<PAGE>
PANORAMA SERIES FUND, INC.
ANNUAL REPORT
DECEMBER 31, 1996
<PAGE>
THE PANORAMA SERIES FUND, INC. -- TOTAL RETURN
OBJECTIVE
THE PANORAMA SERIES FUND, INC. - 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
While the Total Return portfolio's long-term performance has been strong, 1996
has not been the Fund's best year. In strong equity markets, like the one we
have seen this past year, riskier, more aggressive funds tend to perform better.
That's because in growing but volatile markets, investors tend to become anxious
and are willing to pay more for highly-valued securities that offer a greater
level of certainty. However, this is a value-oriented asset allocation fund and
our discipline favors undervalued, out-of-favor stocks. As such, the
availability of stocks that fit our Fund's criteria was limited and as a result,
we had a smaller percentage of our portfolio invested in equities than other
funds in the same flexible portfolio category.
In spite of the limitations of our investment style, some of our individual
investments performed very well over the past year. We benefited most from our
holdings in the technology and energy sectors. For example, in the early part
of the year, the marketplace appeared to be flooded with personal computers and
investor sentiment toward this sector turned negative. As prices dropped, we
identified several high-quality companies with positive earnings potential and
purchased stocks at low prices that have since appreciated. In the energy area,
our holdings within the natural gas industry have shown the best performance,
due in large part to last year's exceptionally cold weather during which the
demand for natural gas exceeded supplies.(1)
Another industry that contributed positively to the Fund's performance was the
retail industry sector. That's because 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 which were
used to benefit shareholders through measures such as stock buybacks and
strategic acquisitions.
On the other hand, our holdings in agricultural companies underperformed this
year. Low worldwide supplies of grain and increasing food consumption in
developing countries led us to expect strong performance throughout 1996. It
appears, however, that these stocks had moved too far, too fast and have since
dropped back to more realistic valuations.
As mentioned earlier, our underweighting in equities relative to our competition
has affected our performance. To that extent, we prematurely moved some assets
from stocks to bonds and missed out on some profits. In addition, our exposure
to income-producing equity investments and our holdings in higher-yielding
financial and utility stocks, both poor performers over the period, hindered the
overall portfolio results.
Looking ahead, we believe 1997 will be a better year for the Fund. As the stock
market returns to more normal price levels and the bond market recovers, as we
expect they will in 1997, we believe the portfolio will show better relative
performance, while continuing to offer competitive returns.
We remain committed to our investment discipline of seeking opportunities in
undervalued companies -- an investment strategy that has produced an impressive
long-term track record over the Fund's 14-year history. We will continue to
look for stocks with relatively low price/earnings, or P/E, ratios and positive
earnings surprises, as well as bonds that offer competitive income with
lower-than-average interest rate risk.
We appreciate your confidence in Panorama Series Fund, Inc. -- Total Return
Portfolio. We look forward to helping you reach your financial goals in the
future.
_______________________________________
(1) The Fund's portfolio is subject to change.
i
<PAGE>
PANORAMA SERIES FUND, INC. -- GROWTH PORTFOLIO
OBJECTIVE
THE PANORAMA SERIES FUND, INC. - 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 moderately over the past year, lagging slightly
behind the broader market. This year, traditional high growth stocks were among
the strongest performers, primarily because investors were anxious about the
economic and political environments and were willing to pay for more
highly-valued stocks that offered a greater level of certainty. As a result,
the out-of-favor type of undervalued stocks we typically select -- those that
have either low price/earnings ratios or positive earnings surprises -- were
out-of-favor in this year's growing but volatile market. This investment
strategy has proven to be very successful over the long term, however, and has
lead us to purchase many discounted stocks whose prices have later increased.
Despite the fact that this style of investing was temporarily out-of-favor, some
of our individual investments performed extremely well. For example, early in
1996, the marketplace appeared to be flooded with personal computers, and
investor sentiment toward this sector turned negative. As prices dropped, we
were able to identify several high quality companies with positive earnings
potential and bought stocks at low prices that have since appreciated.(1)
We also had strong results in our retail holdings, another industry that was
out-of-favor during the year due to drops in consumer activity and high levels
of competition. We benefited by owning companies that focused on their
profitable core businesses and tended to be leaner and more cost-efficient than
their competitors. In addition, these retailers generated strong cash flows
which were used to benefit investors, through measures such as stock buybacks
and strategic acquisitions.
On the other hand, our holdings in agricultural companies underperformed this
year. Low worldwide supplies of grain and increasing food consumption in
developing countries led us to expect strong performance throughout 1996. It
appears, however, that these stocks had moved too far too fast and have since
dropped back to more realistic valuations.
As we look ahead to 1997, we plan to maintain our investment discipline of
seeking opportunities in undervalued companies. We believe that having a
consistent strategy, of buying stocks at a low cost and then profiting when
their strengths are recognized, is the best way to take advantage of the
market's various phases. It's also a relatively conservative way to take
advantage of the market's long-term growth potential.
We appreciate your confidence in Panorama Series Fund, Inc. -- Growth Portfolio.
We look forward to helping you reach your financial goals in the future.
_______________________________________
(1) The Fund's portfolio is subject to change.
ii
<PAGE>
PANORAMA SERIES FUND, INC. -- GOVERNMENT SECURITIES PORTFOLIO
OBJECTIVE
THE PANORAMA SERIES FUND, INC. - 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 finished 70 out of 150 general U.S.
government variable annuity funds ranked by Lipper Analytical Services for
the 1-year period ended 12/31/96(1). Because we came into this year with a
defensive, income-focused investment approach, we were able to provide
competitive returns when the market was up and limit our volatility when the
market moved down.
The bond markets spent the beginning of 1996 at odds with the rising equities
market. During the first half of the year, investors anticipated that the
Federal Reserve would step in and raise interest rates, sending the bond market
into a tumble. Then, in the second half, after the equity market experienced
some summer volatility, many investors reconsidered the benefits of the fixed
income market and shifted their assets accordingly. As we approached the fourth
quarter, the outlook remained positive, in spite of concerns regarding an
upcoming presidential election and fears of inflation.
Now that President Clinton has been elected to a second term, we are hearing
much talk of balanced budgets. In fact, a panel of five experts appointed by
the Senate Finance Committee are claiming that the inflation index is really 2%,
rather than the widely publicized 3%(2). We remain positive in our view of the
economy, and as steady growth continues without triggering inflation, fixed
income vehicles will continue to be desirable to investors.
In order to successfully achieve the portfolio's objective of high current
income, it must be able to perform well in both "normal" and declining markets.
Therefore, it was our decision to limit the overall average maturity of the
portfolio.
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) Source: Lipper Analytical Services, 12/31/96. The Lipper
average is shown for comparative purposes only. Funds included in the
index may have different policies and risks than the Fund. The Government
Securities Portfolio is characterized by Lipper as a general U.S.
government variable annuity fund.
(2) Source: The Washington Post, 9/15/96.
iii
<PAGE>
PANORAMA SERIES FUND, INC. -- INTERNATIONAL EQUITY PORTFOLIO
OBJECTIVE
THE PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO seeks long-term
growth of capital by investing primarily in equity securities of worldwide
companies whose primary stock market is located outside the United States.
NARRATIVE BY JAMES BURNS, PORTFOLIO MANAGER
In March, Babson-Stewart Ivory International took over management of this
portfolio as its Sub-Adviser. However, the 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 performance,
as well as long-term success, to this strategy. Managing the portfolio from the
bottom-up, we search 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, to understand their future plans
and meet key management personnel. Taken together, we think this approach
offers superior growth over time.
The Fund performed well over the past year. In the second half of 1996, our
investments were roughly 50% in European companies and the other 50% in markets
that included the fast-growing Asian "Tiger" markets, such as Hong Kong,
Singapore, Latin America as well as Japan, Australia, and New Zealand.(1)
European markets have been strong due to improving economic growth and falling
interest rates. And, many of the companies that we owned there were profitable
because they focused on their core businesses and tended to be leaner and more
cost-efficient than their competitors. In addition, these companies,
particularly in Germany, have generated strong cash flows which were used to
benefit investors, through measures such as stock buybacks and strategic
acquisitions.
The "Tiger" markets, like Hong Kong and Singapore, continued to exhibit some of
the fastest growth worldwide, and as a result, we increased our exposure in
these areas. Specifically, we added to Hong Kong positions in anticipation of
the handover of the Territory to the Chinese authorities in July 1997.
On the other hand, the Japanese market did not perform as expected. However,
because we had adopted a relatively cautious approach to this market, we were
underweighted there during the year. Although we correctly anticipated the
economic recovery in Japan, and the positive impact it would have on corporate
earnings, the market did not bounce back. In fact, it declined. Despite this
disappointment, our Japanese holdings, many of which were pure growth companies,
performed better than Japan's market average, helping our performance relative
to several of our peers.
We believe the current success of many foreign companies can be attributed to
the recent trend toward the type of restructuring that made domestic companies
so profitable a few years ago. With these positive changes in place, we believe
that the international markets have the potential to offer substantial long-term
benefits. Going forward, we expect improving economic conditions in most major
economies in 1997, although we do anticipate interest rate increases at some
stage. In an environment such as this, we believe well-financed growth
companies with strong market positions are poised to perform well.
During the middle of last year, we reduced the number of holdings to include
more selective stocks, many of which were medium-sized companies. Medium-sized
firms typically offer faster growth than the more established large growth
companies.
We appreciate your confidence in Panorama Series Fund, Inc.--International
Equity Portfolio. We look forward to helping you reach your financial goals in
the future.
_______________________________________
(1) The portfolio is subject to change.
iv
<PAGE>
PANORAMA SERIES FUND, INC. -- LIFESPANS
OBJECTIVE
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO seeks
long-term appreciation by investing in a strategically allocated portfolio
consisting primarily of stocks. Current income is not a primary
consideration.
PANORAMA SERIES FUND, INC. - 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.
PANORAMA SERIES FUND, INC. - 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
While 1996 has been a great year for domestic equities, it has not
necessarily been so easy for the faint-of-heart. During the first five
months of the year, the stock market reported tremendous gains, thanks to
strong corporate earnings, low inflation and stabilized interest rates.
However, on the trail of a six-year bull market and with indexes reporting
all-time highs, many experts felt some sort of a correction was inevitable.
Although the expected correction never actually occurred, the stock market
volatility we experienced in June and July certainly didn't come as a
complete surprise. Yet, remarkably enough, by the end of September the stock
market had rebounded and resumed its record-setting pace. By autumn, the Dow
passed 6000, both the S&P 500 and the technology-laden NASDAQ posted all time
highs and the Russell 2000 came very close to hitting record levels as well.
However, as is usually the case when the equity markets outperform, the bond
market experienced volatility due to rising interest rates that were
triggered by fears of inflation and concerns regarding the presidential
election.
Fortunately, the LifeSpan portfolios are designed for any market environment
because they include a wide diversity of investments that when combined, aim
at achieving good performance while seeking to limit overall portfolio risk.
During this last year, the Funds benefited from having their assets
strategically allocated over a broad range of investments.
The Capital Appreciation portfolio benefited primarily from its focus on
equities, which offset the declines with some of its fixed income
investments. The strongest performing component within the Fund was the
SMALL CAP EQUITY component, fueled by a relatively large weighting in
technology stocks, followed by the HIGH YIELD fixed income component and
INTERNATIONAL equity component. Specifically, the INTERNATIONAL equity
component performed well because of its holdings in the United Kingdom, one
of the strongest markets throughout the year, and by avoiding the weaker
markets of Asia. The VALUE/GROWTH and GROWTH/INCOME equity components of the
portfolio benefited from our investments in U.S. companies which are
undergoing corporate restructuring. However, the CORPORATE/GOVERNMENT fixed
income component underperformed during the period, mainly the result of
rising interest rates, which made it difficult for higher-rated, long
maturity bonds to show positive returns.
The Balanced portfolio, by maintaining a larger weighting in equities --
approximately 60% of the portfolio was invested in stocks as of 12/31/96
versus 40% in bonds -- was able to take advantage of the strength of the
stock market and avoid some of the declines experienced by segments of the
bond market. The majority of the Fund's return during the period came from
the SMALL CAP and INTERNATIONAL equity components, with the VALUE/GROWTH and
GROWTH/INCOME equity components reporting more modest contributions to the
Fund's performance. In the fixed income portion of the portfolio, the HIGH
YIELD component was the strongest performer, while the returns of the
SHORT-TERM BOND and GOVERNMENT/CORPORATE BOND components were more reflective
of the strains within the bond market this year.(1)
Over the period, the Diversified Income portfolio focused on earning high
current income, a strategy that enabled us to benefit from the strength of
equities while avoiding some of the more significant drops in the bond
market. Of the four primary fixed income components of LifeSpan Diversified
Income Fund, the HIGH YIELD BOND segment, while having greater credit risks,
provided the greatest contribution to performance, posting double digit
returns for the first nine months of the year, followed by the GROWTH/INCOME
component, which performed well due in large part to a heavy weighting in
technology stocks. However, due to a rising interest rate environment, the
GOVERNMENT/CORPORATE BOND and SHORT-TERM BOND fixed income components posted
minimal returns.
