           -----------------------------------------------------------------------------------------------------
           U.S. Industries, Inc.                                    (1)          316,900               7,645,212
           -----------------------------------------------------------------------------------------------------
           Waban, Inc.                                              (1)          176,200               4,206,775
                                                                                                     -----------
                                                                                                      31,995,460
- ----------------------------------------------------------------------------------------------------------------
RETAIL:  SPECIALTY - 1.0%
           -----------------------------------------------------------------------------------------------------
           Tandy Corp.                                                           102,300               4,846,462
- ----------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 12.0%
- ----------------------------------------------------------------------------------------------------------------
BEVERAGES - 1.6%
           -----------------------------------------------------------------------------------------------------
           Anheuser-Busch Cos., Inc.                                             104,000               7,800,000
</TABLE>

                                       17
<PAGE>   29
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                   MARKET VALUE
                                                                               SHARES                   (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>                 <C>
FOOD - 5.5%
           ----------------------------------------------------------------------------------------------------
           American Stores Co.                                                   215,300           $  8,881,125
           ----------------------------------------------------------------------------------------------------
           Archer-Daniels-Midland Co.                                            375,400              7,179,525
           ----------------------------------------------------------------------------------------------------
           Dole Food Co.                                                          71,400              3,070,200
           ----------------------------------------------------------------------------------------------------
           Kroger Co.                                             (1)            196,800              7,773,600
                                                                                                   ------------
                                                                                                     26,904,450
- ---------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 1.4%
           ----------------------------------------------------------------------------------------------------
           Bristol-Myers Squibb Co.                                               78,700              7,083,000
- ---------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 1.9%
           ----------------------------------------------------------------------------------------------------
           Columbia/HCA Healthcare Corp.                                          72,300              3,859,012
           ----------------------------------------------------------------------------------------------------
           OrNda Healthcorp                                        (1)           225,800              5,419,200
                                                                                                   ------------
                                                                                                      9,278,212
- ---------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 1.6%
           ----------------------------------------------------------------------------------------------------
           Premark International, Inc.                                           125,900              2,329,150
           ----------------------------------------------------------------------------------------------------
           Tupperware Corp.                                       (1)            125,900              5,319,275
                                                                                                   ------------
                                                                                                      7,648,425
- ---------------------------------------------------------------------------------------------------------------
ENERGY - 4.8%
- ---------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 4.8%
           ----------------------------------------------------------------------------------------------------
           Amoco Corp.                                                            93,100              6,738,113
           ----------------------------------------------------------------------------------------------------
           Chevron Corp.                                                         125,300              7,392,700
           ----------------------------------------------------------------------------------------------------
           Mobil Corp.                                                            82,600              9,261,525
                                                                                                   ------------
                                                                                                     23,392,338
- ---------------------------------------------------------------------------------------------------------------
FINANCIAL - 13.2%
- ---------------------------------------------------------------------------------------------------------------
BANKS - 7.7%
           ----------------------------------------------------------------------------------------------------
           Bank of Boston Corp.                                                  168,100              8,320,950
           ----------------------------------------------------------------------------------------------------
           BankAmerica Corp.                                                     135,600             10,271,700
           ----------------------------------------------------------------------------------------------------
           Chase Manhattan Corp. (New)                                            98,644              6,966,733
           ----------------------------------------------------------------------------------------------------
           PNC Bank Corp.                                                        208,200              6,193,950
           ----------------------------------------------------------------------------------------------------
           Wells Fargo & Co.                                                      24,500              5,852,438
                                                                                                   ------------
                                                                                                     37,605,771
- ---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 3.4%
           ----------------------------------------------------------------------------------------------------
           Federal Home Loan Mortgage Corp.                                       43,400              3,710,700
           ----------------------------------------------------------------------------------------------------
           Salomon, Inc.                                                         299,500             13,178,000
                                                                                                   ------------
                                                                                                     16,888,700
- ---------------------------------------------------------------------------------------------------------------
INSURANCE - 2.1%
           ----------------------------------------------------------------------------------------------------
           General Re Corp.                                                        5,500                837,375
           ----------------------------------------------------------------------------------------------------
           TIG Holdings, Inc.                                                    119,900              3,477,100
           ----------------------------------------------------------------------------------------------------
           Travelers/Aetna Property Casualty Corp., C1, A         (1)            210,400              5,970,100
                                                                                                   ------------
                                                                                                     10,284,575
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 8.2%
- ---------------------------------------------------------------------------------------------------------------
MANUFACTURING - 8.2%
           ----------------------------------------------------------------------------------------------------
           AGCO Corp.                                                            263,800              7,320,450
           ----------------------------------------------------------------------------------------------------
           Case Corp.                                                            171,600              8,236,800
           ----------------------------------------------------------------------------------------------------
           Harnischfeger Industries, Inc.                                        123,400              4,103,050
           ----------------------------------------------------------------------------------------------------
           Mark IV Industries, Inc.                                              118,518              2,681,470
           ----------------------------------------------------------------------------------------------------
           Textron, Inc.                                                         129,600             10,351,800
           ----------------------------------------------------------------------------------------------------
           Tyco International Ltd.                                               185,400              7,555,050
                                                                                                   ------------
                                                                                                     40,248,620
</TABLE>
                                       18
<PAGE>   30
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                     MARKET VALUE
                                                                                      SHARES              (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------
<S>                                                                                <C>             <C>
TECHNOLOGY - 19.9%
- -----------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 9.6%
           ------------------------------------------------------------------------------------------------------
           General Dynamics Corp.                                                    108,100         $  6,702,200
           ------------------------------------------------------------------------------------------------------
           Goodrich (B.F.) Co.                                                       128,000            4,784,000
           ------------------------------------------------------------------------------------------------------
           Lockheed Martin Corp.                                                     110,452            9,277,968
           ------------------------------------------------------------------------------------------------------
           McDonnell Douglas Corp.                                                   206,400           10,010,400
           ------------------------------------------------------------------------------------------------------
           Rockwell International Corp.                                              146,600            8,392,850
           ------------------------------------------------------------------------------------------------------
           TRW, Inc.                                                                  89,500            8,043,813
                                                                                                     ------------
                                                                                                       47,211,231
- -----------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 6.0%
           ------------------------------------------------------------------------------------------------------
           Dell Computer Corp.                                       (1)              83,000            4,222,625
           ------------------------------------------------------------------------------------------------------
           Gateway 2000, Inc.                                        (1)              74,200            2,522,800
           ------------------------------------------------------------------------------------------------------
           Storage Technology Corp. (New)                            (1)             261,100            9,987,075
           ------------------------------------------------------------------------------------------------------
           Xerox Corp.                                                               237,900           12,727,650
                                                                                                     ------------
                                                                                                       29,460,150
- -----------------------------------------------------------------------------------------------------------------
ELECTRONICS - 2.8%
           ------------------------------------------------------------------------------------------------------
           Intel Corp.                                                                65,800            4,832,188
           ------------------------------------------------------------------------------------------------------
           Varian Associates, Inc.                                                   103,100            5,335,425
           ------------------------------------------------------------------------------------------------------
           Waters Corp.                                              (1)             108,600            3,583,800
                                                                                                     ------------
                                                                                                       13,751,413
- -----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 1.5%
           ------------------------------------------------------------------------------------------------------
           AT&T Corp.                                                                116,900            7,247,800
- -----------------------------------------------------------------------------------------------------------------
UTILITIES - 12.5%
- -----------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 6.0%
           ------------------------------------------------------------------------------------------------------
           American Electric Power Co., Inc.                                         113,800            4,850,725
           ------------------------------------------------------------------------------------------------------
           Calenergy, Inc.                                           (1)             251,000            6,400,500
           ------------------------------------------------------------------------------------------------------
           Entergy Corp.                                                             221,300            6,279,388
           ------------------------------------------------------------------------------------------------------
           FPL Group, Inc.                                                           116,700            5,368,200
           ------------------------------------------------------------------------------------------------------
           Texas Utilities Co.                                                       149,400            6,386,850
                                                                                                     ------------
                                                                                                       29,285,663
- -----------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 4.2%
           ------------------------------------------------------------------------------------------------------
           Columbia Gas System, Inc. (The)                                           204,800           10,675,200
           ------------------------------------------------------------------------------------------------------
           PanEnergy Corp.                                                           303,100            9,964,413
                                                                                                     ------------
                                                                                                       20,639,613
- -----------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 2.3%
           ------------------------------------------------------------------------------------------------------
           Ameritech Corp.                                                            79,400            4,714,375
           ------------------------------------------------------------------------------------------------------
           GTE Corp.                                                                 150,800            6,748,300
                                                                                                     ------------
                                                                                                       11,462,675
                                                                                                     ------------

           TOTAL COMMON STOCKS                                                                        439,309,495

           ------------------------------------------------------------------------------------------------------
           TOTAL INVESTMENTS, AT VALUE (COST $422,712,991)                              98.9%         485,052,544
           ------------------------------------------------------------------------------------------------------
           OTHER ASSETS NET OF LIABILITIES                                               1.1            5,532,050
                                                                                     --------        ------------

           NET ASSETS                                                                  100.0%        $490,584,594
                                                                                     ========        ============
</TABLE>

(1.)  Non-income producing security.


See accompanying Notes to Financial Statements.

                                       19
<PAGE>   31
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                               PRINCIPAL        MARKET VALUE
                                                                               AMOUNT                (NOTE 1)
- ------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>              <C>
MORTGAGE-BACKED OBLIGATIONS - 29.4%
- ------------------------------------------------------------------------------------------------------------
GOVERNMENT AGENCY - 29.4%
- ------------------------------------------------------------------------------------------------------------
FHLMC/FNMA/SPONSORED - 17.3%
        ----------------------------------------------------------------------------------------------------
        Federal Home Loan Mortgage Corp.:
        Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
        Participation Certificates, 10.50%, 10/1/20                            $  268,553        $   295,828
        Mtg.-Backed Certificates, 6.11%, 7/31/98                                1,000,000            997,340
        Mtg.-Backed Certificates, 7.125%, 7/21/99                               1,000,000          1,020,160
        ----------------------------------------------------------------------------------------------------
        Federal National Mortgage Assn.:
        6.50%, 12/1/23                                                            852,458            802,641
        6.50%, 2/1/09                                                             218,694            213,157
        7.50%, 9/1/22                                                             778,681            770,653
                                                                                                 -----------
                                                                                                   4,099,779
- ------------------------------------------------------------------------------------------------------------
GNMA/GUARANTEED - 12.1%
        ----------------------------------------------------------------------------------------------------
        Government National Mortgage Assn., 7%, 10/15/23-3/15/26                2,979,030          2,864,578
                                                                                                 -----------

        Total Mortgage-Backed Obligations                                                          6,964,357

- ------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 61.7%
- ------------------------------------------------------------------------------------------------------------
AGENCY - 12.6%
- ------------------------------------------------------------------------------------------------------------
GOVERNMENT AGENCY-SPONSORED - 12.6%
        ----------------------------------------------------------------------------------------------------
        Federal Farm Credit Bank, 6.37% Medium-Term Nts., 9/1/00                1,000,000            991,410
        ----------------------------------------------------------------------------------------------------
        Federal Home Loan Bank:
        5.725%, 6/15/98                                                         1,000,000            989,945
        5.84%, 9/8/97                                                           1,000,000            998,120
                                                                                                 -----------
                                                                                                   2,979,475
- ------------------------------------------------------------------------------------------------------------
TREASURY - 49.1%
- ------------------------------------------------------------------------------------------------------------
        U.S. Treasury Bonds:
        7.50%, 11/15/16                                                         2,175,000          2,285,099
        8.125%, 8/15/19                                                           500,000            561,250
        9.25%, 2/15/16                                                          1,200,000          1,484,064
        ----------------------------------------------------------------------------------------------------
        U.S. Treasury Nts.:
        5.50%, 7/31/97                                                          1,350,000          1,344,938
        5.75%, 8/15/03                                                          1,150,000          1,095,191
        6.75%, 2/28/97                                                            875,000            881,151
        7.25%, 8/15/04                                                          2,700,000          2,796,606
        7.50%, 11/15/01                                                           950,000            995,774
        8.50%, 2/15/00                                                            200,000            213,312
                                                                                                 -----------
                                                                                                  11,657,385
                                                                                                 -----------

        Total U.S. Government Obligations                                                         14,636,860
</TABLE>

                                       20
<PAGE>   32
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                 PRINCIPAL       MARKET VALUE
                                                                 AMOUNT               (NOTE 1)
- ---------------------------------------------------------------------------------------------
<S>                                                              <C>            <C>
CORPORATE BONDS AND NOTES - 6.4%
- ---------------------------------------------------------------------------------------------
        Private Export Funding Corp.:
        6.90% Nts., 1/31/03                                      $  500,000      $    501,835
        7.30% Debs., 1/31/02                                      1,000,000         1,024,620
                                                                                 ------------

        Total Corporate Bonds and Notes                                             1,526,455

        -------------------------------------------------------------------------------------
        TOTAL INVESTMENTS, AT VALUE (COST $23,465,290)                 97.5%       23,127,672
        -------------------------------------------------------------------------------------
        OTHER ASSETS NET OF LIABILITIES                                 2.5           581,982
                                                                 ----------      ------------

        NET ASSETS                                                    100.0%      $23,709,654
                                                                 ==========       ===========
</TABLE>

See accompanying Notes to Financial Statements.

                                       21
<PAGE>   33
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                                                       MARKET VALUE
                                                                                            SHARES          (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>             <C>
COMMON STOCKS - 93.9%
- -------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 5.5%
- -------------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.7%
                    -----------------------------------------------------------------------------------------------
                    Daicel Chemical Industries Ltd.                                            76,000    $  462,607
                    -----------------------------------------------------------------------------------------------
                    Hoechst AG                                                                 14,000       475,107
                                                                                                         ----------
                                                                                                            937,714
- -------------------------------------------------------------------------------------------------------------------
METALS - 3.8%
                    -----------------------------------------------------------------------------------------------
                    Acerinox SA                                                                 2,640       275,333
                    -----------------------------------------------------------------------------------------------
                    Hitachi Metals Ltd.                                                        37,000       426,279
                    -----------------------------------------------------------------------------------------------
                    Nisshin Steel Co. Ltd.                                                     55,000       213,734
                    -----------------------------------------------------------------------------------------------
                    Posgold Ltd.                     (1)                                      109,000       268,110
                    -----------------------------------------------------------------------------------------------
                    RTZ Corp. PLC                                                              34,260       507,063
                    -----------------------------------------------------------------------------------------------
                    Western Mining Corp. Holdings Ltd.                                         73,900       528,479
                                                                                                         ----------
                                                                                                          2,218,998
- -------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 20.1%
- -------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 5.7%
                    -----------------------------------------------------------------------------------------------
                    Autoliv AB                                                                 12,000       366,158
                    -----------------------------------------------------------------------------------------------
                    Autopistas Concesionaria Espanola SA                                       27,000       314,285
                    -----------------------------------------------------------------------------------------------
                    Bridgestone Corp.                                                          22,000       420,427
                    -----------------------------------------------------------------------------------------------
                    Groupe SEB SA                                                               3,000       522,591
                    -----------------------------------------------------------------------------------------------
                    Honda Motor Co.                                                            25,000       649,202
                    -----------------------------------------------------------------------------------------------
                    Michelin (CGDE), B Shares        (1)                                        6,300       308,655
                    -----------------------------------------------------------------------------------------------
                    Rinnai Corp.                     (1)                                       22,000       523,019
                    -----------------------------------------------------------------------------------------------
                    Valeo SA                                                                    3,440       184,252
                                                                                                         ----------
                                                                                                          3,288,589
- -------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.7%
                    -----------------------------------------------------------------------------------------------
                    CDL Hotels International Ltd.                                           1,400,000       768,654
                    -----------------------------------------------------------------------------------------------
                    Granada Group PLC                                                          43,000       575,314
                    -----------------------------------------------------------------------------------------------
                    THORN EMI PLC                                                              29,000       807,983
                                                                                                         ----------
                                                                                                          2,151,951
- -------------------------------------------------------------------------------------------------------------------
MEDIA - 4.9%
                    -----------------------------------------------------------------------------------------------
                    Elsevier NV                                                                30,000       455,585
                    -----------------------------------------------------------------------------------------------
                    Reed International PLC           (1)                                       33,000       551,708
                    -----------------------------------------------------------------------------------------------
                    Reuters Holdings PLC             (1)                                       60,000       725,889
                    -----------------------------------------------------------------------------------------------
                    Television Broadcasts Ltd.                                                150,000       562,926
                    -----------------------------------------------------------------------------------------------
                    Wolters Kluwer NV                                                           5,000       568,455
                                                                                                         ----------
                                                                                                          2,864,563
- -------------------------------------------------------------------------------------------------------------------
RETAIL:  GENERAL - 2.1%
                    -----------------------------------------------------------------------------------------------
                    Marks & Spencer PLC                                                       100,000       730,704
                    -----------------------------------------------------------------------------------------------
                    Zeneca Group PLC                                                           23,000       508,650
                                                                                                         ----------
                                                                                                          1,239,354
- -------------------------------------------------------------------------------------------------------------------
RETAIL:  SPECIALTY - 3.7%
                    -----------------------------------------------------------------------------------------------
                    adidas AG                                                                   3,000       252,351
                    -----------------------------------------------------------------------------------------------
                    Jusco Co.                                                                  16,000       525,214
                    -----------------------------------------------------------------------------------------------
                    Next PLC                                                                   93,000       813,154
                    -----------------------------------------------------------------------------------------------
                    Shimamura Co. Ltd.               (1)                                       12,000       528,871
                                                                                                         ----------
                                                                                                          2,119,590
</TABLE>
                                       22
<PAGE>   34
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                             MARKET VALUE
                                                                             SHARES               (NOTE 1)
- ---------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                 <C>
CONSUMER NON-CYCLICALS - 11.5%
- ---------------------------------------------------------------------------------------------------------
BEVERAGES - 2.3%
                    -------------------------------------------------------------------------------------
                    Guinness PLC                                              43,600           $  316,894
                    -------------------------------------------------------------------------------------
                    Heineken Holding NV, C1, A                                 3,025              611,563
                    -------------------------------------------------------------------------------------
                    LVMH Moet Hennessy Louis Vuitton                           1,800              426,938
                                                                                               ----------
                                                                                                1,355,395
- ---------------------------------------------------------------------------------------------------------
FOOD - 1.3%
                    -------------------------------------------------------------------------------------
                    Carrefour Supermarche SA                                     725              406,505
                    -------------------------------------------------------------------------------------
                    Nestle SA                                                    308              352,049
                                                                                               ----------
                                                                                                  758,554
- ---------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 5.1%
                    -------------------------------------------------------------------------------------
                    Astra AB Free, Series A                                   12,000              531,110
                    -------------------------------------------------------------------------------------
                    Ciba-Geigy AG                                                615              750,180
                    -------------------------------------------------------------------------------------
                    Sandoz AG                                                    550              629,539
                    -------------------------------------------------------------------------------------
                    Schering AG                                                6,700              487,793
                    -------------------------------------------------------------------------------------
                    Takeda Chemical Industries Ltd.                           31,000              549,902
                                                                                               ----------
                                                                                                2,948,524
- ---------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 2.3%
                    -------------------------------------------------------------------------------------
                    Luxottica Group SpA, Sponsored ADR        (1)              6,500              476,938
                    -------------------------------------------------------------------------------------
                    SmithKline Beecham PLC                                    79,657              851,745
                                                                                               ----------
                                                                                                1,328,683
- ---------------------------------------------------------------------------------------------------------
TOBACCO - 0.5%
                    -------------------------------------------------------------------------------------
                    PT Gudang Garam                           (1)             64,000              274,286
- ---------------------------------------------------------------------------------------------------------
ENERGY - 1.9%
- ---------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 1.9%
                    -------------------------------------------------------------------------------------
                    Elf Acquitaine SA                                          3,851              283,457
                    -------------------------------------------------------------------------------------
                    Total SA, B Shares                                        11,157              828,164
                                                                                               ----------
                                                                                                1,111,621
- ---------------------------------------------------------------------------------------------------------
FINANCIAL - 15.3%
- ---------------------------------------------------------------------------------------------------------
BANKS - 4.5%
                    -------------------------------------------------------------------------------------
                    Banco Bradesco SA, Preference                         70,325,700              574,259
                    -------------------------------------------------------------------------------------
                    Banco Popular Espanol SA                                   2,550              454,998
                    -------------------------------------------------------------------------------------
                    Bangkok Bank Public Co. Ltd.                              30,000              406,539
                    -------------------------------------------------------------------------------------
                    HSBC Holdings PLC                                          4,000               60,459
                    -------------------------------------------------------------------------------------
                    Malayan Banking Berhad                    (1)             62,000              596,512
                    -------------------------------------------------------------------------------------
                    National Australia Bank Ltd.                              20,000              184,676
                    -------------------------------------------------------------------------------------
                    Thai Farmers Bank Public Co. Ltd.                         33,000              361,395
                                                                                               ----------
                                                                                                2,638,838
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 8.6%
                    -------------------------------------------------------------------------------------
                    First Pacific Co. Ltd.                                   422,000              648,744
                    -------------------------------------------------------------------------------------
                    Haw Par Brothers International Ltd.                      230,000              524,876
                    -------------------------------------------------------------------------------------
                    Hays PLC                                                  78,000              549,961
                    -------------------------------------------------------------------------------------
                    ING Groep NV                                              16,032              478,469
                    -------------------------------------------------------------------------------------
                    Lend Lease Corp. Ltd.                     (1)             34,000              521,022
                    -------------------------------------------------------------------------------------
                    Nichiei Co. Ltd.                                           9,000              600,741
                    -------------------------------------------------------------------------------------
                    Perlis Plantations Berhad                                140,000              538,785
                    -------------------------------------------------------------------------------------
                    Southcorp Holdings Ltd.                   (1)            110,000              272,299
</TABLE>

                                       23
<PAGE>   35
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
Statement of Investments (Continued)


<TABLE>
<CAPTION>
                                                                                                                    MARKET VALUE
                                                                                                   SHARES                (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                               <C>              <C>
DIVERSIFIED FINANCIAL (CONTINUED)
     ---------------------------------------------------------------------------------------------------------------------------
     Swire Pacific Ltd., C1, B                                                                      430,000           $  591,606
     ---------------------------------------------------------------------------------------------------------------------------
     United Industrial Corp. Ltd.                                                                   230,000              234,727
                                                                                                                      ----------
                                                                                                                       4,961,230
- --------------------------------------------------------------------------------------------------------------------------------
INSURANCE - 2.2%
     ---------------------------------------------------------------------------------------------------------------------------
     AXA SA                                                                                           8,000              436,270
     ---------------------------------------------------------------------------------------------------------------------------
     Sumitomo Marine & Fire Insurance Co.                                                            64,000              558,863
     ---------------------------------------------------------------------------------------------------------------------------
     Union des Assurances Federales                                                                   2,175              268,513
                                                                                                                      ----------
                                                                                                                       1,263,646
- --------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 15.9%
- --------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.2%
     ---------------------------------------------------------------------------------------------------------------------------
     ABB AG                                                                       (1)                   395              489,090
     ---------------------------------------------------------------------------------------------------------------------------
     Mabuchi Motor Co.                                                                                2,800              178,704
                                                                                                                      ----------
                                                                                                                         667,794
- --------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 1.3%
     ---------------------------------------------------------------------------------------------------------------------------
     Compagnie de Saint Gobain                                                                        2,750              368,370
     ---------------------------------------------------------------------------------------------------------------------------
     THK Co. Ltd.                                                                                    17,000              411,923
                                                                                                                      ----------
                                                                                                                         780,293
- --------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 3.2%
     ---------------------------------------------------------------------------------------------------------------------------
     Komori Corp.                                                                 (1)                22,000              563,252
     ---------------------------------------------------------------------------------------------------------------------------
     Kurita Water Industries Ltd.                                                 (1)                17,000              415,032
     ---------------------------------------------------------------------------------------------------------------------------
     NGK Spark Plug Co.                                                                              31,000              345,814
     ---------------------------------------------------------------------------------------------------------------------------
     SGS Societe Generale de Surveillance Holding SA, Series B                                          230              550,992
                                                                                                                      ----------
                                                                                                                       1,875,090
- --------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 9.2%
     ---------------------------------------------------------------------------------------------------------------------------
     Canadian Pacific Ltd.                                                                               75                1,635
     ---------------------------------------------------------------------------------------------------------------------------
     Canon Sales Co. Inc.                                                                            22,000              613,542
     ---------------------------------------------------------------------------------------------------------------------------
     Hutchison Whampoa Ltd.                                                                          88,000              553,638
     ---------------------------------------------------------------------------------------------------------------------------
     Komatsu Ltd.                                                                 (1)                57,000              562,886
     ---------------------------------------------------------------------------------------------------------------------------
     Mannesmann AG                                                                                    1,200              415,127
     ---------------------------------------------------------------------------------------------------------------------------
     Mitsubishi Heavy Industries Ltd.                                                                58,000              505,408
     ---------------------------------------------------------------------------------------------------------------------------
     Nippon Electric Glass Co. Ltd.                                                                  16,000              273,579
     ---------------------------------------------------------------------------------------------------------------------------
     NSK Ltd.                                                                                        61,000              462,387
     ---------------------------------------------------------------------------------------------------------------------------
     Shinmaywa Industries Ltd.                                                    (1)                30,000              307,228
     ---------------------------------------------------------------------------------------------------------------------------
     Sidel SA                                                                                         2,000              508,982
     ---------------------------------------------------------------------------------------------------------------------------
     SMC Corp.                                                                    (1)                 8,400              651,324
     ---------------------------------------------------------------------------------------------------------------------------
     Sophus Berendsen AS, Series B                                                                    3,700              495,251
                                                                                                                      ----------
                                                                                                                       5,350,987
- --------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 1.0%
     ---------------------------------------------------------------------------------------------------------------------------
     Brambles Industries Ltd.                                                                        40,000              555,756
- --------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 16.7%
- --------------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 1.2%
     ---------------------------------------------------------------------------------------------------------------------------
     Canon, Inc.                                                                                     33,000              687,971
- --------------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 0.5%
     ---------------------------------------------------------------------------------------------------------------------------
     Sap AG, Preference                                                                               2,000              296,876
- --------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS - 10.2%
     ---------------------------------------------------------------------------------------------------------------------------
     Bowthorpe PLC                                                                                   81,000              567,340
     ---------------------------------------------------------------------------------------------------------------------------
     Electrocomponents PLC                                                                           85,000              503,611
     ---------------------------------------------------------------------------------------------------------------------------
     Getronics NV                                                                                    16,240              359,937
</TABLE>
                                       24
<PAGE>   36
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                  MARKET VALUE
                                                                                                   SHARES              (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                            <C>                <C>
ELECTRONICS (CONTINUED)
     -------------------------------------------------------------------------------------------------------------------------
     Keyence Corp.                                                                                 4,300           $   585,836
     -------------------------------------------------------------------------------------------------------------------------
     Kyocera Corp.                                                                                 6,000               425,182
     -------------------------------------------------------------------------------------------------------------------------
     Matsushita Electric Industrial Co.                                                           29,000               540,941
     -------------------------------------------------------------------------------------------------------------------------
     Matsushita Electric Works Ltd.                                                               40,000               435,240
     -------------------------------------------------------------------------------------------------------------------------
     Nitto Denko Corp.                                                                            29,000               511,773
     -------------------------------------------------------------------------------------------------------------------------
     Rohm Co.                                                                                      8,000               529,603
     -------------------------------------------------------------------------------------------------------------------------
     Samsung Electronics Co., Sponsored GDR                                      (1)(2)           12,000               289,560
     -------------------------------------------------------------------------------------------------------------------------
     Sony Corp.                                                                  (1)               9,000               593,334
     -------------------------------------------------------------------------------------------------------------------------
     TDK Corp.                                                                                     9,000               538,198
                                                                                                                   -----------
                                                                                                                     5,880,555
- ------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 4.8%
     -------------------------------------------------------------------------------------------------------------------------
     L.M. Ericsson Telephone Co., C1, B, ADR                                                      21,560               463,540
     -------------------------------------------------------------------------------------------------------------------------
     Nokia AB, Series A                                                                            9,600               354,435
     -------------------------------------------------------------------------------------------------------------------------
     PT Indosat, ADR                                                                               7,500               258,750
     -------------------------------------------------------------------------------------------------------------------------
     Royal PTT Nederland NV                                                      (1)              15,000               568,162
     -------------------------------------------------------------------------------------------------------------------------
     Telecom Corp. of New Zealand Ltd.                                                           140,000               589,474
     -------------------------------------------------------------------------------------------------------------------------
     Vodafone Group PLC                                                                          150,000               557,928
                                                                                                                   -----------
                                                                                                                     2,792,289
- ------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.0%
- ------------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.9%
     -------------------------------------------------------------------------------------------------------------------------
     Cia Energetica de Minas Gerais, Preference                                               18,700,000               497,202
     -------------------------------------------------------------------------------------------------------------------------
     Veba AG                                                                                      11,650               619,622
                                                                                                                   -----------
                                                                                                                     1,116,824
- ------------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 1.8%
     -------------------------------------------------------------------------------------------------------------------------
     Hong Kong & China Gas                                                                       309,600               493,949
     -------------------------------------------------------------------------------------------------------------------------
     RWE AG, Preference                                                          (1)              17,000               523,249
                                                                                                                   -----------
                                                                                                                     1,017,198
- ------------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 3.3%
     -------------------------------------------------------------------------------------------------------------------------
     DDI Corp.                                                                                        75               655,603
     -------------------------------------------------------------------------------------------------------------------------
     Telecom Italia Mobile SpA                                                                    67,000                91,448
     -------------------------------------------------------------------------------------------------------------------------
     Telecom Italia Mobile SpA                                                                    82,000               183,412
     -------------------------------------------------------------------------------------------------------------------------
     Telecomunicacoes de Sao Paulo SA, Preference                                              2,815,711               598,468
     -------------------------------------------------------------------------------------------------------------------------
     Telefonica de Espana, ADS                                                                    21,800               401,922
                                                                                                                   -----------
                                                                                                                     1,930,853
                                                                                                                   -----------

     Total Common Stocks                                                                                            54,414,022

- ------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.0%
- ------------------------------------------------------------------------------------------------------------------------------
     Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks                                        33,200                12,511

                                                                                                   UNITS
- ------------------------------------------------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES - 0.4%
- ------------------------------------------------------------------------------------------------------------------------------
     Carrefour Supermarche SA Rts., Exp. 7/96                                                        725               200,434
     -------------------------------------------------------------------------------------------------------------------------
     Haw Par Brothers International Wts., Exp. 3/01                                               23,000
     -------------------------------------------------------------------------------------------------------------------------
     Hong Kong & China Gas Wts., Exp. 9/97                                                        25,800                 6,749
     -------------------------------------------------------------------------------------------------------------------------
     Renong Berhad Wts., Exp. 2/97                                                                20,750                 5,490
                                                                                                                   -----------

     Total Rights, Warrants and Certificates                                                                           212,673
</TABLE>

                                       25
<PAGE>   37
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                           PRINCIPAL           MARKET VALUE
                                                           AMOUNT                   (NOTE 1)
- -------------------------------------------------------------------------------------------
<S>                                                        <C>                 <C>
CERTIFICATE OF DEPOSIT  - 5.7%
- -------------------------------------------------------------------------------------------
     Cayman Time Deposit, 4.50%, 7/1/96                    $3,282,000           $ 3,282,000
     -------------------------------------------------------------------------------------
     TOTAL INVESTMENTS, AT VALUE (COST $50,868,489)             100.0%           57,921,206
     -------------------------------------------------------------------------------------
     OTHER ASSETS NET OF LIABILITIES                              0.0                 6,529
                                                            ---------           -----------
     NET ASSETS                                                 100.0%          $57,927,735
                                                            =========           ===========
</TABLE>


(1.)  Non-income producing security.

(2.)  Represents a security sold under Rule 144A, which is exempt from
registration under the Securities Act of 1933, as amended. This security has
been determined to be liquid under guidelines established by the Board of
Directors. These securities amount to $289,560 or 0.50% of the Fund's net assets
at June 30, 1996.

Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:

<TABLE>
<CAPTION>

COUNTRY                                     MARKET VALUE       PERCENT
- ----------------------------------------------------------------------
<S>                                        <C>                 <C>
Japan                                        $16,233,286          28.0%
Great Britain                                  8,567,944          14.8
France                                         4,743,131           8.2
Hong Kong                                      3,686,725           6.4
United States                                  3,302,333           5.7
Germany                                        3,070,125           5.3
Netherlands                                    3,042,171           5.2
Switzerland                                    2,771,850           4.8
Australia                                      2,330,342           4.0
Brazil                                         1,669,929           2.9
Spain                                          1,446,538           2.5
Sweden                                         1,360,808           2.4
Malaysia                                       1,153,298           2.0
Singapore                                        759,603           1.3
Thailand                                         767,934           1.3
Italy                                            751,798           1.3
New Zealand                                      589,474           1.0
Indonesia                                        533,036           0.9
Denmark                                          495,251           0.9
Finland                                          354,435           0.6
Korea, Republic of (South)                       289,560           0.5
Canada                                             1,635           0.0
                                             -----------         -----
Total                                        $57,921,206         100.0%
                                             ===========         =====
</TABLE>



See accompanying Notes to Financial Statements.