_______________________________________
(1) The holdings of each portfolio is subject to change.
v
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS - 8.8%
- ----------------------------------------------------------------------------------------------------
BankAmerica Manufactured Housing Contract,
Series 1996-1, Cl. A1, 6.125%, 10/10/26 $ 2,051,213 $ 2,052,175
-----------------------------------------------------------------------------------------------
Chase Commercial Mortgage Securities Corp., Commercial
Mtg. Obligations, Series 1996-1, Cl. A2, 7.60%, 7/18/28 6,000,000 6,038,320
-----------------------------------------------------------------------------------------------
Contimortgage Home Equity Loan Trust, Series 1995-2,
Cl. A2, 7.95%, 4/15/10 730,464 737,084
-----------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp:
Series 1843, Cl. VB, 7%, 4/15/03 3,578,600 3,594,238
Series 1849, Cl. VA, 6%, 12/15/10 5,299,461 5,203,383
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates:
6%, 3/1/09 4,015,999 3,898,371
Series 1992-15, Cl. KZ, 7%, 2/25/22 2,101,844 1,816,120
Series 1337, Cl. D, 6%, 8/15/07 3,000,000 2,802,180
Series 1574, Cl. PD, 5.55%, 3/15/13 775,000 770,637
Series 1694, Cl. PG, 5.75%, 12/15/21 5,000,000 4,798,400
Series 1820, Cl. Pl, 5.75%, 7/15/06 4,880,000 4,764,291
Series 1994-43, Cl. PE, 6%, 12/25/19 2,950,000 2,903,892
-----------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 3,566,389 3,499,377
6.50%, 4/1/24-4/1/26 3,470,763 3,315,251
7%, 4/1/00 1,239,250 1,245,187
7.50%, 5/1/07-12/1/08 1,602,480 1,630,175
8%, 3/1/17-6/1/17 270,693 279,342
Interest-Only Stripped Mtg.-Backed Security,
Series 1993-223, Cl. PM, 7.274%, 10/25/23 (1) 10,496,463 1,741,678
Collateralized Mtg. Obligations, Gtd. Real Estate Mtg.
Investment Conduit Pass-Through Certificates:
Series 1993-181, Cl. C, 5.40%, 10/25/02 1,400,000 1,389,052
Series 1993-190, Cl. Z, 5.85%, 7/25/08 1,407,483 1,384,337
-----------------------------------------------------------------------------------------------
GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3,
7.30%, 3/25/12 2,700,000 2,733,750
-----------------------------------------------------------------------------------------------
Government National Mortgage Assn.:
6.50%, 10/15/23-4/15/26 25,274,868 24,243,220
7%, 11/15/08-1/15/24 3,075,257 3,064,133
7.50%, 1/15/09-6/15/24 7,356,558 7,441,467
8%, 5/15/17 1,228,703 1,272,716
-----------------------------------------------------------------------------------------------
Green Tree Financial Corp., Series 1994-7, Cl. A3, 8%,
3/15/20 1,500,000 1,528,125
-----------------------------------------------------------------------------------------------
Housing Securities, Inc., Series 1994-3, Cl. A3, 7.25%,
9/25/12 1,087,986 1,088,666
-----------------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Series 1996-A,
Cl. A4, 5.85%, 7/15/01 4,000,000 3,976,250
--------------
Total Mortgage-Backed Obligations (Cost $98,688,070) 99,211,817
</TABLE>
1
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES - 13.4%
- -----------------------------------------------------------------------------------------------------
Federal Home Loan Bank, 5.27%, 1/2/97 $ 18,000,000 $ 17,997,365
-----------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.40%, 1/14/97 20,000,000 19,956,500
5.29%, 1/14/97 20,000,000 19,961,505
5.33%, 1/7/97 10,000,000 9,991,117
-----------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
5.27%, 1/3/97 22,000,000 21,993,559
5.28%, 1/6/97-1/9/97 40,000,000 39,961,866
5.30%, 1/8/97 20,000,000 19,979,389
---------------
Total U.S. Government Agencies (Cost $149,841,301) 149,841,301
- -----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 10.3%
- -----------------------------------------------------------------------------------------------------
U.S. Treasury Bonds:
10.375%, 11/15/12 3,000,000 3,865,314
7.50%, 11/15/16 60,775,000 65,788,993
8.75%, 5/15/17 3,000,000 3,659,064
8.875%, 8/15/17 1,000,000 1,234,688
STRIPS, Zero Coupon, 7.835%, 5/15/15 (2) 2,250,000 648,385
-----------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
6.50%, 8/15/05 10,000,000 10,071,880
6.75%, 6/30/99 15,000,000 15,267,194
7.25%, 8/15/04 14,960,000 15,754,764
---------------
Total U.S. Government Obligations (Cost $112,780,257) 116,290,282
- -----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT OBLIGATIONS - 0.2%
- -----------------------------------------------------------------------------------------------------
Colombia (Republic of) Unsub. Nts., 7.125%, 5/11/98 600,000 605,625
-----------------------------------------------------------------------------------------------
United Mexican States Bonds, 6.97%, 8/12/00 1,750,000 1,671,250
---------------
Total Foreign Government Obligations (Cost $2,301,362) 2,276,875
- -----------------------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 21.3%
- -----------------------------------------------------------------------------------------------------
BASIC MATERIALS - 2.4%
- -----------------------------------------------------------------------------------------------------
CHEMICALS - 1.3%
-----------------------------------------------------------------------------------------------
Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 2,000,000 2,021,500
-----------------------------------------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 2,320,000 2,478,880
-----------------------------------------------------------------------------------------------
FMC Corp., 8.75% Sr. Nts., 4/1/99 2,500,000 2,610,300
-----------------------------------------------------------------------------------------------
Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 3,500,000 3,515,428
-----------------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts.,
6/1/20 2,512,000 3,076,722
-----------------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 1,190,000 1,420,092
---------------
15,122,922
- -----------------------------------------------------------------------------------------------------
METALS - 0.4%
-----------------------------------------------------------------------------------------------
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 4,000,000 4,347,080
- -----------------------------------------------------------------------------------------------------
PAPER - 0.7%
-----------------------------------------------------------------------------------------------
Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 2,250,000 2,272,500
-----------------------------------------------------------------------------------------------
Fort Howard Corp., 9.25% Sr. Nts., 3/15/01 2,000,000 2,085,000
</TABLE>
2
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN 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 $ 2,950,000 $ 3,001,757
--------------
7,359,257
- ----------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 2.9%
- ----------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.2%
-----------------------------------------------------------------------------------------------
Black & Decker Corp., 6.625% Nts., 11/15/00 2,700,000 2,699,492
- ----------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.2%
-----------------------------------------------------------------------------------------------
Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 1,750,000 1,755,888
-----------------------------------------------------------------------------------------------
Dresser Industries, Inc., 6.25% Nts., 6/1/00 6,000,000 5,945,706
-----------------------------------------------------------------------------------------------
Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A,
3/30/01 5,350,000 5,331,333
--------------
13,032,927
- ----------------------------------------------------------------------------------------------------
MEDIA - 0.8%
-----------------------------------------------------------------------------------------------
Reed Elsevier, Inc., 6.625% Nts., 10/15/23 (3) 1,600,000 1,431,104
-----------------------------------------------------------------------------------------------
Tele-Communications, Inc., 7.14% Sr. Medium-Term Nts.,
2/3/98 3,100,000 3,118,749
-----------------------------------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts., 2/1/98 3,900,000 3,951,199
--------------
8,501,052
- ----------------------------------------------------------------------------------------------------
RETAIL: GENERAL - 0.7%
-----------------------------------------------------------------------------------------------
Dayton Hudson Co., 9.40% Debs., 2/15/01 820,000 897,301
-----------------------------------------------------------------------------------------------
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 1,770,000 1,922,437
-----------------------------------------------------------------------------------------------
Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 2,000,000 1,980,358
-----------------------------------------------------------------------------------------------
Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 1,590,000 1,661,062
-----------------------------------------------------------------------------------------------
Wal-Mart Stores, Inc., 5.875% Nts., 10/15/05 2,000,000 1,876,790
--------------
8,337,948
- ----------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 1.8%
- ----------------------------------------------------------------------------------------------------
BEVERAGES - 0.2%
-----------------------------------------------------------------------------------------------
Bass America, Inc., 6.75% Gtd. Nts., 8/1/99 1,250,000 1,261,077
-----------------------------------------------------------------------------------------------
Fomento Economico Mexico SA, 9.50% Unsub. Nts.,
7/22/97 1,300,000 1,316,250
--------------
2,577,327
- ----------------------------------------------------------------------------------------------------
FOOD - 0.9%
-----------------------------------------------------------------------------------------------
ConAgra, Inc., 9.75% Sr. Nts., 11/1/97 1,500,000 1,546,110
-----------------------------------------------------------------------------------------------
CPC International, Inc., 6.15% Unsec. Nts., Series C,
1/15/06 2,000,000 1,908,744
-----------------------------------------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 3,500,000 3,513,275
-----------------------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 2,000,000 2,048,380
-----------------------------------------------------------------------------------------------
Safeway, Inc., 9.35% Sr. Sub. Nts., 3/15/99 1,000,000 1,051,968
--------------
10,068,477
- ----------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 0.2%
-----------------------------------------------------------------------------------------------
Roche Holdings, Inc., 2.75% Bonds, 4/14/00 3,000,000 2,730,000
- ----------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 0.2%
-----------------------------------------------------------------------------------------------
Tenet Healthcare Corp., 8.625% Sr. Unsec. Nts., 12/1/03 2,000,000 2,125,000
- ----------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.3%
-----------------------------------------------------------------------------------------------
Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 2,000,000 2,015,000
-----------------------------------------------------------------------------------------------
Procter & Gamble Co., 9.36% Debs., 1/1/21 750,000 914,229
--------------
2,929,229
</TABLE>
3
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------
ENERGY - 3.3%
- ---------------------------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 2.3%
----------------------------------------------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts., 9/15/02 $ 3,190,000 $ 3,381,078
----------------------------------------------------------------------------------------------------
Colorado International Gas Corp., 10% Sr. Debs., 6/15/05 455,000 539,230
----------------------------------------------------------------------------------------------------
Columbia Gas System, Inc., 6.80% Nts., Series C,
11/28/05 2,000,000 1,968,894
----------------------------------------------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 2,430,000 2,548,462
----------------------------------------------------------------------------------------------------
Ferrellgas LP/Ferrellgas Finance Corp., 10% Sr. Nts.,
Series A, 8/1/01 2,000,000 2,117,500
----------------------------------------------------------------------------------------------------
HNG Internorth/Enron Corp., 9.625% Debs., 3/15/06 700,000 821,956
----------------------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 4,000,000 4,044,860
----------------------------------------------------------------------------------------------------
NorAm Energy Corp.:
8.43% Medium-Term Nts., Series B, 9/17/98 2,000,000 2,064,336
9.875% Nts., 4/15/97 3,000,000 3,032,994
----------------------------------------------------------------------------------------------------
Petroliam Nasional Berhad, 6.875% Nts., 7/1/03 (3) 2,500,000 2,516,160
----------------------------------------------------------------------------------------------------
TransCanada PipeLines Ltd., 9.875% Debs., 1/1/21 2,250,000 2,822,445
------------
25,857,915
- ---------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 1.0%
----------------------------------------------------------------------------------------------------
BP America, Inc., 8.875% Gtd. Debs., 12/1/97 1,000,000 1,026,031
----------------------------------------------------------------------------------------------------
Occidental Petroleum Corp., 6.27% Medium-Term Nts., 11/8/00 4,000,000 3,956,476
----------------------------------------------------------------------------------------------------
Phillips Petroleum Co., 7.53% Pass-Through Certificates,
Series 1994-A1, 9/27/98 2,566,442 2,595,906
----------------------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 3,190,000 3,358,502
----------------------------------------------------------------------------------------------------
Texaco Capital, Inc., 8.875% Gtd. Debs., 9/1/21 500,000 590,300
------------
11,527,215
- ---------------------------------------------------------------------------------------------------------
FINANCIAL - 7.8%
- ---------------------------------------------------------------------------------------------------------
BANKS - 1.0%
----------------------------------------------------------------------------------------------------
BankAmerica Corp., 7.75% Sub. Nts., 7/15/02 1,250,000 1,308,486
----------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New), 10.125% Sub. Nts.,
11/1/00 1,000,000 1,119,846
----------------------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 2,135,000 2,067,088
----------------------------------------------------------------------------------------------------
First Fidelity Bancorporation, 8.50% Sub. Capital Nts.,
4/1/98 1,500,000 1,538,953
----------------------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 750,000 840,046
----------------------------------------------------------------------------------------------------
Marshall & Ilsley Corp., 6.95% Medium-Term Nts.,
Series C, 3/31/97 1,500,000 1,505,065
----------------------------------------------------------------------------------------------------
Mellon Capital I, 7.72% Bonds, 12/1/26 1,250,000 1,215,875
----------------------------------------------------------------------------------------------------
Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 1,350,000 1,357,014
----------------------------------------------------------------------------------------------------
Shawmut Corp., 8.125% Debs., 2/1/97 500,000 500,823
------------
11,453,196
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 6.1%
----------------------------------------------------------------------------------------------------
American General Finance Corp.:
5.875% Sr. Nts., 7/1/00 1,500,000 1,471,798
7.70% Sr. Nts., 11/15/97 2,000,000 2,029,200
----------------------------------------------------------------------------------------------------
Aristar, Inc., 8.125% Sr. Nts., 12/1/97 1,250,000 1,273,859
----------------------------------------------------------------------------------------------------
Associates Corp. of North America, 6.75% Sr. Nts.,
10/15/99 1,500,000 1,514,907
</TABLE>
4
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL (CONTINUED)
----------------------------------------------------------------------------------------------------
AVCO Financial Services Asia Ltd., 5.875% Sr. Nts.,
10/15/97 $ 1,500,000 $ 1,500,826
----------------------------------------------------------------------------------------------------
Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 2,500,000 2,512,900
----------------------------------------------------------------------------------------------------
Capital One Funding Corp., 7.25% Nts., 12/1/03 2,300,000 2,277,000
----------------------------------------------------------------------------------------------------
Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec.