                                       26

<PAGE>   38
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
                                                                                    PRINCIPAL                 MARKET VALUE
                                                                                    AMOUNT                    (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 6.4%
- -----------------------------------------------------------------------------------------------------------------------------------
           Federal Home Loan Mortgage Corp.:
           Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
<S>                                                                                 <C>                       <C>                 
           Participation Certificates, 5.50%, 12/1/97                               $        76,954      $        76,501
           Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09                      261,568              249,633
           Series 1843, C1, VB, 7%, 4/15/03                                                  75,000               74,766
           Series 1849, C1, VA, 6%, 12/15/10                                                247,396              242,139
           --------------------------------------------------------------------------------------------------------------
           Federal National Mortgage Assn.:
           6%, 12/1/03                                                                      249,756              241,488
           6.50%, 4/1/26                                                                    199,295              186,403
           Series 1994-13, C1, B, 6.50%, 2/25/09                                            150,000              139,172
           --------------------------------------------------------------------------------------------------------------
           GE Capital Mortgage Securities, Inc., Series-HE2, C1, A3,
           7.30%, 6/25/26                                                                   130,000              130,325
           --------------------------------------------------------------------------------------------------------------
           Olympic Automobile Receivables Trust, Series 1996-A,
           C1, A4, 5.85%, 7/15/01                                                           125,000              122,420
                                                                                                         ----------------

           Total Mortgage-Backed Obligations                                                                   1,462,847
                                                                                                            
- -------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 18.3%
- -------------------------------------------------------------------------------------------------------------------------
           --------------------------------------------------------------------------------------------------------------
           U.S. Treasury Bonds, 7.50%, 11/15/16                                           1,250,000            1,313,275
           --------------------------------------------------------------------------------------------------------------
           U.S. Treasury Nts.:
           6.75%, 6/30/99                                                                 1,825,000            1,846,097
           7.25%, 8/15/04                                                                 1,010,000            1,046,138
                                                                                                         ----------------
                                                                                                            
           Total U.S. Government Obligations                                                                   4,205,510
                                                                                                            
- -------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES - 43.8%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
BASIC INDUSTRY - 6.5%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
CHEMICALS - 3.0%
           --------------------------------------------------------------------------------------------------------------
           Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97                           125,000              126,437
           --------------------------------------------------------------------------------------------------------------
           G-I Holdings, Inc., 10% Sr. Nts., 2/15/06                           1             42,000               41,370
           --------------------------------------------------------------------------------------------------------------
           IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01                                   90,000              110,250
           --------------------------------------------------------------------------------------------------------------
           Lyondell Petrochemical Co., 8.25% Nts., 3/15/97                                  100,000              101,203
           --------------------------------------------------------------------------------------------------------------
           Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20                   75,000               88,634
           --------------------------------------------------------------------------------------------------------------
           NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05           2            100,000               77,625
           --------------------------------------------------------------------------------------------------------------
           PPG Industries, Inc., 9% Debs., 5/1/21                                            75,000               86,543
           --------------------------------------------------------------------------------------------------------------
           Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04                                      75,000               77,625
                                                                                                         ----------------
                                                                                                                 709,687
- -------------------------------------------------------------------------------------------------------------------------
CONTAINERS - 0.3%
           --------------------------------------------------------------------------------------------------------------
           Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05                                 75,000               76,313
- -------------------------------------------------------------------------------------------------------------------------
METALS/MINING - 0.6%
           --------------------------------------------------------------------------------------------------------------
           Alcan Aluminum Ltd., 9.625% Debs., 7/15/19                                       125,000              136,849
- -------------------------------------------------------------------------------------------------------------------------
PAPER - 2.6%
           --------------------------------------------------------------------------------------------------------------
           Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98                          125,000              125,938
           --------------------------------------------------------------------------------------------------------------
           Fort Howard Corp., 9% Sr. Sub. Nts., 2/1/06                                       75,000               72,000
           --------------------------------------------------------------------------------------------------------------
           Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05                     75,000               79,031
</TABLE>

                                       27
<PAGE>   39
PANORAMA SERIES FUND, INC. -- LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL           MARKET VALUE
                                                                                           AMOUNT              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
PAPER (CONTINUED)
           --------------------------------------------------------------------------------------------------------------------
           Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97                     $      250,000      $       257,460
           --------------------------------------------------------------------------------------------------------------------
           Stone Container Corp., 9.875% Sr. Nts., 2/1/01                                          75,000               72,750
                                                                                                               ----------------
                                                                                                                       607,179
- -------------------------------------------------------------------------------------------------------------------------------
CONSUMER RELATED - 8.4%
- -------------------------------------------------------------------------------------------------------------------------------
CONSUMER PRODUCTS - 2.3%
           --------------------------------------------------------------------------------------------------------------------
           Black & Decker Corp., 6.625% Nts., 11/15/00                                            125,000              123,465
           --------------------------------------------------------------------------------------------------------------------
           Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97                                         250,000              252,813
           --------------------------------------------------------------------------------------------------------------------
           Kimberly-Clark Corp., 7.875% Debs., 2/1/23                                              75,000               75,318
           --------------------------------------------------------------------------------------------------------------------
           Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts.,              (3)              100,000               83,125
           12.936%, 3/15/98
                                                                                                               ----------------
                                                                                                                       534,721
- -------------------------------------------------------------------------------------------------------------------------------
FOOD/BEVERAGES/TOBACCO - 2.0%
           --------------------------------------------------------------------------------------------------------------------
           B.A.T. Capital Corp., 6.66% Medium-Term Nts., 3/22/00                 (1)               70,000               69,209
           --------------------------------------------------------------------------------------------------------------------
           Dole Food Co., 6.75% Nts., 7/15/00                                                     125,000              123,309
           --------------------------------------------------------------------------------------------------------------------
           Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98                                125,000              128,907
           --------------------------------------------------------------------------------------------------------------------
           Philip Morris Cos., Inc., 8.75% Debs., 12/1/96                                          55,000               55,602
           --------------------------------------------------------------------------------------------------------------------
           Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05                                          75,000               79,500
                                                                                                               ----------------
                                                                                                                       456,527
- -------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 1.0%
           --------------------------------------------------------------------------------------------------------------------
           Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06               (1)               75,000               77,625
           --------------------------------------------------------------------------------------------------------------------
           Graphic Controls Corp., 12% Sr. Sub. Nts., Series A, 9/15/05                            75,000               79,500
           --------------------------------------------------------------------------------------------------------------------
           Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts.,                               75,000               72,000
           10/15/02
                                                                                                               ----------------
                                                                                                                       229,125
- -------------------------------------------------------------------------------------------------------------------------------
HOTEL/GAMING - 2.8%
           --------------------------------------------------------------------------------------------------------------------
           Bally's Grand, Inc., 10.375% First Mtg. Nts., Series B,                                 50,000               54,875
           12/15/03
           --------------------------------------------------------------------------------------------------------------------
           Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg.                                 75,000               79,781
           Nts., 3/15/04
           --------------------------------------------------------------------------------------------------------------------
           Casino America, Inc., 11.50% First Mtg. Nts., 11/15/01                                  75,000               79,500
           --------------------------------------------------------------------------------------------------------------------
           Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs.,                                   75,000               78,000
           9/15/03
           --------------------------------------------------------------------------------------------------------------------
           Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts.,                (1)               75,000               94,125
           11/15/02
           --------------------------------------------------------------------------------------------------------------------
           Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05                                75,000               78,938
           --------------------------------------------------------------------------------------------------------------------
           Trump Atlantic City Associates/Trump Atlantic City Funding,                             50,000               50,250
           Inc., 11.25% First Mtg. Nts., 5/1/06
           --------------------------------------------------------------------------------------------------------------------
           Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03                                75,000               76,688
           --------------------------------------------------------------------------------------------------------------------
           Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06                                      50,000               50,000
                                                                                                               ----------------
                                                                                                                       642,157
- -------------------------------------------------------------------------------------------------------------------------------
TEXTILE/APPAREL - 0.3%
           --------------------------------------------------------------------------------------------------------------------
           Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02                              75,000               79,313
- -------------------------------------------------------------------------------------------------------------------------------
ENERGY - 1.9%
- -------------------------------------------------------------------------------------------------------------------------------
           Coastal Corp.:
           8.125% Sr. Nts., 9/15/02                                                                75,000               78,194
           8.75% Sr. Nts., 5/15/99                                                                 50,000               52,080
           --------------------------------------------------------------------------------------------------------------------
           Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03                  (4)               79,125               75,960
           --------------------------------------------------------------------------------------------------------------------
           Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23                                  75,000               72,599
</TABLE>

                                       28
<PAGE>   40
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL           MARKET VALUE
                                                                                           AMOUNT              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
ENERGY (CONTINUED)
           --------------------------------------------------------------------------------------------------------------------
           Maxus Energy Corp., 9.375% Nts., 11/1/03                                        $       75,000      $        72,375
           --------------------------------------------------------------------------------------------------------------------
           Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19                                75,000               78,440
                                                                                                               ----------------
                                                                                                                       429,648
- -------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES - 10.5%
- -------------------------------------------------------------------------------------------------------------------------------
BANKS & THRIFTS - 2.6%
           --------------------------------------------------------------------------------------------------------------------
           Barnett Banks, Inc., 8.50% Sub. Exch. Nts., 3/1/99                                      55,000               57,411
           --------------------------------------------------------------------------------------------------------------------
           Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98                                   50,000               50,166
           --------------------------------------------------------------------------------------------------------------------
           Citicorp, 5.625% Sr. Nts., 2/15/01                                                      75,000               71,496
           --------------------------------------------------------------------------------------------------------------------
           First Union Corp., 6.75% Sr. Nts., 1/15/98                                              50,000               50,097
           --------------------------------------------------------------------------------------------------------------------
           Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01                               125,000              139,869
           --------------------------------------------------------------------------------------------------------------------
           Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97                              175,000              175,258
           --------------------------------------------------------------------------------------------------------------------
           Security Pacific Corp., 7.75% Nts., 12/1/96                                             50,000               50,392
                                                                                                               ----------------
                                                                                                                       594,689
- -------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 7.4%
           --------------------------------------------------------------------------------------------------------------------
           American General Finance Corp., 8.50% Sr. Nts., 8/15/98                                 55,000               57,065
           --------------------------------------------------------------------------------------------------------------------
           Associates Corp. of North America, 7.40% Medium-Term Nts.,                              55,000               56,299
           7/7/99
           --------------------------------------------------------------------------------------------------------------------
           Beneficial Corp., 9.125% Debs., 2/15/98                                                125,000              130,104
           --------------------------------------------------------------------------------------------------------------------
           Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99                                    60,000               59,916
           --------------------------------------------------------------------------------------------------------------------
           Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01                                      125,000              119,033
           --------------------------------------------------------------------------------------------------------------------
           Countrywide Funding Corp.:
           6.05% Gtd. Medium-Term Nts., Series D, 3/1/01                                           75,000               71,962
           6.085% Gtd. Medium-Term Nts., Series B, 7/14/99                                         55,000               53,999
           6.57% Gtd. Medium-Term Nts., Series A, 8/4/97                                           55,000               55,235
           --------------------------------------------------------------------------------------------------------------------
           Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98                                      125,000              124,757
           --------------------------------------------------------------------------------------------------------------------
           General Motors Acceptance Corp., 5.625% Nts., 2/15/01                                  250,000              237,473
           --------------------------------------------------------------------------------------------------------------------
           Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98                                  50,000               51,963
           --------------------------------------------------------------------------------------------------------------------
           GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98                                           75,000               74,813
           --------------------------------------------------------------------------------------------------------------------
           Grand Metropolitan PLC, 8.125% Gtd. Nts., 8/15/96                                       50,000               50,113
           --------------------------------------------------------------------------------------------------------------------
           Integra Financial Corp., 6.50% Sub. Nts., 4/15/00                                      125,000              122,819
           --------------------------------------------------------------------------------------------------------------------
           Merrill Lynch & Co., Inc.:
           6.50% Nts., 4/1/01                                                                     125,000              122,800
           8.25% Debs., 11/18/96                                                                   80,000               80,640
           --------------------------------------------------------------------------------------------------------------------
           Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97                                       50,000               50,174
           --------------------------------------------------------------------------------------------------------------------
           Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99                                    50,000               51,468
           --------------------------------------------------------------------------------------------------------------------
           Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99                            130,000              134,991
                                                                                                               ----------------
                                                                                                                     1,705,624
- -------------------------------------------------------------------------------------------------------------------------------
INSURANCE - 0.5%
           --------------------------------------------------------------------------------------------------------------------
           Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01                           125,000              124,090
- -------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 2.0%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
AEROSPACE/ELECTRONICS/COMPUTERS - 1.5%
           --------------------------------------------------------------------------------------------------------------------
           British Aerospace PLC, 8% Debs., 5/27/97                                                55,000               55,756
           --------------------------------------------------------------------------------------------------------------------
           Digital Equipment Corp., 7% Nts., 11/15/97                                             165,000              165,120
           --------------------------------------------------------------------------------------------------------------------
           Storage Technology Corp., 7% Cv. Sub. Debs., 3/15/08                                    70,000              116,025
                                                                                                               ----------------
                                                                                                                       336,901
</TABLE>

                                       29
<PAGE>   41
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL           MARKET VALUE
                                                                                           AMOUNT              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
CAPITAL GOODS - 0.5%
           --------------------------------------------------------------------------------------------------------------------
           Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03                               $       75,000      $        71,250
           --------------------------------------------------------------------------------------------------------------------
           Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03                                       35,000               35,000
                                                                                                               ----------------
                                                                                                                       106,250
- -------------------------------------------------------------------------------------------------------------------------------
MEDIA - 6.0%
- -------------------------------------------------------------------------------------------------------------------------------
BROADCASTING - 1.8%
           --------------------------------------------------------------------------------------------------------------------
           Argyle Television, Inc., 9.75% Sr. Sub. Nts., 11/1/05                                   75,000               70,500
           --------------------------------------------------------------------------------------------------------------------
           New World Communications Group Holding Corp., Zero Coupon             (3)              150,000              109,875
           Sr. Disc. Nts., Series B, 11.022%, 6/15/99
           --------------------------------------------------------------------------------------------------------------------
           Paxson Communications Corp., 11.625% Sr. Sub. Nts., 10/1/02                             75,000               78,000
           --------------------------------------------------------------------------------------------------------------------
           Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05                              75,000               71,625
           --------------------------------------------------------------------------------------------------------------------
           Tele-Communications, Inc., 5.28% Medium-Term Nts., 8/20/96                              80,000               79,910
                                                                                                               ----------------
                                                                                                                       409,910
- -------------------------------------------------------------------------------------------------------------------------------
CABLE TELEVISION - 1.5%
           --------------------------------------------------------------------------------------------------------------------
           Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06                                          75,000               70,688
           --------------------------------------------------------------------------------------------------------------------
           Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,             (2)               75,000               43,313
           11/15/07
           --------------------------------------------------------------------------------------------------------------------
           International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon           (2)              100,000               55,625
           Nts., Series A, 2/1/06
           --------------------------------------------------------------------------------------------------------------------
           TeleWest PLC:
           0%/11% Sr. Disc. Debs., 10/1/07                                       (2)               50,000               29,500
           9.625% Sr. Debs., 10/1/06                                                               50,000               48,875
           --------------------------------------------------------------------------------------------------------------------
           United International Holdings, Inc.:
           0%/14% Sr. Disc. Nts., 5/15/06                                      (1)(2)             100,000               53,500
           Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99              (3)               50,000               32,750
                                                                                                               ----------------
                                                                                                                       334,251
- -------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED MEDIA - 0.5%
           --------------------------------------------------------------------------------------------------------------------
           Time Warner, Inc., 7.45% Nts., 2/1/98                                                  125,000              126,354
- -------------------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT/FILM - 1.9%
           --------------------------------------------------------------------------------------------------------------------
           American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06                     (1)               50,000               49,000
           --------------------------------------------------------------------------------------------------------------------
           Blockbuster Entertainment Group, 6.625% Sr. Nts., 2/15/98                              125,000              124,339
           --------------------------------------------------------------------------------------------------------------------
           Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B,                              75,000               70,875
           2/15/98
           --------------------------------------------------------------------------------------------------------------------
           Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01                            190,000              186,611
                                                                                                               ----------------
                                                                                                                       430,825
- -------------------------------------------------------------------------------------------------------------------------------
PUBLISHING/PRINTING - 0.3%
           --------------------------------------------------------------------------------------------------------------------
           Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term Nts.,                               65,000               65,473
           2/10/97
- -------------------------------------------------------------------------------------------------------------------------------
OTHER - 0.2%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
CONGLOMERATES - 0.2%
           --------------------------------------------------------------------------------------------------------------------
           First Fidelity Bancorporation, 8.50% Sub. Capital Nts.,                                 50,000               51,617
           4/1/98
- -------------------------------------------------------------------------------------------------------------------------------
RETAIL - 2.0%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
DEPARTMENT STORES - 1.4%
           --------------------------------------------------------------------------------------------------------------------
           Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01                                50,000               52,625
</TABLE>

                                       30
<PAGE>   42
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL           MARKET VALUE
                                                                                           AMOUNT              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
DEPARTMENT STORES (CONTINUED)
           --------------------------------------------------------------------------------------------------------------------
           Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99                            $      255,000      $       266,235
                                                                                                               ----------------
                                                                                                                       318,860
- -------------------------------------------------------------------------------------------------------------------------------
DRUG STORES - 0.4%
           --------------------------------------------------------------------------------------------------------------------
           Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon             (2)              150,000               90,750
           Nts., 11/1/03
- -------------------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAILING - 0.2%
           --------------------------------------------------------------------------------------------------------------------
           Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series                             50,000               52,000
           B, 10/15/05
- -------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 1.0%
- -------------------------------------------------------------------------------------------------------------------------------
RAILROADS - 0.4%
           --------------------------------------------------------------------------------------------------------------------
           Union Pacific Corp., 7% Nts., 6/15/00                                                   95,000               94,792
- -------------------------------------------------------------------------------------------------------------------------------
SHIPPING - 0.6%
           --------------------------------------------------------------------------------------------------------------------
           Federal Express Corp., 6.25% Nts., 4/15/98                                             135,000              133,966
- -------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.3%
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 2.3%
           --------------------------------------------------------------------------------------------------------------------
           Arkla, Inc., 9.875% Nts., 4/15/97                                                      250,000              256,528
           --------------------------------------------------------------------------------------------------------------------
           Consumers Power Co., 8.75% Mtg. Nts., 2/15/98                                          125,000              128,528
           --------------------------------------------------------------------------------------------------------------------
           El Paso Electric Co., 7.25% First Mtg. Nts., Series A,                                  65,000               63,999
           2/1/99
           --------------------------------------------------------------------------------------------------------------------
           Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec.                                   75,000               69,438
           Debs., 2/1/06
                                                                                                               ----------------
                                                                                                                       518,493
- -------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - 3.0%
           --------------------------------------------------------------------------------------------------------------------
           A+ Network, Inc., 11.875% Sr. Sub. Nts., 11/1/05                                        75,000               77,063
           --------------------------------------------------------------------------------------------------------------------
           Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts.,           (2)              100,000               51,500
           3/15/08
           --------------------------------------------------------------------------------------------------------------------
           GTE Corp., 8.85% Debs., 3/1/98                                                          55,000               57,022
           --------------------------------------------------------------------------------------------------------------------
           In-Flight Phone Corp., 0%/14% Sr. Disc. Nts., 5/15/02                 (2)               75,000               24,375
           --------------------------------------------------------------------------------------------------------------------
           MCI Communications Corp.:
           7.125% Sr. Nts., 1/20/00                                                               125,000              126,195
           7.625% Sr. Nts., 11/7/96                                                                55,000               55,317
           --------------------------------------------------------------------------------------------------------------------
           Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07                                         75,000               69,375
           --------------------------------------------------------------------------------------------------------------------
           MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts.,               (2)              100,000               75,000
           1/15/04
           --------------------------------------------------------------------------------------------------------------------
           PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts.,            (2)              100,000               78,500
           10/1/03
           --------------------------------------------------------------------------------------------------------------------
           Teleport Communications Group, Inc.:
           0%/11.125% Sr. Disc. Nts., 7/1/07                                   (2)(5)              50,000               29,563
           9.875% Sr. Nts., 7/1/06                                               (5)               50,000               50,516
                                                                                                               ----------------
                                                                                                                       694,426
                                                                                                               ----------------

           Total Corporate Bonds and Notes                                                                          10,090,790
</TABLE>

<TABLE>
<CAPTION>
                                                                                             SHARES
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
COMMON STOCKS - 21.0%
- -------------------------------------------------------------------------------------------------------------------------------
BASIC INDUSTRY - 0.9%
- -------------------------------------------------------------------------------------------------------------------------------
STEEL - 0.9%
           --------------------------------------------------------------------------------------------------------------------
           Carpenter Technology Corp.                                                         2,800               89,600
</TABLE>

                                       31
<PAGE>   43
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                               MARKET VALUE
                                                                                           SHARES              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
STEEL (CONTINUED)
           --------------------------------------------------------------------------------------------------------------------
           UNR Industries, Inc.                                                                    12,000      $       115,500
                                                                                                               ----------------
                                                                                                                       205,100
- -------------------------------------------------------------------------------------------------------------------------------
CONSUMER RELATED - 1.6%
- -------------------------------------------------------------------------------------------------------------------------------
FOOD/BEVERAGES/TOBACCO - 0.4%
           --------------------------------------------------------------------------------------------------------------------
           Anheuser-Busch Cos., Inc.                                                                1,300               97,500
- -------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 0.9%
           --------------------------------------------------------------------------------------------------------------------
           Bristol-Myers Squibb Co.                                                                 1,500              135,000
           --------------------------------------------------------------------------------------------------------------------
           Glaxo Wellcome PLC, Sponsored ADR                                                        3,100               82,925
                                                                                                               ----------------
                                                                                                                       217,925
- -------------------------------------------------------------------------------------------------------------------------------
RESTAURANTS - 0.3%
           --------------------------------------------------------------------------------------------------------------------
           Piccadilly Cafeterias, Inc.                                                              6,300               66,150
- -------------------------------------------------------------------------------------------------------------------------------
ENERGY - 3.6%
- -------------------------------------------------------------------------------------------------------------------------------
           Amoco Corp.                                                                              1,200               86,850
           --------------------------------------------------------------------------------------------------------------------
           Atlantic Richfield Co.                                                                   1,100              130,350
           --------------------------------------------------------------------------------------------------------------------
           Chevron Corp.                                                                            2,200              129,800
           --------------------------------------------------------------------------------------------------------------------
           El Paso Natural Gas Co.                                                                  3,400              130,900
           --------------------------------------------------------------------------------------------------------------------
           Exxon Corp.                                                                              1,400              121,625
           --------------------------------------------------------------------------------------------------------------------
           Mobil Corp.                                                                              1,100              123,338
           --------------------------------------------------------------------------------------------------------------------
           Ultramar Corp.                                                                           3,900              113,100
                                                                                                               ----------------
                                                                                                                       835,963
- -------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES - 2.4%
- -------------------------------------------------------------------------------------------------------------------------------
BANKS & THRIFTS - 1.9%
           --------------------------------------------------------------------------------------------------------------------
           Bank of Boston Corp.                                                                     2,300              113,850
           --------------------------------------------------------------------------------------------------------------------
           BankAmerica Corp.                                                                        1,700              128,775
           --------------------------------------------------------------------------------------------------------------------
           Chase Manhattan Corp. (New)                                                              1,352               95,485
           --------------------------------------------------------------------------------------------------------------------
           PNC Bank Corp.                                                                           3,700              110,075
                                                                                                               ----------------
                                                                                                                       448,185
- -------------------------------------------------------------------------------------------------------------------------------
INSURANCE - 0.5%
           --------------------------------------------------------------------------------------------------------------------
           Hartford Steam Boiler Inspection & Insurance Co.                                         2,500              122,813
- -------------------------------------------------------------------------------------------------------------------------------
HOUSING RELATED - 1.7%
- -------------------------------------------------------------------------------------------------------------------------------
HOMEBUILDERS/REAL ESTATE - 1.7%
           --------------------------------------------------------------------------------------------------------------------
           Camden Property Trust                                                                    4,300              102,125
           --------------------------------------------------------------------------------------------------------------------
           Capstone Capital Trust, Inc.                                                             4,900              100,450
           --------------------------------------------------------------------------------------------------------------------
           Health & Retirement Property Trust                                                       5,700               98,325
           --------------------------------------------------------------------------------------------------------------------
           Meditrust Corp.                                                                          2,800               93,450
                                                                                                               ----------------
                                                                                                                       394,350
- -------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 3.2%
- -------------------------------------------------------------------------------------------------------------------------------

AEROSPACE/ELECTRONICS/COMPUTERS - 2.3%
           --------------------------------------------------------------------------------------------------------------------
           General Dynamics Corp.                                                                   2,500              155,000
           --------------------------------------------------------------------------------------------------------------------
           Goodrich (B.F.) Co.                                                                      2,800              104,650
           --------------------------------------------------------------------------------------------------------------------
           Lockheed Martin Corp.                                                                    1,100               92,400
           --------------------------------------------------------------------------------------------------------------------
           Rockwell International Corp.                                                             1,700               97,325
           --------------------------------------------------------------------------------------------------------------------
           TRW, Inc.                                                                                  900               80,888
                                                                                                               ----------------
                                                                                                                       530,263
- -------------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE - 0.9%
           --------------------------------------------------------------------------------------------------------------------
           Chrysler Corp.                                                                           1,800              111,600
           --------------------------------------------------------------------------------------------------------------------
           Ford Motor Co.                                                                           3,300              106,838
                                                                                                               ----------------
                                                                                                                       218,438
</TABLE>

                                       32
<PAGE>   44
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                               MARKET VALUE
                                                                                           SHARES              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
OTHER - 0.8%
- -------------------------------------------------------------------------------------------------------------------------------
CONGLOMERATES - 0.4%
           --------------------------------------------------------------------------------------------------------------------
           Hanson PLC, ADR                                                                          6,700      $        95,475
- -------------------------------------------------------------------------------------------------------------------------------
SERVICES - 0.4%
           --------------------------------------------------------------------------------------------------------------------
           Helix Technology Corp.                                                                   2,200               85,250
- -------------------------------------------------------------------------------------------------------------------------------
RETAIL - 0.7%
- -------------------------------------------------------------------------------------------------------------------------------
DEPARTMENT STORES - 0.3%
           --------------------------------------------------------------------------------------------------------------------
           Sears Roebuck & Co.                                                                      1,600               77,800
- -------------------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAILING - 0.4%
           --------------------------------------------------------------------------------------------------------------------
           New England Business Service, Inc.                                                       4,200               81,900
- -------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.1%
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 4.2%
           --------------------------------------------------------------------------------------------------------------------
           American Electric Power Co., Inc.                                                        2,400              102,300
           --------------------------------------------------------------------------------------------------------------------
           Entergy Corp.                                                                            4,200              119,175
           --------------------------------------------------------------------------------------------------------------------
           FPL Group, Inc.                                                                          3,100              142,600
           --------------------------------------------------------------------------------------------------------------------
           Illinova Corp.                                                                           3,400               97,750
           --------------------------------------------------------------------------------------------------------------------
           Kansas City Power & Light Co.                                                            4,500              123,750
           --------------------------------------------------------------------------------------------------------------------
           PanEnergy Corp.                                                                          5,600              184,100
           --------------------------------------------------------------------------------------------------------------------
           Texas Utilities Co.                                                                      2,000               85,500
           --------------------------------------------------------------------------------------------------------------------
           Western Resources, Inc.                                                                  3,500              104,563
                                                                                                               ----------------
                                                                                                                       959,738
- -------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - 1.9%
           --------------------------------------------------------------------------------------------------------------------
           Ameritech Corp.                                                                          2,000              118,750
           --------------------------------------------------------------------------------------------------------------------
           AT&T Corp.                                                                               1,400               86,800
           --------------------------------------------------------------------------------------------------------------------
           GTE Corp.                                                                                2,500              111,875
           --------------------------------------------------------------------------------------------------------------------
           NYNEX Corp.                                                                              2,300              109,250
                                                                                                               ----------------
                                                                                                                       426,675
                                                                                                               ----------------

           Total Common Stocks                                                                                       4,863,525

- -------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.8%
- -------------------------------------------------------------------------------------------------------------------------------
           K-III Communications Corp., $2.875 Cv. Exchangeable                 (1)(6)                 500               47,000
           --------------------------------------------------------------------------------------------------------------------
           Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg.                                           1,100              130,075
                                                                                                               ----------------

           Total Preferred Stocks                                                                                      177,075
</TABLE>


<TABLE>
<CAPTION>
                                                                                           UNITS
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                 <C>         <C>            
RIGHTS, WARRANTS AND CERTIFICATES - 0.0%
- -------------------------------------------------------------------------------------------------------------------------------
           In-Flight Phone Corp. Wts., Exp. 8/02                                 (1)                   75
                                                                                                                 --
</TABLE>

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL
                                                                                           AMOUNT
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
REPURCHASE AGREEMENT - 9.1%
- -------------------------------------------------------------------------------------------------------------------------------
           Repurchase agreement with State Street Bank and Trust Co.,                      $    2,100,000            2,100,000
           4.50%, dated 6/28/96, to be repurchased at $2,100,788 on
           7/1/96, collateralized by U.S. Treasury Bills maturing
           12/19/96, with a value of $2,149,474

</TABLE>

                                       33
<PAGE>   45
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                               MARKET VALUE
                                                                                                               (NOTE 1)
           --------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>            
           TOTAL INVESTMENTS, AT VALUE (COST $22,442,433)                                           99.4%      $    22,899,747
           --------------------------------------------------------------------------------------------------------------------
           OTHER ASSETS NET OF LIABILITIES                                                            0.6              129,328
                                                                                             -------------       --------------

           NET ASSETS                                                                              100.0%      $    23,029,075
                                                                                             =============     ================
</TABLE>

           1. Represents a security sold under Rule 144A, which is exempt from
           registration under the Securities Act of 1933, as amended. This
           security has been determined to be liquid under guidelines
           established by the Board of Directors. These securities amount to
           $431,829 or 1.88% of the Fund's net assets, at June 30 , 1996.

           2. Denotes a step bond: a zero coupon bond that converts to a fixed
           rate of interest at a designated future date.

           3. For zero coupon bonds, the interest rate shown is the effective
           yield on the date of purchase.

           4. Interest or dividend is paid in kind.

           5. When-issued security to be delivered and settled after June 30,
           1996.

           6. Non-income producing security.


See accompanying Notes to Financial Statements.