Unsub. Nts., 1/26/01 3,220,000 3,260,887
----------------------------------------------------------------------------------------------------
Chrysler Financial Corp.:
5.08% Medium-Term Nts., 1/24/97 2,000,000 1,999,582
5.875% Nts., 2/7/01 1,500,000 1,462,309
----------------------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 4,000,000 3,855,148
----------------------------------------------------------------------------------------------------
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 1,285,000 1,257,855
6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 1,800,000 1,789,020
6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 1,000,000 1,004,950
----------------------------------------------------------------------------------------------------
Fleet Mtg. Group, Inc.:
6.125% Nts., 8/15/97 3,000,000 3,006,222
6.50% Nts., 9/15/99 750,000 752,214
----------------------------------------------------------------------------------------------------
Ford Motor Credit Co.:
6.25% Unsub. Nts., 2/26/98 1,000,000 1,005,620
8% Nts., 12/1/97 1,000,000 1,018,094
----------------------------------------------------------------------------------------------------
General Motors Acceptance Corp.:
5.625% Nts., 2/15/01 1,200,000 1,157,237
5.65% Medium-Term Nts., 12/15/97 2,000,000 1,996,452
7.75% Medium-Term Nts., 1/17/97 2,500,000 2,502,190
----------------------------------------------------------------------------------------------------
Golden West Financial Corp.:
10.25% Sub. Nts., 5/15/97 1,250,000 1,269,634
8.625% Sub. Nts., 8/30/98 500,000 518,752
----------------------------------------------------------------------------------------------------
Grand Metropolitan plc, 7% Gtd. Nts., 6/15/99 3,000,000 3,048,750
----------------------------------------------------------------------------------------------------
Household Finance Corp.:
7.50% Nts., 3/15/97 250,000 250,840
8.95% Debs., 9/15/99 1,200,000 1,275,348
----------------------------------------------------------------------------------------------------
Household International BV, 6% Gtd. Sr. Nts., 3/15/99 1,500,000 1,485,937
----------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc.:
6% Nts., 3/1/01 1,500,000 1,467,079
6.50% Nts., 4/1/01 2,500,000 2,488,977
----------------------------------------------------------------------------------------------------
Norsk Hydro AS, 8.75% Bonds, 10/23/01 1,500,000 1,631,250
----------------------------------------------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 1,500,000 1,508,571
----------------------------------------------------------------------------------------------------
Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 3,250,000 3,359,580
----------------------------------------------------------------------------------------------------
PHH Corp., 6.50% Nts., 2/1/00 1,250,000 1,252,542
----------------------------------------------------------------------------------------------------
Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D,
3/1/99 4,000,000 4,172,992
----------------------------------------------------------------------------------------------------
Sears Roebuck Acceptance Corp., 5.99% Medium-Term
Nts., Series 1, 12/26/00 2,000,000 1,963,650
----------------------------------------------------------------------------------------------------
TransAmerica Finance Corp.:
6.75% Sr. Nts., 8/15/97 2,000,000 2,011,384
6.80% Sr. Nts., 3/15/99 725,000 732,411
----------------------------------------------------------------------------------------------------
U.S. Leasing International, 7% Nts., 11/1/97 1,500,000 1,513,263
------------
68,599,230
</TABLE>
5
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------
INSURANCE - 0.7%
----------------------------------------------------------------------------------------------------
Cigna Corp., 7.90% Nts., 12/14/98 $ 320,000 $ 329,248
----------------------------------------------------------------------------------------------------
Equitable Life Assurance Society (U.S.A.), 6.95% Surplus
Nts., 12/1/05 (3) 2,000,000 1,962,524
----------------------------------------------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts., 1/15/99 1,700,000 1,778,968
----------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., 6.75% Nts.,
4/15/01 3,500,000 3,518,725
7,589,465
- ---------------------------------------------------------------------------------------------------------
INDUSTRIAL - 1.7%
- ---------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.3%
----------------------------------------------------------------------------------------------------
Honeywell, Inc., 6.60% Nts., 4/15/01 3,000,000 3,005,106
- ---------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.3%
----------------------------------------------------------------------------------------------------
American Standard, Inc., 10.875% Sr. Nts., 5/15/99 2,750,000 2,942,500
- ---------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 0.2%
----------------------------------------------------------------------------------------------------
USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 (4) 2,860,000 2,820,675
- ---------------------------------------------------------------------------------------------------------
MANUFACTURING - 0.2%
----------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 2,200,000 2,279,750
- ---------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.7%
----------------------------------------------------------------------------------------------------
Federal Express Corp., 6.25% Nts., 4/15/98 3,485,000 3,487,523
----------------------------------------------------------------------------------------------------
Union Pacific Corp.:
7% Nts., 6/15/00 2,030,000 2,060,340
7.60% Nts., 5/1/05 2,000,000 2,069,972
------------
7,617,835
- ---------------------------------------------------------------------------------------------------------
TECHNOLOGY - 0.6%
- ---------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 0.1%
----------------------------------------------------------------------------------------------------
British Aerospace plc, 8% Debs., 5/27/97 1,500,000 1,512,187
- ---------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 0.2%
----------------------------------------------------------------------------------------------------
Electric Data Systems Corp., 7.125% Nts., 5/15/05 (3) 2,000,000 2,030,160
- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 0.3%
----------------------------------------------------------------------------------------------------
Continental Cablevision, Inc., 10.625% Sr. Sub. Nts.,
6/15/02 750,000 804,313
----------------------------------------------------------------------------------------------------
MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 2,000,000 2,037,414
------------
2,841,727
- ---------------------------------------------------------------------------------------------------------
UTILITIES - 0.8%
- ---------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.4%
----------------------------------------------------------------------------------------------------
Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 2,000,000 2,046,714
----------------------------------------------------------------------------------------------------
El Paso Electric Co., 7.25% First Mtg. Nts., Series A,
2/1/99 2,000,000 2,012,500
------------
4,059,214
- ---------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.2%
----------------------------------------------------------------------------------------------------
Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 2,000,000 1,999,136
- ---------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 0.2%
----------------------------------------------------------------------------------------------------
GTE Corp., 8.85% Debs., 3/1/98 2,350,000 2,421,038
------------
Total Non-Convertible Corporate Bonds and Notes (Cost $239,083,616) 238,387,060
6
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION> MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS - 46.0%
- --------------------------------------------------------------------------------------------
BASIC MATERIALS - 1.5%
- --------------------------------------------------------------------------------------------
CHEMICALS - 0.6%
---------------------------------------------------------------------------------------
Potash Corp. of Saskatchewan, Inc. 81,500 $ 6,927,500
- --------------------------------------------------------------------------------------------
PAPER - 0.9%
---------------------------------------------------------------------------------------
Fort Howard Corp. (5) 362,500 10,036,719
- --------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 3.5%
- --------------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.3%
---------------------------------------------------------------------------------------
Crescent Real Estate Equities, Inc. 58,500 3,085,875
- --------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.0%
---------------------------------------------------------------------------------------
AMR Corp. (5) 67,100 5,913,187
---------------------------------------------------------------------------------------
Galoob Toys, Inc. (5) 27,400 383,600
---------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A (5) 125,900 4,925,837
------------
11,222,624
- --------------------------------------------------------------------------------------------
RETAIL: GENERAL - 1.5%
---------------------------------------------------------------------------------------
Federated Department Stores, Inc. (5) 208,800 7,125,300
---------------------------------------------------------------------------------------
Price/Costco, Inc. (5) 402,600 10,115,325
------------
17,240,625
- --------------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 0.7%
---------------------------------------------------------------------------------------
Toys 'R' Us, Inc. (5) 279,600 8,388,000
- --------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 6.4%
- --------------------------------------------------------------------------------------------
BEVERAGES - 0.9%
---------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 249,800 9,992,000
- --------------------------------------------------------------------------------------------
FOOD - 2.4%
---------------------------------------------------------------------------------------
American Stores Co. 222,600 9,098,775
---------------------------------------------------------------------------------------
Archer-Daniels-Midland Co. 399,290 8,784,380
---------------------------------------------------------------------------------------
Kroger Co. (5) 192,900 8,969,850
------------
26,853,005
- --------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 0.6%
---------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 59,800 6,503,250
- --------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 1.5%
---------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 187,150 7,626,362
---------------------------------------------------------------------------------------
OrNda Healthcorp (5) 229,200 6,704,100
---------------------------------------------------------------------------------------
WellPoint Health Networks, Inc. (5) 81,900 2,815,312
------------
17,145,774
- --------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 1.0%
---------------------------------------------------------------------------------------
Premark International, Inc. 352,300 7,838,675
---------------------------------------------------------------------------------------
Tupperware Corp. 65,800 3,528,525
------------
11,367,200
- --------------------------------------------------------------------------------------------
ENERGY - 3.2%
Amoco Corp. 115,400 9,289,700
---------------------------------------------------------------------------------------
Chevron Corp. 172,500 11,212,500
---------------------------------------------------------------------------------------
Exxon Corp. 65,800 6,448,400
---------------------------------------------------------------------------------------
Mobil Corp. 70,200 8,581,950
------------
35,532,550
- --------------------------------------------------------------------------------------------
FINANCIAL - 9.0%
- --------------------------------------------------------------------------------------------
BANKS - 4.6%
---------------------------------------------------------------------------------------
Bank of Boston Corp. 178,600 11,475,050
---------------------------------------------------------------------------------------
BankAmerica Corp. 166,800 16,638,300
</TABLE>
7
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION> MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BANKS (CONTINUED)
- --------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 76,900 $ 6,863,325
---------------------------------------------------------------------------------------
NationsBank Corp. 93,100 9,100,525
---------------------------------------------------------------------------------------
PNC Bank Corp. 200,100 7,528,762
-------------
51,605,962
- --------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 1.1%
---------------------------------------------------------------------------------------
Salomon, Inc. 85,300 4,019,762
---------------------------------------------------------------------------------------
Travelers Group, Inc. 173,400 7,868,025
-------------
11,887,787
- --------------------------------------------------------------------------------------------
INSURANCE - 3.3%
---------------------------------------------------------------------------------------
AFLAC, Inc. 209,300 8,947,575
---------------------------------------------------------------------------------------
Conseco, Inc. 106,600 6,795,750
---------------------------------------------------------------------------------------
General Re Corp. 54,900 8,660,475
---------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., Cl. A 342,900 12,130,087
-------------
36,533,887
- --------------------------------------------------------------------------------------------
INDUSTRIAL - 8.3%
- --------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 0.3%
---------------------------------------------------------------------------------------
DT Industries, Inc. 98,400 3,444,000
- --------------------------------------------------------------------------------------------
MANUFACTURING - 7.3%
---------------------------------------------------------------------------------------
AGCO Corp. 260,700 7,462,537
---------------------------------------------------------------------------------------
Case Corp. 183,100 9,978,950
---------------------------------------------------------------------------------------
Deere & Co. 211,400 8,588,125
---------------------------------------------------------------------------------------
General Signal Corp. 167,400 7,156,350
---------------------------------------------------------------------------------------
Ingersoll-Rand Co. 177,700 7,907,650
---------------------------------------------------------------------------------------
Mark IV Industries, Inc. 137,534 3,111,707
---------------------------------------------------------------------------------------
PACCAR, Inc. 113,100 7,690,800
---------------------------------------------------------------------------------------
Textron, Inc. 152,400 14,363,700
---------------------------------------------------------------------------------------
Tyco International Ltd. 117,200 6,196,950
---------------------------------------------------------------------------------------
U.S. Industries, Inc. (5) 291,200 10,010,000
-------------
82,466,769
- --------------------------------------------------------------------------------------------
TRANSPORTATION - 0.7%
---------------------------------------------------------------------------------------
Union Pacific Corp. 123,900 7,449,487
- --------------------------------------------------------------------------------------------
TECHNOLOGY - 7.8%
- --------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 4.9%
---------------------------------------------------------------------------------------
General Dynamics Corp. 123,200 8,685,600
---------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 102,000 4,131,000
---------------------------------------------------------------------------------------
Lockheed Martin Corp. 113,151 10,353,317
---------------------------------------------------------------------------------------
McDonnell Douglas Corp. 213,400 13,657,600
---------------------------------------------------------------------------------------
Rockwell International Corp. 139,300 8,479,888
---------------------------------------------------------------------------------------
Rockwell International Corp. 22,800 1,387,950
---------------------------------------------------------------------------------------
TRW, Inc. 162,200 8,028,900
-------------
54,724,255
- --------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 2.0%
---------------------------------------------------------------------------------------
Dell Computer Corp. (5) 128,400 6,821,250
---------------------------------------------------------------------------------------
Gateway 2000, Inc. (5) 72,500 3,883,281
---------------------------------------------------------------------------------------
Storage Technology Corp. (New) (5) 246,100 11,720,513
-------------
22,425,044
</TABLE>
8
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ELECTRONICS - 0.9%
---------------------------------------------------------------------------------------
Intel Corp. 61,400 $ 8,039,563
---------------------------------------------------------------------------------------
Waters Corp. (5) 57,500 1,746,563
-------------
9,786,126
- --------------------------------------------------------------------------------------------
UTILITIES - 6.3%
- --------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 2.3%
---------------------------------------------------------------------------------------
American Electric Power Co., Inc. 94,700 3,894,538
---------------------------------------------------------------------------------------
CalEnergy, Inc. (5) 161,100 5,416,988
---------------------------------------------------------------------------------------
Entergy Corp. 215,800 5,988,450
---------------------------------------------------------------------------------------
FPL Group, Inc. 135,100 6,214,600
---------------------------------------------------------------------------------------
Texas Utilities Co. 120,500 4,910,375
-------------
26,424,951
- --------------------------------------------------------------------------------------------
GAS UTILITIES - 3.4%
---------------------------------------------------------------------------------------
Columbia Gas System, Inc. 284,300 18,088,588
---------------------------------------------------------------------------------------
PanEnergy Corp. 338,200 15,219,000
---------------------------------------------------------------------------------------
Questar Corp. 128,800 4,733,400
-------------
38,040,988
- --------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 0.6%
---------------------------------------------------------------------------------------
GTE Corp. 158,700 7,220,850
Total Common Stocks (Cost $441,743,218) 516,305,228
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,044,437,823) 100.0% 1,122,312,563
---------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.0) (236,895)
------- -------------
NET ASSETS 100.0% $ 1,122,075,668
------- -------------
------- -------------
</TABLE>
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. For zero coupon bonds, the interest rate shown is the effective yield on
the date of purchase.
3. 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 $7,939,948 or 0.71% of the Fund's
net assets, at December 31, 1996.
4. Identifies issues considered to be illiquid. These securities amount to
$2,820,675 or 0.25% of the Fund's net assets, at December 31, 1996.
5. Non-income producing security.
See accompanying Notes to Financial Statements.
9
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCIES - 10.8%
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.38%, 1/10/97 $ 10,000,000 $ 9,986,550
5.29%, 1/14/97 20,000,000 19,961,795
5.33%, 1/7/97 10,000,000 9,991,117
5.37%, 1/8/97 10,000,000 9,989,558
5.70%, 1/2/97 3,000,000 2,999,458
-------------------------------------------------------------------------------------
Federal National Mortgage Assn., 5.40%, 1/13/97 10,000,000 9,982,000
-----------
Total U.S. Government Agencies (Cost $62,910,478) 62,910,478
SHARES
- -----------------------------------------------------------------------------------------
COMMON STOCKS - 90.3%
- -----------------------------------------------------------------------------------------
BASIC MATERIALS - 2.9%
- -----------------------------------------------------------------------------------------
CHEMICALS - 1.2%
-------------------------------------------------------------------------------------
Potash Corp. of Saskatchewan, Inc. 81,500 6,927,500
- -----------------------------------------------------------------------------------------
PAPER - 1.7%
-------------------------------------------------------------------------------------
Fort Howard Corp. (1) 357,500 9,898,281
- -----------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 7.2%
- -----------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.6%
-------------------------------------------------------------------------------------
Crescent Real Estate Equities, Inc. 65,300 3,444,575
- -----------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.2%
-------------------------------------------------------------------------------------
AMR Corp. (1) 77,300 6,812,062
-------------------------------------------------------------------------------------
Galoob Toys, Inc. (1) 39,700 555,800
-------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A (1) 136,700 5,348,387
-----------
12,716,249
- -----------------------------------------------------------------------------------------
RETAIL: GENERAL - 2.9%
-------------------------------------------------------------------------------------
Federated Department Stores, Inc. (1) 251,100 8,568,787
-------------------------------------------------------------------------------------
Price/Costco, Inc. (1) 334,400 8,401,800
16,970,587
- -----------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 1.5%
-------------------------------------------------------------------------------------
Toys 'R' Us, Inc. (1) 294,500 8,835,000
- -----------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 12.3%
- -----------------------------------------------------------------------------------------
BEVERAGES - 1.4%
-------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 208,000 8,320,000
- -----------------------------------------------------------------------------------------
FOOD - 4.7%
-------------------------------------------------------------------------------------
American Stores Co. 243,800 9,965,325
-------------------------------------------------------------------------------------
Archer-Daniels-Midland Co. 394,170 8,671,740
-------------------------------------------------------------------------------------
Kroger Co. (1) 196,800 9,151,200
-----------
27,788,265
- -----------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 1.0%
-------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 54,900 5,970,375
- -----------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 3.1%
-------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 154,950 6,314,212
-------------------------------------------------------------------------------------
OrNda Healthcorp (1) 287,800 8,418,150
-------------------------------------------------------------------------------------
WellPoint Health Networks, Inc. (1) 104,900 3,605,937
-----------
18,338,299
</TABLE>
10
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
HOUSEHOLD GOODS - 2.1%
-------------------------------------------------------------------------------------
Premark International, Inc. 397,600 $ 8,846,600
-------------------------------------------------------------------------------------
Tupperware Corp. 64,100 3,437,362
-----------
12,283,962
- -----------------------------------------------------------------------------------------
ENERGY - 6.5%
- -----------------------------------------------------------------------------------------
Amoco Corp. 108,100 8,702,050
-------------------------------------------------------------------------------------
Chevron Corp. 187,300 12,174,500
-------------------------------------------------------------------------------------
Exxon Corp. 88,700 8,692,600
-------------------------------------------------------------------------------------
Mobil Corp. 72,200 8,826,450
-----------
38,395,600
- -----------------------------------------------------------------------------------------
FINANCIAL - 16.9%
- -----------------------------------------------------------------------------------------
BANKS - 8.5%
-------------------------------------------------------------------------------------
Bank of Boston Corp. 168,100 10,800,425
-------------------------------------------------------------------------------------
BankAmerica Corp. 147,300 14,693,175
-------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 88,300 7,880,775
-------------------------------------------------------------------------------------
NationsBank Corp. 89,300 8,729,075
-------------------------------------------------------------------------------------
PNC Bank Corp. 208,200 7,833,525
-----------
49,936,975
- -----------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.4%
-------------------------------------------------------------------------------------
Salomon, Inc. 125,400 5,909,475
-------------------------------------------------------------------------------------
Travelers Group, Inc. 185,400 8,412,525
-----------
14,322,000
- -----------------------------------------------------------------------------------------
INSURANCE - 6.0%
-------------------------------------------------------------------------------------
AFLAC, Inc. 196,800 8,413,200
-------------------------------------------------------------------------------------
Conseco, Inc. 106,200 6,770,250
-------------------------------------------------------------------------------------
General Re Corp. 55,200 8,707,800
-------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., Cl. A 323,800 11,454,425
-----------
35,345,675
- -----------------------------------------------------------------------------------------
INDUSTRIAL - 16.8%
- -----------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 0.9%
-------------------------------------------------------------------------------------
DT Industries, Inc. 146,800 5,138,000
- -----------------------------------------------------------------------------------------
MANUFACTURING - 14.6%
-------------------------------------------------------------------------------------
AGCO Corp. 263,800 7,551,275
-------------------------------------------------------------------------------------
Case Corp. 181,600 9,897,200
-------------------------------------------------------------------------------------
Deere & Co. 231,700 9,412,812
-------------------------------------------------------------------------------------
General Signal Corp. 178,600 7,635,150
-------------------------------------------------------------------------------------
Ingersoll-Rand Co. 189,800 8,446,100
-------------------------------------------------------------------------------------
Mark IV Industries, Inc. 118,518 2,681,470
-------------------------------------------------------------------------------------
PACCAR, Inc. 115,900 7,881,200
-------------------------------------------------------------------------------------
Textron, Inc. 129,600 12,214,800
-------------------------------------------------------------------------------------
Tyco International Ltd. 157,100 8,306,663
-------------------------------------------------------------------------------------
U.S. Industries, Inc. (1) 336,200 11,556,875
-----------
85,583,545
- -----------------------------------------------------------------------------------------
TRANSPORTATION - 1.3%
-------------------------------------------------------------------------------------
Union Pacific Corp. 127,500 7,665,938
- -----------------------------------------------------------------------------------------
TECHNOLOGY - 15.5%
- -----------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 9.3%
-------------------------------------------------------------------------------------
General Dynamics Corp. 114,700 8,086,350
-------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 128,000 5,184,000
</TABLE>
11
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
AEROSPACE/DEFENSE (CONTINUED)
-------------------------------------------------------------------------------------
Lockheed Martin Corp. 110,452 $ 10,106,358
-------------------------------------------------------------------------------------
McDonnell Douglas Corp. 206,400 13,209,600
-------------------------------------------------------------------------------------
Rockwell International Corp. 146,600 8,924,275
-------------------------------------------------------------------------------------
TRW, Inc. 179,000 8,860,500
-----------
54,371,083
- -----------------------------------------------------------------------------------------
COMPUTER HARDWARE - 4.3%
-------------------------------------------------------------------------------------
Dell Computer Corp. (1) 134,200 7,129,375
-------------------------------------------------------------------------------------
Gateway 2000, Inc. (1) 81,900 4,386,769
-------------------------------------------------------------------------------------
Storage Technology Corp. (New) (1) 286,100 13,625,513
-----------
25,141,657
- -----------------------------------------------------------------------------------------
ELECTRONICS - 1.9%
-------------------------------------------------------------------------------------
Intel Corp. 65,800 8,615,688
-------------------------------------------------------------------------------------
Waters Corp. (1) 73,500 2,232,563
-----------
10,848,251
- -----------------------------------------------------------------------------------------
UTILITIES - 12.2%
- -----------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 4.9%
-------------------------------------------------------------------------------------
American Electric Power Co., Inc. 113,800 4,680,025
-------------------------------------------------------------------------------------
CalEnergy, Inc. (1) 189,600 6,375,300
-------------------------------------------------------------------------------------
Entergy Corp. 221,300 6,141,075
-------------------------------------------------------------------------------------
FPL Group, Inc. 116,700 5,368,200
-------------------------------------------------------------------------------------
Texas Utilities Co. 149,400 6,088,050
-----------
28,652,650
- -----------------------------------------------------------------------------------------
GAS UTILITIES - 6.1%
-------------------------------------------------------------------------------------
Columbia Gas System, Inc. 268,300 17,070,588
-------------------------------------------------------------------------------------
PanEnergy Corp. 303,100 13,639,500
-------------------------------------------------------------------------------------
Questar Corp. 137,700 5,060,475
-----------
35,770,563
- -----------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 1.2%
-------------------------------------------------------------------------------------
GTE Corp. 150,800 6,861,400
-----------
Total Common Stocks (Cost $415,283,467) 529,526,430
-------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $478,193,945) 101.1% 592,436,908
-------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (1.1) (6,214,630)
----------- -----------
NET ASSETS 100.0% $ 586,222,278
----------- -----------
----------- -----------
</TABLE>
1. Non-income producing security.
See accompanying Notes to Financial Statements.
12
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARLET VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS - 29.4%
- -----------------------------------------------------------------------------------------------------
FHLMC/FNMA/SPONSORED - 17.2%
-------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates, 10.50%, 10/1/20 $ 225,812 $ 250,015
Mtg.-Backed Certificates, 6.11%, 7/31/98 1,000,000 1,003,120
Mtg.-Backed Certificates, 7.125%, 7/21/99 1,000,000 1,024,395
-------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6.50%, 12/1/23 818,040 784,787
6.50%, 2/1/09 212,612 210,193
7.50%, 9/1/22 708,355 712,209
---------------
3,984,719
- -----------------------------------------------------------------------------------------------------
GNMA/GUARANTEED - 12.2%
-------------------------------------------------------------------------------------------------
Government National Mortgage Assn., 7%,
10/15/23-3/15/26 2,895,662 2,843,038
---------------
Total Mortgage-Backed Obligations (Cost $6,932,430) 6,827,757
- -----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 5.2%
- -----------------------------------------------------------------------------------------------------
Federal Home Loan Bank, 5.84%, 9/8/97 1,000,000 1,001,250
-------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., 5.70%, 1/2/97 200,000 199,964
---------------
Total U.S. Government Agencies (Cost $1,199,842) 1,201,214
- -----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 56.7%
- -----------------------------------------------------------------------------------------------------
AGENCY - 8.6%
- -----------------------------------------------------------------------------------------------------
Federal Farm Credit Bank, Medium-Term Nts., 6.37%,
9/1/00 1,000,000 1,003,120
-------------------------------------------------------------------------------------------------
Federal Home Loan Bank, 5.725%, 6/15/98 1,000,000 998,199
---------------
2,001,319
- -----------------------------------------------------------------------------------------------------
TREASURY - 48.1%
- -----------------------------------------------------------------------------------------------------
U.S. Treasury Bonds:
7.50%, 11/15/16 2,175,000 2,354,440
8.125%, 8/15/19 500,000 577,969
9.25%, 2/15/16 1,200,000 1,522,876
-------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
5.50%, 7/31/97 1,350,000 1,348,735
5.75%, 8/15/03 500,000 485,156
6.75%, 2/28/97 875,000 876,641
7.25%, 8/15/04 2,700,000 2,843,440
7.50%, 11/15/01 405,000 426,516
7.50%, 2/15/05 500,000 535,000
8.50%, 2/15/00 200,000 213,625
---------------
11,184,398
---------------
Total U.S. Government Obligations (Cost $13,038,629) 13,185,717
</TABLE>
13
<PAGE>
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 - 6.7%
- -----------------------------------------------------------------------------------------------------
Private Export Funding Corp.:
6.90% Nts., 1/31/03 $ 500,000 $ 511,272
7.30% Debs., 1/31/02 1,000,000 1,039,707
---------------
Total Corporate Bonds and Notes (Cost $1,627,081) 1,550,979
-------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $22,797,982) 98.0% 22,765,667
-------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 2.0 469,911
--------- ---------------
NET ASSETS 100.0% $ 23,235,578
--------- ---------------
--------- ---------------
</TABLE>
See accompanying Notes to Financial Statements.