                                       34
<PAGE>   46

PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL           MARKET VALUE
                                                                                           AMOUNT              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>                 <C>            
MORTGAGE-BACKED OBLIGATIONS - 2.5%
- -------------------------------------------------------------------------------------------------------------------------------
           Federal Home Loan Mortgage Corp.:
           Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.                           $       42,789      $        41,112
           Participation Certificates, 5.50%, 6/1/98
           Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09                            204,499              195,168
           Series 1843, C1, VB, 7%, 4/15/03                                                        50,000               49,844
           Series 1849, C1, VA, 6%, 12/15/10                                                      168,229              164,655
           --------------------------------------------------------------------------------------------------------------------
           Federal National Mortgage Assn.:
           6%, 12/1/03                                                                            178,397              172,491
           6.50%, 4/1/26                                                                          149,472              139,803
           Series 1994-13, C1, B, 6.50%, 2/25/09                                                  100,000               92,781
           --------------------------------------------------------------------------------------------------------------------
           GE Capital Mortgage Securities, Inc., Series-HE2, C1, A3,                              100,000              100,250
           7.30%, 6/25/26
           --------------------------------------------------------------------------------------------------------------------
           Olympic Automobile Receivables Trust, Series 1996-A,
           C1, A4, 5.85%, 7/15/01                                                                  90,000               88,142
                                                                                                               ----------------

           Total Mortgage-Backed Obligations                                                                         1,044,246

- -------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 7.3%
- -------------------------------------------------------------------------------------------------------------------------------
           U.S. Treasury Bonds, 7.50%, 11/15/16                                                   940,000              987,583
           --------------------------------------------------------------------------------------------------------------------
           U.S. Treasury Nts.:
           6.75%, 6/30/99                                                                       1,285,000            1,299,855
           7.25%, 8/15/04                                                                         720,000              745,762
                                                                                                               ----------------

           Total U.S. Government Obligations                                                                         3,033,200

- -------------------------------------------------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 24.4%
- -------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 3.3%
- -------------------------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.5%
           --------------------------------------------------------------------------------------------------------------------
           Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97                                  85,000               85,977
           --------------------------------------------------------------------------------------------------------------------
           G-I Holdings, Inc., 10% Sr. Nts., 2/15/06                             (1)               64,000               63,040
           --------------------------------------------------------------------------------------------------------------------
           Lyondell Petrochemical Co., 8.25% Nts., 3/15/97                                         70,000               70,842
           --------------------------------------------------------------------------------------------------------------------
           Morton International, Inc., 9.25% Credit Sensitive Nts.,                                50,000               59,089
           6/1/20
           --------------------------------------------------------------------------------------------------------------------
           NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05             (2)              175,000              135,844
           --------------------------------------------------------------------------------------------------------------------
           PPG Industries, Inc., 9% Debs., 5/1/21                                                  50,000               57,695
           --------------------------------------------------------------------------------------------------------------------
           Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04                                           125,000              129,375
                                                                                                               ----------------
                                                                                                                       601,862
- -------------------------------------------------------------------------------------------------------------------------------
METALS - 0.3%
           --------------------------------------------------------------------------------------------------------------------
           Alcan Aluminum Ltd., 9.625% Debs., 7/15/19                                             100,000              109,480
- -------------------------------------------------------------------------------------------------------------------------------
PAPER - 1.5%
           --------------------------------------------------------------------------------------------------------------------
           Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98                                 85,000               85,638
           --------------------------------------------------------------------------------------------------------------------
           Fort Howard Corp., 9% Sr. Sub. Nts., 2/1/06                                            125,000              120,000
           --------------------------------------------------------------------------------------------------------------------
           Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs.,                                  125,000              131,719
           5/15/05
           --------------------------------------------------------------------------------------------------------------------
           Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97                            170,000              175,073
           --------------------------------------------------------------------------------------------------------------------
           Stone Container Corp., 9.875% Sr. Nts., 2/1/01                                         125,000              121,250
                                                                                                               ----------------
                                                                                                                       633,680
</TABLE>


                                       35
<PAGE>   47

PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL           MARKET VALUE
                                                                                           AMOUNT              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>                 <C>            
CONSUMER CYCLICALS - 8.4%
- -------------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.2%
           --------------------------------------------------------------------------------------------------------------------
           Black & Decker Corp., 6.625% Nts., 11/15/00                                     $       85,000      $        83,956
- -------------------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.6%
           --------------------------------------------------------------------------------------------------------------------
           American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06                     (1)              100,000               98,000
           --------------------------------------------------------------------------------------------------------------------
           Bally's Grand, Inc., 10.375% First Mtg. Nts., Series B,                                 75,000               82,313
           12/15/03
           --------------------------------------------------------------------------------------------------------------------
           Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg.                                125,000              132,969
           Nts., 3/15/04
           --------------------------------------------------------------------------------------------------------------------
           Blockbuster Entertainment Group, 6.625% Sr. Nts., 2/15/98                               85,000               84,551
           --------------------------------------------------------------------------------------------------------------------
           Casino America, Inc., 11.50% First Mtg. Nts., 11/15/01                                 125,000              132,500
           --------------------------------------------------------------------------------------------------------------------
           Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs.,                                  125,000              130,000
           9/15/03
           --------------------------------------------------------------------------------------------------------------------
           Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B,                             125,000              118,125
           2/15/98
           --------------------------------------------------------------------------------------------------------------------
           Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts.,                (1)              125,000              156,875
           11/15/02
           --------------------------------------------------------------------------------------------------------------------
           Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05                               125,000              131,563
           --------------------------------------------------------------------------------------------------------------------
           Trump Atlantic City Associates/Trump Atlantic City Funding,                             75,000               75,750
           Inc., 11.25% First Mtg. Nts., 5/1/06
           --------------------------------------------------------------------------------------------------------------------
           Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03                               125,000              127,813
           --------------------------------------------------------------------------------------------------------------------
           Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01                            130,000              127,681
           --------------------------------------------------------------------------------------------------------------------
           Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06                                     100,000              100,000
                                                                                                               ----------------
                                                                                                                     1,498,140
- -------------------------------------------------------------------------------------------------------------------------------
MEDIA - 3.1%
           --------------------------------------------------------------------------------------------------------------------
           Cablevision Systems Corp., 9.875% Sr. Sub. Nts., 5/15/06                                50,000               48,250
           --------------------------------------------------------------------------------------------------------------------
           Century Communications Corp., 9.75% Sr. Nts., 2/15/02                                  100,000               99,500
           --------------------------------------------------------------------------------------------------------------------
           Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06                                         125,000              117,813
           --------------------------------------------------------------------------------------------------------------------
           Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,             (2)              125,000               72,188
           11/15/07
           --------------------------------------------------------------------------------------------------------------------
           International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon           (2)              200,000              111,250
           Nts., Series A, 2/1/06
           --------------------------------------------------------------------------------------------------------------------
           New World Communications Group Holding Corp., Zero Coupon             (3)              250,000              183,125
           Sr. Disc. Nts., Series B, 11.022%, 6/15/99
           --------------------------------------------------------------------------------------------------------------------
           Paxson Communications Corp., 11.625% Sr. Sub. Nts., 10/1/02                            125,000              130,000
           --------------------------------------------------------------------------------------------------------------------
           Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term Nts.,                               45,000               45,328
           2/10/97
           --------------------------------------------------------------------------------------------------------------------
           Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05                             125,000              121,875
           --------------------------------------------------------------------------------------------------------------------
           Tele-Communications, Inc., 5.28% Medium-Term Nts., 8/20/96                              60,000               59,932
           --------------------------------------------------------------------------------------------------------------------
           TeleWest PLC:
           9.625% Sr. Debs., 10/1/06                                                               75,000               73,313
           0%/11% Sr. Disc. Debs., 10/1/07                                       (2)               75,000               44,250
           --------------------------------------------------------------------------------------------------------------------
           Time Warner, Inc., 7.45% Nts., 2/1/98                                                   85,000               85,921
           --------------------------------------------------------------------------------------------------------------------
           United International Holdings, Inc., 0%/14% Sr. Disc. Nts.,         (1)(2)             150,000               80,250
          5/15/06
                                                                                                               ----------------
                                                                                                                     1,272,995
</TABLE>

                                       36
<PAGE>   48
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL           MARKET VALUE
                                                                                           AMOUNT              (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>                 <C>            
RETAIL:  GENERAL - 0.8%
           --------------------------------------------------------------------------------------------------------------------
           Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01                        $       35,000      $        36,838
           --------------------------------------------------------------------------------------------------------------------
           Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99                                   175,000              182,711
           --------------------------------------------------------------------------------------------------------------------
           Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02                             125,000              132,188
                                                                                                               ----------------
                                                                                                                       351,737
- -------------------------------------------------------------------------------------------------------------------------------
RETAIL:  SPECIALTY - 0.7%
           --------------------------------------------------------------------------------------------------------------------
           Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series                            125,000              130,000
           B, 10/15/05
           --------------------------------------------------------------------------------------------------------------------
           Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon             (2)              250,000              151,250
           Nts., 11/1/03
                                                                                                               ----------------
                                                                                                                       281,250
- -------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 3.0%
- -------------------------------------------------------------------------------------------------------------------------------
FOOD - 1.0%
           --------------------------------------------------------------------------------------------------------------------
           Dole Food Co., 6.75% Nts., 7/15/00                                                      95,000               93,715
           --------------------------------------------------------------------------------------------------------------------
           Fresh Del Monte Produce NV, 10% Sr. Nts., Series B,
           5/1/03                                                                                 125,000              116,250
           --------------------------------------------------------------------------------------------------------------------
           Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98                                 85,000               87,657
           --------------------------------------------------------------------------------------------------------------------
           Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05                                         125,000              132,500
                                                                                                               ----------------
                                                                                                                       430,122
- -------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 0.9%
           --------------------------------------------------------------------------------------------------------------------
           Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06               (1)              125,000              129,375
           --------------------------------------------------------------------------------------------------------------------
           Graphic Controls Corp., 12% Sr. Sub. Nts., Series A, 9/15/05                           125,000              132,500
           --------------------------------------------------------------------------------------------------------------------
           Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts.,                              125,000              120,000
           10/15/02
                                                                                                               ----------------
                                                                                                                       381,875
- -------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.9%
           --------------------------------------------------------------------------------------------------------------------
           Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97                                         170,000              171,913
           --------------------------------------------------------------------------------------------------------------------
           Kimberly-Clark Corp., 7.875% Debs., 2/1/23                                              50,000               50,212
           --------------------------------------------------------------------------------------------------------------------
           Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts.,              (3)              175,000              145,469
           12.936%, 3/15/98
                                                                                                               ----------------
                                                                                                                       367,594
- -------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 0.2%
           --------------------------------------------------------------------------------------------------------------------
           B.A.T. Capital Corp., 6.66% Medium-Term Nts., 3/22/00                 (1)               50,000               49,435
           --------------------------------------------------------------------------------------------------------------------
           Philip Morris Cos., Inc., 8.75% Debs., 12/1/96                                          40,000               40,438
                                                                                                               ----------------
                                                                                                                        89,873
- -------------------------------------------------------------------------------------------------------------------------------
ENERGY - 1.1%
- -------------------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.5%
           --------------------------------------------------------------------------------------------------------------------
           Coastal Corp.:
           8.125% Sr. Nts., 9/15/02                                                                50,000               52,130
           8.75% Sr. Nts., 5/15/99                                                                 35,000               36,456
           --------------------------------------------------------------------------------------------------------------------
           Maxus Energy Corp., 9.375% Nts., 11/1/03                                               125,000              120,625
                                                                                                               ----------------
                                                                                                                       209,211
- -------------------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 0.6%
           --------------------------------------------------------------------------------------------------------------------
           Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03                  (4)              131,875              126,600
           --------------------------------------------------------------------------------------------------------------------
           Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23                                  50,000               48,400
           --------------------------------------------------------------------------------------------------------------------
           Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19                                50,000               52,294
                                                                                                               ----------------
                                                                                                                       227,294

</TABLE>



                                       37
<PAGE>   49
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                    PRINCIPAL      MARKET VALUE
                                                                                     AMOUNT          (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S>                                                                                 <C>             <C>
FINANCIAL - 4.3%
- -------------------------------------------------------------------------------------------------------------
BANKS - 1.0%
           --------------------------------------------------------------------------------------------------
           Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98                    $ 35,000       $   35,116
           --------------------------------------------------------------------------------------------------
           Citicorp, 5.625% Sr. Nts., 2/15/01                                         50,000           47,664
           --------------------------------------------------------------------------------------------------
           First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98             35,000           36,132
           --------------------------------------------------------------------------------------------------
           First Union Corp., 6.75% Sr. Nts., 1/15/98                                 35,000           35,068
           --------------------------------------------------------------------------------------------------
           Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01                   85,000           95,111
           --------------------------------------------------------------------------------------------------
           Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97                 115,000          115,169
           --------------------------------------------------------------------------------------------------
           Security Pacific Corp., 7.75% Nts., 12/1/96                                35,000           35,274
                                                                                                   ----------
                                                                                                      399,534
- -------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 3.1%
           --------------------------------------------------------------------------------------------------
           American General Finance Corp., 8.50% Sr. Nts., 8/15/98                    40,000           41,502
           --------------------------------------------------------------------------------------------------
           Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99          40,000           40,945
           --------------------------------------------------------------------------------------------------
           Beneficial Corp., 9.125% Debs., 2/15/98                                    85,000           88,471
           --------------------------------------------------------------------------------------------------
           Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99                       45,000           44,937
           --------------------------------------------------------------------------------------------------
           Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01                          85,000           80,942
           --------------------------------------------------------------------------------------------------
           Countrywide Funding Corp.:
           6.05% Gtd. Medium-Term Nts., Series D, 3/1/01                              50,000           47,975
           6.085% Gtd. Medium-Term Nts., Series B, 7/14/99                            40,000           39,272
           6.57% Gtd. Medium-Term Nts., Series A, 8/4/97                              40,000           40,171
           --------------------------------------------------------------------------------------------------
           Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98                          85,000           84,835
           --------------------------------------------------------------------------------------------------
           General Motors Acceptance Corp., 5.625% Nts., 2/15/01                     175,000          166,231
           --------------------------------------------------------------------------------------------------
           Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98                     35,000           36,374
           --------------------------------------------------------------------------------------------------
           GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98                             125,000          124,688
           --------------------------------------------------------------------------------------------------
           Grand Metropolitan PLC, 8.125% Gtd. Nts., 8/15/96                          35,000           35,079
           --------------------------------------------------------------------------------------------------
           Integra Financial Corp., 6.50% Sub. Nts., 4/15/00                          85,000           83,504
           --------------------------------------------------------------------------------------------------
           Merrill Lynch & Co., Inc.:
           6.50% Nts., 4/1/01                                                         85,000           83,504
           8.25% Debs., 11/18/96                                                      55,000           55,440
           --------------------------------------------------------------------------------------------------
           Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97                          35,000           35,121
           --------------------------------------------------------------------------------------------------
           Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99                       35,000           36,027
           --------------------------------------------------------------------------------------------------
           Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99               100,000          103,839
                                                                                                   ----------
                                                                                                    1,268,857
- -------------------------------------------------------------------------------------------------------------
INSURANCE - 0.2%
           --------------------------------------------------------------------------------------------------
           Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01               85,000           84,381
- -------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 1.0%
- -------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.3%
           --------------------------------------------------------------------------------------------------
           Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05                         125,000          127,188
- -------------------------------------------------------------------------------------------------------------
MANUFACTURING - 0.3%
           --------------------------------------------------------------------------------------------------
           Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03                         125,000          118,750
           --------------------------------------------------------------------------------------------------
           Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03                          25,000           25,000
                                                                                                   ----------
                                                                                                      143,750
</TABLE>


                                       38
<PAGE>   50
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                 PRINCIPAL      MARKET VALUE
                                                                                                  AMOUNT          (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                              <C>            <C>
TRANSPORTATION - 0.4%
           ------------------------------------------------------------------------------------------------------------------
           Federal Express Corp., 6.25% Nts., 4/15/98                                            $  90,000        $    89,311
           ------------------------------------------------------------------------------------------------------------------
           Union Pacific Corp., 7% Nts., 6/15/00                                                    85,000             84,814
                                                                                                                  -----------
                                                                                                                      174,125
- -----------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 2.4%
- -----------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 0.1%
           ------------------------------------------------------------------------------------------------------------------
           British Aerospace PLC, 8% Debs., 5/27/97                                                 40,000             40,550
- -----------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 0.3%
           ------------------------------------------------------------------------------------------------------------------
           Digital Equipment Corp., 7% Nts., 11/15/97                                              115,000            115,084
- -----------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 2.0%
           ------------------------------------------------------------------------------------------------------------------
           A+ Network, Inc., 11.875% Sr. Sub. Nts., 11/1/05                                        125,000            128,438
           ------------------------------------------------------------------------------------------------------------------
           Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts., 3/15/08        (2)          150,000             77,250
           ------------------------------------------------------------------------------------------------------------------
           In-Flight Phone Corp., 0%/14% Sr. Disc. Nts., 5/15/02                      (2)          125,000             40,625
           ------------------------------------------------------------------------------------------------------------------
           MCI Communications Corp.:
           7.125% Sr. Nts., 1/20/00                                                                 85,000             85,813
           7.625% Sr. Nts., 11/7/96                                                                 40,000             40,231
           ------------------------------------------------------------------------------------------------------------------
           Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07                                         125,000            115,625
           ------------------------------------------------------------------------------------------------------------------
           MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04            (2)          175,000            131,250
           ------------------------------------------------------------------------------------------------------------------
           PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts., 10/1/03         (2)          175,000            137,375
           ------------------------------------------------------------------------------------------------------------------
           Teleport Communications Group, Inc.:
           0%/11.125% Sr. Disc. Nts., 7/1/07                                        (2)(5)          50,000             29,563
           9.875% Sr. Nts., 7/1/06                                                    (5)           50,000             50,516
                                                                                                                  -----------
                                                                                                                      836,686
- -----------------------------------------------------------------------------------------------------------------------------
UTILITIES - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.3%
           ------------------------------------------------------------------------------------------------------------------
           Consumers Power Co., 8.75% Mtg. Nts., 2/15/98                                            85,000             87,399
           ------------------------------------------------------------------------------------------------------------------
           El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99                            40,000             39,384
                                                                                                                  -----------
                                                                                                                      126,783
- -----------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.5%
           ------------------------------------------------------------------------------------------------------------------
           Arkla, Inc., 9.875% Nts., 4/15/97                                                       170,000            174,439
           ------------------------------------------------------------------------------------------------------------------
           Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06                      50,000             46,292
                                                                                                                  -----------
                                                                                                                      220,731
- -----------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 0.1%
           ------------------------------------------------------------------------------------------------------------------
           GTE Corp., 8.85% Debs., 3/1/98                                                           40,000             41,471
                                                                                                                  -----------
           Total Non-Convertible Corporate Bonds and Notes                                                         10,118,209
- -----------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND NOTES - 0.7%
- -----------------------------------------------------------------------------------------------------------------------------
           Barnett Banks, Inc., 8.50% Sub. Exch. Nts., 3/1/99                                       35,000             36,534
           ------------------------------------------------------------------------------------------------------------------
           IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01                                          90,000            110,250
           ------------------------------------------------------------------------------------------------------------------
           Storage Technology Corp., 7% Cv. Sub. Debs., 3/15/08                                     70,000            116,025
                                                                                                                  -----------
           Total Convertible Corporate Bonds and Notes                                                                262,809
</TABLE>


                                       39
<PAGE>   51
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                MARKET VALUE
                                                                                                  SHARES          (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                              <C>            <C>
COMMON STOCKS - 56.9%
- ---------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 1.8%
- ---------------------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.6%
           ----------------------------------------------------------------------------------------------------------------
           Cabot Corp.                                                                              2,200        $   53,900
           ----------------------------------------------------------------------------------------------------------------
           Daicel Chemical Industries Ltd.                                                         10,000            61,720
           ----------------------------------------------------------------------------------------------------------------
           Union Carbide Corp.                                                                      3,000           119,250
           ----------------------------------------------------------------------------------------------------------------
           W.R. Grace & Co.                                                                           400            28,350
                                                                                                                 ----------
                                                                                                                    263,220
- ---------------------------------------------------------------------------------------------------------------------------
METALS - 1.2%
           ----------------------------------------------------------------------------------------------------------------
           Acerinox SA                                                                                500            52,146
           ----------------------------------------------------------------------------------------------------------------
           Carpenter Technology Corp.                                                               2,800            89,600
           ----------------------------------------------------------------------------------------------------------------
           Potash Corp. of Saskatchewan, Inc.                                                       1,200            79,500
           ----------------------------------------------------------------------------------------------------------------
           RTZ Corp. PLC                                                                            4,000            59,202
           ----------------------------------------------------------------------------------------------------------------
           UCAR International, Inc.                                                      (6)        1,600            66,600
           ----------------------------------------------------------------------------------------------------------------
           UNR Industries, Inc.                                                                    12,000           115,500
           ----------------------------------------------------------------------------------------------------------------
           Western Mining Corp. Holdings Ltd.                                                       5,000            35,756
                                                                                                                 ----------
                                                                                                                    498,304
- ---------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 10.4%
- ---------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 2.7%
           ----------------------------------------------------------------------------------------------------------------
           Autoliv AB                                                                               2,000            61,026
           ----------------------------------------------------------------------------------------------------------------
           Autopistas Concesionaria Espanola SA                                                     4,000            46,561
           ----------------------------------------------------------------------------------------------------------------
           Bridgestone Corp.                                                                        3,000            57,331
           ----------------------------------------------------------------------------------------------------------------
           Camden Property Trust                                                                    4,300           102,125
           ----------------------------------------------------------------------------------------------------------------
           Capstone Capital Trust, Inc.                                                             4,900           100,450
           ----------------------------------------------------------------------------------------------------------------
           Chrysler Corp.                                                                           3,100           192,200
           ----------------------------------------------------------------------------------------------------------------
           Ford Motor Co.                                                                           5,800           187,776
           ----------------------------------------------------------------------------------------------------------------
           Health & Retirement Property Trust                                                       5,700            98,325
           ----------------------------------------------------------------------------------------------------------------
           Honda Motor Co.                                                                          3,000            77,904
           ----------------------------------------------------------------------------------------------------------------
           Meditrust Corp.                                                                          2,800            93,450
           ----------------------------------------------------------------------------------------------------------------
           Rinnai Corp.                                                                  (6)        2,000            47,547
           ----------------------------------------------------------------------------------------------------------------
           Valeo SA                                                                                   700            37,493
                                                                                                                 ----------
                                                                                                                  1,102,188
- ---------------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.5%
           ----------------------------------------------------------------------------------------------------------------
           AMR Corp.                                                                                1,200           109,200
           ----------------------------------------------------------------------------------------------------------------
           Atlas Air, Inc.                                                               (6)        2,500           143,750
           ----------------------------------------------------------------------------------------------------------------
           Boston Chicken, Inc.                                                          (6)        1,900            61,750
           ----------------------------------------------------------------------------------------------------------------
           CDL Hotels International Ltd.                                                          150,000            82,356
           ----------------------------------------------------------------------------------------------------------------
           Granada Group PLC                                                                        5,000            66,897
           ----------------------------------------------------------------------------------------------------------------
           Grand Casinos, Inc.                                                           (6)        1,900            48,925
           ----------------------------------------------------------------------------------------------------------------
           Landry's Seafood Restaurants, Inc.                                            (6)        1,500            37,125
           ----------------------------------------------------------------------------------------------------------------
           Northwest Airlines Corp., C1, A                                               (6)        1,500            59,250
           ----------------------------------------------------------------------------------------------------------------
           Papa John's International, Inc.                                               (6)        1,350            65,812
           ----------------------------------------------------------------------------------------------------------------
           Piccadilly Cafeterias, Inc.                                                              6,300            66,150
           ----------------------------------------------------------------------------------------------------------------
           Regal Cinemas, Inc.                                                           (6)        2,700           123,525
           ----------------------------------------------------------------------------------------------------------------
           THORN EMI PLC                                                                            2,500            69,654
           ----------------------------------------------------------------------------------------------------------------
           VideoServer, Inc.                                                             (6)        1,800            70,200
           ----------------------------------------------------------------------------------------------------------------
           Wyndham Hotel Corp.                                                           (6)        2,100            43,837
                                                                                                                 ----------
                                                                                                                  1,048,431
</TABLE>

                                       40
<PAGE>   52
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                MARKET VALUE
                                                                                                  SHARES          (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                              <C>            <C>
MEDIA - 0.9%
           ----------------------------------------------------------------------------------------------------------------
           Elsevier NV                                                                              2,200        $   33,410
           ----------------------------------------------------------------------------------------------------------------
           Emmis Broadcasting Corp., C1, A                                             (6)          1,500            75,000
           ----------------------------------------------------------------------------------------------------------------
           HA-LO Industries, Inc.                                                      (6)          1,200            31,200
           ----------------------------------------------------------------------------------------------------------------
           Reed International PLC                                                      (6)          3,500            58,515
           ----------------------------------------------------------------------------------------------------------------
           Reuters Holdings PLC                                                        (6)          5,000            60,491
           ----------------------------------------------------------------------------------------------------------------
           Television Broadcasts Ltd.                                                              15,000            56,293
           ----------------------------------------------------------------------------------------------------------------
           Wolters Kluwer NV                                                                          400            45,476
                                                                                                                 ----------
                                                                                                                    360,385
- ---------------------------------------------------------------------------------------------------------------------------
RETAIL:  GENERAL - 2.6%
           ----------------------------------------------------------------------------------------------------------------
           Eckerd Corp.                                                                (6)          2,300            52,037
           ----------------------------------------------------------------------------------------------------------------
           Express Scripts, Inc., C1, A                                                (6)          1,200            55,200
           ----------------------------------------------------------------------------------------------------------------
           Federated Department Stores, Inc.                                           (6)          1,500            51,187
           ----------------------------------------------------------------------------------------------------------------
           Marks & Spencer PLC                                                                      8,000            58,456
           ----------------------------------------------------------------------------------------------------------------
           Nautica Enterprises, Inc.                                                   (6)          4,400           126,500
           ----------------------------------------------------------------------------------------------------------------
           Price/Costco, Inc.                                                          (6)          3,000            64,875
           ----------------------------------------------------------------------------------------------------------------
           Sears Roebuck & Co.                                                                      3,600           175,050
           ----------------------------------------------------------------------------------------------------------------
           St. John Knits, Inc.                                                                     2,400           107,100
           ----------------------------------------------------------------------------------------------------------------
           Tommy Hilfiger Corp.                                                        (6)          1,900           101,887
           ----------------------------------------------------------------------------------------------------------------
           U.S. Industries, Inc.                                                       (6)          3,900            94,087
           ----------------------------------------------------------------------------------------------------------------
           Waban, Inc.                                                                 (6)          2,200            52,525
           ----------------------------------------------------------------------------------------------------------------
           Wolverine World Wide, Inc.                                                               1,800            58,500
           ----------------------------------------------------------------------------------------------------------------
           Zeneca Group PLC                                                                         4,000            88,461
                                                                                                                 ----------
                                                                                                                  1,085,865
- ---------------------------------------------------------------------------------------------------------------------------
RETAIL:  SPECIALTY - 1.7%
           ----------------------------------------------------------------------------------------------------------------
           adidas AG                                                                                  140            11,776
           ----------------------------------------------------------------------------------------------------------------
           CDW Computer Centers, Inc.                                                  (6)          1,600           111,200
           ----------------------------------------------------------------------------------------------------------------
           Jusco Co.                                                                                2,000            65,652
           ----------------------------------------------------------------------------------------------------------------
           MSC Industrial Direct Co., Inc., C1, A                                      (6)          1,500            48,375
           ----------------------------------------------------------------------------------------------------------------
           New England Business Service, Inc.                                                       4,200            81,900
           ----------------------------------------------------------------------------------------------------------------
           Next PLC                                                                                 7,000            61,205
           ----------------------------------------------------------------------------------------------------------------
           Regis Corp. of Minnesota                                                                 1,100            34,375
           ----------------------------------------------------------------------------------------------------------------
           Shimamura Co. Ltd.                                                          (6)          1,000            44,073
           ----------------------------------------------------------------------------------------------------------------
           Sunglass Hut International, Inc.                                            (6)          1,800            43,875
           ----------------------------------------------------------------------------------------------------------------
           Tandy Corp.                                                                              1,400            66,325
           ----------------------------------------------------------------------------------------------------------------
           U.S. Office Products Co.                                                    (6)          2,900           121,800
                                                                                                                 ----------
                                                                                                                    690,556
- ---------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 8.3%
- ---------------------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.9%
           ----------------------------------------------------------------------------------------------------------------
           Anheuser-Busch Cos., Inc.                                                                2,700           202,500
           ----------------------------------------------------------------------------------------------------------------
           Heineken Holding NV, C1, A                                                                 550           111,193
           ----------------------------------------------------------------------------------------------------------------
           LVMH Moet Hennessy Louis Vuitton                                                           270            64,041
                                                                                                                 ----------
                                                                                                                    377,734
- ---------------------------------------------------------------------------------------------------------------------------
FOOD - 1.1%
           ----------------------------------------------------------------------------------------------------------------
           American Stores Co.                                                                      2,800           115,500
           ----------------------------------------------------------------------------------------------------------------
           Archer-Daniels-Midland Co.                                                               4,400            84,150
           ----------------------------------------------------------------------------------------------------------------
           Carrefour Supermarche SA                                                                   115            64,480
           ----------------------------------------------------------------------------------------------------------------
           Dole Food Co.                                                                            1,100            47,300
           ----------------------------------------------------------------------------------------------------------------
           Kroger Co.                                                                  (6)          2,400            94,800
</TABLE>


                                       41
<PAGE>   53
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                MARKET VALUE
                                                                                                  SHARES          (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                              <C>            <C>
FOOD (CONTINUED)
           ----------------------------------------------------------------------------------------------------------------
           Nestle SA                                                                                   50        $   57,151
                                                                                                                 ----------
                                                                                                                    463,381
- ---------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 2.2%
           ----------------------------------------------------------------------------------------------------------------
           Astra AB Free, Series A                                                                  1,500            66,389
           ----------------------------------------------------------------------------------------------------------------
           Bristol-Myers Squibb Co.                                                                 2,500           225,000
           ----------------------------------------------------------------------------------------------------------------
           Ciba-Geigy AG                                                                              100           121,980
           ----------------------------------------------------------------------------------------------------------------
           Dura Pharmaceuticals, Inc.                                                  (6)          1,000            56,000
           ----------------------------------------------------------------------------------------------------------------
           Glaxo Wellcome PLC, Sponsored ADR                                                        3,200            85,600
           ----------------------------------------------------------------------------------------------------------------
           Idexx Laboratories, Inc.                                                    (6)          1,200            47,100
           ----------------------------------------------------------------------------------------------------------------
           Jones Medical Industries, Inc.                                                           1,150            38,237
           ----------------------------------------------------------------------------------------------------------------
           Sandoz AG                                                                                  100           114,462
           ----------------------------------------------------------------------------------------------------------------
           Schering AG                                                                              1,000            72,805
           ----------------------------------------------------------------------------------------------------------------
           Takeda Chemical Industries Ltd.                                                          5,000            88,694
                                                                                                                 ----------
                                                                                                                    916,267
- ---------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 3.3%
           ----------------------------------------------------------------------------------------------------------------
           CNS, Inc.                                                                   (6)          2,400            58,200
           ----------------------------------------------------------------------------------------------------------------
           Columbia/HCA Healthcare Corp.                                                            1,100            58,712
           ----------------------------------------------------------------------------------------------------------------
           Compdent Corp.                                                              (6)          1,700            79,050
           ----------------------------------------------------------------------------------------------------------------
           CONMED Corp.                                                                (6)          1,900            50,587
           ----------------------------------------------------------------------------------------------------------------
           Gulf South Medical Supply, Inc.                                             (6)          2,400            93,600
           ----------------------------------------------------------------------------------------------------------------
           Omnicare, Inc.                                                                           3,000            79,500
           ----------------------------------------------------------------------------------------------------------------
           OrNda Healthcorp                                                            (6)          2,700            64,800
           ----------------------------------------------------------------------------------------------------------------
           OrthoLogic Corp.                                                            (6)          2,500            31,875
           ----------------------------------------------------------------------------------------------------------------
           Pediatrix Medical Group, Inc.                                               (6)          1,600            77,600
           ----------------------------------------------------------------------------------------------------------------
           Physician Reliance Network, Inc.                                            (6)          3,400            75,650
           ----------------------------------------------------------------------------------------------------------------
           Physician Sales & Service, Inc.                                             (6)          4,600           111,550
           ----------------------------------------------------------------------------------------------------------------
           Physicians Resource Group, Inc.                                             (6)          1,400            46,725
           ----------------------------------------------------------------------------------------------------------------
           Quintiles Transnational Corp.                                               (6)          1,300            85,475
           ----------------------------------------------------------------------------------------------------------------
           Renal Treatment Centers, Inc.                                               (6)          2,800            80,500
           ----------------------------------------------------------------------------------------------------------------
           Rural/Metro Corp.                                                           (6)          2,000            68,500
           ----------------------------------------------------------------------------------------------------------------
           SmithKline Beecham PLC                                                                  13,209           141,239
           ----------------------------------------------------------------------------------------------------------------
           Techne Corp.                                                                (6)          1,400            40,950
           ----------------------------------------------------------------------------------------------------------------
           Total Renal Care Holdings, Inc.                                             (6)          1,400            59,150
           ----------------------------------------------------------------------------------------------------------------
           Veterinary Centers of America, Inc.                                         (6)          2,100            46,987
                                                                                                                 ----------
                                                                                                                  1,350,650
- ---------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.7%
           ----------------------------------------------------------------------------------------------------------------
           Black & Decker Corp.                                                                     1,500            57,937
           ----------------------------------------------------------------------------------------------------------------
           Blyth Industries, Inc.                                                      (6)          2,800           127,050
           ----------------------------------------------------------------------------------------------------------------
           Premark International, Inc.                                                              1,800            33,300
           ----------------------------------------------------------------------------------------------------------------
           Tupperware Corp.                                                            (6)          1,800            76,050
                                                                                                                 ----------
                                                                                                                    294,337
- ---------------------------------------------------------------------------------------------------------------------------
TOBACCO - 0.1%
           ----------------------------------------------------------------------------------------------------------------
           PT Gudang Garam                                                             (6)          7,000            30,000
- ---------------------------------------------------------------------------------------------------------------------------
ENERGY - 2.8%
- ---------------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 2.8%
           ----------------------------------------------------------------------------------------------------------------
           Amoco Corp.                                                                              2,300           166,462
           ----------------------------------------------------------------------------------------------------------------
           Atlantic Richfield Co.                                                                   1,100           130,350
           ----------------------------------------------------------------------------------------------------------------
           Chevron Corp.                                                                            3,800           224,200
</TABLE>


                                       42
<PAGE>   54
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                MARKET VALUE
                                                                                                  SHARES          (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                              <C>            <C>
OIL-INTEGRATED (CONTINUED)
           ----------------------------------------------------------------------------------------------------------------
           El Paso Natural Gas Co.                                                                  3,400        $  130,900
           ----------------------------------------------------------------------------------------------------------------
           Elf Acquitaine SA                                                                          560            41,219
           ----------------------------------------------------------------------------------------------------------------
           Exxon Corp.                                                                              1,400           121,625
           ----------------------------------------------------------------------------------------------------------------
           Mobil Corp.                                                                              2,100           235,463
           ----------------------------------------------------------------------------------------------------------------
           Ultramar Corp.                                                                           3,900           113,100
                                                                                                                 ----------
                                                                                                                  1,163,319
- ---------------------------------------------------------------------------------------------------------------------------
FINANCIAL - 6.5%
- ---------------------------------------------------------------------------------------------------------------------------
BANKS - 3.1%
           ----------------------------------------------------------------------------------------------------------------
           Banco Bradesco SA, Preference                                                        9,210,438            75,210
           ----------------------------------------------------------------------------------------------------------------
           Banco Popular Espanol SA                                                                   400            71,372
           ----------------------------------------------------------------------------------------------------------------
           Bangkok Bank Public Co. Ltd.                                                             4,000            54,205
           ----------------------------------------------------------------------------------------------------------------
           Bank of Boston Corp.                                                                     4,600           227,700
           ----------------------------------------------------------------------------------------------------------------
           BankAmerica Corp.                                                                        3,300           249,975
           ----------------------------------------------------------------------------------------------------------------
           Chase Manhattan Corp. (New)                                                              2,604           183,907
           ----------------------------------------------------------------------------------------------------------------
           HSBC Holdings PLC                                                                        2,000            30,229
           ----------------------------------------------------------------------------------------------------------------
           Malayan Banking Berhad                                                       (6)         6,000            57,727
           ----------------------------------------------------------------------------------------------------------------
           PNC Bank Corp.                                                                           6,300           187,425
           ----------------------------------------------------------------------------------------------------------------
           Thai Farmers Bank Public Co. Ltd.                                                        4,600            50,376
           ----------------------------------------------------------------------------------------------------------------
           Wells Fargo & Co.                                                                          400            95,550
                                                                                                                 ----------
                                                                                                                  1,283,676
- ---------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.3%
           ----------------------------------------------------------------------------------------------------------------
           Amresco, Inc.                                                                            4,400            75,350
           ----------------------------------------------------------------------------------------------------------------
           Federal Home Loan Mortgage Corp.                                                           600            51,300
           ----------------------------------------------------------------------------------------------------------------
           First Pacific Co. Ltd.                                                                  42,000            64,567
           ----------------------------------------------------------------------------------------------------------------
           Haw Par Brothers International Ltd.                                                     25,000            57,052
           ----------------------------------------------------------------------------------------------------------------
           Hays PLC                                                                                 9,000            63,457
           ----------------------------------------------------------------------------------------------------------------
           ING Groep NV                                                                             2,500            74,612
           ----------------------------------------------------------------------------------------------------------------
           Lend Lease Corp. Ltd.                                                        (6)         3,500            53,635
           ----------------------------------------------------------------------------------------------------------------
           Nichiei Co. Ltd.                                                                         1,000            66,749
           ----------------------------------------------------------------------------------------------------------------
           Oxford Resources Corp., C1, A                                                (6)         2,200            51,150
           ----------------------------------------------------------------------------------------------------------------
           Perlis Plantations Berhad                                                               14,000            53,879
           ----------------------------------------------------------------------------------------------------------------
           Salomon, Inc.                                                                            3,700           162,800
           ----------------------------------------------------------------------------------------------------------------
           Sirrom Capital Corp.                                                                     1,900            51,775
           ----------------------------------------------------------------------------------------------------------------
           Southcorp Holdings Ltd.                                                      (6)        24,000            59,411
           ----------------------------------------------------------------------------------------------------------------
           Swire Pacific Ltd., C1, B                                                               46,000            63,288
                                                                                                                 ----------
                                                                                                                    949,025
- ---------------------------------------------------------------------------------------------------------------------------
INSURANCE - 1.1%
           ----------------------------------------------------------------------------------------------------------------
           AXA SA                                                                                   1,028            56,061
           ----------------------------------------------------------------------------------------------------------------
           CRA Managed Care, Inc.                                                       (6)         1,100            49,225
           ----------------------------------------------------------------------------------------------------------------
           General Re Corp.                                                                           100            15,225
           ----------------------------------------------------------------------------------------------------------------
           Hartford Steam Boiler Inspection & Insurance Co.                                         2,500           122,812
           ----------------------------------------------------------------------------------------------------------------
           HCC Insurance Holdings, Inc.                                                             1,500            33,750
           ----------------------------------------------------------------------------------------------------------------
           Sumitomo Marine & Fire Insurance Co.                                                     6,000            52,393
           ----------------------------------------------------------------------------------------------------------------
           TIG Holdings, Inc.                                                                       1,700            49,300
           ----------------------------------------------------------------------------------------------------------------
           Travelers/Aetna Property Casualty Corp., C1, A                               (6)         2,800            79,450
                                                                                                                 ----------
                                                                                                                    458,216
</TABLE>


                                       43
<PAGE>   55
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                MARKET VALUE
                                                                                                  SHARES          (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                              <C>            <C>
INDUSTRIAL - 7.2%
- --------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.3%
           ---------------------------------------------------------------------------------------------------------------
           ABB AG                                                                      (6)            65        $   80,483
           ---------------------------------------------------------------------------------------------------------------
           Mabuchi Motor Co.                                                                         800            51,058
                                                                                                                ----------
                                                                                                                   131,541
- --------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.1%
           ---------------------------------------------------------------------------------------------------------------
           THK Co. Ltd.                                                                            1,000            24,231
- --------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 3.9%
           ---------------------------------------------------------------------------------------------------------------
           AccuStaff, Inc.                                                             (6)         4,000           109,000
           ---------------------------------------------------------------------------------------------------------------
           Alternative Resources Corp.                                                 (6)         1,300            47,775
           ---------------------------------------------------------------------------------------------------------------
           Career Horizons, Inc.                                                       (6)         2,700            94,500
           ---------------------------------------------------------------------------------------------------------------
           Computer Horizons Corp.                                                     (6)         1,700            67,150
           ---------------------------------------------------------------------------------------------------------------
           Corestaff, Inc.                                                             (6)         1,700            76,075
           ---------------------------------------------------------------------------------------------------------------
           Corrections Corp. of America                                                (6)         2,200           154,000
           ---------------------------------------------------------------------------------------------------------------
           Fritz Cos., Inc.                                                            (6)         1,800            58,050
           ---------------------------------------------------------------------------------------------------------------
           Helix Technology Corp.                                                                  3,700           143,375
           ---------------------------------------------------------------------------------------------------------------
           Komori Corp.                                                                (6)         2,000            51,205
           ---------------------------------------------------------------------------------------------------------------
           Kurita Water Industries Ltd.                                                (6)         3,000            73,241
           ---------------------------------------------------------------------------------------------------------------
           NOVA Corp.                                                                  (6)         1,600            54,000
           ---------------------------------------------------------------------------------------------------------------
           PMT Services, Inc.                                                          (6)         2,250            64,406
           ---------------------------------------------------------------------------------------------------------------
           Sanifill, Inc.                                                              (6)         1,200            59,100
           ---------------------------------------------------------------------------------------------------------------
           SGS Societe Generale de Surveillance Holding SA, Series B                                  30            71,869
           ---------------------------------------------------------------------------------------------------------------
           SITEL Corp.                                                                 (6)         2,400           100,800
           ---------------------------------------------------------------------------------------------------------------
           Tetra Tech, Inc.                                                            (6)         3,875            77,500
           ---------------------------------------------------------------------------------------------------------------
           Transaction Systems Architects, Inc., C1, A                                 (6)         1,600           107,200
           ---------------------------------------------------------------------------------------------------------------
           United Waste Systems, Inc.                                                  (6)         5,600           180,600
                                                                                                                ----------
                                                                                                                 1,589,846
- --------------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 2.6%
           ---------------------------------------------------------------------------------------------------------------
           AGCO Corp.                                                                              3,200            88,800
           ---------------------------------------------------------------------------------------------------------------
           Canadian Pacific Ltd.                                                                       8               183
           ---------------------------------------------------------------------------------------------------------------
           Canon Sales Co. Inc.                                                                    2,000            55,777
           ---------------------------------------------------------------------------------------------------------------
           Case Corp.                                                                              2,000            96,000
           ---------------------------------------------------------------------------------------------------------------
           Chicago Miniature Lamp, Inc.                                                (6)         1,200            45,600
           ---------------------------------------------------------------------------------------------------------------
           Hanson PLC, ADR                                                                         6,700            95,475
           ---------------------------------------------------------------------------------------------------------------
           Harnischfeger Industries, Inc.                                                          1,400            46,550
           ---------------------------------------------------------------------------------------------------------------
           Hutchison Whampoa Ltd.                                                                 10,000            62,913
           ---------------------------------------------------------------------------------------------------------------
           Komatsu Ltd.                                                                (6)         6,000            59,251
           ---------------------------------------------------------------------------------------------------------------
           Mannesmann AG                                                                             195            67,458
           ---------------------------------------------------------------------------------------------------------------
           Mark IV Industries, Inc.                                                                1,995            45,137
           ---------------------------------------------------------------------------------------------------------------
           Mitsubishi Heavy Industries Ltd.                                                        6,000            52,284
           ---------------------------------------------------------------------------------------------------------------
           NSK Ltd.                                                                                3,000            22,740
           ---------------------------------------------------------------------------------------------------------------
           Shinmaywa Industries Ltd.                                                   (6)         2,000            20,482
           ---------------------------------------------------------------------------------------------------------------
           SMC Corp.                                                                   (6)           100             7,754
           ---------------------------------------------------------------------------------------------------------------
           Textron, Inc.                                                                           1,700           135,787
           ---------------------------------------------------------------------------------------------------------------
           Tyco International Ltd.                                                                 2,600           105,950
           ---------------------------------------------------------------------------------------------------------------
           U.S. Filter Corp.                                                           (6)         1,300            45,175
                                                                                                                ----------
                                                                                                                 1,053,316
</TABLE>


                                       44
<PAGE>   56
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                               MARKET VALUE
                                                                                           SHARES              (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------------------
<S>                                                                             <C>               <C>          <C>
TRANSPORTATION - 0.3%
           ----------------------------------------------------------------------------------------------------------------------
           Brambles Industries Ltd.                                                                 4,000      $          55,576
           ----------------------------------------------------------------------------------------------------------------------
           Wisconsin Central Transportation Corp.                               (6)                 2,700                 87,750
                                                                                                               ------------------
                                                                                                                         143,326
- ---------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 13.6%
- ---------------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 2.6%
           ----------------------------------------------------------------------------------------------------------------------
           General Dynamics Corp.                                                                   3,800                235,600
           ----------------------------------------------------------------------------------------------------------------------
           Goodrich (B.F.) Co.                                                                      4,400                164,450
           ----------------------------------------------------------------------------------------------------------------------
           Lockheed Martin Corp.                                                                    2,400                201,600
           ----------------------------------------------------------------------------------------------------------------------
           McDonnell Douglas Corp.                                                                  2,200                106,700
           ----------------------------------------------------------------------------------------------------------------------
           Rockwell International Corp.                                                             3,500                200,375
           ----------------------------------------------------------------------------------------------------------------------
           TRW, Inc.                                                                                2,000                179,750
                                                                                                               ------------------
                                                                                                                       1,088,475
- ---------------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 1.4%
           ----------------------------------------------------------------------------------------------------------------------
           Canon, Inc.                                                                              6,000                125,086
           ----------------------------------------------------------------------------------------------------------------------
           Dell Computer Corp.                                                  (6)                 1,200                 61,050
           ----------------------------------------------------------------------------------------------------------------------
           Gateway 2000, Inc.                                                   (6)                   900                 30,600
           ----------------------------------------------------------------------------------------------------------------------
           HCIA, Inc.                                                           (6)                 1,100                 69,300
           ----------------------------------------------------------------------------------------------------------------------
           Microcom, Inc.                                                       (6)                 2,600                 32,825
           ----------------------------------------------------------------------------------------------------------------------
           Storage Technology Corp. (New)                                       (6)                 2,800                107,100
           ----------------------------------------------------------------------------------------------------------------------
           Xerox Corp.                                                                              3,000                160,500
                                                                                                               ------------------
                                                                                                                         586,461
- ---------------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 3.8%
           ----------------------------------------------------------------------------------------------------------------------
           Applix, Inc.                                                         (6)                 1,500                 43,125
           ----------------------------------------------------------------------------------------------------------------------
           Aspen Technologies, Inc.                                             (6)                   400                 22,000
           ----------------------------------------------------------------------------------------------------------------------
           Cambridge Technology Partners, Inc.                                  (6)                 5,100                155,550
           ----------------------------------------------------------------------------------------------------------------------
           Cooper & Chyan Technology, Inc.                                      (6)                   500                 10,938
           ----------------------------------------------------------------------------------------------------------------------
           Dendrite International, Inc.                                         (6)                   800                 27,600
           ----------------------------------------------------------------------------------------------------------------------
           Electronics for Imaging, Inc.                                        (6)                 2,400                166,500
           ----------------------------------------------------------------------------------------------------------------------
           EPIC Design Technology, Inc.                                         (6)                 2,600                 65,650
           ----------------------------------------------------------------------------------------------------------------------
           Inso Corp.                                                           (6)                 1,300                 68,088
           ----------------------------------------------------------------------------------------------------------------------
           McAfee Associates, Inc.                                              (6)                 2,925                143,325
           ----------------------------------------------------------------------------------------------------------------------
           MDL Information Systems, Inc.                                        (6)                 1,300                 38,675
           ----------------------------------------------------------------------------------------------------------------------
           Medic Computer Systems, Inc.                                         (6)                   500                 40,563
           ----------------------------------------------------------------------------------------------------------------------
           Project Software & Development, Inc.                                 (6)                 2,800                131,250
           ----------------------------------------------------------------------------------------------------------------------
           Rational Software Corp.                                              (6)                 2,700                145,125
           ----------------------------------------------------------------------------------------------------------------------
           Remedy Corp.                                                         (6)                 1,150                 83,950
           ----------------------------------------------------------------------------------------------------------------------
           Sap AG, Preference                                                                         400                 59,375
           ----------------------------------------------------------------------------------------------------------------------
           Sapient Corp.                                                        (6)                 1,400                 59,150
           ----------------------------------------------------------------------------------------------------------------------
           Scopus Technology, Inc.                                              (6)                 1,800                 27,900
           ----------------------------------------------------------------------------------------------------------------------
           Security Dynamics Technologies, Inc.                                 (6)                 1,000                 82,250
           ----------------------------------------------------------------------------------------------------------------------
           Shiva Corp.                                                          (6)                   500                 40,000
           ----------------------------------------------------------------------------------------------------------------------
           Veritas Software Corp.                                               (6)                 1,500                 64,500
           ----------------------------------------------------------------------------------------------------------------------
           Visio Corp.                                                          (6)                 1,300                 46,800
           ----------------------------------------------------------------------------------------------------------------------
           Zebra Technologies Corp., C1, A                                      (6)                 2,300                 40,825
                                                                                                               ------------------
                                                                                                                       1,563,139
</TABLE>

                                       45
<PAGE>   57



PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                               MARKET VALUE
                                                                                           SHARES              (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>               <C>          <C>
ELECTRONICS - 2.7%
           ----------------------------------------------------------------------------------------------------------------------
           Bowthorpe PLC                                                                            9,000      $          63,038
           ----------------------------------------------------------------------------------------------------------------------
           Electrocomponents PLC                                                                    9,000                 53,324
           ----------------------------------------------------------------------------------------------------------------------
           Getronics NV                                                                             2,400                 53,193
           ----------------------------------------------------------------------------------------------------------------------
           Input/Output, Inc.                                                   (6)                 2,400                 77,700
           ----------------------------------------------------------------------------------------------------------------------
           Intel Corp.                                                                              1,000                 73,438
           ----------------------------------------------------------------------------------------------------------------------
           Keyence Corp.                                                                              600                 81,745
           ----------------------------------------------------------------------------------------------------------------------
           Kyocera Corp.                                                                            1,000                 70,864
           ----------------------------------------------------------------------------------------------------------------------
           Matsushita Electric Industrial Co.                                                       4,000                 74,613
           ----------------------------------------------------------------------------------------------------------------------
           Matsushita Electric Works Ltd.                                                           5,000                 54,405
           ----------------------------------------------------------------------------------------------------------------------
           Nitto Denko Corp.                                                                        4,000                 70,589
           ----------------------------------------------------------------------------------------------------------------------
           Rohm Co.                                                                                 1,000                 66,200
           ----------------------------------------------------------------------------------------------------------------------
           Samsung Electronics Co., Sponsored GDR                             (1)(6)                1,300                 31,369
           ----------------------------------------------------------------------------------------------------------------------
           SDL, Inc.                                                            (6)                 1,400                 38,850
           ----------------------------------------------------------------------------------------------------------------------
           Sony Corp.                                                           (6)                 1,000                 65,926
           ----------------------------------------------------------------------------------------------------------------------
           TDK Corp.                                                                                1,000                 59,800
           ----------------------------------------------------------------------------------------------------------------------
           Varian Associates, Inc.                                                                  1,200                 62,100
           ----------------------------------------------------------------------------------------------------------------------
           Vitesse Semiconductor Corp.                                          (6)                 2,300                 55,200
           ----------------------------------------------------------------------------------------------------------------------
           Waters Corp.                                                         (6)                 1,400                 46,200
                                                                                                               ------------------
                                                                                                                       1,098,554
- ---------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 3.1%
           ----------------------------------------------------------------------------------------------------------------------
           APAC Teleservices, Inc.                                              (6)                 1,700                 61,200
           ----------------------------------------------------------------------------------------------------------------------
           Aspect Telecommunications Corp.                                      (6)                 2,400                118,800
           ----------------------------------------------------------------------------------------------------------------------
           AT&T Corp.                                                                               3,000                186,000
           ----------------------------------------------------------------------------------------------------------------------
           Cable Design Technologies Corp.                                      (6)                 1,750                 57,313
           ----------------------------------------------------------------------------------------------------------------------
           Cidco, Inc.                                                          (6)                 2,100                 74,025
           ----------------------------------------------------------------------------------------------------------------------
           Coherent Communications Systems Corp.                                (6)                 2,700                 57,375
           ----------------------------------------------------------------------------------------------------------------------
           Comverse Technology, Inc.                                            (6)                 3,200                 97,600
           ----------------------------------------------------------------------------------------------------------------------
           DSP Communications, Inc.                                             (6)                 3,800                195,225
           ----------------------------------------------------------------------------------------------------------------------
           Inter-Tel, Inc.                                                      (6)                 1,500                 39,281
           ----------------------------------------------------------------------------------------------------------------------
           L.M. Ericsson Telephone Co., C1, B, ADR                                                  3,520                 75,680
           ----------------------------------------------------------------------------------------------------------------------
           Nokia AB, Series A                                                                       1,200                 44,304
           ----------------------------------------------------------------------------------------------------------------------
           Octel Communications Corp.                                           (6)                 2,400                 47,400
           ----------------------------------------------------------------------------------------------------------------------
           Premisys Communications, Inc.                                        (6)                 1,200                 73,200
           ----------------------------------------------------------------------------------------------------------------------
           PT Indosat, ADR                                                                            800                 26,800
           ----------------------------------------------------------------------------------------------------------------------
           Telecom Corp. of New Zealand Ltd.                                                       15,000                 63,158
           ----------------------------------------------------------------------------------------------------------------------
           Vodafone Group PLC                                                                      15,000                 58,515
                                                                                                               ------------------
                                                                                                                       1,275,876
- ---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.3%
- ---------------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 3.2%
           ----------------------------------------------------------------------------------------------------------------------
           American Electric Power Co., Inc.                                                        3,700                157,713
           ----------------------------------------------------------------------------------------------------------------------
           Calenergy, Inc.                                                      (6)                 2,900                 73,950
           ----------------------------------------------------------------------------------------------------------------------
           Cia Energetica de Minas Gerais, Preference                                           2,600,000                 69,130
           ----------------------------------------------------------------------------------------------------------------------
           Entergy Corp.                                                                            7,100                201,463
           ----------------------------------------------------------------------------------------------------------------------
           FPL Group, Inc.                                                                          4,900                225,400
           ----------------------------------------------------------------------------------------------------------------------
           Illinova Corp.                                                                           3,400                 97,750
           ----------------------------------------------------------------------------------------------------------------------
           Kansas City Power & Light Co.                                                            4,500                123,750
           ----------------------------------------------------------------------------------------------------------------------
           Texas Utilities Co.                                                                      3,300                141,075
           ----------------------------------------------------------------------------------------------------------------------
           Veba AG                                                                                  2,000                106,373
</TABLE>

                                       46
<PAGE>   58

PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                               MARKET VALUE
                                                                                           SHARES              (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>               <C>          <C>
ELECTRIC UTILITIES (CONTINUED)
           ----------------------------------------------------------------------------------------------------------------------
           Western Resources, Inc.                                                                  3,500      $         104,563
                                                                                                               ------------------
                                                                                                                       1,301,167
- ---------------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 1.3%
           ----------------------------------------------------------------------------------------------------------------------
           Columbia Gas System, Inc. (The)                                                          2,600                135,525
           ----------------------------------------------------------------------------------------------------------------------
           Hong Kong & China Gas                                                                   32,400                 51,692
           ----------------------------------------------------------------------------------------------------------------------
           PanEnergy Corp.                                                                          9,400                309,025
           ----------------------------------------------------------------------------------------------------------------------
           RWE AG, Preference                                                   (6)                 1,850                 56,942
                                                                                                               ------------------
                                                                                                                         553,184
- ---------------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 1.8%
           ----------------------------------------------------------------------------------------------------------------------
           Ameritech Corp.                                                                          3,500                207,813
           ----------------------------------------------------------------------------------------------------------------------
           DDI Corp.                                                                                    7                 61,190
           ----------------------------------------------------------------------------------------------------------------------
           GTE Corp.                                                                                4,700                210,325
           ----------------------------------------------------------------------------------------------------------------------
           NYNEX Corp.                                                                              2,300                109,250
           ----------------------------------------------------------------------------------------------------------------------
           Telecom Italia Mobile SpA                                                               19,000                 42,498
           ----------------------------------------------------------------------------------------------------------------------
           Telecomunicacoes de Sao Paulo SA, Preference                                           350,000                 74,935
           ----------------------------------------------------------------------------------------------------------------------
           Telecomunicacoes de Sao Paulo SA                                                        14,999                  2,644
           ----------------------------------------------------------------------------------------------------------------------
           Telefonica de Espana, ADS                                                                3,000                 55,310
                                                                                                               ------------------
                                                                                                                         763,965
                                                                                                               ------------------

           Total Common Stocks                                                                                        23,508,635

- ---------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.6%
- ---------------------------------------------------------------------------------------------------------------------------------
           Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg.                                           1,100                130,075
           ----------------------------------------------------------------------------------------------------------------------
           K-III Communications Corp., $2.875 Cv. Exchangeable                (1)(6)                1,000                 94,000
           ----------------------------------------------------------------------------------------------------------------------
           Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks                                    4,400                  1,658
                                                                                                               ------------------

           Total Preferred Stocks                                                                                        225,733

<CAPTION>
                                                                                           UNITS
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>               <C>          <C>
RIGHTS, WARRANTS AND CERTIFICATES - 0.1%
- ---------------------------------------------------------------------------------------------------------------------------------
           Carrefour Supermarche SA Rts., Exp. 7/96                                                   115                 31,793
           ----------------------------------------------------------------------------------------------------------------------
           Haw Par Brothers International Wts., Exp. 3/01                                           2,500                  1,506
           ----------------------------------------------------------------------------------------------------------------------
           Hong Kong & China Gas Wts., Exp. 9/97                                                    2,700                    706
           ----------------------------------------------------------------------------------------------------------------------
           In-Flight Phone Corp. Wts., Exp. 8/02                                (1)                   125                     --
           ----------------------------------------------------------------------------------------------------------------------
           Renong Berhad Wts., Exp. 2/97                                                            2,750                    728
                                                                                                               ------------------

           Total Rights, Warrants and Certificates                                                                        34,733

<CAPTION>
                                                                                           PRINCIPAL
                                                                                           AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 6.7%
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>                       <C>
           Repurchase agreement with State Street Bank and Trust Co.,                      $    2,750,000              2,750,000
           4.50%, dated 6/28/96, to be repurchased at $2,751,031 on
           7/1/96, collateralized by U.S. Treasury Bills maturing
           12/19/96, with a value of $2,817,224
</TABLE>

                                       47
<PAGE>   59



PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                               MARKET VALUE
                                                                                                               (NOTE 1)
           ----------------------------------------------------------------------------------------------------------------------
<S>                                                                                                <C>         <C>              
           TOTAL INVESTMENTS, AT VALUE (COST $37,155,462)                                           99.2%             40,977,565
           ----------------------------------------------------------------------------------------------------------------------
           OTHER ASSETS NET OF LIABILITIES                                                           0.8                 319,804
                                                                                             -------------       ----------------
           NET ASSETS                                                                              100.0%      $      41,297,369
                                                                                           ===============     ==================
</TABLE>

         1. Represents a security sold under Rule 144A, which is exempt from
         registration under the Securities Act of 1933, as amended. This
         security has been determined to be liquid under guidelines established
         by the Board of Directors. These securities amount to $702,344 or 1.70%
         of the Fund's net assets at June 30, 1996.
        
         2. Denotes a step bond: a zero coupon bond that converts to a fixed
         rate of interest at a designated future date.

         3. For zero coupon bonds, the interest rate shown is the effective
         yield on the date of purchase.

         4. Interest or dividend is paid in kind.

         5. When-issued security to be delivered and settled after June 30,
         1996.

         6. Non-income producing security.







           See accompanying Notes to Financial Statements.


                                       48
<PAGE>   60
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
                                                                                           PRINCIPAL               MARKET VALUE
                                                                                           AMOUNT                  (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 0.9%
- ---------------------------------------------------------------------------------------------------------------------------------
        Federal Home Loan Mortgage Corp.:
<S>                                                                      <C>               <C>                     <C>          
        Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09                        $      19,974           $      19,063
        Series 1843, C1, VB, 7%, 4/15/03                                                          15,000                  14,953
        Series 1849, C1, VA, 6%, 12/15/10                                                         29,687                  29,057
        -------------------------------------------------------------------------------------------------------------------------
        Federal National Mortgage Assn.:
        6%, 12/1/03                                                                               60,655                  58,674
        6.50%, 4/1/26                                                                             49,823                  46,601
        Series 1994-13, C1, B, 6.50%, 2/25/09                                                     75,000                  69,586
        -------------------------------------------------------------------------------------------------------------------------
        GE Capital Mortgage Securities, Inc., Series-HE2, C1, A3,                                 35,000                  35,088
        7.30%, 6/25/26
        -------------------------------------------------------------------------------------------------------------------------
        Olympic Automobile Receivables Trust, Series 1996-A,
        C1, A4, 5.85%, 7/15/01                                                                    15,000                  14,690
                                                                                                              -------------------

        Total Mortgage-Backed Obligations                                                                                287,712

- ---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 4.9%
- ---------------------------------------------------------------------------------------------------------------------------------
        U.S. Treasury Bonds, 7.50%, 11/15/16                                                     520,000                 550,489
        -------------------------------------------------------------------------------------------------------------------------
        U.S. Treasury Nts.:
        6.75%, 6/30/99                                                                           480,000                 485,549
        7.25%, 8/15/04                                                                           250,000                 258,945
        7.50%, 11/15/01                                                                          325,000                 339,271
                                                                                                                -----------------

        Total U.S. Government Obligations                                                                              1,634,254

- ---------------------------------------------------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 10.7%
- ---------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 1.5%
- ---------------------------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.6%
        -------------------------------------------------------------------------------------------------------------------------
        Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97                                    15,000                  15,172
        -------------------------------------------------------------------------------------------------------------------------
        G-I Holdings, Inc., 10% Sr. Nts., 2/15/06                          (1)                    31,000                  30,535
        -------------------------------------------------------------------------------------------------------------------------
        Morton International, Inc., 9.25% Credit Sensitive Nts.,                                  15,000                  17,727
        6/1/20
        -------------------------------------------------------------------------------------------------------------------------
        NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05          (2)                    75,000                  58,219
        -------------------------------------------------------------------------------------------------------------------------
        PPG Industries, Inc., 9% Debs., 5/1/21                                                    15,000                  17,309
        -------------------------------------------------------------------------------------------------------------------------
        Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04                                              50,000                  51,750
                                                                                                              -------------------
                                                                                                                         190,712
- ---------------------------------------------------------------------------------------------------------------------------------
METALS - 0.1%
        -------------------------------------------------------------------------------------------------------------------------
        Alcan Aluminum Ltd., 9.625% Debs., 7/15/19                                                35,000                  38,318
- ---------------------------------------------------------------------------------------------------------------------------------
PAPER - 0.8%
        -------------------------------------------------------------------------------------------------------------------------
        Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98                                   15,000                  15,113
        -------------------------------------------------------------------------------------------------------------------------
        Doman Industries Ltd., 8.75% Sr. Nts., 3/15/04                                            50,000                  45,000
        -------------------------------------------------------------------------------------------------------------------------
        Fort Howard Corp., 9% Sr. Sub. Nts., 2/1/06                                               50,000                  48,000
        -------------------------------------------------------------------------------------------------------------------------
        Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05                             50,000                  52,688
        -------------------------------------------------------------------------------------------------------------------------
        Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97                               30,000                  30,895
        -------------------------------------------------------------------------------------------------------------------------
        Kimberly-Clark Corp., 7.875% Debs., 2/1/23                                                15,000                  15,064
        -------------------------------------------------------------------------------------------------------------------------
        Stone Container Corp., 9.875% Sr. Nts., 2/1/01                                            50,000                  48,500
                                                                                                              -------------------
                                                                                                                         255,260
</TABLE>

                                       49
<PAGE>   61

PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                           PRINCIPAL               MARKET VALUE
                                                                                           AMOUNT                  (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 4.5%
- ---------------------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.1%
        -------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>               <C>                     <C>          
        American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06                  (1)             $      50,000           $      49,000
        -------------------------------------------------------------------------------------------------------------------------
        Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts.,         (3)                   100,000                  86,375
        9.799%, 6/15/98
        -------------------------------------------------------------------------------------------------------------------------
        Bally's Grand, Inc., 10.375% First Mtg. Nts., Series B,                                   50,000                  54,875
        12/15/03
        -------------------------------------------------------------------------------------------------------------------------
        Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg.                                   50,000                  53,188
        Nts., 3/15/04
        -------------------------------------------------------------------------------------------------------------------------
        Blockbuster Entertainment Group, 6.625% Sr. Nts., 2/15/98                                 15,000                  14,921
        -------------------------------------------------------------------------------------------------------------------------
        Casino America, Inc., 11.50% First Mtg. Nts., 11/15/01                                    50,000                  53,000
        -------------------------------------------------------------------------------------------------------------------------
        Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs., 9/15/03                             50,000                  52,000
        -------------------------------------------------------------------------------------------------------------------------
        Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B,                                50,000                  47,250
        2/15/98
        -------------------------------------------------------------------------------------------------------------------------
        Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts.,             (1)                    50,000                  62,750
        11/15/02
        -------------------------------------------------------------------------------------------------------------------------
        Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05                                  50,000                  52,625
        -------------------------------------------------------------------------------------------------------------------------
        Trump Atlantic City Associates/Trump Atlantic City Funding,                               50,000                  50,250
        Inc., 11.25% First Mtg. Nts., 5/1/06
        -------------------------------------------------------------------------------------------------------------------------
        Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03                                  50,000                  51,125
        -------------------------------------------------------------------------------------------------------------------------
        Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01                               25,000                  24,554
        -------------------------------------------------------------------------------------------------------------------------
        Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06                                        50,000                  50,000
                                                                                                              -------------------
                                                                                                                         701,913
- ---------------------------------------------------------------------------------------------------------------------------------
MEDIA - 1.7%
        -------------------------------------------------------------------------------------------------------------------------
        Argyle Television, Inc., 9.75% Sr. Sub. Nts., 11/1/05                                     50,000                  47,000
        -------------------------------------------------------------------------------------------------------------------------
        Cablevision Systems Corp., 9.875% Sr. Sub. Nts., 5/15/06                                  50,000                  48,250
        -------------------------------------------------------------------------------------------------------------------------
        Century Communications Corp., 9.75% Sr. Nts., 2/15/02                                     50,000                  49,750
        -------------------------------------------------------------------------------------------------------------------------
        Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06                                            50,000                  47,125
        -------------------------------------------------------------------------------------------------------------------------
        Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,          (2)                    50,000                  28,875
        11/15/07
        -------------------------------------------------------------------------------------------------------------------------
        International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon        (2)                   100,000                  55,625
        Nts., Series A, 2/1/06
        -------------------------------------------------------------------------------------------------------------------------
        New World Communications Group Holding Corp., Zero Coupon          (3)                   100,000                  73,250
        Sr. Disc. Nts., Series B, 11.022%, 6/15/99
        -------------------------------------------------------------------------------------------------------------------------
        Paxson Communications Corp., 11.625% Sr. Sub. Nts., 10/1/02                               50,000                  52,000
        -------------------------------------------------------------------------------------------------------------------------
        Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05                                50,000                  47,750
        -------------------------------------------------------------------------------------------------------------------------
        TeleWest PLC:
        0%/11% Sr. Disc. Debs., 10/1/07                                    (2)                    25,000                  14,750
        9.625% Sr. Debs., 10/1/06                                                                 25,000                  24,438
        -------------------------------------------------------------------------------------------------------------------------
        Time Warner, Inc., 7.45% Nts., 2/1/98                                                     15,000                  15,162
        -------------------------------------------------------------------------------------------------------------------------
        United International Holdings, Inc., Zero Coupon Sr. Sec.          (3)                   100,000                  65,500
        Disc. Nts., Series B, 14%, 11/15/99
                                                                                                              -------------------
                                                                                                                         569,475
- ---------------------------------------------------------------------------------------------------------------------------------
RETAIL:  GENERAL - 0.5%
        -------------------------------------------------------------------------------------------------------------------------
        Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01                                   5,000                   5,263
</TABLE>

                                       50
<PAGE>   62

PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                      PRINCIPAL               MARKET VALUE
                                                                                      AMOUNT                  (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------------
RETAIL:  GENERAL (CONTINUED)
        -------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>          <C>                     <C>               
        Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon          (2)        $          100,000      $           60,500
        Nts., 11/1/03
        -------------------------------------------------------------------------------------------------------------------------
        Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99                                      30,000                  31,322
        -------------------------------------------------------------------------------------------------------------------------
        Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02                                50,000                  52,875
                                                                                                              -------------------
                                                                                                                         149,960
- ---------------------------------------------------------------------------------------------------------------------------------
RETAIL:  SPECIALITY - 0.2%
        -------------------------------------------------------------------------------------------------------------------------
        Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series                               50,000                  51,375
        B, 10/15/05
- ---------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 1.3%