14
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS - 97.0%
- -------------------------------------------------------------------------------------------------
BASIC MATERIALS - 3.8%
- -------------------------------------------------------------------------------------------------
CHEMICALS - 1.8%
--------------------------------------------------------------------------------------------
Daicel Chemical Industries Ltd. 101,000 $ 472,499
--------------------------------------------------------------------------------------------
Hoechst AG 14,000 647,715
-----------
1,120,214
- -------------------------------------------------------------------------------------------------
GOLD - 0.4%
--------------------------------------------------------------------------------------------
Normandy Mining Ltd. 171,130 236,502
- -------------------------------------------------------------------------------------------------
METALS - 1.6%
--------------------------------------------------------------------------------------------
RTZ Corp. plc 34,260 550,488
--------------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 73,900 465,455
-----------
1,015,943
- -------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 24.6%
- -------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 6.3%
--------------------------------------------------------------------------------------------
Autoliv AB 20,000 875,802
--------------------------------------------------------------------------------------------
Bridgestone Corp. 22,000 416,990
--------------------------------------------------------------------------------------------
Cheung Kong (Holdings) Ltd. 80,000 711,054
--------------------------------------------------------------------------------------------
Groupe SEB SA 4,000 782,498
--------------------------------------------------------------------------------------------
Honda Motor Co. 25,000 712,932
--------------------------------------------------------------------------------------------
Rinnai Corp. 22,000 441,630
-----------
3,940,906
- -------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.5%
--------------------------------------------------------------------------------------------
CDL Hotels International Ltd. 1,540,000 880,996
--------------------------------------------------------------------------------------------
EMI Group plc 29,000 685,419
--------------------------------------------------------------------------------------------
Granada Group plc 43,000 635,677
-----------
2,202,092
- -------------------------------------------------------------------------------------------------
MEDIA - 5.2%
--------------------------------------------------------------------------------------------
Benpres Holdings Corp., Sponsored GDR (1) 40,000 300,000
--------------------------------------------------------------------------------------------
Reed International plc 44,000 827,585
--------------------------------------------------------------------------------------------
Reuters Holdings plc 60,000 772,392
--------------------------------------------------------------------------------------------
Television Broadcasts Ltd. 175,000 699,095
--------------------------------------------------------------------------------------------
Wolters Kluwer NV (1) 5,000 663,396
-----------
3,262,468
- -------------------------------------------------------------------------------------------------
RETAIL: GENERAL - 2.4%
--------------------------------------------------------------------------------------------
Marks & Spencer plc 100,000 842,796
--------------------------------------------------------------------------------------------
Zeneca Group plc 23,000 648,114
-----------
1,490,910
- -------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 7.2%
--------------------------------------------------------------------------------------------
adidas AG 8,000 690,412
--------------------------------------------------------------------------------------------
Cifra SA de CV, Unsponsored ADR, B Shares (1) 350,000 427,700
--------------------------------------------------------------------------------------------
Dickson Concepts International Ltd. 187,000 701,099
--------------------------------------------------------------------------------------------
Jusco Co. 16,000 541,742
--------------------------------------------------------------------------------------------
Koninklijke Ahold NV 11,000 686,810
--------------------------------------------------------------------------------------------
Next plc 93,000 906,468
--------------------------------------------------------------------------------------------
Shimamura Co. Ltd. 16,000 548,634
-----------
4,502,865
</TABLE>
15
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONSUMER NON-CYCLICALS - 12.7%
- ------------------------------------------------------------------------------------------------
BEVERAGES - 1.3%
-------------------------------------------------------------------------------------------
Embotelladora Andina SA, Sponsored ADR 12,400 $ 378,200
-------------------------------------------------------------------------------------------
Quilmes Industrial Quinsa SA, Sponsored ADR 50,000 456,250
----------
834,450
- ------------------------------------------------------------------------------------------------
FOOD - 3.6%
-------------------------------------------------------------------------------------------
Carrefour Supermarche SA 1,200 779,266
-------------------------------------------------------------------------------------------
Danisco AS 10,000 606,892
-------------------------------------------------------------------------------------------
William Morrison Supermarkets plc 306,000 862,273
----------
2,248,431
- ------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 4.1%
-------------------------------------------------------------------------------------------
Astra AB Free, Series A 15,000 740,331
-------------------------------------------------------------------------------------------
Novartis AG (1) 550 627,941
-------------------------------------------------------------------------------------------
Schering AG 6,700 564,743
-------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 31,000 649,005
----------
2,582,020
- ------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 2.0%
-------------------------------------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR 12,000 624,000
-------------------------------------------------------------------------------------------
SmithKline Beecham plc 45,185 626,569
----------
1,250,569
- ------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 1.3%
-------------------------------------------------------------------------------------------
L'OREAL 2,100 789,307
- ------------------------------------------------------------------------------------------------
TOBACCO - 0.4%
-------------------------------------------------------------------------------------------
PT Gudang Garam (1) 64,000 276,317
- ------------------------------------------------------------------------------------------------
ENERGY - 1.5%
- ------------------------------------------------------------------------------------------------
Total SA, B Shares 11,157 905,653
- ------------------------------------------------------------------------------------------------
FINANCIAL - 14.2%
- ------------------------------------------------------------------------------------------------
BANKS - 4.3%
-------------------------------------------------------------------------------------------
Banco Popular Espanol SA 3,500 687,332
-------------------------------------------------------------------------------------------
HSBC Holdings plc 30,000 641,888
-------------------------------------------------------------------------------------------
Malayan Banking Berhad 62,000 687,387
-------------------------------------------------------------------------------------------
Overseas Union Bank Ltd. 90,000 694,872
----------
2,711,479
- ------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 8.8%
-------------------------------------------------------------------------------------------
First Pacific Co. Ltd. 422,000 548,300
-------------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 230,000 522,870
-------------------------------------------------------------------------------------------
ING Groep NV 16,032 576,498
-------------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. 45,000 872,092
-------------------------------------------------------------------------------------------
Nichiei Co. Ltd. 9,000 659,860
-------------------------------------------------------------------------------------------
Perlis Plantations Berhad 175,000 543,950
-------------------------------------------------------------------------------------------
Southcorp Holdings Ltd. 200,000 635,404
-------------------------------------------------------------------------------------------
Swire Pacific Ltd., Cl. B 430,000 650,420
-------------------------------------------------------------------------------------------
United Industrial Corp. Ltd. 600,000 506,141
----------
5,515,535
- ------------------------------------------------------------------------------------------------
INSURANCE - 1.1%
-------------------------------------------------------------------------------------------
Sumitomo Marine & Fire Insurance Co. 110,000 682,347
</TABLE>
16
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INDUSTRIAL - 17.1%
- ------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 2.3%
-------------------------------------------------------------------------------------------
ABB AG 395 $ 489,808
-------------------------------------------------------------------------------------------
Johnson Electric Holdings Ltd. 300,000 829,994
-------------------------------------------------------------------------------------------
Mabuchi Motor Co. 2,800 140,639
----------
1,460,441
- ------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 4.4%
-------------------------------------------------------------------------------------------
Hays plc 78,000 750,911
-------------------------------------------------------------------------------------------
Kurita Water Industries Ltd. 29,000 584,647
-------------------------------------------------------------------------------------------
NGK Spark Plug Co. 61,000 667,442
-------------------------------------------------------------------------------------------
SGS Societe Generale de Surveillance Holding SA, Series B 300 735,075
----------
2,738,075
- ------------------------------------------------------------------------------------------------
MANUFACTURING - 9.2%
-------------------------------------------------------------------------------------------
Bic Corp. 6,000 897,910
-------------------------------------------------------------------------------------------
Canon Sales Co., Inc. 24,200 537,917
-------------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 88,000 691,145
-------------------------------------------------------------------------------------------
Komatsu Ltd. 101,000 826,656
-------------------------------------------------------------------------------------------
Mannesmann AG 1,200 515,629
-------------------------------------------------------------------------------------------
NSK Ltd. 61,000 368,933
-------------------------------------------------------------------------------------------
Shinmaywa Industries Ltd. 30,000 220,470
-------------------------------------------------------------------------------------------
Sidel SA 10,000 686,705
-------------------------------------------------------------------------------------------
SMC Corp. 8,400 563,763
-------------------------------------------------------------------------------------------
Sophus Berendsen AS, Series B 3,700 475,444
----------
5,784,572
- ------------------------------------------------------------------------------------------------
TRANSPORTATION - 1.2%
-------------------------------------------------------------------------------------------
Brambles Industries Ltd. 40,000 779,958
- ------------------------------------------------------------------------------------------------
TECHNOLOGY - 18.5%
- ------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 1.2%
-------------------------------------------------------------------------------------------
Canon, Inc. 33,000 727,837
- ------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 0.4%
-------------------------------------------------------------------------------------------
SAP AG, Preference 2,000 274,867
- ------------------------------------------------------------------------------------------------
ELECTRONICS - 10.6%
-------------------------------------------------------------------------------------------
Bowthorpe plc 111,000 861,348
-------------------------------------------------------------------------------------------
Electrocomponents plc 114,000 900,250
-------------------------------------------------------------------------------------------
Getronics NV 16,240 440,331
-------------------------------------------------------------------------------------------
Keyence Corp. 4,300 529,766
-------------------------------------------------------------------------------------------
Kyocera Corp. 9,000 559,835
-------------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 29,000 472,215
-------------------------------------------------------------------------------------------
Matsushita Electric Works Ltd. 40,000 343,586
-------------------------------------------------------------------------------------------
Nitto Denko Corp. 52,000 761,609
-------------------------------------------------------------------------------------------
Samsung Electronics Co., Sponsored GDR (2) 18,000 332,100
-------------------------------------------------------------------------------------------
Sony Corp. 13,000 850,090
-------------------------------------------------------------------------------------------
TDK Corp. 9,000 585,423
----------
6,636,553
- ------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 6.3%
-------------------------------------------------------------------------------------------
British Sky Broadcasting Group plc 65,000 581,221
-------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR 21,560 650,843
-------------------------------------------------------------------------------------------
Royal PTT Nederland NV 18,000 685,769
-------------------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 110,000 561,131
</TABLE>
17
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED)
- ------------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 67,000 $ 95,620
- ------------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 200,000 505,603
- ------------------------------------------------------------------------------------------------
Vodafone Group plc 197,000 831,842
---------
3,912,029
- ------------------------------------------------------------------------------------------------
UTILITIES - 4.6%
- ------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.1%
-------------------------------------------------------------------------------------------
Veba AG 11,650 669,015
- ------------------------------------------------------------------------------------------------
GAS UTILITIES - 1.9%
-------------------------------------------------------------------------------------------
Hong Kong & China Gas Co. Ltd. 309,600 598,387
-------------------------------------------------------------------------------------------
RWE AG, Preference 17,000 568,097
----------
1,166,484
- ------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 1.6%
-------------------------------------------------------------------------------------------
DDI Corp. 75 494,960
-------------------------------------------------------------------------------------------
Telefonica de Espana, ADS 21,800 506,176
----------
1,001,136
----------
Total Common Stocks (Cost $52,385,155) 60,718,975
- ------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.0%
- ------------------------------------------------------------------------------------------------
Renong Berhad, 4% Irredeemable Cv. Unsec. Loan
Stocks (Cost $13,291) (1) 33,200 13,934
UNITS
- ------------------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES - 0.1%
- ------------------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. Wts., Exp. 7/01 23,000 22,855
-------------------------------------------------------------------------------------------
Hong Kong & China Gas Co. Ltd. Wts., Exp. 9/97 25,800 14,343
-------------------------------------------------------------------------------------------
Renong Berhad Wts., Exp. 11/00 20,750 10,188
---------
Total Rights, Warrants and Certificates (Cost $19,448) 47,386
PRINCIPAL
AMOUNT
- ------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 2.9%
- ------------------------------------------------------------------------------------------------
Repurchase agreement with State Street Bank and Trust
Co., 4.50%, dated 12/31/96, to be repurchased at
$1,802,451 on 1/2/97, collateralized by U.S. Treasury Bonds,
11.25%, 2/15/15, with a value of $1,841,063 (Cost $1,802,000) $ 1,802,000 1,802,000
-------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $54,219,894) 100.0% 62,582,295
-------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.0 3,166
----------- ----------
NET ASSETS 100.0% $ 62,585,461
----------- ----------
----------- ----------
</TABLE>
1. Non-income producing security.
2. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These
securities have been determined to be liquid under guidelines established
by the Board of Directors. These securities amount to $332,100 or 0.53% of
the Fund's net assets, at December 31, 1996.
18
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
COUNTRY MARKET VALUE PERCENT
--------------------------------------------------------------------------
Japan $ 14,361,429 23.0%
Great Britain 11,283,352 18.0
Hong Kong 6,966,721 11.1
France 4,841,340 7.7
Germany 3,930,478 6.3
The Netherlands 3,052,803 4.9
Australia 2,989,410 4.8
Sweden 2,266,976 3.6
Switzerland 1,852,823 3.0
United States 1,802,000 2.9
Singapore 1,746,738 2.8
Malaysia 1,255,460 2.0
Italy 1,225,223 2.0
Spain 1,193,508 1.9
Denmark 1,082,336 1.7
New Zealand 561,131 0.9
Luxembourg 456,250 0.7
Mexico 427,700 0.7
Chile 378,200 0.6
Korea, Republic of (South) 332,100 0.5
Ecuador 300,000 0.5
Indonesia 276,317 0.4
------------- ---------
TOTAL $ 62,582,295 100.0%
------------- ---------
------------- ---------
See accompanying Notes to Financial Statements.
19
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MORTGAGE-BACKED OBLIGATIONS - 9.3%
- -------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Interest-Only Stripped Mtg.-Backed Security, Trust 1542,
Cl. QC, 9.115%, 10/15/20 (1) $ 500,000 $ 129,844
Series 1843, Cl. VB, 7%, 4/15/03 75,000 75,328
Series 1849, Cl. VA, 6%, 12/15/10 231,498 227,301
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates:
5.50%, 12/1/97 (2) 41,693 41,277
6%, 3/1/09 246,352 239,137
Series 1574, Cl. PD, 5.55%, 3/15/13 125,000 124,296
---------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 227,365 223,093
6.50%, 4/1/26 196,672 187,633
7%, 4/1/00 139,665 140,334
Medium-Term Nts., 6.56%, 11/13/01 125,000 124,534
Series 1994-13, Cl. B, 6.50%, 2/25/09 150,000 143,577
Collateralized Mtg. Obligations, Gtd. Real Estate Mtg.