- ---------------------------------------------------------------------------------------------------------------------------------
FOOD - 0.5%
        -------------------------------------------------------------------------------------------------------------------------
        Dole Food Co., 6.75% Nts., 7/15/00                                                        40,000                  39,459
        -------------------------------------------------------------------------------------------------------------------------
        Fresh Del Monte Produce NV, 10% Sr. Nts., Series B,
        5/1/03                                                                                    50,000                  46,500
        -------------------------------------------------------------------------------------------------------------------------
        Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98                                   15,000                  15,469
        -------------------------------------------------------------------------------------------------------------------------
        Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05                                            50,000                  53,000
                                                                                                              -------------------
                                                                                                                         154,428
- ---------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 0.5%
        -------------------------------------------------------------------------------------------------------------------------
        Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06            (1)                    50,000                  51,750
        -------------------------------------------------------------------------------------------------------------------------
        Graphic Controls Corp., 12% Sr. Sub. Nts., Series A,
        9/15/05                                                                                   50,000                  53,000
        -------------------------------------------------------------------------------------------------------------------------
        Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts.,                                 50,000                  48,000
        10/15/02
                                                                                                              -------------------
                                                                                                                         152,750
- ---------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.3%
        -------------------------------------------------------------------------------------------------------------------------
        Black & Decker Corp., 6.625% Nts., 11/15/00                                               15,000                  14,816
        -------------------------------------------------------------------------------------------------------------------------
        Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97                                            30,000                  30,338
        -------------------------------------------------------------------------------------------------------------------------
        Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts.,           (3)                    75,000                  62,344
        12.936%, 3/15/98
                                                                                                              -------------------
                                                                                                                         107,498
- ---------------------------------------------------------------------------------------------------------------------------------
ENERGY - 0.4%
- ---------------------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.2%
        -------------------------------------------------------------------------------------------------------------------------
        Coastal Corp., 8.125% Sr. Nts., 9/15/02                                                   15,000                  15,639
        -------------------------------------------------------------------------------------------------------------------------
        Maxus Energy Corp., 9.375% Nts., 11/1/03                                                  50,000                  48,250
                                                                                                              -------------------
                                                                                                                          63,889
- ---------------------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 0.2%
        -------------------------------------------------------------------------------------------------------------------------
        Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03                                      52,750                  50,640
        -------------------------------------------------------------------------------------------------------------------------
        Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23                                    15,000                  14,520
        -------------------------------------------------------------------------------------------------------------------------
        Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19                                  15,000                  15,688
                                                                                                              -------------------
                                                                                                                          80,848
- ---------------------------------------------------------------------------------------------------------------------------------
FINANCIAL - 0.8%
- ---------------------------------------------------------------------------------------------------------------------------------
BANKS - 0.2%
        -------------------------------------------------------------------------------------------------------------------------
        Citicorp, 5.625% Sr. Nts., 2/15/01                                                        15,000                  14,299
        -------------------------------------------------------------------------------------------------------------------------
        Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01                                  15,000                  16,784
        -------------------------------------------------------------------------------------------------------------------------
        Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97                                 25,000                  25,037
                                                                                                              -------------------
                                                                                                                          56,120
- ---------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 0.6%
        -------------------------------------------------------------------------------------------------------------------------
        Beneficial Corp., 9.125% Debs., 2/15/98                                                   15,000                  15,612
        -------------------------------------------------------------------------------------------------------------------------
        Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99                                      10,000                   9,986
</TABLE>

                                       51
<PAGE>   63

PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                      PRINCIPAL               MARKET VALUE
                                                                                      AMOUNT                  (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL (CONTINUED)
        -------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>          <C>                     <C>               
        Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01                             $           15,000      $           14,284
        -------------------------------------------------------------------------------------------------------------------------
        Countrywide Funding Corp., 6.05% Gtd. Medium-Term Nts.,                                   15,000                  14,392
        Series D, 3/1/01
        -------------------------------------------------------------------------------------------------------------------------
        Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98                                         15,000                  14,971
        -------------------------------------------------------------------------------------------------------------------------
        General Motors Acceptance Corp., 5.625% Nts., 2/15/01                                     25,000                  23,747
        -------------------------------------------------------------------------------------------------------------------------
        GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98                                             50,000                  49,875
        -------------------------------------------------------------------------------------------------------------------------
        Integra Financial Corp., 6.50% Sub. Nts., 4/15/00                                         15,000                  14,738
        -------------------------------------------------------------------------------------------------------------------------
        Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01                                             20,000                  19,648
        -------------------------------------------------------------------------------------------------------------------------
        Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99                               35,000                  36,344
                                                                                                              -------------------
                                                                                                                         213,597
- ---------------------------------------------------------------------------------------------------------------------------------
INSURANCE - 0.0%
        -------------------------------------------------------------------------------------------------------------------------
        Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01                              15,000                  14,891
- ---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 0.5%
- ---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.2%
        -------------------------------------------------------------------------------------------------------------------------
        Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05                                         50,000                  50,875
- ---------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 0.2%
        -------------------------------------------------------------------------------------------------------------------------
        Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03                                         50,000                  47,500
        -------------------------------------------------------------------------------------------------------------------------
        Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03                                         10,000                  10,000
                                                                                                              -------------------
                                                                                                                          57,500
- ---------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.1%
        -------------------------------------------------------------------------------------------------------------------------
        Federal Express Corp., 6.25% Nts., 4/15/98                                                15,000                  14,885
        -------------------------------------------------------------------------------------------------------------------------
        Union Pacific Corp., 7% Nts., 6/15/00                                                     15,000                  14,967
                                                                                                              -------------------
                                                                                                                          29,852
- ---------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 1.5%
- ---------------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 0.1%
        -------------------------------------------------------------------------------------------------------------------------
        Digital Equipment Corp., 7% Nts., 11/15/97                                                45,000                  45,033
- ---------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 1.4%
        -------------------------------------------------------------------------------------------------------------------------
        A+ Network, Inc., 11.875% Sr. Sub. Nts., 11/1/05                                          50,000                  51,375
        -------------------------------------------------------------------------------------------------------------------------
        American Communications Services, Inc., 0%/13% Sr. Disc.           (2)                   100,000                  56,000
        Nts., 11/1/05
        -------------------------------------------------------------------------------------------------------------------------
        Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts.,        (2)                    75,000                  38,625
        3/15/08
        -------------------------------------------------------------------------------------------------------------------------
        In-Flight Phone Corp., 0%/14% Sr. Disc. Nts., 5/15/02              (2)                    50,000                  16,250
        -------------------------------------------------------------------------------------------------------------------------
        MCI Communications Corp., 7.125% Sr. Nts., 1/20/00                                        15,000                  15,143
        -------------------------------------------------------------------------------------------------------------------------
        MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts.,            (2)                    75,000                  56,250
        1/15/04
        -------------------------------------------------------------------------------------------------------------------------
        Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07                                           50,000                  46,250
        -------------------------------------------------------------------------------------------------------------------------
        Mobilemedia Communications Corp., 9.375% Sr. Sub. Nts.,                                   50,000                  44,750
        11/1/07
        -------------------------------------------------------------------------------------------------------------------------
        Paging Network, Inc., 10.125% Sr. Sub. Nts., 8/1/07                                       50,000                  49,125
        -------------------------------------------------------------------------------------------------------------------------
        PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts.,         (2)                    75,000                  58,875
        10/1/03
        -------------------------------------------------------------------------------------------------------------------------
        Teleport Communications Group, Inc.:
        0%/11.125% Sr. Disc. Nts., 7/1/07                                 (2)(4)                  25,000                  14,781
        9.875% Sr. Nts., 7/1/06                                            (4)                    25,000                  25,258
                                                                                                              -------------------
                                                                                                                         472,682
</TABLE>

                                       52
<PAGE>   64
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                            PRINCIPAL            MARKET VALUE
                                                                                            AMOUNT               (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                         <C>                  <C>        
UTILITIES - 0.2%
- -----------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.1%
        ---------------------------------------------------------------------------------------------------------------------
        Consumers Power Co., 8.75% Mtg. Nts., 2/15/98                                       $   15,000           $    15,423
        ---------------------------------------------------------------------------------------------------------------------
        El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99                           10,000                 9,846
                                                                                                                 ------------
                                                                                                                      25,269
- -----------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.1%
        ---------------------------------------------------------------------------------------------------------------------
        Arkla, Inc., 9.875% Nts., 4/15/97                                                       30,000                30,783
        ---------------------------------------------------------------------------------------------------------------------
        Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06                     25,000                23,146
                                                                                                                 ------------
                                                                                                                      53,929
                                                                                                                 ------------

        Total Non-Convertible Corporate Bonds and Notes                                                            3,536,174

- -----------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND NOTES - 0.7%
- -----------------------------------------------------------------------------------------------------------------------------
        IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01                                         90,000               110,250
        ---------------------------------------------------------------------------------------------------------------------
        Storage Technology Corp., 7% Cv. Sub. Debs., 3/15/08                                    70,000               116,025
                                                                                                                 ------------

                                                                                                                     226,275

<CAPTION>
                                                                                            SHARES
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                         <C>                  <C>        
COMMON STOCKS - 73.1%
- -----------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 2.0%
- -----------------------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.9%
        ---------------------------------------------------------------------------------------------------------------------
        Cabot Corp.                                                                              2,200                53,900
        ---------------------------------------------------------------------------------------------------------------------
        Daicel Chemical Industries Ltd.                                                         10,000                61,542
        ---------------------------------------------------------------------------------------------------------------------
        Potash Corp. of Saskatchewan, Inc.                                                       1,200                79,500
        ---------------------------------------------------------------------------------------------------------------------
        Union Carbide Corp.                                                                      3,000               119,250
        ---------------------------------------------------------------------------------------------------------------------
        W.R. Grace & Co.                                                                           400                28,350
                                                                                                                 ------------
                                                                                                                     342,542
- -----------------------------------------------------------------------------------------------------------------------------
METALS - 1.1%
        ---------------------------------------------------------------------------------------------------------------------
        Acerinox SA                                                                                500                52,063
        ---------------------------------------------------------------------------------------------------------------------
        Carpenter Technology Corp.                                                               2,800                89,600
        ---------------------------------------------------------------------------------------------------------------------
        RTZ Corp. PLC                                                                            4,000                59,293
        ---------------------------------------------------------------------------------------------------------------------
        UNR Industries, Inc.                                                                    12,000               115,500
        ---------------------------------------------------------------------------------------------------------------------
        Western Mining Corp. Holdings Ltd.                                                       6,000                42,973
                                                                                                                 ------------
                                                                                                                     359,429
- -----------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 13.3%
- -----------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 3.5%
        ---------------------------------------------------------------------------------------------------------------------
        Autoliv AB                                                                               2,000                60,885
        ---------------------------------------------------------------------------------------------------------------------
        Autopistas Concesionaria Espanola SA                                                     4,000                46,486
        ---------------------------------------------------------------------------------------------------------------------
        Black & Decker Corp.                                                                     1,500                57,937
        ---------------------------------------------------------------------------------------------------------------------
        Bridgestone Corp.                                                                        3,000                57,166
        ---------------------------------------------------------------------------------------------------------------------
        Camden Property Trust                                                                    4,300               102,125
        ---------------------------------------------------------------------------------------------------------------------
        Capstone Capital Trust, Inc.                                                             4,900               100,450
        ---------------------------------------------------------------------------------------------------------------------
        Chrysler Corp.                                                                           3,100               192,200
        ---------------------------------------------------------------------------------------------------------------------
        Ford Motor Co.                                                                           5,800               187,775
        ---------------------------------------------------------------------------------------------------------------------
        Health & Retirement Property Trust                                                       5,700                98,325
        ---------------------------------------------------------------------------------------------------------------------
        Honda Motor Co.                                                                          3,000                77,679
        ---------------------------------------------------------------------------------------------------------------------
        Meditrust Corp.                                                                          2,800                93,450
</TABLE>


                                       53
<PAGE>   65
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                 MARKET VALUE
                                                                                            SHARES               (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>             <C>                  <C>        
AUTOS & HOUSING (CONTINUED)
        ---------------------------------------------------------------------------------------------------------------------
        Rinnai Corp.                                                        (5)                  2,000           $    47,410
        ---------------------------------------------------------------------------------------------------------------------
        Valeo SA                                                                                   700                37,460
                                                                                                                 ------------
                                                                                                                   1,159,348
- -----------------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.2%
        ---------------------------------------------------------------------------------------------------------------------
        AMR Corp.                                                                                1,200               109,200
        ---------------------------------------------------------------------------------------------------------------------
        Atlas Air, Inc.                                                     (5)                  2,700               155,250
        ---------------------------------------------------------------------------------------------------------------------
        CDL Hotels International Ltd.                                                          150,000                82,359
        ---------------------------------------------------------------------------------------------------------------------
        Granada Group PLC                                                                        5,000                66,813
        ---------------------------------------------------------------------------------------------------------------------
        Grand Casinos, Inc.                                                 (5)                  1,900                48,925
        ---------------------------------------------------------------------------------------------------------------------
        Landry's Seafood Restaurants, Inc.                                  (5)                  1,800                44,550
        ---------------------------------------------------------------------------------------------------------------------
        Northwest Airlines Corp., C1, A                                     (5)                  1,500                59,250
        ---------------------------------------------------------------------------------------------------------------------
        Papa John's International, Inc.                                     (5)                  1,750                85,312
        ---------------------------------------------------------------------------------------------------------------------
        Piccadilly Cafeterias, Inc.                                                              6,300                66,150
        ---------------------------------------------------------------------------------------------------------------------
        Regal Cinemas, Inc.                                                 (5)                  3,050               139,537
        ---------------------------------------------------------------------------------------------------------------------
        THORN EMI PLC                                                                            2,700                75,137
        ---------------------------------------------------------------------------------------------------------------------
        VideoServer, Inc.                                                   (5)                  1,900                74,100
        ---------------------------------------------------------------------------------------------------------------------
        Wyndham Hotel Corp.                                                 (5)                  2,300                48,012
                                                                                                                 ------------
                                                                                                                   1,054,595
- -----------------------------------------------------------------------------------------------------------------------------
MEDIA - 1.2%
        ---------------------------------------------------------------------------------------------------------------------
        Elsevier NV                                                                              2,200                33,381
        ---------------------------------------------------------------------------------------------------------------------
        Emmis Broadcasting Corp., C1, A                                     (5)                  1,800                90,000
        ---------------------------------------------------------------------------------------------------------------------
        HA-LO Industries, Inc.                                              (5)                  1,500                39,000
        ---------------------------------------------------------------------------------------------------------------------
        Reed International PLC                                              (5)                  3,500                58,394
        ---------------------------------------------------------------------------------------------------------------------
        Reuters Holdings PLC                                                (5)                  5,000                60,521
        ---------------------------------------------------------------------------------------------------------------------
        Television Broadcasts Ltd.                                                              15,000                56,295
        ---------------------------------------------------------------------------------------------------------------------
        Wolters Kluwer NV                                                                          400                45,437
                                                                                                                 ------------
                                                                                                                     383,028
- -----------------------------------------------------------------------------------------------------------------------------
RETAIL:  GENERAL - 3.1%
        ---------------------------------------------------------------------------------------------------------------------
        Eckerd Corp.                                                        (5)                  2,300                52,037
        ---------------------------------------------------------------------------------------------------------------------
        Express Scripts, Inc., C1, A                                        (5)                  1,400                64,400
        ---------------------------------------------------------------------------------------------------------------------
        Federated Department Stores, Inc.                                   (5)                  1,500                51,187
        ---------------------------------------------------------------------------------------------------------------------
        Marks & Spencer PLC                                                                      8,000                58,485
        ---------------------------------------------------------------------------------------------------------------------
        Nautica Enterprises, Inc.                                           (5)                  4,900               140,875
        ---------------------------------------------------------------------------------------------------------------------
        Price/Costco, Inc.                                                  (5)                  3,000                64,875
        ---------------------------------------------------------------------------------------------------------------------
        Sears Roebuck & Co.                                                                      3,500               170,187
        ---------------------------------------------------------------------------------------------------------------------
        St. John Knits, Inc.                                                                     2,900               129,412
        ---------------------------------------------------------------------------------------------------------------------
        U.S. Industries, Inc.                                               (5)                  3,900                94,087
        ---------------------------------------------------------------------------------------------------------------------
        Waban, Inc.                                                         (5)                  2,200                52,525
        ---------------------------------------------------------------------------------------------------------------------
        Wolverine World Wide, Inc.                                                               2,000                65,000
        ---------------------------------------------------------------------------------------------------------------------
        Zeneca Group PLC                                                                         4,000                88,505
                                                                                                                 ------------
                                                                                                                   1,031,575
- -----------------------------------------------------------------------------------------------------------------------------
RETAIL:  SPECIALTY - 2.3%
        ---------------------------------------------------------------------------------------------------------------------
        adidas AG                                                                                  140                11,658
        ---------------------------------------------------------------------------------------------------------------------
        CDW Computer Centers, Inc.                                          (5)                  1,700               118,150
        ---------------------------------------------------------------------------------------------------------------------
        Jusco Co.                                                                                2,000                65,462
        ---------------------------------------------------------------------------------------------------------------------
        MSC Industrial Direct Co., Inc., C1, A                              (5)                  1,900                61,275
        ---------------------------------------------------------------------------------------------------------------------
        New England Business Service, Inc.                                                       4,200                81,900
        ---------------------------------------------------------------------------------------------------------------------
        Next PLC                                                                                 7,000                61,235
</TABLE>


                                       54
<PAGE>   66
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                 MARKET VALUE
                                                                                            SHARES               (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>             <C>                  <C>        
RETAIL:  SPECIALTY (CONTINUED)
        ---------------------------------------------------------------------------------------------------------------------
        Regis Corp. of Minnesota                                                                 1,200           $    37,500
        ---------------------------------------------------------------------------------------------------------------------
        Shimamura Co. Ltd.                                                  (5)                  1,000                43,945
        ---------------------------------------------------------------------------------------------------------------------
        Sunglass Hut International, Inc.                                    (5)                  2,300                56,062
        ---------------------------------------------------------------------------------------------------------------------
        Tandy Corp.                                                                              1,400                66,325
        ---------------------------------------------------------------------------------------------------------------------
        U.S. Office Products Co.                                            (5)                  3,700               155,400
                                                                                                                 ------------
                                                                                                                     758,912
- -----------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 10.4%
- -----------------------------------------------------------------------------------------------------------------------------
BEVERAGES - 1.1%
        ---------------------------------------------------------------------------------------------------------------------
        Anheuser-Busch Cos., Inc.                                                                2,700               202,500
        ---------------------------------------------------------------------------------------------------------------------
        Heineken Holding NV, C1, A                                                                 550               111,097
        ---------------------------------------------------------------------------------------------------------------------
        LVMH Moet Hennessy Louis Vuitton                                                           270                64,037
                                                                                                                 ------------
                                                                                                                     377,634
- -----------------------------------------------------------------------------------------------------------------------------
FOOD - 1.4%
        ---------------------------------------------------------------------------------------------------------------------
        American Stores Co.                                                                      2,800               115,500
        ---------------------------------------------------------------------------------------------------------------------
        Archer-Daniels-Midland Co.                                                               4,300                82,237
        ---------------------------------------------------------------------------------------------------------------------
        Carrefour Supermarche SA                                                                   115                64,424
        ---------------------------------------------------------------------------------------------------------------------
        Dole Food Co.                                                                            1,100                47,300
        ---------------------------------------------------------------------------------------------------------------------
        Kroger Co.                                                          (5)                  2,400                94,800
        ---------------------------------------------------------------------------------------------------------------------
        Nestle SA                                                                                   50                57,085
                                                                                                                 ------------
                                                                                                                     461,346
- -----------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 2.7%
        ---------------------------------------------------------------------------------------------------------------------
        Astra AB Free, Series A                                                                  1,500                66,235
        ---------------------------------------------------------------------------------------------------------------------
        Bristol-Myers Squibb Co.                                                                 2,500               225,000
        ---------------------------------------------------------------------------------------------------------------------
        Ciba-Geigy AG                                                                              100               121,840
        ---------------------------------------------------------------------------------------------------------------------
        Dura Pharmaceuticals, Inc.                                          (5)                  1,200                67,200
        ---------------------------------------------------------------------------------------------------------------------
        Glaxo Wellcome PLC, Sponsored ADR                                                        3,200                85,600
        ---------------------------------------------------------------------------------------------------------------------
        Jones Medical Industries, Inc.                                                           1,300                43,225
        ---------------------------------------------------------------------------------------------------------------------
        Sandoz AG                                                                                  100               114,330
        ---------------------------------------------------------------------------------------------------------------------
        Schering AG                                                                              1,000                72,497
        ---------------------------------------------------------------------------------------------------------------------
        Takeda Chemical Industries Ltd.                                                          5,000                88,438
                                                                                                                 ------------
                                                                                                                     884,365
- -----------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 4.3%
        ---------------------------------------------------------------------------------------------------------------------
        CNS, Inc.                                                           (5)                  2,600                63,050
        ---------------------------------------------------------------------------------------------------------------------
        Columbia/HCA Healthcare Corp.                                                            1,100                58,712
        ---------------------------------------------------------------------------------------------------------------------
        Compdent Corp.                                                      (5)                  1,800                83,700
        ---------------------------------------------------------------------------------------------------------------------
        CONMED Corp.                                                        (5)                  2,000                53,250
        ---------------------------------------------------------------------------------------------------------------------
        Gulf South Medical Supply, Inc.                                     (5)                  2,600               101,400
        ---------------------------------------------------------------------------------------------------------------------
        Omnicare, Inc.                                                                             800                21,200
        ---------------------------------------------------------------------------------------------------------------------
        OrNda Healthcorp                                                    (5)                  2,700                64,800
        ---------------------------------------------------------------------------------------------------------------------
        OrthoLogic Corp.                                                    (5)                  2,800                35,700
        ---------------------------------------------------------------------------------------------------------------------
        Pediatrix Medical Group, Inc.                                       (5)                  1,700                82,450
        ---------------------------------------------------------------------------------------------------------------------
        Physician Reliance Network, Inc.                                    (5)                  7,700                82,325
        ---------------------------------------------------------------------------------------------------------------------
        Physician Sales & Service, Inc.                                     (5)                  5,100               123,675
        ---------------------------------------------------------------------------------------------------------------------
        Physicians Resource Group, Inc.                                     (5)                  1,600                53,400
        ---------------------------------------------------------------------------------------------------------------------
        Quintiles Transnational Corp.                                       (5)                  1,400                92,050
        ---------------------------------------------------------------------------------------------------------------------
        Renal Treatment Centers, Inc.                                       (5)                  3,500               100,625
        ---------------------------------------------------------------------------------------------------------------------
        Rural/Metro Corp.                                                   (5)                  2,200                75,350
        ---------------------------------------------------------------------------------------------------------------------
        SmithKline Beecham PLC                                                                  13,209               141,309
</TABLE>


                                       55
<PAGE>   67
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                 MARKET VALUE
                                                                                            SHARES               (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>             <C>                  <C>        
HEALTHCARE/SUPPLIES & SERVICES (CONTINUED)
        ---------------------------------------------------------------------------------------------------------------------
        Techne Corp.                                                        (5)                  1,500           $    43,875
        ---------------------------------------------------------------------------------------------------------------------
        Total Renal Care Holdings, Inc.                                     (5)                  1,800                76,050
        ---------------------------------------------------------------------------------------------------------------------
        Veterinary Centers of America, Inc.                                 (5)                  2,600                58,175
                                                                                                                 ------------
                                                                                                                   1,411,096
- -----------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.8%
        ---------------------------------------------------------------------------------------------------------------------
        Blyth Industries, Inc.                                              (5)                  3,100               140,662
        ---------------------------------------------------------------------------------------------------------------------
        Premark International, Inc.                                                              1,800                33,300
        ---------------------------------------------------------------------------------------------------------------------
        Tupperware Corp.                                                    (5)                  1,800                76,050
                                                                                                                 ------------
                                                                                                                     250,012
- -----------------------------------------------------------------------------------------------------------------------------
TOBACCO - 0.1%
        ---------------------------------------------------------------------------------------------------------------------
        PT Gudang Garam                                                     (5)                  7,000                30,001
- -----------------------------------------------------------------------------------------------------------------------------
ENERGY - 3.5%
- -----------------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 3.5%
        ---------------------------------------------------------------------------------------------------------------------
        Amoco Corp.                                                                              2,300               166,462
        ---------------------------------------------------------------------------------------------------------------------
        Atlantic Richfield Co.                                                                   1,100               130,350
        ---------------------------------------------------------------------------------------------------------------------
        Chevron Corp.                                                                            3,800               224,200
        ---------------------------------------------------------------------------------------------------------------------
        El Paso Natural Gas Co.                                                                  3,500               134,750
        ---------------------------------------------------------------------------------------------------------------------
        Elf Acquitaine SA                                                                          560                41,183
        ---------------------------------------------------------------------------------------------------------------------
        Exxon Corp.                                                                              1,400               121,625
        ---------------------------------------------------------------------------------------------------------------------
        Mobil Corp.                                                                              2,100               235,462
        ---------------------------------------------------------------------------------------------------------------------
        Ultramar Corp.                                                                           3,900               113,100
                                                                                                                 ------------
                                                                                                                   1,167,132
- -----------------------------------------------------------------------------------------------------------------------------
FINANCIAL - 8.3%
- -----------------------------------------------------------------------------------------------------------------------------
BANKS - 3.9%
        ---------------------------------------------------------------------------------------------------------------------
        Banco Bradesco SA, Preference                                                        9,210,438                75,221
        ---------------------------------------------------------------------------------------------------------------------
        Banco Popular Espanol SA                                                                   400                71,258
        ---------------------------------------------------------------------------------------------------------------------
        Bangkok Bank Public Co. Ltd.                                                             4,000                54,175
        ---------------------------------------------------------------------------------------------------------------------
        Bank of Boston Corp.                                                                     4,600               227,700
        ---------------------------------------------------------------------------------------------------------------------
        BankAmerica Corp.                                                                        3,300               249,975
        ---------------------------------------------------------------------------------------------------------------------
        Chase Manhattan Corp. (New)                                                              2,704               190,970
        ---------------------------------------------------------------------------------------------------------------------
        HSBC Holdings PLC                                                                        2,000                30,231
        ---------------------------------------------------------------------------------------------------------------------
        Malayan Banking Berhad                                              (5)                  6,000                57,710
        ---------------------------------------------------------------------------------------------------------------------
        PNC Bank Corp.                                                                           6,300               187,425
        ---------------------------------------------------------------------------------------------------------------------
        Thai Farmers Bank Public Co. Ltd.                                                        4,600                50,348
        ---------------------------------------------------------------------------------------------------------------------
        Wells Fargo & Co.                                                                          400                95,550
                                                                                                                 ------------
                                                                                                                   1,290,563
- -----------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.9%
        ---------------------------------------------------------------------------------------------------------------------
        Amresco, Inc.                                                                            4,700                80,487
        ---------------------------------------------------------------------------------------------------------------------
        Federal Home Loan Mortgage Corp.                                                           600                51,300
        ---------------------------------------------------------------------------------------------------------------------
        First Pacific Co. Ltd.                                                                  42,000                64,569
        ---------------------------------------------------------------------------------------------------------------------
        Haw Par Brothers International Ltd.                                                     25,000                57,034
        ---------------------------------------------------------------------------------------------------------------------
        Hays PLC                                                                                 9,000                63,488
        ---------------------------------------------------------------------------------------------------------------------
        ING Groep NV                                                                             2,500                74,612
        ---------------------------------------------------------------------------------------------------------------------
        Lend Lease Corp. Ltd.                                               (5)                  4,000                61,390
        ---------------------------------------------------------------------------------------------------------------------
        Nichiei Co. Ltd.                                                                         1,000                66,556
        ---------------------------------------------------------------------------------------------------------------------
        Oxford Resources Corp., C1, A                                       (5)                  2,300                53,475
        ---------------------------------------------------------------------------------------------------------------------
        Perlis Plantations Berhad                                                               14,000                53,863
        ---------------------------------------------------------------------------------------------------------------------
        Salomon, Inc.                                                                            3,800               167,200
</TABLE>


                                       56
<PAGE>   68
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                 MARKET VALUE
                                                                                            SHARES               (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>             <C>                  <C>        
DIVERSIFIED FINANCIAL (CONTINUED)
        ---------------------------------------------------------------------------------------------------------------------
        Sirrom Capital Corp.                                                                     2,000           $    54,500
        ---------------------------------------------------------------------------------------------------------------------
        Southcorp Holdings Ltd.                                             (5)                 25,000                61,980
        ---------------------------------------------------------------------------------------------------------------------
        Swire Pacific Ltd., C1, B                                                               47,000                64,664
                                                                                                                 ------------
                                                                                                                     975,118
- -----------------------------------------------------------------------------------------------------------------------------
INSURANCE - 1.5%
        ---------------------------------------------------------------------------------------------------------------------
        AXA SA                                                                                   1,028                56,232
        ---------------------------------------------------------------------------------------------------------------------
        CRA Managed Care, Inc.                                              (5)                  1,400                62,650
        ---------------------------------------------------------------------------------------------------------------------
        General Re Corp.                                                                           100                15,225
        ---------------------------------------------------------------------------------------------------------------------
        Hartford Steam Boiler Inspection & Insurance Co.                                         2,500               122,812
        ---------------------------------------------------------------------------------------------------------------------
        HCC Insurance Holdings, Inc.                                                             1,750                39,375
        ---------------------------------------------------------------------------------------------------------------------
        Sumitomo Marine & Fire Insurance Co.                                                     8,000                69,656
        ---------------------------------------------------------------------------------------------------------------------
        TIG Holdings, Inc.                                                                       1,700                49,300
        ---------------------------------------------------------------------------------------------------------------------
        Travelers/Aetna Property Casualty Corp., C1, A                      (5)                  2,800                79,450
                                                                                                                 ------------
                                                                                                                     494,700
- -----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 9.5%
- -----------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.4%
        ---------------------------------------------------------------------------------------------------------------------
        ABB AG                                                              (5)                     65                80,390
        ---------------------------------------------------------------------------------------------------------------------
        Mabuchi Motor Co.                                                                          800                50,911
                                                                                                                 ------------
                                                                                                                     131,301
- -----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.1%
        ---------------------------------------------------------------------------------------------------------------------
        THK Co. Ltd.                                                                             1,000                24,161
- -----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 5.2%
        ---------------------------------------------------------------------------------------------------------------------
        AccuStaff, Inc.                                                     (5)                  2,300                62,675
        ---------------------------------------------------------------------------------------------------------------------
        Alternative Resources Corp.                                         (5)                  1,600                58,800
        ---------------------------------------------------------------------------------------------------------------------
        Career Horizons, Inc.                                               (5)                  2,900               101,500
        ---------------------------------------------------------------------------------------------------------------------
        Computer Horizons Corp.                                             (5)                  1,900                75,050
        ---------------------------------------------------------------------------------------------------------------------
        Corestaff, Inc.                                                     (5)                  2,000                89,500
        ---------------------------------------------------------------------------------------------------------------------
        Corrections Corp. of America                                        (5)                  2,300               161,000
        ---------------------------------------------------------------------------------------------------------------------
        Fritz Cos., Inc.                                                    (5)                  1,900                61,275
        ---------------------------------------------------------------------------------------------------------------------
        Helix Technology Corp.                                                                   4,000               155,000
        ---------------------------------------------------------------------------------------------------------------------
        Komori Corp.                                                        (5)                  2,000                51,057
        ---------------------------------------------------------------------------------------------------------------------
        Kurita Water Industries Ltd.                                        (5)                  3,000                73,030
        ---------------------------------------------------------------------------------------------------------------------
        NOVA Corp.                                                          (5)                  1,800                60,750
        ---------------------------------------------------------------------------------------------------------------------
        PMT Services, Inc.                                                  (5)                  2,700                77,287
        ---------------------------------------------------------------------------------------------------------------------
        Sanifill, Inc.                                                      (5)                  1,500                73,875
        ---------------------------------------------------------------------------------------------------------------------
        SGS Societe Generale de Surveillance Holding SA, Series B                                   30                71,786
        ---------------------------------------------------------------------------------------------------------------------
        SITEL Corp.                                                         (5)                  3,000               126,000
        ---------------------------------------------------------------------------------------------------------------------
        Tetra Tech, Inc.                                                    (5)                  4,500                90,000
        ---------------------------------------------------------------------------------------------------------------------
        Transaction Systems Architects, Inc., C1, A                         (5)                  1,900               127,300
        ---------------------------------------------------------------------------------------------------------------------
        United Waste Systems, Inc.                                          (5)                  6,400               206,400
                                                                                                                 ------------
                                                                                                                   1,722,285
- -----------------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 3.4%
        ---------------------------------------------------------------------------------------------------------------------
        AGCO Corp.                                                                               3,200                88,800
        ---------------------------------------------------------------------------------------------------------------------
        Canadian Pacific Ltd.                                                                        8                   183
        ---------------------------------------------------------------------------------------------------------------------
        Canon Sales Co. Inc.                                                                     2,000                55,616
        ---------------------------------------------------------------------------------------------------------------------
        Case Corp.                                                                               2,000                96,000
        ---------------------------------------------------------------------------------------------------------------------
        Chicago Miniature Lamp, Inc.                                        (5)                  1,500                57,000
        ---------------------------------------------------------------------------------------------------------------------
        Hanson PLC, ADR                                                                          6,700                95,475
</TABLE>


                                       57
<PAGE>   69
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                 MARKET VALUE
                                                                                            SHARES               (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>             <C>                  <C>        
MANUFACTURING (CONTINUED)
        ---------------------------------------------------------------------------------------------------------------------
        Harnischfeger Industries, Inc.                                                           1,400           $    46,550
        ---------------------------------------------------------------------------------------------------------------------
        Hutchison Whampoa Ltd.                                                                  10,000                62,914
        ---------------------------------------------------------------------------------------------------------------------
        Komatsu Ltd.                                                        (5)                  7,000                68,927
        ---------------------------------------------------------------------------------------------------------------------
        Mannesmann AG                                                                              195                67,129
        ---------------------------------------------------------------------------------------------------------------------
        Mark IV Industries, Inc.                                                                 1,995                45,137
        ---------------------------------------------------------------------------------------------------------------------
        Mitsubishi Heavy Industries Ltd.                                                         6,000                52,133
        ---------------------------------------------------------------------------------------------------------------------
        NSK Ltd.                                                                                 3,000                22,675
        ---------------------------------------------------------------------------------------------------------------------
        Shinmaywa Industries Ltd.                                           (5)                  2,000                20,423
        ---------------------------------------------------------------------------------------------------------------------
        SMC Corp.                                                           (5)                    100                 7,731
        ---------------------------------------------------------------------------------------------------------------------
        Textron, Inc.                                                                            1,700               135,787
        ---------------------------------------------------------------------------------------------------------------------
        Tyco International Ltd.                                                                  2,600               105,950
        ---------------------------------------------------------------------------------------------------------------------
        U.S. Filter Corp.                                                   (5)                  1,400                48,650
        ---------------------------------------------------------------------------------------------------------------------
        UCAR International, Inc.                                            (5)                  1,600                66,600
                                                                                                                 ------------
                                                                                                                   1,143,680
- -----------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.4%
        ---------------------------------------------------------------------------------------------------------------------
        Brambles Industries Ltd.                                                                 4,000                55,660
        ---------------------------------------------------------------------------------------------------------------------
        Wisconsin Central Transportation Corp.                              (5)                  2,600                84,500
                                                                                                                 ------------
                                                                                                                     140,160
- -----------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 18.2%
- -----------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 3.3%
        ---------------------------------------------------------------------------------------------------------------------
        General Dynamics Corp.                                                                   3,800               235,600
        ---------------------------------------------------------------------------------------------------------------------
        Goodrich (B.F.) Co.                                                                      4,400               164,450
        ---------------------------------------------------------------------------------------------------------------------
        Lockheed Martin Corp.                                                                    2,400               201,600
        ---------------------------------------------------------------------------------------------------------------------
        McDonnell Douglas Corp.                                                                  2,200               106,700
        ---------------------------------------------------------------------------------------------------------------------
        Rockwell International Corp.                                                             3,500               200,375
        ---------------------------------------------------------------------------------------------------------------------
        TRW, Inc.                                                                                2,000               179,750
                                                                                                                 ------------
                                                                                                                   1,088,475
- -----------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 1.8%
        ---------------------------------------------------------------------------------------------------------------------
        Canon, Inc.                                                                              6,000               124,725
        ---------------------------------------------------------------------------------------------------------------------
        Dell Computer Corp.                                                 (5)                  1,100                55,962
        ---------------------------------------------------------------------------------------------------------------------
        Gateway 2000, Inc.                                                  (5)                  1,000                34,000
        ---------------------------------------------------------------------------------------------------------------------
        HCIA, Inc.                                                          (5)                  1,300                81,900
        ---------------------------------------------------------------------------------------------------------------------
        Microcom, Inc.                                                      (5)                  2,900                36,612
        ---------------------------------------------------------------------------------------------------------------------
        Storage Technology Corp. (New)                                      (5)                  2,800               107,100
        ---------------------------------------------------------------------------------------------------------------------
        Xerox Corp.                                                                              3,000               160,500
                                                                                                                 ------------
                                                                                                                     600,799
- -----------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 5.4%
        ---------------------------------------------------------------------------------------------------------------------
        Applix, Inc.                                                        (5)                  1,600                46,000
        ---------------------------------------------------------------------------------------------------------------------
        Aspen Technologies, Inc.                                            (5)                    400                22,000
        ---------------------------------------------------------------------------------------------------------------------
        Cambridge Technology Partners, Inc.                                 (5)                  5,700               173,850
        ---------------------------------------------------------------------------------------------------------------------
        Cooper & Chyan Technology, Inc.                                     (5)                    700                15,313
        ---------------------------------------------------------------------------------------------------------------------
        Dendrite International, Inc.                                        (5)                    900                31,050
        ---------------------------------------------------------------------------------------------------------------------
        Electronics for Imaging, Inc.                                       (5)                  2,600               180,375
        ---------------------------------------------------------------------------------------------------------------------
        EPIC Design Technology, Inc.                                        (5)                  2,800                70,700
        ---------------------------------------------------------------------------------------------------------------------
        Inso Corp.                                                          (5)                  1,600                83,800
        ---------------------------------------------------------------------------------------------------------------------
        McAfee Associates, Inc.                                             (5)                  3,125               153,125
        ---------------------------------------------------------------------------------------------------------------------
        MDL Information Systems, Inc.                                       (5)                  1,700                50,575
        ---------------------------------------------------------------------------------------------------------------------
        Medic Computer Systems, Inc.                                        (5)                    600                48,675
</TABLE>


                                       58
<PAGE>   70
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                 MARKET VALUE
                                                                                            SHARES               (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                <C>                  <C>        
COMPUTER SOFTWARE (CONTINUED)
        ---------------------------------------------------------------------------------------------------------------------
        Project Software & Development, Inc.                                (5)                  3,100           $   145,313
        ---------------------------------------------------------------------------------------------------------------------
        Rational Software Corp.                                             (5)                  3,000               161,250
        ---------------------------------------------------------------------------------------------------------------------
        Remedy Corp.                                                        (5)                  1,200                87,600
        ---------------------------------------------------------------------------------------------------------------------
        Sap AG, Preference                                                                         400                59,443
        ---------------------------------------------------------------------------------------------------------------------
        Sapient Corp.                                                       (5)                  1,900                80,275
        ---------------------------------------------------------------------------------------------------------------------
        Scopus Technology, Inc.                                             (5)                  2,000                31,000
        ---------------------------------------------------------------------------------------------------------------------
        Security Dynamics Technologies, Inc.                                (5)                  1,100                90,475
        ---------------------------------------------------------------------------------------------------------------------
        Shiva Corp.                                                         (5)                    700                56,000
        ---------------------------------------------------------------------------------------------------------------------
        Veritas Software Corp.                                              (5)                  1,900                81,700
        ---------------------------------------------------------------------------------------------------------------------
        Visio Corp.                                                         (5)                  1,600                57,600
        ---------------------------------------------------------------------------------------------------------------------
        Zebra Technologies Corp., C1, A                                     (5)                  2,700                47,925
                                                                                                                 ------------
                                                                                                                   1,774,044
- -----------------------------------------------------------------------------------------------------------------------------
ELECTRONICS - 3.4%
        ---------------------------------------------------------------------------------------------------------------------
        Bowthorpe PLC                                                                            9,000                63,069
        ---------------------------------------------------------------------------------------------------------------------
        Electrocomponents PLC                                                                    9,000                53,560
        ---------------------------------------------------------------------------------------------------------------------
        Getronics NV                                                                             2,400                53,147
        ---------------------------------------------------------------------------------------------------------------------
        Input/Output, Inc.                                                  (5)                  2,700                87,413
        ---------------------------------------------------------------------------------------------------------------------
        Intel Corp.                                                                              1,000                73,438
        ---------------------------------------------------------------------------------------------------------------------
        Keyence Corp.                                                                              600                81,745
        ---------------------------------------------------------------------------------------------------------------------
        Kyocera Corp.                                                                            1,000                70,659
        ---------------------------------------------------------------------------------------------------------------------
        Matsushita Electric Industrial Co.                                                       4,000                74,397
        ---------------------------------------------------------------------------------------------------------------------
        Matsushita Electric Works Ltd.                                                           6,000                65,098
        ---------------------------------------------------------------------------------------------------------------------
        Nitto Denko Corp.                                                                        4,000                70,386
        ---------------------------------------------------------------------------------------------------------------------
        Rohm Co.                                                                                 1,000                66,009
        ---------------------------------------------------------------------------------------------------------------------
        Samsung Electronics Co., Sponsored GDR                           (1)(5)                  1,300                31,363
        ---------------------------------------------------------------------------------------------------------------------
        SDL, Inc.                                                           (5)                  1,500                41,625
        ---------------------------------------------------------------------------------------------------------------------
        Sony Corp.                                                          (5)                  1,000                65,736
        ---------------------------------------------------------------------------------------------------------------------
        TDK Corp.                                                                                1,000                59,627
        ---------------------------------------------------------------------------------------------------------------------
        Varian Associates, Inc.                                                                  1,400                72,450
        ---------------------------------------------------------------------------------------------------------------------
        Vitesse Semiconductor Corp.                                         (5)                  2,500                60,000
        ---------------------------------------------------------------------------------------------------------------------
        Waters Corp.                                                        (5)                  1,400                46,200
                                                                                                                 ------------
                                                                                                                   1,135,922
- -----------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 4.3%
        ---------------------------------------------------------------------------------------------------------------------
        APAC Teleservices, Inc.                                             (5)                  2,200                79,200
        ---------------------------------------------------------------------------------------------------------------------
        Aspect Telecommunications Corp.                                     (5)                  2,500               123,750
        ---------------------------------------------------------------------------------------------------------------------
        AT&T Corp.                                                                               3,100               192,200
        ---------------------------------------------------------------------------------------------------------------------
        Cable Design Technologies Corp.                                     (5)                  2,150                70,413
        ---------------------------------------------------------------------------------------------------------------------
        Cidco, Inc.                                                         (5)                  2,500                88,125
        ---------------------------------------------------------------------------------------------------------------------
        Coherent Communications Systems Corp.                               (5)                  2,900                61,625
        ---------------------------------------------------------------------------------------------------------------------
        Comverse Technology, Inc.                                           (5)                  3,800               115,900
        ---------------------------------------------------------------------------------------------------------------------
        DSP Communications, Inc.                                            (5)                  4,200               215,775
        ---------------------------------------------------------------------------------------------------------------------
        Inter-Tel, Inc.                                                                          1,700                44,519
        ---------------------------------------------------------------------------------------------------------------------
        L.M. Ericsson Telephone Co., C1, B, ADR                                                  3,520                75,680
        ---------------------------------------------------------------------------------------------------------------------
        Nokia AB, Series A                                                                       1,200                44,168
        ---------------------------------------------------------------------------------------------------------------------
        Octel Communications Corp.                                          (5)                  2,600                51,350
        ---------------------------------------------------------------------------------------------------------------------
        Premisys Communications, Inc.                                       (5)                  1,200                73,200
        ---------------------------------------------------------------------------------------------------------------------
        PT Indosat, ADR                                                                            900                30,150
        ---------------------------------------------------------------------------------------------------------------------
        Telecom Corp. of New Zealand Ltd.                                                       24,000               100,623
</TABLE>


                                       59
<PAGE>   71
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                 MARKET VALUE
                                                                                            SHARES               (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                <C>                  <C>        
TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED)
        ---------------------------------------------------------------------------------------------------------------------
        Vodafone Group PLC                                                                      15,000           $    55,820
                                                                                                                 ------------
                                                                                                                   1,422,498
- -----------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.9%
- -----------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 3.9%
        ---------------------------------------------------------------------------------------------------------------------
        American Electric Power Co., Inc.                                                        3,700               157,713
        ---------------------------------------------------------------------------------------------------------------------
        Calenergy, Inc.                                                     (5)                  2,900                73,950
        ---------------------------------------------------------------------------------------------------------------------
        Cia Energetica de Minas Gerais, Preference                                           2,600,000                69,140
        ---------------------------------------------------------------------------------------------------------------------
        Entergy Corp.                                                                            7,100               201,463
        ---------------------------------------------------------------------------------------------------------------------
        FPL Group, Inc.                                                                          4,900               225,400
        ---------------------------------------------------------------------------------------------------------------------
        Illinova Corp.                                                                           3,400                97,750
        ---------------------------------------------------------------------------------------------------------------------
        Kansas City Power & Light Co.                                                            4,500               123,750
        ---------------------------------------------------------------------------------------------------------------------
        Texas Utilities Co.                                                                      3,300               141,075
        ---------------------------------------------------------------------------------------------------------------------
        Veba AG                                                                                  2,000               106,298
        ---------------------------------------------------------------------------------------------------------------------
        Western Resources, Inc.                                                                  3,500               104,563
                                                                                                                 ------------
                                                                                                                   1,301,102
- -----------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 1.7%
        ---------------------------------------------------------------------------------------------------------------------
        Columbia Gas System, Inc. (The)                                                          2,600               135,525
        ---------------------------------------------------------------------------------------------------------------------
        Hong Kong & China Gas                                                                   31,200                49,780
        ---------------------------------------------------------------------------------------------------------------------
        PanEnergy Corp.                                                                          9,400               309,025
        ---------------------------------------------------------------------------------------------------------------------
        RWE AG, Preference                                                  (5)                  1,850                56,820
                                                                                                                 ------------
                                                                                                                     551,150
- -----------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 2.3%
        ---------------------------------------------------------------------------------------------------------------------
        Ameritech Corp.                                                                          3,500               207,813
        ---------------------------------------------------------------------------------------------------------------------
        DDI Corp.                                                                                    7                61,013
        ---------------------------------------------------------------------------------------------------------------------
        GTE Corp.                                                                                4,700               210,325
        ---------------------------------------------------------------------------------------------------------------------
        NYNEX Corp.                                                                              2,300               109,250
        ---------------------------------------------------------------------------------------------------------------------
        Telecom Italia Mobile SpA                                                               19,000                42,451
        ---------------------------------------------------------------------------------------------------------------------
        Telecomunicacoes de Sao Paulo SA, Preference                                           364,999                78,158
        ---------------------------------------------------------------------------------------------------------------------
        Telefonica de Espana, ADS                                                                3,000                55,222
                                                                                                                 ------------
                                                                                                                     764,232
                                                                                                                 ------------

        Total Common Stocks                                                                                       24,231,205

- -----------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.6%
- -----------------------------------------------------------------------------------------------------------------------------
        Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg.                                           1,100               130,350
        ---------------------------------------------------------------------------------------------------------------------
        K-III Communications Corp., $2.875 Cv. Exchangeable              (1)(5)                    500                46,625
        ---------------------------------------------------------------------------------------------------------------------
        Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks                                    4,400                 1,657
                                                                                                                 ------------

        Total Preferred Stocks                                                                                       178,632

<CAPTION>
                                                                                            UNITS
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                <C>                  <C>        
RIGHTS, WARRANTS AND CERTIFICATES - 0.1%
- -----------------------------------------------------------------------------------------------------------------------------
        American Communications Services, Inc. Wts., Exp. 11/05             (1)                    100                10,000
        ---------------------------------------------------------------------------------------------------------------------
        Carrefour Supermarche SA Rts., Exp. 7/96                                                   115                31,765
        ---------------------------------------------------------------------------------------------------------------------
        Haw Par Brothers International Wts., Exp. 3/01                                           2,500                 1,506
        ---------------------------------------------------------------------------------------------------------------------
        Hong Kong & China Gas Wts., Exp. 9/97                                                    2,600                   680
        ---------------------------------------------------------------------------------------------------------------------
        Renong Berhad Wts., Exp. 2/97                                                            2,750                   441
</TABLE>


                                       60
<PAGE>   72
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Statement of Investments (Continued)

<TABLE>
<CAPTION>
                                                                                                                 MARKET VALUE
                                                                                            UNITS                (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                <C>                  <C>        
RIGHTS, WARRANTS AND CERTIFICATES (CONTINUED)
- -----------------------------------------------------------------------------------------------------------------------------
        In-Flight Phone Corp. Wts., Exp. 8/02                               (1)                     50           $        --
                                                                                                                 ------------

        Total Rights, Warrants and Certificates                                                                       44,392

<CAPTION>
                                                                                            PRINCIPAL
                                                                                            AMOUNT
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                         <C>                  <C>        
REPURCHASE AGREEMENT - 8.5%
- -----------------------------------------------------------------------------------------------------------------------------
        Repurchase agreement with State Street Bank and Trust
        Company, 4.50%, dated 6/28/96, to be repurchased at
        $2,801,050 on 7/1/96, collateralized by U.S. Treasury Bills,
        12/19/96, with a value of $2,875,713                                          $      2,800,000             2,800,000

        ---------------------------------------------------------------------------------------------------------------------
        TOTAL INVESTMENTS, AT VALUE (COST $28,978,412)                                            99.5%           32,938,644
        ---------------------------------------------------------------------------------------------------------------------
        OTHER ASSETS NET OF LIABILITIES                                                            0.5               162,809
                                                                                            ----------           ------------
        NET ASSETS                                                                               100.0%          $33,101,453
                                                                                            ==========           ============
</TABLE>

        1. Represents a security sold under Rule 144A, which is exempt from
        registration under the Securities Act of 1933, as amended. This security
        has been determined to be liquid under guidelines established by the
        Board of Directors. These securities amount to $282,023 or 0.85% of the
        Fund's net assets, at June 30, 1996.
        
        2. Denotes a step bond: a zero coupon bond that converts to a fixed rate
        of interest at a designated future date.

        3. For zero coupon bonds, the interest rate shown is the effective yield
        on the date of purchase.

        4. When-issued security to be delivered and settled after June 30, 1996.

        5. Non-income producing security.



See accompanying Notes to Financial Statements.


                                       61
<PAGE>   73
PANORAMA SERIES FUND, INC.
Statements of Assets and Liabilities
JUNE 30, 1996 (Unaudited)


<TABLE>
<CAPTION>
                                                                            MONEY                                 TOTAL
                                                                            MARKET          INCOME                RETURN
                                                                          PORTFOLIO        PORTFOLIO            PORTFOLIO
                                                                   ---------------------------------------------------------
<S>                                                                     <C>               <C>                <C>           
ASSETS:
Investments, at value (cost * ) - see accompanying
   statements                                                           $ 16,434,694      $27,840,447        $1,041,580,814
Cash                                                                           2,181           57,828                30,095
Unrealized appreciation on forward foreign
   currency exchange contracts - Note 5                                           --               --                    --
Receivables:
   Dividends, interest and principal paydowns                                  6,650          576,297             6,739,391
   Shares of capital stock sold                                                2,230          150,160             1,059,205
   Investments sold                                                               --               --            17,800,762
Other                                                                             --               --                    --
                                                                   ---------------------------------------------------------
      Total assets                                                        16,445,755       28,624,732         1,067,210,267
                                                                   ---------------------------------------------------------
LIABILITIES:
Bank overdraft                                                                    --               --                    --
Payables and other liabilities:
   Investments purchased                                                          --               --            13,223,817
   Shares of capital stock redeemed                                           54,731            2,737               590,538
   Custodian fees                                                              9,780           21,295                    --
   Directors' fees                                                                --            1,928                    --
   Other                                                                      51,154           25,080               309,715
                                                                   ---------------------------------------------------------
        Total liabilities                                                    115,665           51,040            14,124,070
                                                                   ---------------------------------------------------------
NET ASSETS                                                              $ 16,330,090      $28,573,692        $1,053,086,197
                                                                   =========================================================
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock                                    $     16,330          $23,722              $590,680
Additional paid-in capital                                                16,313,760       29,297,643           918,800,696
Undistributed (distributions in excess of)
   net investment income                                                          --        3,106,517            13,901,403
Accumulated net realized gain (loss) from                                                
   investments and foreign currency                                                      
   transactions                                                                   --       (3,600,318)           68,709,737
Net unrealized appreciation (depreciation)                                               
   on investments and translation of                                                     
   assets and liabilities denominated in                                                 
   foreign currencies                                                             --         (253,872)           51,083,681
                                                                   ---------------------------------------------------------
NET ASSETS                                                              $ 16,330,090      $28,573,692        $1,053,086,197
                                                                   =========================================================

SHARES OF CAPITAL STOCK OUTSTANDING                                       16,330,090       23,722,392           590,679,883
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE                                                $       1.00      $      1.20        $         1.78
*Cost                                                                   $ 16,434,694      $28,094,319        $  990,497,133
</TABLE>





See accompanying Notes to Financial Statements.


                                       62
<PAGE>   74
PANORAMA SERIES FUND, INC.
Statements of Assets and Liabilities (Continued)
JUNE 30, 1996 (Unaudited)


<TABLE>
<CAPTION>
                                                                                           GOVERNMENT         INTERNATIONAL
                                                                           GROWTH          SECURITIES            EQUITY
                                                                          PORTFOLIO        PORTFOLIO            PORTFOLIO
                                                                   ---------------------------------------------------------
<S>                                                                     <C>               <C>                <C>           
ASSETS:
Investments, at value (cost * ) - see accompanying
   statements                                                           $485,052,544      $23,127,672        $   57,921,206
Cash                                                                          91,497          167,842                 2,545
Unrealized appreciation on forward foreign
   currency exchange contracts - Note 5                                           --               --                 2,532
Receivables:
   Dividends, interest and principal paydowns                                695,792          429,425               252,785
   Shares of capital stock sold                                              913,011            1,907                44,971
   Investments sold                                                       11,018,726               --             1,152,288
Other                                                                             --               --                    --
                                                                   ---------------------------------------------------------
      Total assets                                                       497,771,570       23,726,846            59,376,327
                                                                   ---------------------------------------------------------
LIABILITIES:
Bank overdraft                                                                    --               --                    --
Payables and other liabilities:
   Investments purchased                                                   6,890,172               --             1,362,958
   Shares of capital stock redeemed                                          162,864            2,854                17,682
   Custodian fees                                                                 --            4,730                    --
   Directors' fees                                                                --               --                    --
   Other                                                                     133,940            9,608                67,952
                                                                   ---------------------------------------------------------
       Total liabilities                                                   7,186,976           17,192             1,448,592
                                                                   ---------------------------------------------------------
NET ASSETS                                                              $490,584,594      $23,709,654        $   57,927,735
                                                                   =========================================================
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock                                    $    184,514      $    22,712        $       46,712
Additional paid-in capital                                               386,000,596       23,748,491            51,478,688
Undistributed (distributions in excess of)
   net investment income                                                   1,996,691          719,504            (2,212,781)
Accumulated net realized gain (loss) from
   investments and foreign currency
   transactions                                                           40,063,240         (443,435)            1,557,335
Net unrealized appreciation (depreciation)
   on investments and translation of
   assets and liabilities denominated in
   foreign currencies                                                     62,339,553         (337,618)            7,057,781
                                                                   ---------------------------------------------------------
NET ASSETS                                                              $490,584,594      $23,709,654        $   57,927,735
                                                                   =========================================================

SHARES OF CAPITAL STOCK OUTSTANDING                                      184,513,935       22,712,327            46,711,511
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE                                                $       2.66      $      1.04        $         1.24
*Cost                                                                   $422,712,991      $23,465,290        $   50,868,489
</TABLE>




See accompanying Notes to Financial Statements.


                                       63
<PAGE>   75
PANORAMA SERIES FUND, INC.
Statements of Assets and Liabilities (Continued)
JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                          LIFESPAN                               LIFESPAN
                                                                         DIVERSIFIED       LIFESPAN              CAPITAL
                                                                           INCOME          BALANCED            APPRECIATION
                                                                          PORTFOLIO        PORTFOLIO            PORTFOLIO
                                                                   ---------------------------------------------------------
<S>                                                                     <C>               <C>                <C>           
ASSETS:
Investments, at value (cost * ) - see accompanying
   statements                                                           $ 22,899,747      $40,977,565        $   32,938,644
Cash                                                                              --          152,776               143,665
Unrealized appreciation on forward foreign                                                
   currency exchange contracts - Note 5                                           --               --                    --
Receivables:                                                                         
   Dividends and interest                                                    314,897          317,869               145,975
   Shares of capital stock sold                                                1,178           44,196                26,183
   Investments sold                                                               --          202,835               197,125
Other                                                                             --               --                    24
                                                                   ---------------------------------------------------------
      Total assets                                                        23,215,822       41,695,241            33,451,616
                                                                   ---------------------------------------------------------
LIABILITIES:
Bank overdraft                                                                25,306               --                    --
Payables and other liabilities:                                                                        
   Investments purchased                                                      79,125          294,797               285,602
   Shares of capital stock redeemed                                              696            2,809                 2,915
   Custodian fees                                                             72,564           98,212                59,876
   Directors' fees                                                                --               --                    --
   Other                                                                       9,056            2,054                 1,770
                                                                   ---------------------------------------------------------
      Total liabilities                                                      186,747          397,872               350,163
                                                                   ---------------------------------------------------------
NET ASSETS                                                              $ 23,029,075      $41,297,369        $   33,101,453
                                                                   =========================================================
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock                                    $     22,116      $    36,803        $       28,111
Additional paid-in capital                                                22,186,573       37,101,796            28,523,226
Undistributed (distributions in excess of)
   net investment income                                                     336,860          177,925               (72,310)
Accumulated net realized gain (loss) from
   investments and foreign currency
   transactions                                                               26,212          158,743               662,194
Net unrealized appreciation (depreciation)
   on investments and translation of
   assets and liabilities denominated in
   foreign currencies                                                        457,314        3,822,102             3,960,232
                                                                   ---------------------------------------------------------
NET ASSETS                                                              $ 23,029,075      $41,297,369        $   33,101,453
                                                                   =========================================================

SHARES OF CAPITAL STOCK OUTSTANDING                                       22,115,891       36,803,074            28,111,469
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE                                                $       1.04      $      1.12        $         1.18
*Cost                                                                   $ 22,442,433      $37,155,462        $   28,978,412
</TABLE>




See accompanying Notes to Financial Statements.


                                       64
<PAGE>   76
PANORAMA SERIES FUND, INC.
Statements of Operations
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (Unaudited)


<TABLE>
<CAPTION>
                                                                            MONEY                                 TOTAL
                                                                            MARKET          INCOME                RETURN
                                                                          PORTFOLIO        PORTFOLIO            PORTFOLIO
                                                                   ---------------------------------------------------------
<S>                                                                     <C>               <C>                <C>           
INVESTMENT INCOME:
Interest (net of withholding taxes of *)                                $  1,656,990      $ 3,413,841        $   17,629,193
Dividends (net of withholding taxes of **)                                        --               --             4,774,221
                                                                   ---------------------------------------------------------
   Total income                                                            1,656,990        3,413,841            22,403,414
                                                                   ---------------------------------------------------------
EXPENSES:
Management fees - see applicable note                                        150,321          280,495             2,844,922
Custodian fees and expenses                                                    3,571           11,828               100,346
Legal and auditing fees                                                       10,888            3,802                11,295
Directors' fees and expenses                                                      --            1,071                51,728
Registration and filing fees                                                      --               --                14,685
Other                                                                          7,789           10,129                    --
                                                                   ---------------------------------------------------------
   Total expenses                                                            172,569          307,325             3,022,976
                                                                   ---------------------------------------------------------
NET INVESTMENT INCOME                                                      1,484,421        3,106,516            19,380,438
                                                                   ---------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments                                                                       --         (211,849)           69,267,653
Foreign currency transactions                                                     --               --                    --
Net change in unrealized appreciation or                                                 
   depreciation on:                                                                      
Investments                                                                       --       (6,278,439)          (62,749,985)
Translation of assets and liabilities                                                    
   denominated in foreign currencies                                              --               --                    --
                                                                   ---------------------------------------------------------
Net realized and unrealized gain (loss)                                           --       (6,490,288)            6,517,668
                                                                   ---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS                                               
RESULTING FROM OPERATIONS                                               $  1,484,421      $(3,383,772)       $   25,898,106
                                                                   =========================================================

*Interest                                                                         --               --        $        6,497
**Dividends                                                                       --               --        $        1,759
</TABLE>




See accompanying Notes to Financial Statements.


                                       65
<PAGE>   77
PANORAMA SERIES FUND, INC.
Statements of Operations (Continued)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (Unaudited)


<TABLE>
<CAPTION>
                                                                                           GOVERNMENT         INTERNATIONAL
                                                                           GROWTH          SECURITIES            EQUITY
                                                                          PORTFOLIO        PORTFOLIO            PORTFOLIO
                                                                   ---------------------------------------------------------
<S>                                                                     <C>               <C>                <C>           
INVESTMENT INCOME:
Interest (net of withholding taxes of *)                                $  1,346,973      $   800,670        $       94,264
Dividends (net of withholding taxes of **)                                 3,818,639               --               603,656
                                                                   ---------------------------------------------------------
   Total income                                                            5,165,612          800,670               697,920
                                                                   ---------------------------------------------------------
EXPENSES:
Management fees - see applicable note                                      1,321,946           63,475               264,164
Custodian fees and expenses                                                   24,949            7,951                50,696
Legal and auditing fees                                                        7,058            2,556                10,261
Directors' fees and expenses                                                  23,068               --                 2,649
Registration and filing fees                                                  21,643               --                 2,882
Other                                                                             --            7,184                    --
                                                                   ---------------------------------------------------------
   Total expenses                                                          1,398,664           81,166               330,652
                                                                   ---------------------------------------------------------
NET INVESTMENT INCOME                                                      3,766,948          719,504               367,268
                                                                   ---------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments                                                               39,711,549           17,784             1,300,893
Foreign currency transactions                                                     --               --                11,323
Net change in unrealized appreciation or
   depreciation on:
Investments                                                              (17,082,813)      (1,295,976)            2,900,285
Translation of assets and liabilities
   denominated in foreign currencies                                              --               --              (229,084)
                                                                   ---------------------------------------------------------
Net realized and unrealized gain (loss)                                   22,628,736       (1,278,192)            3,983,417
                                                                   ---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS                                               $ 26,395,684      $  (558,688)       $    4,350,685
                                                                   =========================================================

*Interest                                                               $      1,593               --        $       13,057
**Dividends                                                             $      4,510               --        $       71,856
</TABLE>




See accompanying Notes to Financial Statements.


                                       66
<PAGE>   78
PANORAMA SERIES FUND, INC.
Statements of Operations (Continued)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (Unaudited)

<TABLE>
<CAPTION>
                                                                          LIFESPAN                               LIFESPAN
                                                                         DIVERSIFIED       LIFESPAN              CAPITAL
                                                                           INCOME          BALANCED            APPRECIATION
                                                                          PORTFOLIO        PORTFOLIO            PORTFOLIO
                                                                   ---------------------------------------------------------
<S>                                                                     <C>               <C>                <C>           
INVESTMENT INCOME:
Interest (net of withholding taxes of *)                                $    613,451      $   628,673        $      236,491
Dividends (net of withholding taxes of **)                                    99,814          223,218               220,457
                                                                   ---------------------------------------------------------
   Total income                                                              713,265          851,891               456,948
                                                                   ---------------------------------------------------------
EXPENSES:
Management fees - see applicable note                                         81,201          163,974               127,562
Custodian fees and expenses                                                   46,001           72,228                52,061
Accounting services fees                                                      30,000           52,500                45,000
Legal and auditing fees                                                        9,149            7,950                 6,982
Directors' fees and expenses                                                   1,086            1,934                 1,204
Registration and filing fees                                                     645            1,165                 1,168
   Total expenses                                                            168,082          299,751               233,977
                                                                   ---------------------------------------------------------
NET INVESTMENT INCOME                                                        545,183          552,140               222,971
                                                                   ---------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments                                                                   31,423          357,132               888,464
Foreign currency transactions                                                     --          (11,393)              (11,152)
Net change in unrealized appreciation or
   depreciation on:
Investments                                                                 (345,644)       1,934,110             2,140,387
Translation of assets and liabilities
   denominated in foreign currencies                                              --          (16,711)              (16,745)
                                                                   ---------------------------------------------------------
Net realized and unrealized gain (loss)                                     (314,221)       2,263,138             3,000,954
                                                                   ---------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS                                               $    230,962      $ 2,815,278        $    3,223,925
                                                                   =========================================================

*Interest                                                               $        456      $     7,142        $        5,076
**Dividends                                                                       --      $     2,427        $        4,525
</TABLE>




See accompanying Notes to Financial Statements.


                                       67
<PAGE>   79
PANORAMA SERIES FUND, INC.
Statements of Changes in Net Assets
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (Unaudited) AND THE YEAR ENDED
DECEMBER 31, 1995


<TABLE>
<CAPTION>
                                                               MONEY MARKET                      INCOME
                                                                 PORTFOLIO                     PORTFOLIO
                                                        -------------------------------------------------------------
                                                        1996            1995            1996           1995
                                                        -------------------------------------------------------------
<S>                                                     <C>             <C>             <C>            <C>
OPERATIONS:
Net investment income                                   $  1,484,421    $ 3,649,243     $  3,106,516   $ 7,144,180
Net realized gain (loss)                                          --             --         (211,849)   (1,786,886)
Net change in unrealized appreciation or depreciation             --             --       (6,278,439)   12,718,321
                                                        -------------------------------------------------------------
Net increase (decrease) in net assets
   resulting from operations                               1,484,421      3,649,243       (3,383,772)   18,075,615
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income                      (1,484,421)    (3,649,243)         (65,692)   (7,122,105)
Distributions from net realized gain                              --             --               --            --
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
   resulting from capital stock
   transactions - Note 2                                 (54,363,327)     4,577,147      (82,653,690)    3,324,706
                                                        -------------------------------------------------------------
NET ASSETS:
Total increase (decrease)                                (54,363,327)     4,577,147      (86,103,154)   14,278,216
Beginning of period                                       70,693,417     66,116,270      114,676,846   100,398,630
                                                        -------------------------------------------------------------
End of period                                           $ 16,330,090    $70,693,417     $ 28,573,692  $114,676,846
                                                        =============================================================
<CAPTION>
                                                                TOTAL RETURN
                                                                 PORTFOLIO
                                                        -----------------------------
                                                        1996             1995
                                                        -----------------------------
<S>                                                     <C>              <C>
OPERATIONS:
Net investment income                                   $   19,380,438   $ 38,709,494
Net realized gain (loss)                                    69,267,653     34,241,934
Net change in unrealized appreciation or depreciation      (62,749,985)   115,223,776
                                                        -----------------------------
Net increase (decrease) in net assets
   resulting from operations                                25,898,106    188,175,204
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income                        (5,852,700)   (38,529,255)
Distributions from net realized gain                        (3,476,504)   (31,137,474)
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
   resulting from capital stock
   transactions - Note 2                                    42,591,144    133,283,017
                                                        -----------------------------
NET ASSETS:
Total increase (decrease)                                   59,160,046    251,791,492
Beginning of period                                        993,926,151    742,134,659
                                                        -----------------------------
End of period                                           $1,053,086,197   $993,926,151
                                                        =============================

</TABLE>
See accompanying Notes to Financial Statements.