Investment Conduit Pass-Through Certificates:
Series 1993-181, Cl. C, 5.40%, 10/25/02 270,000 267,889
Series 1993-190, Cl. Z, 5.85%, 7/25/08 168,416 165,647
---------------------------------------------------------------------------------------------------------
GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3,
7.30%, 3/25/12 130,000 131,625
---------------------------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Series 1996-A,
Cl. A4, 5.85%, 7/15/01 125,000 124,258
-----------
Total Mortgage-Backed Obligations (Cost $2,340,098) 2,345,773
- -------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 14.4%
- -------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 1,245,000 1,347,713
---------------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
5.125%, 4/30/98 250,000 247,500
6.50%, 8/15/05 850,000 856,110
6.75%, 6/30/99 1,170,000 1,190,841
-----------
Total U.S. Government Obligations (Cost $3,560,031) 3,642,164
- -------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES - 45.7%
- -------------------------------------------------------------------------------------------------------------
BASIC INDUSTRY - 6.6%
- -------------------------------------------------------------------------------------------------------------
CHEMICALS - 3.1%
---------------------------------------------------------------------------------------------------------
Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 125,000 126,344
---------------------------------------------------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 140,000 149,588
---------------------------------------------------------------------------------------------------------
ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 (3) 42,000 43,995
---------------------------------------------------------------------------------------------------------
Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 100,000 100,441
---------------------------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts.,
6/1/20 75,000 91,861
---------------------------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (4) 100,000 86,750
---------------------------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 75,000 89,502
</TABLE>
20
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CHEMICALS (CONTINUED)
---------------------------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 $ 75,000 $ 83,625
-----------
772,106
- -------------------------------------------------------------------------------------------------------------
CONTAINERS - 0.3%
---------------------------------------------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05 75,000 78,187
- -------------------------------------------------------------------------------------------------------------
METALS/MINING - 0.5%
---------------------------------------------------------------------------------------------------------
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 125,000 135,846
- -------------------------------------------------------------------------------------------------------------
PAPER - 2.7%
---------------------------------------------------------------------------------------------------------
Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 125,000 126,250
---------------------------------------------------------------------------------------------------------
Fort Howard Corp.:
9% Sr. Sub. Nts., 2/1/06 75,000 76,406
9.25% Sr. Nts., 3/15/01 70,000 72,975
---------------------------------------------------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs.,
5/15/05 75,000 83,062
---------------------------------------------------------------------------------------------------------
Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 250,000 254,386
---------------------------------------------------------------------------------------------------------
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 75,000 76,125
-----------
689,204
- -------------------------------------------------------------------------------------------------------------
CONSUMER RELATED - 7.1%
- -------------------------------------------------------------------------------------------------------------
CONSUMER PRODUCTS - 1.8%
---------------------------------------------------------------------------------------------------------
Black & Decker Corp., 6.625% Nts., 11/15/00 125,000 124,976
---------------------------------------------------------------------------------------------------------
Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 250,000 251,875
---------------------------------------------------------------------------------------------------------
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 75,000 77,104
-----------
453,955
- -------------------------------------------------------------------------------------------------------------
FOOD/BEVERAGES/TOBACCO - 0.8%
---------------------------------------------------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 125,000 125,474
---------------------------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05 75,000 82,875
-----------
208,349
- -------------------------------------------------------------------------------------------------------------
HEALTHCARE - 1.7%
---------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 145,000 146,580
---------------------------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 75,000 81,375
---------------------------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A,
9/15/05 75,000 83,437
---------------------------------------------------------------------------------------------------------
Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts.,
8/15/06 50,000 47,125
---------------------------------------------------------------------------------------------------------
Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts.,
10/15/02 75,000 75,937
-----------
434,454
- -------------------------------------------------------------------------------------------------------------
HOTEL/GAMING - 2.3%
---------------------------------------------------------------------------------------------------------
Casino America, Inc., 12.50% Sr. Nts., 8/1/03 75,000 71,531
---------------------------------------------------------------------------------------------------------
Casino Magic of Louisiana Corp., 13% First Mtg. Nts.,
8/15/03 (3) 75,000 74,437
---------------------------------------------------------------------------------------------------------
Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs.,
9/15/03 75,000 79,687
---------------------------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts.,
Series B, 11/15/02 75,000 99,375
---------------------------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 75,000 79,125
---------------------------------------------------------------------------------------------------------
Trump Atlantic City Associates/Trump Atlantic City Funding,
Inc., 11.25% First Mtg. Nts., 5/1/06 50,000 49,750
---------------------------------------------------------------------------------------------------------
Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 75,000 66,937
</TABLE>
21
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
HOTEL/GAMING (CONTINUED)
-----------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06 $ 50,000 $ 53,250
-----------
574,092
- ---------------------------------------------------------------------------------------------------------------
TEXTILE/APPAREL - 0.5%
-----------------------------------------------------------------------------------------------------------
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 75,000 83,062
-----------------------------------------------------------------------------------------------------------
William Carter Co., 10.375% Sr. Sub. Nts., 12/1/06 (3) 50,000 52,000
-----------
135,062
- ---------------------------------------------------------------------------------------------------------------
ENERGY - 3.3%
- ---------------------------------------------------------------------------------------------------------------
Coastal Corp.:
8.125% Sr. Nts., 9/15/02 75,000 79,492
8.75% Sr. Nts., 5/15/99 50,000 52,437
-----------------------------------------------------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 70,000 73,412
-----------------------------------------------------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (5) 83,476 71,395
-----------------------------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 75,000 75,841
-----------------------------------------------------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts., 11/1/03 75,000 76,500
-----------------------------------------------------------------------------------------------------------
NorAm Energy Corp., 9.875% Nts., 4/15/97 250,000 252,749
-----------------------------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 75,000 78,962
-----------------------------------------------------------------------------------------------------------
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec.
Debs., 2/1/06 75,000 71,106
-----------
831,894
- ---------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES - 11.3%
- ---------------------------------------------------------------------------------------------------------------
BANKS & THRIFTS - 3.5%
-----------------------------------------------------------------------------------------------------------
Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 55,000 57,420
-----------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 50,000 50,304
-----------------------------------------------------------------------------------------------------------
Chevy Chase Bank FSB, 9.25% Sub. Debs., 12/1/08 50,000 51,000
-----------------------------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 75,000 72,614
-----------------------------------------------------------------------------------------------------------
First Fidelity Bancorporation, 8.50% Sub. Capital Nts.,
4/1/98 50,000 51,298
-----------------------------------------------------------------------------------------------------------
First Union Corp., 6.75% Sr. Nts., 1/15/98 50,000 50,400
-----------------------------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 125,000 140,008
-----------------------------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 125,000 125,039
-----------------------------------------------------------------------------------------------------------
Mellon Capital I, 7.72% Bonds, 12/1/26 100,000 97,270
-----------------------------------------------------------------------------------------------------------
Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 175,000 175,909
-----------
871,262
- ---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 6.2%
-----------------------------------------------------------------------------------------------------------
American General Finance Corp., 8.50% Sr. Nts., 8/15/98 55,000 57,033
-----------------------------------------------------------------------------------------------------------
Associates Corp. of North America, 7.40% Medium-Term
Nts., 7/7/99 55,000 56,469
-----------------------------------------------------------------------------------------------------------
Beneficial Corp., 9.125% Debs., 2/15/98 125,000 129,095
-----------------------------------------------------------------------------------------------------------
Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 60,000 60,310
-----------------------------------------------------------------------------------------------------------
Capital One Funding Corp., 7.25% Nts., 12/1/03 50,000 49,500
-----------------------------------------------------------------------------------------------------------
Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec.
Unsub. Nts., 1/26/01 60,000 60,762
-----------------------------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 125,000 120,473
-----------------------------------------------------------------------------------------------------------
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 75,000 73,416
6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 55,000 54,664
6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 55,000 55,272
-----------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 125,000 125,702
</TABLE>
22
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
-----------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 $ 250,000 $ 241,091
-----------------------------------------------------------------------------------------------------------
Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 50,000 51,875
-----------------------------------------------------------------------------------------------------------
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 75,000 76,687
-----------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 125,000 124,449
-----------------------------------------------------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 50,000 50,286
-----------------------------------------------------------------------------------------------------------
Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 50,000 51,686
-----------------------------------------------------------------------------------------------------------
Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D,
3/1/99 130,000 135,622
-----------
1,574,392
- ---------------------------------------------------------------------------------------------------------------
INSURANCE - 1.6%
-----------------------------------------------------------------------------------------------------------
Cigna Corp., 7.90% Nts., 12/14/98 140,000 144,046
-----------------------------------------------------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts., 1/15/99 135,000 141,271
-----------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., 6.75% Nts.,
4/15/01 125,000 125,669
-----------
410,986
- ---------------------------------------------------------------------------------------------------------------
HOUSING RELATED - 0.6%
- ---------------------------------------------------------------------------------------------------------------
American Standard, Inc., 10.875% Sr. Nts., 5/15/99 140,000 149,800
- ---------------------------------------------------------------------------------------------------------------
MANUFACTURING - 1.4%
- ---------------------------------------------------------------------------------------------------------------
AEROSPACE/ELECTRONICS/COMPUTERS - 1.0%
-----------------------------------------------------------------------------------------------------------
Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 37,000 40,515
-----------------------------------------------------------------------------------------------------------
British Aerospace plc, 8% Debs., 5/27/97 55,000 55,447
-----------------------------------------------------------------------------------------------------------
Digital Equipment Corp., 7% Nts., 11/15/97 165,000 165,012
-----------
260,974
- ---------------------------------------------------------------------------------------------------------------
CAPITAL GOODS - 0.4%
-----------------------------------------------------------------------------------------------------------
Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 75,000 74,250
-----------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 35,000 36,269
-----------
110,519
- ---------------------------------------------------------------------------------------------------------------
MEDIA - 5.4%
- ---------------------------------------------------------------------------------------------------------------
BROADCASTING - 1.1%
-----------------------------------------------------------------------------------------------------------
Argyle Television, Inc., 9.75% Sr. Sub. Nts., 11/1/05 75,000 76,125
-----------------------------------------------------------------------------------------------------------
New World Communications Group Holding Corp., Zero
Coupon Sr. Disc. Nts., Series B, 11.022%, 6/15/99 (6) 150,000 125,625
-----------------------------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 75,000 76,781
-----------
278,531
- ---------------------------------------------------------------------------------------------------------------
CABLE TELEVISION - 1.6%
-----------------------------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 75,000 77,063
-----------------------------------------------------------------------------------------------------------
Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07 (4) 75,000 53,813
-----------------------------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred
Coupon Nts., Series B, 2/1/06 (4) 100,000 68,500
-----------------------------------------------------------------------------------------------------------
TeleWest plc:
0%/11% Sr. Disc. Debs., 10/1/07 (4) 50,000 35,000
9.625% Sr. Debs., 10/1/06 50,000 51,500
-----------------------------------------------------------------------------------------------------------
United International Holdings, Inc., Zero Coupon Sr. Sec.
Disc. Nts.:
Series B, 14%, 11/15/99 (6) 50,000 35,750
11.657%, 11/15/99 (6) 100,000 71,500
-----------
393,126
</TABLE>
23
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
DIVERSIFIED MEDIA - 0.7%
----------------------------------------------------------------------------------------------------------
MDC Communications Corp., 10.50% Sr. Sub. Nts., 12/1/06 $ 50,000 $ 51,813
----------------------------------------------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts., 2/1/98 125,000 126,641
-------------
178,454
- --------------------------------------------------------------------------------------------------------------
ENTERTAINMENT/FILM - 1.7%
----------------------------------------------------------------------------------------------------------
American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (2) 50,000 52,875
----------------------------------------------------------------------------------------------------------
Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 125,000 125,421
----------------------------------------------------------------------------------------------------------
Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B,
2/15/98 75,000 11,250
----------------------------------------------------------------------------------------------------------
Stuart Entertainment, Inc., 12.50% Sr. Sub. Nts., 11/15/04 (3) 50,000 51,125
----------------------------------------------------------------------------------------------------------
Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A,
3/30/01 190,000 189,337
-------------
430,008
- --------------------------------------------------------------------------------------------------------------
PUBLISHING/PRINTING - 0.3%
----------------------------------------------------------------------------------------------------------
Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term
Nts., 2/10/97 65,000 65,094
- --------------------------------------------------------------------------------------------------------------
OTHER - 0.3%
- --------------------------------------------------------------------------------------------------------------
USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 (1) 70,000 69,038
- --------------------------------------------------------------------------------------------------------------
RETAIL - 3.4%
- --------------------------------------------------------------------------------------------------------------
DEPARTMENT STORES - 2.3%
----------------------------------------------------------------------------------------------------------
Dayton Hudson Co., 9.40% Debs., 2/15/01 140,000 153,198
----------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 50,000 54,306
----------------------------------------------------------------------------------------------------------
Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 100,000 99,018
----------------------------------------------------------------------------------------------------------
Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 255,000 266,397
-------------
572,919
- --------------------------------------------------------------------------------------------------------------
SPECIALTY RETAILING - 0.2%
----------------------------------------------------------------------------------------------------------
Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series B,
10/15/05 50,000 53,500
- --------------------------------------------------------------------------------------------------------------
SUPERMARKETS - 0.9%
----------------------------------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 125,000 128,024
----------------------------------------------------------------------------------------------------------
Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts.,
11/1/03 (4) 150,000 97,875
-------------
225,899
- --------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.9%
- --------------------------------------------------------------------------------------------------------------
RAILROADS - 0.4%
----------------------------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 95,000 96,420
- --------------------------------------------------------------------------------------------------------------
SHIPPING - 0.5%
----------------------------------------------------------------------------------------------------------
Federal Express Corp., 6.25% Nts., 4/15/98 135,000 135,098
- --------------------------------------------------------------------------------------------------------------
UTILITIES - 5.4%
- --------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.6%
----------------------------------------------------------------------------------------------------------
Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 125,000 127,920
----------------------------------------------------------------------------------------------------------
El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 65,000 65,406
----------------------------------------------------------------------------------------------------------
Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 200,000 199,914
-------------
393,240
</TABLE>
24
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TELECOMMUNICATIONS - 3.8%
----------------------------------------------------------------------------------------------------------
American Communications Services, Inc., 0%/13% Sr. Disc. Nts.,
11/1/05 (4) 50,000 $ 29,750
----------------------------------------------------------------------------------------------------------
Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts.,
3/15/08 (4) 100,000 57,625
----------------------------------------------------------------------------------------------------------
Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts.,
11/1/06 (3)(4) 75,000 48,188
----------------------------------------------------------------------------------------------------------
Continental Cablevision, Inc., 10.625% Sr. Sub. Nts.,
6/15/02 150,000 160,863
----------------------------------------------------------------------------------------------------------
GTE Corp., 8.85% Debs., 3/1/98 55,000 56,663
----------------------------------------------------------------------------------------------------------
MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 125,000 127,338
----------------------------------------------------------------------------------------------------------
Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 75,000 64,125
----------------------------------------------------------------------------------------------------------
MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts.,
1/15/04 (4) 100,000 87,500
----------------------------------------------------------------------------------------------------------
Omnipoint Corp., 11.625% Sr. Nts., 8/15/06 (3) 50,000 52,250
----------------------------------------------------------------------------------------------------------
PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03 (4) 100,000 86,000
----------------------------------------------------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr.