                                       68
<PAGE>   80
PANORAMA SERIES FUND, INC.
Statements of Changes in Net Assets (Continued)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (Unaudited) AND THE YEAR ENDED
DECEMBER 31, 1995


<TABLE>
<CAPTION>
                                                                                                  GOVERNMENT
                                                                     GROWTH                       SECURITIES
                                                                    PORTFOLIO                     PORTFOLIO
                                                           --------------------------------------------------------------
                                                           1996           1995                1996            1995
                                                           --------------------------------------------------------------
<S>                                                        <C>            <C>                <C>              <C>
OPERATIONS:
Net investment income                                      $  3,766,948   $  6,203,284       $   719,504      $ 1,287,278
Net realized gain (loss)                                     39,711,549     23,356,603            17,784         (111,999)
Net change in unrealized appreciation or depreciation       (17,082,813)    67,825,683        (1,295,976)       2,348,269
                                                           --------------------------------------------------------------
Net increase (decrease) in net assets
   resulting from operations                                 26,395,684     97,385,570          (558,688)       3,523,548
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income                         (1,827,903)    (6,148,312)          (13,793)      (1,281,570)
Distributions from net realized gain                         (2,683,361)   (21,759,918)               --               --
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
   resulting from capital stock
   transactions - Note 2                                     62,765,052    106,262,512           (26,473)       3,282,290
                                                           --------------------------------------------------------------
NET ASSETS:
Total increase (decrease)                                    84,649,472    175,739,852          (598,954)       5,524,268
Beginning of period                                         405,935,122    230,195,270        24,308,608       18,784,340
                                                           --------------------------------------------------------------
End of period                                              $490,584,594   $405,935,122       $23,709,654      $24,308,608
                                                           ==============================================================
<CAPTION>
                                                                   INTERNATIONAL
                                                                      EQUITY
                                                                     PORTFOLIO
                                                           ---------------------------
                                                           1996            1995
                                                           ---------------------------
<S>                                                        <C>              <C>
OPERATIONS:
Net investment income                                      $   367,268     $   617,135
Net realized gain (loss)                                     1,312,216        (126,829)
Net change in unrealized appreciation or depreciation        2,671,201       3,546,088
                                                           ---------------------------
Net increase (decrease) in net assets
   resulting from operations                                 4,350,685       4,036,394
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income                          (554,917)     (1,618,886)
Distributions from net realized gain                                --        (334,432)
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
   resulting from capital stock
   transactions - Note 2                                     8,357,448      12,088,408
                                                           ---------------------------
NET ASSETS:
Total increase (decrease)                                   12,153,216      14,171,484
Beginning of period                                         45,774,519      31,603,035
                                                           ---------------------------
End of period                                              $57,927,735     $45,774,519
                                                           ===========================
</TABLE>


See accompanying Notes to Financial Statements.

                                       69
<PAGE>   81
PANORAMA SERIES FUND, INC.
Statements of Changes in Net Assets (Continued)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (Unaudited) AND THE YEAR ENDED
DECEMBER 31, 1995

<TABLE>
<CAPTION>
                                                                        LIFESPAN
                                                                       DIVERSIFIED                       LIFESPAN
                                                                         INCOME                          BALANCED
                                                                       PORTFOLIO                         PORTFOLIO
                                                                ------------------------------------------------------------
                                                                1996             1995(1)          1996           1995(1)
                                                                ------------------------------------------------------------
<S>                                                             <C>              <C>              <C>            <C>
OPERATIONS:
Net investment income                                           $   545,183      $   347,542      $   552,140    $   349,522
Net realized gain (loss)                                             31,423           25,415          345,739       (186,996)
Net change in unrealized appreciation or depreciation              (345,644)         802,958        1,917,399      1,904,703
                                                                ------------------------------------------------------------
Net increase in net assets resulting
   from operations                                                  230,962        1,175,915        2,815,278      2,067,229
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income                               (218,759)        (337,106)        (364,413)      (359,324)
Distributions from net realized gain                                (30,626)              --               --             --
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
   resulting from capital stock
   transactions - Note 2                                          1,871,583       20,337,106        3,379,275     33,759,324
                                                                ------------------------------------------------------------
NET ASSETS:
Total increase (decrease)                                         1,853,160       21,175,915        5,830,140     35,467,229
Beginning of period                                              21,175,915               --       35,467,229             --
                                                                ------------------------------------------------------------
End of period                                                   $23,029,075      $21,175,915      $41,297,369    $35,467,229
                                                                ============================================================
<CAPTION>
                                                                         LIFESPAN
                                                                          CAPITAL
                                                                       APPRECIATION
                                                                         PORTFOLIO
                                                                --------------------------
                                                                1996           1995(1)
                                                                --------------------------
<S>                                                             <C>            <C>
OPERATIONS:
Net investment income                                           $   222,971    $   147,012
Net realized gain (loss)                                            877,312       (215,118)
Net change in unrealized appreciation or depreciation             2,123,642      1,836,590
                                                                --------------------------
Net increase in net assets resulting
   from operations                                                3,223,925      1,768,484
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income                               (278,560)      (163,733)
Distributions from net realized gain                                    --              --
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
   resulting from capital stock
   transactions - Note 2                                          3,387,604     25,163,733
                                                                --------------------------
NET ASSETS:
Total increase (decrease)                                         6,332,969     26,768,484
Beginning of period                                              26,768,484
                                                                --------------------------
End of period                                                   $33,101,453    $26,768,484
                                                                ==========================
</TABLE>
(1.)  For the period from September 1, 1995 (commencement of operations) to
      December 31, 1995.



See accompanying Notes to Financial Statements.




                                       70
<PAGE>   82
PANORAMA SERIES FUND, INC. - MONEY MARKET PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                             SIX MONTHS
                                             ENDED
                                             JUNE 30, 1996   YEAR ENDED DECEMBER 31,
                                             (UNAUDITED)         1995          1994         1993          1992           1991
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>              <C>           <C>           <C>           <C>           <C>      
PER SHARE OPERATING DATA:
Net asset value, beginning of period         $    1.00        $    1.00     $    1.00     $    1.00     $    1.00     $    1.00
- -------------------------------------------------------------------------------------------------------------------------------
Income from investment operations - net
investment income and net realized gain            .02              .05           .04           .03           .03           .06
Dividends and distributions to shareholders       (.02)            (.05)         (.04)         (.03)         (.03)         (.06)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period               $    1.00        $    1.00     $    1.00     $    1.00     $    1.00     $    1.00
                                            ===================================================================================

- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(1)               2.43%            5.55%         3.79%         2.69%         3.35%         5.73%
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)     $  16,330        $  70,693     $  66,116     $  52,527     $  60,447     $  76,559
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands)            $  59,558        $  67,671     $  59,477     $  54,638     $  67,327     $  82,581
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                             5.01%(2)         5.41%         3.79%         2.65%         3.32%         5.60%
Expenses                                          0.58%(2)         0.57%         0.58%         0.60%         0.61%         0.63%
</TABLE>

1. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Total returns are not
annualized for periods of less than one full year. Total returns reflect changes
in net investment income only. Total return information does not reflect
expenses that apply at the separate account level or to related insurance
products. Inclusion of these charges would reduce the total return figures for
all periods shown.

2.  Annualized.

See accompanying Notes to Financial Statements.

                                       71
<PAGE>   83
PANORAMA SERIES FUNDS, INC. - INCOME PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                              SIX MONTHS
                                              ENDED
                                              JUNE 30, 1996   YEAR ENDED DECEMBER 31,
                                              (Unaudited)          1995          1994           1993           1992          1991
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>              <C>            <C>            <C>            <C>           <C>      
Per Share Operating Data:
Net asset value, beginning of period          $    1.23        $    1.11      $    1.25      $    1.21      $    1.23     $    1.12
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income                               .13              .08            .09            .08            .09           .10
Net realized and unrealized gain (loss)            (.16)             .12           (.14)           .07           --             .11
- -----------------------------------------------------------------------------------------------------------------------------------

Total income (loss) from investment
operations                                         (.03)             .20           (.05)           .15            .09           .21
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income               --               (.08)          (.09)          (.08)          (.09)         (.10)
Distributions from net realized gain               --               --             --             (.03)          (.02)         --
- -----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders                                    --               (.08)          (.09)          (.11)          (.11)         (.10)
===================================================================================================================================
Net asset value, end of period                $    1.20        $    1.23      $    1.11      $    1.25      $    1.21     $    1.23
                                           =======================================================================================

- -----------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(1)               (2.44)%          18.18%         (4.08)%        12.34%          7.13%        18.31%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands)      $  28,574        $ 114,677      $ 100,399      $ 107,333      $  80,104     $  62,018
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands)             $  96,012        $ 100,911      $ 103,102      $  93,240      $  69,668     $  53,115
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                              6.51%(2)         6.69%          7.07%          6.54%          7.31%         7.94%
Expenses                                           0.64%(2)         0.65%          0.68%          0.70%          0.77%         0.80%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(3)                         22.3%            46.6%          74.3%         124.3%         115.7%         51.2%
</TABLE>

1. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.

2. Annualized.

3. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $21,460,074 and $99,620,771, respectively.


See accompanying Notes to Financial Statements.

                                       72
<PAGE>   84
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                               SIX MONTHS
                                               ENDED
                                               JUNE 30, 1996    YEAR ENDED DECEMBER 31,
                                               (UNAUDITED)         1995       1994      1993       1992       1991
- --------------------------------------------------------------------------------------------------------------------
<S>                                           <C>               <C>        <C>        <C>        <C>        <C>     
PER SHARE OPERATING DATA:
Net asset value, beginning of period          $   1.75          $   1.51   $   1.65   $   1.56   $   1.57   $   1.33
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income                              .04               .07        .06        .06        .07        .07
Net realized and unrealized gain (loss)            .01               .30       (.09)       .20        .10        .32
- --------------------------------------------------------------------------------------------------------------------

Total income (loss) from investment
operations                                         .05               .37       (.03)       .26        .17        .39
- --------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income              (.01)             (.07)      (.06)      (.06)      (.07)      (.07)
Distributions from net realized gain              (.01)             (.06)      (.05)      (.11)      (.11)      (.08)
- --------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders                                   (.02)             (.13)      (.11)      (.17)      (.18)      (.15)
====================================================================================================================
Net asset value, end of period                $   1.78          $   1.75   $   1.51   $   1.65   $   1.56   $   1.57
                                           =========================================================================

- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(1)               2.65%            24.66%     (1.97)%    16.28%     10.21%     28.79%
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions)       $  1,053          $    994   $    742   $    610   $    402   $    304
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in millions)              $  1,035          $    864   $    687   $    502   $    345   $    262
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                             3.77%(2)          4.48%      4.21%      3.90%      4.27%      4.44%
Expenses                                          0.59%(2)          0.59%      0.56%      0.60%      0.68%      0.72%
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(3)                        63.7%             62.3%      88.3%     161.6%     182.1%     128.8%
Average brokerage commission rate(4)          $ 0.0680              --         --         --         --         --
</TABLE>

1. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.

2. Annualized.

3. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $657,895,325 and $549,855,537, respectively.

4. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.


See accompanying Notes to Financial Statements.

                                       73

<PAGE>   85
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                             SIX MONTHS
                                             ENDED
                                             JUNE 30, 1996   YEAR ENDED DECEMBER 31,
                                             (UNAUDITED)         1995            1994          1993           1992          1991
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>             <C>            <C>            <C>            <C>          <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period          $    2.53       $    1.97      $    2.08      $    1.91      $    1.87    $    1.46
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income                               .02             .04            .03            .04            .04          .04
Net realized and unrealized gain (loss)             .13             .71           (.04)           .36            .19          .51
- ------------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations                                          .15             .75           (.01)           .40            .23          .55
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income               (.01)           (.04)          (.03)          (.04)          (.04)        (.04)
Distributions from net realized gain               (.01)           (.15)          (.07)          (.19)          (.15)        (.10)
- ------------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders                                    (.02)           (.19)          (.10)          (.23)          (.19)        (.14)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                $    2.66       $    2.53      $    1.97      $    2.08      $    1.91    $    1.87
                                              =====================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(1)                6.11%          38.06%         (0.51)%        21.22%         12.36%       37.53%
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)      $ 490,585       $ 405,935      $ 230,195      $ 165,775      $ 101,215    $  75,058
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands)             $ 461,368       $ 303,193      $ 198,879      $ 131,292      $  85,003    $  62,472
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                              1.64%(2)        2.01%          1.87%          2.30%          2.19%        2.16%
Expenses                                           0.61%(2)        0.66%          0.67%          0.69%          0.76%        0.80%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(3)                         52.3%           69.3%          97.3%          97.6%         136.1%       142.9%
Average brokerage commission rate(4)          $  0.0688            --             --             --             --           --
</TABLE>

1. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.

2. Annualized.

3. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $243,044,179 and $212,024,164, respectively.

4. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.



See accompanying Notes to Financial Statements.

                                       74
<PAGE>   86
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                                        SIX MONTHS
                                                        ENDED
                                                        JUNE 30, 1996     YEAR ENDED DECEMBER 31,
                                                        (UNAUDITED)         1995           1994          1993          1992(1)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                      <C>              <C>           <C>           <C>           <C>      
PER SHARE OPERATING DATA:
Net asset value, beginning of period                     $    1.07        $    0.95     $    1.06     $    1.01     $    1.00
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income                                          .03              .06           .06           .04           .02
Net realized and unrealized gain (loss)                       (.06)             .12          (.11)          .07           .04
- ------------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations                                                    (.03)             .18          (.05)          .11           .06
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income                          --               (.06)         (.06)         (.04)         (.02)
Distributions from net realized gain                          --               --            --            (.02)         (.03)
- ------------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders                                               --               (.06)         (.06)         (.06)         (.05)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                           $    1.04        $    1.07     $    0.95     $    1.06     $    1.01
                                                         ===========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2)                          (2.80)%          18.91%        (4.89)%       10.98%         6.61%(3)
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)                 $  23,710        $  24,309     $  18,784     $  15,687     $   7,634
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands)                        $  24,162        $  23,157     $  17,589     $  11,421     $   3,780
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                                         5.99%(3)         6.08%         6.04%         5.13%         4.64%(3)
Expenses                                                      0.68%(3)         0.71%         0.85%         0.93%         1.20%(3)
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4)                                     3.1%            54.7%        102.3%        178.2%        458.6%(3)
</TABLE>

1. For the period from May 13, 1992 (commencement of operations) to December 31,
1992

2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.

3. Annualized.

4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $2,545,944 and $710,224, respectively.


See accompanying Notes to Financial Statements.

                                       75
<PAGE>   87
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                               SIX MONTHS
                                               ENDED
                                               JUNE 30, 1996    YEAR ENDED DECEMBER 31,
                                               (UNAUDITED)          1995          1994          1993         1992(1)
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>                <C>           <C>           <C>           <C>      
PER SHARE OPERATING DATA:
Net asset value, beginning of period          $    1.15          $    1.09     $    1.09     $    0.92     $    1.00
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)                        .02                .03          (.01)          .00           .01
Net realized and unrealized gain (loss)             .08                .08           .03           .20          (.06)
- ----------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations                                          .10                .11           .02           .20          (.05)
- ----------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income               (.01)              (.04)         --            (.02)         (.02)
Distributions from net realized gain               --                 (.01)         (.02)         (.01)         (.01)
- ----------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders                                    (.01)              (.05)         (.02)         (.03)         (.03)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                $    1.24          $    1.15     $    1.09     $    1.09     $    0.92
                                              ==============================================================================
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2)                8.87%             10.30%         1.44%        21.80%        (4.32)%(3)
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)      $  57,928          $  45,775     $  31,603     $  18,315     $  10,493
- ----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands)             $  52,978          $  37,474     $  29,133     $  13,328     $   9,973
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                              1.39%(3)           1.61%        (1.85)        (0.31)         1.63%(3)
Expenses                                           1.25%(3)           1.26%         1.28%         1.50%         1.50%(3)
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4)                         33.6%              85.1%         76.5%         57.4%        206.7%(3)
Average brokerage commission rate(5)          $  0.0375               --            --            --            --
</TABLE>

1. For the period from May 13, 1992 (commencement of operations) to December 31,
1992

2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.

3. Annualized.

4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $28,217,294 and $16,689,367, respectively. 

5. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.

See accompanying Notes to Financial Statements.

                                       76
<PAGE>   88
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                               SIX MONTHS
                                               ENDED            PERIOD ENDED
                                               JUNE 30, 1996    DECEMBER 31,
                                               (UNAUDITED)            1995(1)
- ---------------------------------------------------------------------------------
<S>                                           <C>                <C>      
PER SHARE OPERATING DATA:
Net asset value, beginning of period          $    1.04          $    1.00
- ---------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income                               .02                .02
Net realized and unrealized gain (loss)            (.01)               .04
- ---------------------------------------------------------------------------------
Total income from investment
operations                                          .01                .06
- ---------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income               (.01)              (.02)
Distributions from net realized gain               --                 --
- ---------------------------------------------------------------------------------
Total dividends and distributions
to shareholders                                    (.01)              (.02)
- ---------------------------------------------------------------------------------
Net asset value, end of period                $    1.04          $    1.04
                                              ===================================
- ---------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2)                1.10%              5.69%(3)
- ---------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)      $  23,029          $  21,176
- ---------------------------------------------------------------------------------
Average net assets (in thousands)             $  21,713          $  20,364
- ---------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                              5.05%(3)           5.11%(3)
Expenses                                           1.56%(3)           1.50%(3)
- ---------------------------------------------------------------------------------
Portfolio turnover rate(4)                         61.8%              41.2%(3)
Average brokerage commission rate(5)          $  0.0700               --
</TABLE>

1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.

2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.

3. Annualized.

4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $13,438,983 and $12,389,421, respectively.

5. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.

See accompanying Notes to Financial Statements.

                                       77
<PAGE>   89
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                                SIX MONTHS
                                                ENDED            PERIOD ENDED
                                                JUNE 30, 1996    DECEMBER 31,
                                                (UNAUDITED)           1995(1)
- -----------------------------------------------------------------------------------
<S>                                            <C>                <C>      
PER SHARE OPERATING DATA:    
Net asset value, beginning of period           $    1.05          $    1.00
- -----------------------------------------------------------------------------------
Income from investment operations:
Net investment income                                .02                .01
Net realized and unrealized gain                     .06                .05
- -----------------------------------------------------------------------------------
Total income from investment
operations                                           .08                .06
- -----------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income                (.01)              (.01)
Distributions from net realized gain                --                 --
- -----------------------------------------------------------------------------------
Total dividends and distributions
to shareholders                                     (.01)              (.01)
- -----------------------------------------------------------------------------------
Net asset value, end of period                 $    1.12          $    1.05
                                               ====================================
- -----------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2)                 7.62%              6.08%(3)
- -----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands        $  41,297          $  35,467
- -----------------------------------------------------------------------------------
Average net assets (in thousands)              $  38,688          $  33,925
- -----------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                               2.87%(3)           3.08%(3)
Expenses                                            1.56%(3)           1.50%(3)
- -----------------------------------------------------------------------------------
Portfolio turnover rate(4)                          47.3%              39.7%(3)
Average brokerage commission rate(5)           $  0.0582               --
</TABLE>

1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.

2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.

3. Annualized.

4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $19,210,412 and $17,022,882, respectively.

5. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.


See accompanying Notes to Financial Statements.

                                       78
<PAGE>   90
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
Financial Highlights
JUNE 30, 1996
<TABLE>
<CAPTION>
                                                      SIX MONTHS
                                                      ENDED               PERIOD ENDED
                                                      JUNE 30, 1996       DECEMBER 31,
                                                       (UNAUDITED)           1995(1)
- -------------------------------------------------------------------------------------------
<S>                                                     <C>                <C>       
PER SHARE OPERATING DATA:
Net asset value, beginning of period                    $     1.06         $     1.00
- -------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income                                          .01                .01
Net realized and unrealized gain                               .12                .06
- -------------------------------------------------------------------------------------------
Total income from investment
operations                                                     .13                .07
- -------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income                          (.01)              (.01)
Distributions from net realized gain                          --                 --
- -------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders                                               (.01)              (.01)
- -------------------------------------------------------------------------------------------
Net asset value, end of period                          $     1.18         $     1.06
                                                        ===================================
- -------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2)                          12.26%              6.65%(3)
- -------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)                $   33,101         $   26,768
- -------------------------------------------------------------------------------------------
Average net assets (in thousands)                       $   30,097         $   25,460
- -------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                                         1.49%(3)           1.73%(3)
Expenses                                                      1.56%(3)           1.50%(3)
- -------------------------------------------------------------------------------------------
Portfolio turnover rate(4)                                    46.0%              38.7%(3)
Average brokerage commission rate(5)                    $   0.0433               --
</TABLE>

1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.

2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.

3. Annualized.

4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $14,469,026 and $12,708,786, respectively.

5. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.



See accompanying Notes to Financial Statements.

                                       79
<PAGE>   91
PANORAMA SERIES FUND, INC. - MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.  SIGNIFICANT ACCOUNTING POLICIES
   Money Market Portfolio (the Fund), a series of Panorama Series Fund, Inc.
   (the Company), is registered under the Investment Company Act of 1940, as
   amended, as a diversified, open-end management investment company. The Fund's
   investment objective is to seek high current income consistent with the
   preservation of capital and maintenance of liquidity by investing in money
   market instruments. Until May 1, 1996, the Company was named Connecticut
   Mutual Financial Services Series Fund I, Inc. On January 27, 1996, the
   policyholders of Connecticut Mutual Life Insurance Company (CML) approved a
   merger of CML with Massachusetts Mutual Life Insurance Company (MML). In line
   with this change, effective March 1, 1996, OppenheimerFunds, Inc. (the
   Manager) became the advisor of Panorama Series Fund, Inc. The following is a
   summary of significant accounting policies consistently followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued on the basis of amortized cost, which
   approximates market value.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income to shareholders. Therefore, no federal
   income or excise tax provision is required.

DISTRIBUTIONS TO SHAREHOLDERS.
   The Fund intends to declare dividends from net investment income each day the
   New York Stock Exchange is open for business and pay such dividends monthly.
   To effect its policy of maintaining a net asset value of $1.00 per share, the
   Fund may withhold dividends or make distributions of net realized gains.

OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date). Realized gains and losses on investments and
   unrealized appreciation and depreciation are determined on an identified cost
   basis, which is the same basis used for federal income tax purposes.

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.


                                       80
<PAGE>   92
PANORAMA SERIES FUND, INC. - MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2.  SHARES OF CAPITAL STOCK
    The Fund has authorized 150 million shares of $0.001 par value capital
    stock. Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                              SIX MONTHS ENDED                            YEAR ENDED
                                               JUNE 30, 1996                           DECEMBER 31, 1995
                                  ----------------------------------------  ---------------------------------------
                                        SHARES               AMOUNT              SHARES               AMOUNT
                                  ------------------- --------------------  -----------------  --------------------
<S>                                   <C>                <C>                  <C>                  <C>        
Sold                                  20,393,831         $ 20,393,831         53,290,457           $53,290,457
Dividends and distributions
reinvested                             1,484,237            1,484,237          3,649,242             3,649,242
Redeemed                             (76,241,395)         (76,241,395)       (52,362,552)          (52,362,552)
                                     ------------        -------------       ------------          ------------
  Net increase (decrease)            (54,363,327)        $(54,363,327)         4,577,147           $ 4,577,147
                                     ============        =============       ============          ===========
</TABLE>


3.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.50% of the first $200
million of net assets, 0.45% of the next $100 million and 0.40% of net assets in
excess of $300 million. Prior to March 1, 1996, management fees were paid to
G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses. Effective July 1,
1996, the Manager acts as the accounting agent for the Fund at an annual fee of
$15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to
July 1, accounting services fees were paid to State Street Bank and Trust Co.



                                       81
<PAGE>   93
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES
   Income Portfolio (the Fund), a series of Panorama Series Fund, Inc. (the
   Company), is registered under the Investment Company Act of 1940, as amended,
   as a diversified, open-end management investment company. The Fund's
   investment objective is to seek high current income consistent with prudent
   investment risk and preservation of capital by investing primarily in fixed
   income debt securities anticipated to have an average maturity of eight to
   twelve years. Until May 1, 1996, the Company was named Connecticut Mutual
   Financial Services Series Fund I, Inc. On January 27, 1996, the policyholders
   of Connecticut Mutual Life Insurance Company (CML) approved a merger of CML
   with Massachusetts Mutual Life Insurance Company (MML). In line with this
   change, effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became
   the advisor of Panorama Series Fund, Inc. The following is a summary of
   significant accounting policies consistently followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued at the close of the New York Stock Exchange
   on each trading day. Listed and unlisted securities for which such
   information is regularly reported are valued at the last sale price of the
   day or, in the absence of sales, at values based on the closing bid or asked
   price or the last sale price on the prior trading day. Long-term and
   short-term "non-money market" debt securities are valued by a portfolio
   pricing service approved by the Board of Directors. Such securities which
   cannot be valued by the approved portfolio pricing service are valued using
   dealer-supplied valuations provided the Manager is satisfied that the firm
   rendering the quotes is reliable and that the quotes reflect current market
   value, or are valued under consistently applied procedures established by the
   Board of Directors to determine fair value in good faith. Short-term "money
   market type" debt securities having a remaining maturity of 60 days or less
   are valued at cost (or last determined market value) adjusted for
   amortization to maturity of any premium or discount.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income, including any net realized gain on
   investments not offset by loss carryovers, to shareholders. Therefore, no
   federal income or excise tax provision is required.

DISTRIBUTIONS TO SHAREHOLDERS.
   Dividends and distributions to shareholders are recorded on the ex-dividend
date.

CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
   Net investment income (loss) and net realized gain (loss) may differ for
   financial statement and tax purposes primarily because of paydown gains and
   losses. The character of the distributions made during the year from net
   investment income or net realized gains may differ from their ultimate
   characterization for federal income tax purposes. Also, due to timing of
   dividend distributions, the fiscal year in which amounts are distributed may
   differ from the year that the income or realized gain (loss) was recorded by
   the Fund.


                                       82
<PAGE>   94
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

1.  SIGNIFICANT ACCOUNTING POLICIES (continued)
OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date) and dividend income is recorded on the
   ex-dividend date. Discount on securities purchased is amortized over the life
   of the respective securities, in accordance with federal income tax
   requirements. Realized gains and losses on investments and unrealized
   appreciation and depreciation are determined on an identified cost basis,
   which is the same basis used for federal income tax purposes.

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.

2.  SHARES OF CAPITAL STOCK
   The Fund has authorized 150 million shares of $0.001 par value capital stock.
  Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                                    SIX MONTHS ENDED                              YEAR ENDED
                                                      JUNE 30, 1996                            DECEMBER 31, 1995
                                       ------------------------------------------- ------------------------------------
                                               SHARES                AMOUNT               SHARES               AMOUNT
                                       ----------------------  ------------------- ------------------- ----------------
<S>                                         <C>                 <C>                  <C>                 <C>         
Sold                                          8,537,215         $ 10,348,531          17,090,150         $ 20,870,078
Dividends and distributions                                                              
reinvested                                       54,868               65,696           5,794,307            7,122,105
Redeemed                                    (77,950,964)         (93,067,917)        (20,375,036)         (24,667,477)
                                            -----------         ------------         -----------         ------------
  Net increase (decrease)                   (69,358,881)        $(82,653,690)          2,509,421         $  3,324,706
                                            ===========         ============         ===========         ============
</TABLE>


3.  UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized depreciation on investments of $253,872 was
composed of gross appreciation of $258,429, and gross depreciation of $512,301.

4.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.575% of the first $300
million of net assets, 0.50% of the next $100 million and 0.45% of net assets in
excess of $400 million. Prior to March 1, 1996, management fees were paid to
G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses. Effective July 1,
1996, the Manager acts as the accounting agent for the Fund at an annual fee of
$15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to
July 1, accounting services fees were paid to State Street Bank and Trust Co.



                                       83
<PAGE>   95
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.  SIGNIFICANT ACCOUNTING POLICIES
   Total Return Portfolio (the Fund), a series of Panorama Series Fund, Inc.
   (the Company), is registered under the Investment Company Act of 1940, as
   amended, as a diversified, open-end management investment company. The Fund's
   investment objective is to seek maximum total investment return (including
   both capital appreciation and income) principally by allocating its assets
   among stocks, corporate bonds, U.S. government securities and money market
   instruments according to changing market conditions. Until May 1, 1996, the
   Company was named Connecticut Mutual Financial Services Series Fund I, Inc.
   On January 27, 1996, the policyholders of Connecticut Mutual Life Insurance
   Company (CML) approved a merger of CML with Massachusetts Mutual Life
   Insurance Company (MML). In line with this change, effective March 1, 1996,
   OppenheimerFunds, Inc. (the Manager) became the advisor of Panorama Series
   Fund, Inc. The following is a summary of significant accounting policies
   consistently followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued at the close of the New York Stock Exchange
   on each trading day. Listed and unlisted securities for which such
   information is regularly reported are valued at the last sale price of the
   day or, in the absence of sales, at values based on the closing bid or asked
   price or the last sale price on the prior trading day. Long-term and
   short-term "non-money market" debt securities are valued by a portfolio
   pricing service approved by the Board of Directors. Such securities which
   cannot be valued by the approved portfolio pricing service are valued using
   dealer-supplied valuations provided the Manager is satisfied that the firm
   rendering the quotes is reliable and that the quotes reflect current market
   value, or are valued under consistently applied procedures established by the
   Board of Directors to determine fair value in good faith. Short-term "money
   market type" debt securities having a remaining maturity of 60 days or less
   are valued at cost (or last determined market value) adjusted for
   amortization to maturity of any premium or discount.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income, including any net realized gain on
   investments not offset by loss carryovers, to shareholders. Therefore, no
   federal income or excise tax provision is required.

DISTRIBUTIONS TO SHAREHOLDERS.
   Dividends and distributions to shareholders are recorded on the ex-dividend
   date.

CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
   Net investment income (loss) and net realized gain (loss) may differ for
   financial statement and tax purposes. The character of the distributions made
   during the year from net investment income or net realized gains may differ
   from their ultimate characterization for federal income tax purposes. Also,
   due to timing of dividend distributions, the fiscal year in which amounts are
   distributed may differ from the year that the income or realized gain (loss)
   was recorded by the Fund.

OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date) and dividend income is recorded on the
   ex-dividend date. Discount on securities purchased is amortized over the life
   of the respective securities, in accordance with federal income tax
   requirements. Realized gains and losses on investments and unrealized
   appreciation and depreciation are determined on an identified cost basis,
   which is the same basis used for federal income tax purposes.

                                       84
<PAGE>   96
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

1.  SIGNIFICANT ACCOUNTING POLICIES (continued)
   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.

2.  SHARES OF CAPITAL STOCK
   The Fund has authorized 650 million shares of $0.001 value capital stock.
   Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                                 SIX MONTHS ENDED                             YEAR ENDED
                                                   JUNE 30, 1996                          DECEMBER 31, 1995
                                      ---------------------------------------  ----------------------------------------
                                            SHARES              AMOUNT               SHARES               AMOUNT
                                      ------------------ --------------------  ------------------- --------------------
<S>                                      <C>                 <C>                    <C>                <C>          
Sold                                      57,463,538         $ 102,376,227          92,416,138         $ 157,945,504
Dividends and distributions                                                                        
reinvested                                 5,232,785             9,329,203          39,845,299            69,666,729
Redeemed                                 (38,776,335)          (69,114,286)        (55,425,167)          (94,329,216)
                                         -----------         -------------         -----------         -------------
  Net increase                            23,919,988         $  42,591,144          76,836,270         $ 133,283,017
                                         ===========         =============         ===========         =============
</TABLE>


3.  UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $51,083,681 was
composed of gross appreciation of $62,205,024, and gross depreciation of
$11,121,343.

4.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreements with the Fund. The annual fees are 0.625% of the first $600
million of net assets and 0.45% of net assets in excess of $600 million. Prior
to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the
former Manager). The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as
the accounting agent for the Fund at an annual fee of $15,000, plus
out-of-pocket costs and expenses reasonably incurred. Prior to July 1,
accounting services fees were paid to State Street Bank and Trust Co.