Nts., 8/15/06 50,000 54,375
----------------------------------------------------------------------------------------------------------
Teleport Communications Group, Inc.:
0%/11.125% Sr. Disc. Nts., 7/1/07 (4) 50,000 34,500
9.875% Sr. Nts., 7/1/06 50,000 53,750
----------------------------------------------------------------------------------------------------------
Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 (3) 50,000 52,438
-------------
965,365
-------------
Total Corporate Bonds and Notes (Cost $11,505,462) 11,547,774
SHARES
- --------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 21.7%
- --------------------------------------------------------------------------------------------------------------
BASIC INDUSTRY - 1.6%
- --------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.9%
----------------------------------------------------------------------------------------------------------
Dexter Corp. 3,500 111,562
----------------------------------------------------------------------------------------------------------
IMC Global, Inc. 2,834 110,880
----------------------------------------------------------------------------------------------------------
Millennium Chemicals, Inc. (7) 478 8,484
-------------
230,926
- --------------------------------------------------------------------------------------------------------------
STEEL - 0.7%
----------------------------------------------------------------------------------------------------------
Carpenter Technology Corp. 2,800 102,550
----------------------------------------------------------------------------------------------------------
UNR Industries, Inc. 12,000 72,000
-------------
174,550
- --------------------------------------------------------------------------------------------------------------
CONSUMER RELATED - 1.5%
- --------------------------------------------------------------------------------------------------------------
FOOD/BEVERAGES/TOBACCO - 0.5%
----------------------------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 2,600 104,000
----------------------------------------------------------------------------------------------------------
Imperial Tobacco Group plc, ADR (7) 1,675 21,613
-------------
125,613
- --------------------------------------------------------------------------------------------------------------
HEALTHCARE - 0.8%
----------------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 1,000 108,750
</TABLE>
25
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (CONTINUED)
----------------------------------------------------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR 3,100 $ 98,425
---------
207,175
- --------------------------------------------------------------------------------------------------------------
RESTAURANTS - 0.2%
----------------------------------------------------------------------------------------------------------
Piccadilly Cafeterias, Inc. 6,300 58,275
- --------------------------------------------------------------------------------------------------------------
ENERGY - 2.6%
- --------------------------------------------------------------------------------------------------------------
Amoco Corp. 1,200 96,600
----------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 1,100 145,750
----------------------------------------------------------------------------------------------------------
Chevron Corp. 2,200 143,000
----------------------------------------------------------------------------------------------------------
Exxon Corp. 1,400 137,200
----------------------------------------------------------------------------------------------------------
Mobil Corp. 1,100 134,475
---------
657,025
- --------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES - 2.8%
- --------------------------------------------------------------------------------------------------------------
BANKS & THRIFTS - 2.3%
----------------------------------------------------------------------------------------------------------
Bank of Boston Corp. 2,300 147,775
----------------------------------------------------------------------------------------------------------
BankAmerica Corp. 1,700 169,575
----------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 700 62,475
----------------------------------------------------------------------------------------------------------
NationsBank Corp. 700 68,425
----------------------------------------------------------------------------------------------------------
PNC Bank Corp. 3,700 139,212
---------
587,462
- --------------------------------------------------------------------------------------------------------------
INSURANCE - 0.5%
----------------------------------------------------------------------------------------------------------
Hartford Steam Boiler Inspection & Insurance Co. 2,500 115,937
- --------------------------------------------------------------------------------------------------------------
HOUSING RELATED - 2.1%
- --------------------------------------------------------------------------------------------------------------
Camden Property Trust 4,300 123,087
----------------------------------------------------------------------------------------------------------
Capstone Capital Corp. 4,900 109,638
----------------------------------------------------------------------------------------------------------
Crescent Real Estate Equities, Inc. 1,600 84,400
----------------------------------------------------------------------------------------------------------
Health & Retirement Property Trust 5,700 110,438
----------------------------------------------------------------------------------------------------------
Meditrust Corp. 2,800 112,000
---------
539,563
- --------------------------------------------------------------------------------------------------------------
MANUFACTURING - 2.9%
- --------------------------------------------------------------------------------------------------------------
AEROSPACE/ELECTRONICS/COMPUTERS - 2.3%
----------------------------------------------------------------------------------------------------------
General Dynamics Corp. 2,500 176,250
----------------------------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 2,800 113,400
----------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. 1,100 100,650
----------------------------------------------------------------------------------------------------------
Rockwell International Corp. 1,700 103,488
----------------------------------------------------------------------------------------------------------
TRW, Inc. 1,800 89,100
---------
582,888
- --------------------------------------------------------------------------------------------------------------
CAPITAL GOODS - 0.6%
----------------------------------------------------------------------------------------------------------
PACCAR, Inc. 2,100 142,800
- --------------------------------------------------------------------------------------------------------------
OTHER - 0.2%
- --------------------------------------------------------------------------------------------------------------
Hanson plc, ADR 6,700 45,225
- --------------------------------------------------------------------------------------------------------------
RETAIL - 0.8%
- --------------------------------------------------------------------------------------------------------------
Brown Group, Inc. 5,700 104,738
----------------------------------------------------------------------------------------------------------
New England Business Service, Inc. 4,200 90,300
---------
195,038
</TABLE>
26
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
UTILITIES - 7.2%
- --------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 5.8%
----------------------------------------------------------------------------------------------------------
American Electric Power Co., Inc. 2,400 $ 98,700
----------------------------------------------------------------------------------------------------------
El Paso Natural Gas Co. 3,400 171,700
----------------------------------------------------------------------------------------------------------
Entergy Corp. 4,200 116,550
----------------------------------------------------------------------------------------------------------
FPL Group, Inc. 3,100 142,600
----------------------------------------------------------------------------------------------------------
Illinova Corp. 3,400 93,500
----------------------------------------------------------------------------------------------------------
Kansas City Power & Light Co. 4,500 128,250
----------------------------------------------------------------------------------------------------------
National Fuel Gas Co. 3,300 136,125
----------------------------------------------------------------------------------------------------------
PanEnergy Corp. 5,600 252,000
----------------------------------------------------------------------------------------------------------
Questar Corp. 3,900 143,325
----------------------------------------------------------------------------------------------------------
Texas Utilities Co. 2,000 81,500
----------------------------------------------------------------------------------------------------------
Western Resources, Inc. 3,500 108,063
---------
1,472,313
- --------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - 1.4%
----------------------------------------------------------------------------------------------------------
Ameritech Corp. 2,000 121,250
----------------------------------------------------------------------------------------------------------
GTE Corp. 2,500 113,750
----------------------------------------------------------------------------------------------------------
NYNEX Corp. 2,300 110,688
---------
345,688
---------
Total Common Stocks (Cost $4,629,600) 5,480,478
- --------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.8%
- --------------------------------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-vtg. 1,100 147,125
----------------------------------------------------------------------------------------------------------
K-III Communications Corp., 10% Exchangeable Preferred
Stock, Series D (2) 500 49,125
---------
Total Preferred Stocks (Cost $155,325) 196,250
UNITS
- --------------------------------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES - 0.0%
- --------------------------------------------------------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp. 8/02 (Cost $0) 75 --
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 6.6%
- --------------------------------------------------------------------------------------------------------------
Repurchase agreement with State Street Bank and Trust
Co., 4.50%, dated 12/31/96, to be repurchased at
$1,678,420 on 1/2/97, collateralized by U.S. Treasury
Bonds, 7.50%-8.875%, 11/15/16-2/15/19, with a value of
$1,541,543 and U.S. Treasury Nts., 6.50%, 5/15/97, with a
value of $197,372 (Cost $1,678,000) $ 1,678,000 1,678,000
----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $23,868,516) 98.5% 24,890,439
----------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.5 383,660
-------------- -------------
NET ASSETS 100.0% $ 25,274,099
-------------- -------------
-------------- -------------
</TABLE>
27
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
1. Interest-Only Strips represent the right to receive the monthly
interest payments on an underlyingpool 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. Identifies issues considered to be illiquid. These securities amount
to $212,315 or 0.84% of the Fund's net assets at December 31, 1996.
3. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These
securities have been determined to be liquid under guidelines established
by the Board of Directors. These securities amount to $374,433 or 1.48% of
the Fund's net assets, at December 31, 1996.
4. Denotes a step bond: a zero coupon bond that converts to a fixed or
variable interest rate at a designated future date.
5. Interest or dividend is paid in kind.
6. For zero coupon bonds, the interest rate shown is the effective yield
on the date of purchase.
7. Non-income producing security.
See accompanying Notes to Financial Statements.
28
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MORTGAGE-BACKED OBLIGATIONS - 4.0%
Federal Home Loan Mortgage Corp.:
Series 1843, Cl. VB, 7%, 4/15/03 $ 50,000 $ 50,218
Series 1849, Cl. VA, 6%, 12/15/10 157,418 154,565
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates:
5.50%, 6/1/98 (1) 17,019 16,850
6%, 3/1/09 192,603 186,962
Series 1574, Cl. PD, 5.55%, 3/15/13 100,000 99,437
Interest-Only Stripped Mtg.-Backed Security, Trust 1542:
Cl. QC, 9.115%, 10/15/20 (2) 500,000 129,844
Cl. QC, 9.115%, 10/15/20 (2) 400,000 103,875
---------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 162,403 159,352
6.50%, 4/1/26 147,504 140,725
7%, 4/1/00 186,220 187,112
Medium-Term Nts., 6.56%, 11/13/01 225,000 224,161
Series 1994-13, Cl. B, 6.50%, 2/25/09 100,000 95,718
Collateralized Mtg. Obligations, Gtd. Real Estate Mtg.
Investment Conduit Pass-Through Certificates:
Series 1993-181, Cl. C, 5.40%, 10/25/02 200,000 198,436
Series 1993-190, Cl. Z, 5.85%, 7/25/08 120,242 118,265
---------------------------------------------------------------------------------------------------------------
GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3,
7.30%, 3/25/12 100,000 101,250
---------------------------------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Series 1996-A,
Cl. A4, 5.85%, 7/15/01 90,000 89,466
----------
Total Mortgage-Backed Obligations (Cost $2,053,755) 2,056,236
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 6.2%
- -------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 1,055,000 1,142,038
---------------------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
5.125%, 4/30/98 550,000 544,501
6.50%, 8/15/05 550,000 553,953
6.75%, 6/30/99 695,000 707,380
7.25%, 8/15/04 195,000 205,360
----------
Total U.S. Government Obligations (Cost $3,090,811) 3,153,232
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 24.1%
- -------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 3.5%
- -------------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.6%
---------------------------------------------------------------------------------------------------------------
Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 85,000 85,914
---------------------------------------------------------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 100,000 106,848
---------------------------------------------------------------------------------------------------------------
ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 (3) 64,000 67,040
---------------------------------------------------------------------------------------------------------------
Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 70,000 70,309
- -------------------------------------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts.,
6/1/20 50,000 61,240
</TABLE>
29
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CHEMICALS (CONTINUED)
---------------------------------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (4) $ 175,000 $ 151,812
---------------------------------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 50,000 59,668
---------------------------------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 125,000 139,375
---------------------------------------------------------------------------------------------------------------
Sterling Chemical Holdings, Inc., 0%/13.50% Sr. Disc. Nts.,
8/15/08 (4) 150,000 88,500
----------
830,706
- -------------------------------------------------------------------------------------------------------------------
METALS - 0.5%
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 100,000 108,677
---------------------------------------------------------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts., 12/1/04 (3) 125,000 128,125
----------
236,802
- -------------------------------------------------------------------------------------------------------------------
PAPER - 1.4%
---------------------------------------------------------------------------------------------------------------
Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 85,000 85,850
---------------------------------------------------------------------------------------------------------------
Fort Howard Corp.:
9% Sr. Sub. Nts., 2/1/06 125,000 127,344
9.25% Sr. Nts., 3/15/01 50,000 52,125
---------------------------------------------------------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs.,
5/15/05 125,000 138,437
---------------------------------------------------------------------------------------------------------------
Georgia-Pacific Corp., 9.85% Credit Sensitive Nts.,
6/15/97 170,000 172,983
---------------------------------------------------------------------------------------------------------------
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 125,000 126,875
----------
703,614
- -------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 7.7%
- -------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.2%
---------------------------------------------------------------------------------------------------------------
Black & Decker Corp., 6.625% Nts., 11/15/00 85,000 84,984
- -------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.2%
---------------------------------------------------------------------------------------------------------------
American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (1) 100,000 105,750
---------------------------------------------------------------------------------------------------------------
Argosy Gaming Co., 13.25% First Mtg. Nts., 6/1/04 50,000 46,625
---------------------------------------------------------------------------------------------------------------
Blockbuster Entertainment Corp., 6.625% Sr. Nts.,
2/15/98 85,000 85,286
---------------------------------------------------------------------------------------------------------------
Casino America, Inc., 12.50% Sr. Nts., 8/1/03 125,000 119,219
---------------------------------------------------------------------------------------------------------------
Casino Magic of Louisiana Corp., 13% First Mtg. Nts.,
8/15/03 (3) 200,000 198,500
---------------------------------------------------------------------------------------------------------------
Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs.,
9/15/03 125,000 132,812
---------------------------------------------------------------------------------------------------------------
Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B,
2/15/98 125,000 18,750
---------------------------------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts.,
Series B, 11/15/02 125,000 165,625
---------------------------------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 125,000 131,875
---------------------------------------------------------------------------------------------------------------
Showboat, Inc., 9.25% First Mtg. Bonds, 5/1/08 100,000 98,500
---------------------------------------------------------------------------------------------------------------
Stuart Entertainment, Inc., 12.50% Sr. Sub. Nts., 11/15/04 (3) 100,000 102,250
---------------------------------------------------------------------------------------------------------------
Trump Atlantic City Associates/Trump Atlantic City
Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 75,000 74,625
---------------------------------------------------------------------------------------------------------------
Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 125,000 111,562
---------------------------------------------------------------------------------------------------------------
Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A,
3/30/01 130,000 129,546
---------------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06 100,000 106,500
----------
1,627,425
</TABLE>
30
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MEDIA - 2.7%
--------------------------------------------------------------------------------------------------------------
Cablevision Systems Corp., 9.875% Sr. Sub. Nts., 5/15/06 $ 50,000 $ 51,562
--------------------------------------------------------------------------------------------------------------
Century Communications Corp., 9.75% Sr. Nts., 2/15/02 100,000 103,500
--------------------------------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 125,000 128,437
--------------------------------------------------------------------------------------------------------------
Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07 (4) 125,000 89,687
--------------------------------------------------------------------------------------------------------------
EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec.