                                       85
<PAGE>   97
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.  SIGNIFICANT ACCOUNTING POLICIES
   Growth Portfolio (the Fund), a series of Panorama Series Fund, Inc. (the
   Company), is registered under the Investment Company Act of 1940, as amended,
   as a diversified, open-end management investment company. The Fund's
   investment objective is to seek long-term growth of capital by investing
   primarily in common stocks with low price-earnings ratios and
   better-than-anticipated earnings. Until May 1, 1996, the Company was named
   Connecticut Mutual Financial Services Series Fund I, Inc. On January 27,
   1996, the policyholders of Connecticut Mutual Life Insurance Company (CML)
   approved a merger of CML with Massachusetts Mutual Life Insurance Company
   (MML). In line with this change, effective March 1, 1996, OppenheimerFunds,
   Inc. (the Manager) became the advisor of Panorama Series Fund, Inc. The
   following is a summary of significant accounting policies consistently
   followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued at the close of the New York Stock Exchange
   on each trading day. Listed and unlisted securities for which such
   information is regularly reported are valued at the last sale price of the
   day or, in the absence of sales, at values based on the closing bid or asked
   price or the last sale price on the prior trading day. Long-term and
   short-term "non-money market" debt securities are valued by a portfolio
   pricing service approved by the Board of Directors. Such securities which
   cannot be valued by the approved portfolio pricing service are valued using
   dealer-supplied valuations provided the Manager is satisfied that the firm
   rendering the quotes is reliable and that the quotes reflect current market
   value, or are valued under consistently applied procedures established by the
   Board of Directors to determine fair value in good faith. Short-term "money
   market type" debt securities having a remaining maturity of 60 days or less
   are valued at cost (or last determined market value) adjusted for
   amortization to maturity of any premium or discount.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income, including any net realized gain on
   investments not offset by loss carryovers, to shareholders. Therefore, no
   federal income or excise tax provision is required.

DISTRIBUTIONS TO SHAREHOLDERS.
   Dividends and distributions to shareholders are recorded on the ex-dividend
   date.

CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
   Net investment income and net realized gain may differ for financial
   statement and tax purposes. The character of the distributions made during
   the year from net investment income or net realized gains may differ from
   their ultimate characterization for federal income tax purposes. Also, due to
   timing of dividend distributions, the fiscal year in which amounts are
   distributed may differ from the year that the income or realized gain (loss)
   was recorded by the Fund.

OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date) and dividend income is recorded on the
   ex-dividend date. Realized gains and losses on investments and unrealized
   appreciation and depreciation are determined on an identified cost basis,
   which is the same basis used for federal income tax purposes.

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.


                                       86
<PAGE>   98
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2.  SHARES OF CAPITAL STOCK
   The Fund has authorized 150 million shares of $0.001 par value capital stock.
   Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                                 SIX MONTHS ENDED                             YEAR ENDED
                                                  JUNE 30, 1996                            DECEMBER 31, 1995
                                      --------------------------------------  -------------------------------------------
                                            SHARES              AMOUNT                SHARES                AMOUNT
                                      -------------------  -----------------  ---------------------- --------------------
<S>                                      <C>                 <C>                     <C>                 <C>
Sold                                      30,558,457         $ 80,624,251             47,879,137         $ 113,288,953
Dividends and distributions                                                                           
reinvested                                 1,696,733            4,511,263             11,118,683            27,908,230
Redeemed                                  (8,477,973)         (22,370,462)           (14,920,252)          (34,934,671)
                                         -----------         ------------            -----------         -------------
  Net increase                            23,777,217         $ 62,765,052             44,077,568         $ 106,262,512
                                         ===========         ============            ===========         =============
</TABLE>



3.  UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $62,339,553 was
composed of gross appreciation of $66,607,058, and gross depreciation of
$4,267,505.

4.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.625% of the first $300
million of net assets, 0.50% of the next $100 million and 0.45% of net assets in
excess of $400 million. Prior to March 1, 1996, management fees were paid to
G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses. Effective July 1,
1996, the Manager acts as the accounting agent for the Fund at an annual fee of
$15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to
July 1, accounting services fees were paid to State Street Bank and Trust Co.


                                       87
<PAGE>   99
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES
   Government Securities Portfolio (the Fund), a series of Panorama Series Fund,
   Inc. (the Company), is registered under the Investment Company Act of 1940,
   as amended, as a diversified, open-end management investment company. The
   Fund's investment objective is to seek a high level of current income with a
   high degree of safety of principal by investing primarily in U.S. Government
   securities and U.S. Government related securities. Until May 1, 1996, the
   Company was named Connecticut Mutual Financial Services Series Fund I, Inc.
   On January 27, 1996, the policyholders of Connecticut Mutual Life Insurance
   Company (CML) approved a merger of CML with Massachusetts Mutual Life
   Insurance Company (MML). In line with this change, effective March 1, 1996,
   OppenheimerFunds, Inc. (the Manager) became the advisor of Panorama Series
   Fund, Inc. The following is a summary of significant accounting policies
   consistently followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued at the close of the New York Stock Exchange
   on each trading day. Listed and unlisted securities for which such
   information is regularly reported are valued at the last sale price of the
   day or, in the absence of sales, at values based on the closing bid or asked
   price or the last sale price on the prior trading day. Long-term and
   short-term "non-money market" debt securities are valued by a portfolio
   pricing service approved by the Board of Directors. Such securities which
   cannot be valued by the approved portfolio pricing service are valued using
   dealer-supplied valuations provided the Manager is satisfied that the firm
   rendering the quotes is reliable and that the quotes reflect current market
   value, or are valued under consistently applied procedures established by the
   Board of Directors to determine fair value in good faith. Short-term "money
   market type" debt securities having a remaining maturity of 60 days or less
   are valued at cost (or last determined market value) adjusted for
   amortization to maturity of any premium or discount.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income, including any net realized gain on
   investments not offset by loss carryovers, to shareholders. Therefore, no
   federal income or excise tax provision is required.

DISTRIBUTIONS TO SHAREHOLDERS.
   Dividends and distributions to shareholders are recorded on the ex-dividend
   date.

CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
   Net investment income (loss) and net realized gain (loss) may differ for
   financial statement and tax purposes primarily because of paydown gains and
   losses. The character of the distributions made during the year from net
   investment income or net realized gains may differ from their ultimate
   characterization for federal income tax purposes. Also, due to timing of
   dividend distributions, the fiscal year in which amounts are distributed may
   differ from the year that the income or realized gain (loss) was recorded by
   the Fund.

  OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date). Discount on securities purchased is amortized
   over the life of the respective securities, in accordance with federal income
   tax requirements. Realized gains and losses on investments and unrealized
   appreciation and depreciation are determined on an identified cost basis,
   which is the same basis used for federal income tax purposes.

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.

                                       88
<PAGE>   100
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2.  SHARES OF CAPITAL STOCK
   The Fund has authorized 150 million shares of $0.001 value capital stock.
   Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                                      SIX MONTHS ENDED                           YEAR ENDED
                                                       JUNE 30, 1996                         DECEMBER 31, 1995
                                          ---------------------------------------- --------------------------------------
                                                SHARES               AMOUNT              SHARES             AMOUNT
                                          -------------------  ------------------- ------------------ -------------------
<S>                                           <C>                  <C>                <C>               <C>
Sold                                           1,841,362           $ 1,937,680         5,051,043        $ 5,332,595
Dividends and distributions                                     
reinvested                                        13,298                13,793         1,202,560          1,281,570
Redeemed                                      (1,896,596)           (1,977,946)       (3,205,837)        (3,331,875)
                                              ----------           -----------        ----------        -----------
  Net increase (decrease)                        (41,936)          $   (26,473)        3,047,766        $ 3,282,290
                                              ==========           ===========        ==========        ===========
</TABLE>


3.  UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized depreciation on investments of $337,618 was
composed of gross appreciation of $143,992, and gross depreciation of $481,610.

4.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.525% of the first $300
million of net assets, 0.50% of the next $100 million and 0.45% of net assets in
excess of $400 million. Prior to March 1, 1996, management fees were paid to
G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses. Effective July 1,
1996, the Manager acts as the accounting agent for the Fund at an annual fee of
$15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to
July 1, accounting services fees were paid to State Street Bank and Trust Co.



                                       89
<PAGE>   101
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES
   International Equity Portfolio (the Fund), a series of Panorama Series Fund,
   Inc. (the Company), is registered under the Investment Company Act of 1940,
   as amended, as a diversified, open-end management investment company. The
   Fund's investment objective is to seek long-term growth of capital by
   investing primarily in equity securities of companies wherever located, the
   primary stock market of which is outside the United States. Until May 1,
   1996, the Company was named Connecticut Mutual Financial Services Series Fund
   I, Inc. On January 27, 1996, the policyholders of Connecticut Mutual Life
   Insurance Company (CML) approved a merger of CML with Massachusetts Mutual
   Life Insurance Company (MML). In line with this change, effective March 1,
   1996, OppenheimerFunds, Inc. (the Manager) became the advisor of Panorama
   Series Fund, Inc. The following is a summary of significant accounting
   policies consistently followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued at the close of the New York Stock Exchange
   on each trading day. Listed and unlisted securities for which such
   information is regularly reported are valued at the last sale price of the
   day or, in the absence of sales, at values based on the closing bid or asked
   price or the last sale price on the prior trading day. Long-term and
   short-term "non-money market" debt securities are valued by a portfolio
   pricing service approved by the Board of Directors. Such securities which
   cannot be valued by the approved portfolio pricing service are valued using
   dealer-supplied valuations provided the Manager is satisfied that the firm
   rendering the quotes is reliable and that the quotes reflect current market
   value, or are valued under consistently applied procedures established by the
   Board of Directors to determine fair value in good faith. Short-term "money
   market type" debt securities having a remaining maturity of 60 days or less
   are valued at cost (or last determined market value) adjusted for
   amortization to maturity of any premium or discount. Forward foreign currency
   exchange contracts are valued based on the closing prices of the forward
   currency contract rates in the London foreign exchange markets on a daily
   basis as provided by a reliable bank or dealer.

FOREIGN CURRENCY TRANSLATION.
   The accounting records of the Fund are maintained in U.S. dollars. Prices of
   securities purchased that are denominated in foreign currencies are
   translated into U.S. dollars at the closing rates of exchange. Amounts
   related to the purchase and sale of securities and investment income are
   translated at the rates of exchange prevailing on the respective dates of
   such transactions.

   The effect of changes in foreign currency exchange rates on investments is
   separately identified from the fluctuations arising from changes in market
   values of securities held and reported with all other foreign currency gains
   and losses in the Fund's Statement of Operations.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income, including any net realized gain on
   investments not offset by loss carryovers, to shareholders. Therefore, no
   federal income or excise tax provision is required.

 DISTRIBUTIONS TO SHAREHOLDERS.
   Dividends and distributions to shareholders are recorded on the ex-dividend
   date.



                                       90
<PAGE>   102
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

1.  SIGNIFICANT ACCOUNTING POLICIES (continued)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
   Net investment income (loss) and net realized gain (loss) may differ for
   financial statement and tax purposes primarily because of the recognition of
   certain foreign currency gains (losses) as ordinary income (loss) for tax
   purposes. The character of the distributions made during the year from net
   investment income or net realized gains may differ from their ultimate
   characterization for federal income tax purposes. Also, due to timing of
   dividend distributions, the fiscal year in which amounts are distributed may
   differ from the year that the income or realized gain (loss) was recorded by
   the Fund.

OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date) and dividend income is recorded on the
   ex-dividend date. Realized gains and losses on investments and unrealized
   appreciation and depreciation are determined on an identified cost basis,
   which is the same basis used for federal income tax purposes.

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.

2.  SHARES OF CAPITAL STOCK
   The Fund has authorized 150 million shares of $0.001 par value capital stock.
   Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                                   SIX MONTHS ENDED                            YEAR ENDED
                                                    JUNE 30, 1996                           DECEMBER 31, 1995
                                       ----------------------------------------  ---------------------------------------
                                             SHARES               AMOUNT                SHARES              AMOUNT
                                       -------------------  -------------------  -------------------- ------------------
<S>                                       <C>                   <C>                 <C>                <C>        
Sold                                       8,762,781            $ 10,549,810         13,867,469        $ 15,578,087
Dividends and distributions                                 
reinvested                                   447,471                 554,916          1,701,124           1,953,318
Redeemed                                  (2,277,129)             (2,747,278)        (4,839,804)         (5,442,997)
                                          ----------            ------------        -----------        ------------
  Net increase                             6,933,123            $  8,357,448         10,728,789        $ 12,088,408
                                          ==========            ============        ===========        ============
</TABLE>



3.  UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $7,061,713 was
composed of gross appreciation of $7,761,673 and gross depreciation of $699,960.

4.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 1.00% of the first $250
million of net assets and 0.90% of net assets in excess of $250 million. Prior
to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the
former Manager). The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as
the accounting agent for the Fund at an annual fee of $15,000, plus
out-of-pocket costs and expenses reasonably incurred. Prior to July 1,
accounting services fees were paid to State Street Bank and Trust Co.

The Manager has entered into a sub-advisory agreement with Babson-Stewart Ivory
International (the Sub-Advisor) to assist in the selection of portfolio
investments for the components of the Fund. The Manager pays Babson-Stewart
Ivory International based on the fee schedule set forth in the Prospectus.


                                       91
<PAGE>   103
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

5.  FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.

The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.

Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss upon
the closing or settlement of the forward transaction.

Securities held in segregated accounts to cover net exposure on outstanding
forward contracts are noted in the Statement of Investments where applicable.
Unrealized appreciation or depreciation on forward contracts is reported in the
Statement of Assets and Liabilities. Realized gains and losses are reported with
all other foreign currency gains and losses in the Fund's Statement of
Operations.

Risks include the potential inability of the counterparty to meet the terms of
the contract and unanticipated movements in the value of a foreign currency
relative to the U.S. dollar.

At June 30, 1996, the Fund had outstanding forward contracts to purchase foreign
currencies as follows:
<TABLE>
<CAPTION>
                                               CONTRACT AMOUNT     VALUATION AS OF      UNREALIZED        UNREALIZED
CONTRACTS TO PURCHASE       EXPIRATION DATE    (000'S)             JUNE 30, 1996        APPRECIATION      DEPRECIATION
- -----------------------------------------------------------------------------------------------------------------------

<S>                         <C>                 <C>                 <C>                 <C>                   <C> 
German Deutsche Mark (DEM)         7/8/96           2  DEM          $   1,299           $      1              $ --
French Franc (FRF)          7/1/96-7/8/96       4,866  FRF            945,996              2,530                --
Japanese Yen (JPY)                 7/8/96         340  JPY              3,107                  1                --
                                                                    ---------           --------              ----
                                                                    $ 950,402           $  2,532              $ --
                                                                    =========           ========              ====
</TABLE>


                                       92
<PAGE>   104
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES
   LifeSpan Diversified Income Portfolio (the Fund), a series of Panorama Series
   Fund, Inc. (the Company), is registered under the Investment Company Act of
   1940, as amended, as a diversified, open-end management investment company.
   The Fund's investment objective is to seek high current income, with
   opportunities for capital appreciation by investing in a strategically
   allocated portfolio consisting primarily of bonds. Until May 1, 1996, the
   Company was named Connecticut Mutual Financial Services Series Fund I, Inc.
   On January 27, 1996, the policyholders of Connecticut Mutual Life Insurance
   Company (CML) approved a merger of CML with Massachusetts Mutual Life
   Insurance Company (MML). In line with this change, effective March 1, 1996,
   OppenheimerFunds, Inc. (the Manager) became the advisor of Panorama Series
   Fund, Inc. The following is a summary of significant accounting policies
   consistently followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued at the close of the New York Stock Exchange
   on each trading day. Listed and unlisted securities for which such
   information is regularly reported are valued at the last sale price of the
   day or, in the absence of sales, at values based on the closing bid or asked
   price or the last sale price on the prior trading day. Long-term and
   short-term "non-money market" debt securities are valued by a portfolio
   pricing service approved by the Board of Directors. Such securities which
   cannot be valued by the approved portfolio pricing service are valued using
   dealer-supplied valuations provided the Manager is satisfied that the firm
   rendering the quotes is reliable and that the quotes reflect current market
   value, or are valued under consistently applied procedures established by the
   Board of Directors to determine fair value in good faith. Short-term "money
   market type" debt securities having a remaining maturity of 60 days or less
   are valued at cost (or last determined market value) adjusted for
   amortization to maturity of any premium or discount. Forward foreign currency
   exchange contracts are valued based on the closing prices of the forward
   currency contract rates in the London foreign exchange markets on a daily
   basis as provided by a reliable bank or dealer.

FOREIGN CURRENCY TRANSLATION.
   The accounting records of the Fund are maintained in U.S. dollars. Prices of
   securities purchased that are denominated in foreign currencies are
   translated into U.S. dollars at the closing rates of exchange. Amounts
   related to the purchase and sale of securities and investment income are
   translated at the rates of exchange prevailing on the respective dates of
   such transactions.

   The effect of changes in foreign currency exchange rates on investments is
   separately identified from the fluctuations arising from changes in market
   values of securities held and reported with all other foreign currency gains
   and losses in the Fund's Statement of Operations.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income, including any net realized gain on
   investments not offset by loss carryovers, to shareholders. Therefore, no
   federal income or excise tax provision is required.

DISTRIBUTIONS TO SHAREHOLDERS.
   Dividends and distributions to shareholders are recorded on the ex-dividend
   date.

CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
   Net investment income (loss) and net realized gain (loss) may differ for
   financial statement and tax purposes. The character of the distributions made
   during the year from net investment income or net realized gains may differ
   from their ultimate characterization for federal income tax purposes. Also,
   due to timing of dividend distributions, the fiscal year in which amounts are
   distributed may differ from the year that the income or realized gain (loss)
   was recorded by the Fund.



                                       93
<PAGE>   105
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

1. SIGNIFICANT ACCOUNTING POLICIES (continued)
   OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date) and dividend income is recorded on the
   ex-dividend date. Discount on securities purchased is amortized over the life
   of the respective securities, in accordance with federal income tax
   requirements. Realized gains and losses on investments and unrealized
   appreciation and depreciation are determined on an identified cost basis,
   which is the same basis used for federal income tax purposes.

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.

2.  SHARES OF CAPITAL STOCK
   The Fund has authorized 200 million shares of $0.001 par value capital stock.
   Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                               SIX MONTHS ENDED                           YEAR ENDED
                                                JUNE 30, 1996                        DECEMBER 31, 1995(1)
                                  ------------------------------------------  -----------------------------------
                                          SHARES               AMOUNT             SHARES             AMOUNT
                                  ---------------------- -------------------  ---------------  ------------------
<S>                                    <C>                  <C>                   <C>              <C>        
Sold                                   1,618,673            $ 1,691,235           20,000,000       $20,000,000
Dividends and distributions                             
reinvested                               239,497                249,385              324,034           337,106
Redeemed                                 (66,313)               (69,037)                --                --
                                      ----------            -----------           ----------       -----------
  Net increase                         1,791,857            $ 1,871,583           20,324,034       $20,337,106
                                      ==========            ===========           ==========       ===========
</TABLE>

(1) For the period from September 1, 1995 (commencement of operations) to 
    December 31, 1995.

3.  UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $457,314 was
composed of gross appreciation of $720,773, and gross depreciation of $263,459.

4.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.75% of the first $250
million of net assets and 0.65% of net assets in excess of $250 million. Prior
to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the
former Manager). The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as
the accounting agent for the Fund at an annual fee of $15,000, plus
out-of-pocket costs and expenses reasonably incurred. Prior to July 1,
accounting services fees were paid to State Street Bank and Trust Co.

The Manager has entered into a sub-advisory agreement with BEA Associates (the
Sub-Advisor) to assist in the selection of portfolio investments for the
components of the Fund. The Manager pays BEA Associates based on the fee
schedule set forth in the Prospectus.


                                       94
<PAGE>   106
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES
   LifeSpan Balanced Portfolio (the Fund), a series of Panorama Series Fund,
   Inc. (the Company), is registered under the Investment Company Act of 1940,
   as amended, as a diversified, open-end management investment company. The
   Fund's investment objective is to seek a blend of capital appreciation and
   income by investing in a strategically allocated portfolio of stocks and
   bonds with a slightly stronger emphasis on stocks. Until May 1, 1996, the
   Company was named Connecticut Mutual Financial Services Series Fund I, Inc.
   On January 27, 1996, the policyholders of Connecticut Mutual Life Insurance
   Company (CML) approved a merger of CML with Massachusetts Mutual Life
   Insurance Company (MML). In line with this change, effective March 1, 1996,
   OppenheimerFunds, Inc. (the Manager) became the advisor of Panorama Series
   Fund, Inc. The following is a summary of significant accounting policies
   consistently followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued at the close of the New York Stock Exchange
   on each trading day. Listed and unlisted securities for which such
   information is regularly reported are valued at the last sale price of the
   day or, in the absence of sales, at values based on the closing bid or asked
   price or the last sale price on the prior trading day. Long-term and
   short-term "non-money market" debt securities are valued by a portfolio
   pricing service approved by the Board of Directors. Such securities which
   cannot be valued by the approved portfolio pricing service are valued using
   dealer-supplied valuations provided the Manager is satisfied that the firm
   rendering the quotes is reliable and that the quotes reflect current market
   value, or are valued under consistently applied procedures established by the
   Board of Directors to determine fair value in good faith. Short-term "money
   market type" debt securities having a remaining maturity of 60 days or less
   are valued at cost (or last determined market value) adjusted for
   amortization to maturity of any premium or discount. Forward foreign currency
   exchange contracts are valued based on the closing prices of the forward
   currency contract rates in the London foreign exchange markets on a daily
   basis as provided by a reliable bank or dealer.

FOREIGN CURRENCY TRANSLATION.
   The accounting records of the Fund are maintained in U.S. dollars. Prices of
   securities purchased that are denominated in foreign currencies are
   translated into U.S. dollars at the closing rates of exchange. Amounts
   related to the purchase and sale of securities and investment income are
   translated at the rates of exchange prevailing on the respective dates of
   such transactions.

   The effect of changes in foreign currency exchange rates on investments is
   separately identified from the fluctuations arising from changes in market
   values of securities held and reported with all other foreign currency gains
   and losses in the Fund's Statement of Operations.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income, including any net realized gain on
   investments not offset by loss carryovers, to shareholders. Therefore, no
   federal income or excise tax provision is required.

DISTRIBUTIONS TO SHAREHOLDERS.
   Dividends and distributions to shareholders are recorded on the ex-dividend
   date.

CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
   Net investment income (loss) and net realized gain (loss) may differ for
   financial statement and tax purposes. The character of the distributions made
   during the year from net investment income or net realized gains may differ
   from their ultimate characterization for federal income tax purposes. Also,
   due to timing of dividend distributions, the fiscal year in which amounts are
   distributed may differ from the year that the income or realized gain (loss)
   was recorded by the Fund.

                                       95
<PAGE>   107
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

1.  SIGNIFICANT ACCOUNTING POLICIES (continued)
OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date) and dividend income is recorded on the
   ex-dividend date. Discount on securities purchased is amortized over the life
   of the respective securities, in accordance with federal income tax
   requirements. Realized gains and losses on investments and unrealized
   appreciation and depreciation are determined on an identified cost basis,
   which is the same basis used for federal income tax purposes.

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.

2.  SHARES OF CAPITAL STOCK
   The Fund has authorized 200 million shares of $0.001 par value capital stock.
   Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                                  SIX MONTHS ENDED                             YEAR ENDED
                                                   JUNE 30, 1996                          DECEMBER 31, 1995 (1)
                                      ----------------------------------------  -----------------------------------------
                                             SHARES               AMOUNT                SHARES               AMOUNT
                                      --------------------  ------------------  ---------------------- ------------------
<S>                                         <C>                 <C>                   <C>                 <C>        
Sold                                        3,039,351           $ 3,347,261           33,400,000          $33,400,000
Dividends and distributions                                                                            
reinvested                                    324,756               364,414              343,194              359,324
Redeemed                                     (304,227)             (332,400)                --                   --
                                           ----------           -----------           ----------          -----------
  Net increase                              3,059,880           $ 3,379,275           33,743,194          $33,759,324
                                           ==========           ===========           ==========          ===========
</TABLE>

(1) For the period from September 1, 1995 (commencement of operations) to 
   December 31, 1995.


3.  UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $3,817,930
was composed of gross appreciation of $4,406,713, and gross depreciation of
$588,783.

4.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.85% of the first $250
million of net assets and 0.75% of net assets in excess of $250 million. Prior
to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the
former Manager). The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as
the accounting agent for the Fund at an annual fee of $15,000, plus
out-of-pocket costs and expenses reasonably incurred. Prior to July 1,
accounting services fees were paid to State Street Bank and Trust Co.

The Manager has entered into sub-advisory agreements with three Sub-Advisors to
assist in the selection of portfolio investments for the components of the Fund.
The Manager pays Babson-Stewart Ivory International, BEA Associates and Pilgrim
Baxter & Associates (the Sub-Advisors) based on the fee schedule set forth in
the Prospectus.

5.  FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.


                                       96
<PAGE>   108
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

5.  FORWARD CONTRACTS (continued)
The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.

Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss upon
the closing or settlement of the forward transaction.

Securities held in segregated accounts to cover net exposure on outstanding
forward contracts are noted in the Statement of Investments where applicable.
Unrealized appreciation or depreciation on forward contracts is reported in the
Statement of Assets and Liabilities. Realized gains and losses are reported with
all other foreign currency gains and losses in the Fund's Statement of
Operations.

Risks include the potential inability of the counterparty to meet the terms of
the contract and unanticipated movements in the value of a foreign currency
relative to the U.S. dollar.



                                       97
<PAGE>   109
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES
   LifeSpan Capital Appreciation Portfolio (the Fund), a series of Panorama
   Series Fund, Inc. (the Company), is registered under the Investment Company
   Act of 1940, as amended, as a diversified, open-end management investment
   company. The Fund's investment objective is to seek long-term capital
   appreciation by investing in a strategically allocated portfolio consisting
   primarily of stocks. Until May 1, 1996, the Company was named Connecticut
   Mutual Financial Services Series Fund I, Inc. On January 27, 1996, the
   policyholders of Connecticut Mutual Life Insurance Company (CML) approved a
   merger of CML with Massachusetts Mutual Life Insurance Company (MML). In line
   with this change, effective March 1, 1996, OppenheimerFunds, Inc. (the
   Manager) became the advisor of Panorama Series Fund, Inc. The following is a
   summary of significant accounting policies consistently followed by the Fund.

INVESTMENT VALUATION.
   Portfolio securities are valued at the close of the New York Stock Exchange
   on each trading day. Listed and unlisted securities for which such
   information is regularly reported are valued at the last sale price of the
   day or, in the absence of sales, at values based on the closing bid or asked
   price or the last sale price on the prior trading day. Long-term and
   short-term "non-money market" debt securities are valued by a portfolio
   pricing service approved by the Board of Directors. Such securities which
   cannot be valued by the approved portfolio pricing service are valued using
   dealer-supplied valuations provided the Manager is satisfied that the firm
   rendering the quotes is reliable and that the quotes reflect current market
   value, or are valued under consistently applied procedures established by the
   Board of Directors to determine fair value in good faith. Short-term "money
   market type" debt securities having a remaining maturity of 60 days or less
   are valued at cost (or last determined market value) adjusted for
   amortization to maturity of any premium or discount. Forward foreign currency
   exchange contracts are valued based on the closing prices of the forward
   currency contract rates in the London foreign exchange markets on a daily
   basis as provided by a reliable bank or dealer.

FOREIGN CURRENCY TRANSLATION.
   The accounting records of the Fund are maintained in U.S. dollars. Prices of
   securities purchased that are denominated in foreign currencies are
   translated into U.S. dollars at the closing rates of exchange. Amounts
   related to the purchase and sale of securities and investment income are
   translated at the rates of exchange prevailing on the respective dates of
   such transactions.

   The effect of changes in foreign currency exchange rates on investments is
   separately identified from the fluctuations arising from changes in market
   values of securities held and reported with all other foreign currency gains
   and losses in the Fund's Statement of Operations.

REPURCHASE AGREEMENTS.
   The Fund requires the custodian to take possession, to have legally
   segregated in the Federal Reserve Book Entry System or to have segregated
   within the custodian's vault, all securities held as collateral for
   repurchase agreements. The market value of the underlying securities is
   required to be at least 102% of the resale price at the time of purchase. If
   the seller of the agreement defaults and the value of the collateral
   declines, or if the seller enters an insolvency proceeding, realization of
   the value of the collateral by the Fund may be delayed or limited.

FEDERAL TAXES.
   The Company intends for each Fund to continue to comply with provisions of
   the Internal Revenue Code applicable to regulated investment companies and to
   distribute all of its taxable income, including any net realized gain on
   investments not offset by loss carryovers, to shareholders. Therefore, no
   federal income or excise tax provision is required.

DISTRIBUTIONS TO SHAREHOLDERS.
   Dividends and distributions to shareholders are recorded on the ex-dividend
   date.

CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
   Net investment income (loss) and net realized gain (loss) may differ for
   financial statement and tax purposes. The character of the distributions made
   during the year from net investment income or net realized gains may differ
   from their ultimate characterization for federal income tax purposes. Also,
   due to timing of dividend distributions, the fiscal year in which amounts are
   distributed may differ from the year that the income or realized gain (loss)
   was recorded by the Fund.


                                       98
<PAGE>   110
   PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
   NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

1.  SIGNIFICANT ACCOUNTING POLICIES (continued)
OTHER.
   Investment transactions are accounted for on the date the investments are
   purchased or sold (trade date) and dividend income is recorded on the
   ex-dividend date. Realized gains and losses on investments and unrealized
   appreciation and depreciation are determined on an identified cost basis,
   which is the same basis used for federal income tax purposes.

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of income and expenses during the reporting period.
   Actual results could differ from those estimates.

2.  SHARES OF CAPITAL STOCK
   The Fund has authorized 200 million shares of $0.001 par value capital stock.
   Transactions in shares of capital stock were as follows:

<TABLE>
<CAPTION>
                                                    SIX MONTHS ENDED                          YEAR ENDED
                                                     JUNE 30, 1996                       DECEMBER 31, 1995(1)
                                         --------------------------------------  -------------------------------------
                                                SHARES              AMOUNT             SHARES             AMOUNT
                                         --------------------  ----------------  ------------------ ------------------
<S>                                           <C>                <C>                <C>              <C>        
Sold                                           4,130,270         $ 4,775,356        25,000,000       $25,000,000
Dividends and distributions   
reinvested                                       236,570             278,563           154,663           163,733
Redeemed                                      (1,410,034)         (1,666,315)             --                --
                                              ----------         -----------        ----------       -----------
  Net increase                                 2,956,806         $ 3,387,604        25,154,663       $25,163,733
                                              ==========         ===========        ==========       ===========
</TABLE>

1.  For the period from September 1, 1995 (commencement of operations) to 
December 31, 1995.

3.  UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $3,956,060 was
composed of gross appreciation of $4,426,134, and gross depreciation of
$470,074.

4.  MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.85% of the first $250
million of net assets and 0.75% of net assets in excess of $250 million. Prior
to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the
former Manager). The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as
the accounting agent for the Fund at an annual fee of $15,000, plus
out-of-pocket costs and expenses reasonably incurred. Prior to July 1,
accounting services fees were paid to State Street Bank and Trust Co.

The Manager has entered into sub-advisory agreements with three Sub-Advisors to
assist in the selection of portfolio investments for the components of the Fund.
The Manager pays Babson-Stewart Ivory International, BEA Associates and Pilgrim
Baxter & Associates (the Sub-Advisors) based on the fee schedule set forth in
the Prospectus.

5.  FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.

The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.


                                       99
<PAGE>   111
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

5.  FORWARD CONTRACTS (continued)
Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss upon
the closing or settlement of the forward transaction.

Securities held in segregated accounts to cover net exposure on outstanding
forward contracts are noted in the Statement of Investments where applicable.
Unrealized appreciation or depreciation on forward contracts is reported in the
Statement of Assets and Liabilities. Realized gains and losses are reported with
all other foreign currency gains and losses in the Fund's Statement of
Operations.

Risks include the potential inability of the counterparty to meet the terms of
the contract and unanticipated movements in the value of a foreign currency
relative to the U.S. dollar.



                                       100
<PAGE>   112
PANORAMA SERIES FUND, INC.

OFFICERS AND DIRECTORS
James C. Swain, Chairman of the Board of Directors
Bridget A. Macaskill, President
Robert G. Avis, Director
William A. Baker, Director
Charles Conrad, Jr., Director
Sam Freedman, Director
Raymond J. Kalinowski, Director
C. Howard Kast, Director
Robert M. Kirchner, Director
Ned M. Steel, Director
Andrew J. Donohue, Vice President and Secretary
Peter M. Antos, Vice President
Stephen F. Libera, Vice President
Michael C. Strathearn, Vice President
Kenneth B. White, Vice President
Arthur J. Zimmer, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary

INVESTMENT ADVISOR
OppenheimerFunds, Inc.

SUB-ADVISORS - LIFESPAN FUNDS
Babson-Stewart Ivory International
BEA Associates
Pilgrim Baxter & Associates

TRANSFER AGENT
OppenheimerFunds Services

CUSTODIAN OF PORTFOLIO SECURITIES
State Street Bank and Trust Company

INDEPENDENT AUDITORS
Deloitte & Touche LLP

LEGAL COUNSEL
Myer, Swanson, Adams & Wolf, P.C.

The financial statements included herein have been taken from the records of the
Funds without examination by the independent auditors.

This is a copy of a report to shareholders of Panorama Series Fund, Inc. This
report must be preceded or accompanied by a Prospectus of Panorama Series Fund,
Inc. For material information concerning the Funds, see the Prospectus.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not
guaranteed by any bank, and are not insured by the FDIC or any other agency, and
involve investment risks, including possible loss of the principal amount
invested.

                                       101




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