Disc. Nts., 3/15/04 (4) 100,000 77,000
--------------------------------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred
Coupon Nts., Series B, 2/1/06 (4) 200,000 137,000
--------------------------------------------------------------------------------------------------------------
MDC Communications Corp., 10.50% Sr. Sub. Nts.,
12/1/06 125,000 129,531
--------------------------------------------------------------------------------------------------------------
New World Communications Group Holding Corp., Zero
Coupon Sr. Disc. Nts., Series B, 11.022%, 6/15/99 (5) 250,000 209,375
--------------------------------------------------------------------------------------------------------------
Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term
Nts., 2/10/97 45,000 45,065
--------------------------------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 125,000 127,969
--------------------------------------------------------------------------------------------------------------
TeleWest plc:
0%/11% Sr. Disc. Debs., 10/1/07 (4) 75,000 52,500
9.625% Sr. Debs., 10/1/06 75,000 77,250
--------------------------------------------------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts., 2/1/98 85,000 86,116
--------------------------------------------------------------------------------------------------------------
United International Holdings, Inc., Zero Coupon Sr. Sec.
Disc. Nts., 12.915%, 11/15/99 (5) 100,000 71,500
-------------
1,386,492
- ------------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL - 1.3%
--------------------------------------------------------------------------------------------------------------
Dayton Hudson Co., 9.40% Debs., 2/15/01 100,000 109,427
--------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 35,000 38,014
--------------------------------------------------------------------------------------------------------------
Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 90,000 89,116
--------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 175,000 182,821
--------------------------------------------------------------------------------------------------------------
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 125,000 138,437
--------------------------------------------------------------------------------------------------------------
William Carter Co., 10.375% Sr. Sub. Nts., 12/1/06 (3) 125,000 130,000
---------
687,815
- ------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 0.3%
--------------------------------------------------------------------------------------------------------------
Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series B,
10/15/05 125,000 133,750
- ------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 2.8%
- ------------------------------------------------------------------------------------------------------------------
FOOD - 1.2%
--------------------------------------------------------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 95,000 95,360
--------------------------------------------------------------------------------------------------------------
Fresh Del Monte Produce NV, 10% Sr. Nts., Series B,
5/1/03 125,000 119,375
--------------------------------------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 85,000 87,056
--------------------------------------------------------------------------------------------------------------
Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon
Nts., 11/1/03 (4) 250,000 163,125
--------------------------------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05 125,000 138,125
-------------
603,041
- ------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 1.2%
--------------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 100,000 101,089
--------------------------------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 125,000 135,625
</TABLE>
31
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES (CONTINUED)
--------------------------------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A,
9/15/05 $ 125,000 $ 139,062
--------------------------------------------------------------------------------------------------------------
Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts.,
8/15/06 100,000 94,250
--------------------------------------------------------------------------------------------------------------
Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts.,
10/15/02 125,000 126,562
-------------
596,588
- ------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.4%
Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 170,000 171,275
--------------------------------------------------------------------------------------------------------------
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 50,000 51,403
-------------
222,678
- ------------------------------------------------------------------------------------------------------------------
ENERGY - 1.4%
- ------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 1.3%
Coastal Corp.:
8.125% Sr. Nts., 9/15/02 50,000 52,995
8.75% Sr. Nts., 5/15/99 35,000 36,706
--------------------------------------------------------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 55,000 57,681
--------------------------------------------------------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (6) 139,128 118,993
--------------------------------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 50,000 50,561
--------------------------------------------------------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts., 11/1/03 125,000 127,500
NorAm Energy Corp., 9.875% Nts., 4/15/97 170,000 171,870
--------------------------------------------------------------------------------------------------------------
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec.
Debs., 2/1/06 50,000 47,404
-------------
663,710
- ------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 0.1%
Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 50,000 52,641
--------------------------------------------------------------------------------------------------------------
FINANCIAL - 4.2%
BANKS - 1.3%
--------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 35,000 35,213
--------------------------------------------------------------------------------------------------------------
Chevy Chase Bank FSB, 9.25% Sub. Debs., 12/1/08 125,000 127,500
--------------------------------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 50,000 48,410
--------------------------------------------------------------------------------------------------------------
First Fidelity Bancorporation, 8.50% Sub. Capital Nts.,
4/1/98 35,000 35,909
--------------------------------------------------------------------------------------------------------------
First Union Corp., 6.75% Sr. Nts., 1/15/98 35,000 35,280
--------------------------------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 85,000 95,205
--------------------------------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 85,000 85,027
--------------------------------------------------------------------------------------------------------------
Mellon Capital I, 7.72% Bonds, 12/1/26 75,000 72,952
--------------------------------------------------------------------------------------------------------------
Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 115,000 115,598
-------------
651,094
- ------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.3%
American General Finance Corp., 8.50% Sr. Nts., 8/15/98 40,000 41,478
--------------------------------------------------------------------------------------------------------------
Associates Corp. of North America, 7.40% Medium-Term
Nts., 7/7/99 40,000 41,068
--------------------------------------------------------------------------------------------------------------
Beneficial Corp., 9.125% Debs., 2/15/98 85,000 87,785
--------------------------------------------------------------------------------------------------------------
Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 45,000 45,232
--------------------------------------------------------------------------------------------------------------
Capital One Funding Corp., 7.25% Nts., 12/1/03 40,000 39,600
--------------------------------------------------------------------------------------------------------------
Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec.
Unsub. Nts., 1/26/01 40,000 40,508
</TABLE>
32
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
--------------------------------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 $ 85,000 $ 81,922
--------------------------------------------------------------------------------------------------------------
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 50,000 48,944
6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 40,000 39,756
6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 40,000 40,198
--------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 85,000 85,478
--------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 175,000 168,764
--------------------------------------------------------------------------------------------------------------
Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 35,000 36,313
--------------------------------------------------------------------------------------------------------------
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 125,000 127,813
--------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 85,000 84,625
--------------------------------------------------------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 35,000 35,200
--------------------------------------------------------------------------------------------------------------
Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 35,000 36,180
--------------------------------------------------------------------------------------------------------------
Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D,
3/1/99 100,000 104,325
---------
1,185,189
- ------------------------------------------------------------------------------------------------------------------
INSURANCE - 0.6%
--------------------------------------------------------------------------------------------------------------
Cigna Corp., 7.90% Nts., 12/14/98 100,000 102,890
--------------------------------------------------------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts., 1/15/99 110,000 115,110
--------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., 6.75% Nts.,
4/15/01 85,000 85,455
---------
303,455
- ------------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 1.2%
--------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.5%
--------------------------------------------------------------------------------------------------------------
American Standard, Inc., 10.875% Sr. Nts., 5/15/99 100,000 107,000
--------------------------------------------------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05 125,000 130,313
---------
237,313
- ------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 0.1%
--------------------------------------------------------------------------------------------------------------
USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 (1) 70,000 69,038
- ------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 0.3%
--------------------------------------------------------------------------------------------------------------
Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 125,000 123,750
--------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 25,000 25,906
---------
149,656
- ------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.3%
--------------------------------------------------------------------------------------------------------------
Federal Express Corp., 6.25% Nts., 4/15/98 90,000 90,065
--------------------------------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 85,000 86,270
---------
176,335
- ------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 2.6%
- ------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 0.1%
--------------------------------------------------------------------------------------------------------------
British Aerospace plc, 8% Debs., 5/27/97 40,000 40,325
- ------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 0.2%
--------------------------------------------------------------------------------------------------------------
Digital Equipment Corp., 7% Nts., 11/15/97 115,000 115,008
- ------------------------------------------------------------------------------------------------------------------
ELECTRONICS - 0.1%
--------------------------------------------------------------------------------------------------------------
Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 62,000 67,890
- ------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 2.2%
--------------------------------------------------------------------------------------------------------------
American Communications Services, Inc., 0%/13% Sr. Disc. Nts.,
11/1/05 (4) 100,000 59,500
--------------------------------------------------------------------------------------------------------------
Arch Communications Group, Inc., 0%/10.875% Sr. Disc.
Nts., 3/15/08 (4) 150,000 86,438
</TABLE>
33
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED)
--------------------------------------------------------------------------------------------------------------
Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts.,
11/1/06 (3)(4) $ 125,000 $ 80,313
--------------------------------------------------------------------------------------------------------------
Continental Cablevision, Inc., 10.625% Sr. Sub. Nts.,
6/15/02 100,000 107,242
--------------------------------------------------------------------------------------------------------------
MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 85,000 86,590
--------------------------------------------------------------------------------------------------------------
Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 125,000 106,875
--------------------------------------------------------------------------------------------------------------
MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts.,
1/15/04 (4) 175,000 153,125
--------------------------------------------------------------------------------------------------------------
Omnipoint Corp., 11.625% Sr. Nts., 8/15/06 (3) 125,000 130,625
--------------------------------------------------------------------------------------------------------------
PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03 (4) 175,000 150,500
--------------------------------------------------------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr.
Nts., 8/15/06 100,000 108,750
--------------------------------------------------------------------------------------------------------------
Teleport Communications Group, Inc.:
0%/11.125% Sr. Disc. Nts., 7/1/07 (4) 50,000 34,500
9.875% Sr. Nts., 7/1/06 50,000 53,750
---------
1,158,208
- ------------------------------------------------------------------------------------------------------------------
UTILITIES - 0.7%
- ------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.2%
--------------------------------------------------------------------------------------------------------------
Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 85,000 86,985
--------------------------------------------------------------------------------------------------------------
El Paso Electric Co., 7.25% First Mtg. Nts., Series A,
2/1/99 40,000 40,250
---------
127,235
--------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.3%
--------------------------------------------------------------------------------------------------------------
Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 170,000 169,927
- ------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 0.2%
--------------------------------------------------------------------------------------------------------------
GTE Corp., 8.85% Debs., 3/1/98 40,000 41,209
--------------------------------------------------------------------------------------------------------------
Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 (3) 50,000 52,438
---------
93,647
---------
Total Non-Convertible Corporate Bonds and Notes (Cost $12,238,856) 12,374,566
- ------------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND NOTES - 0.1%
- ------------------------------------------------------------------------------------------------------------------
Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts.,
3/1/99 (Cost $37,251) 35,000 36,540
SHARES
- ------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 52.7%
- ------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 1.8%
- ------------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.9%
--------------------------------------------------------------------------------------------------------------
Daicel Chemical Industries Ltd. 10,000 46,782
--------------------------------------------------------------------------------------------------------------
Dexter Corp. 3,600 114,750
--------------------------------------------------------------------------------------------------------------
Hoechst AG 1,500 69,398
--------------------------------------------------------------------------------------------------------------
IMC Global, Inc. 2,834 110,880
--------------------------------------------------------------------------------------------------------------
Millennium Chemicals, Inc. (7) 478 8,484
--------------------------------------------------------------------------------------------------------------
Potash Corp. of Saskatchewan, Inc. 1,100 93,500
---------
443,794
</TABLE>
34
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
METALS - 0.7%
----------------------------------------------------------------------------------------------------------
Carpenter Technology Corp. 2,800 $ 102,550
----------------------------------------------------------------------------------------------------------
RMI Titanium Co. (7) 2,600 73,125
----------------------------------------------------------------------------------------------------------
RTZ Corp. plc 4,000 64,272
----------------------------------------------------------------------------------------------------------
UNR Industries, Inc. 12,000 72,000
----------------------------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 7,000 44,089
--------------
356,036
- --------------------------------------------------------------------------------------------------------------
PAPER - 0.2%
----------------------------------------------------------------------------------------------------------
Fort Howard Corp. (7) 4,200 116,287
- --------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 9.6%
- --------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 2.2%
----------------------------------------------------------------------------------------------------------
Autoliv AB 2,000 87,580
----------------------------------------------------------------------------------------------------------
Bridgestone Corp. 3,000 56,862
----------------------------------------------------------------------------------------------------------
Camden Property Trust 4,300 123,087
----------------------------------------------------------------------------------------------------------
Capstone Capital Corp. 4,900 109,637
----------------------------------------------------------------------------------------------------------
Cheung Kong (Holdings) Ltd. 8,000 71,105
----------------------------------------------------------------------------------------------------------
Crescent Real Estate Equities, Inc. 2,600 137,150
----------------------------------------------------------------------------------------------------------
Groupe SEB SA 400 78,250
----------------------------------------------------------------------------------------------------------
Health & Retirement Property Trust 5,700 110,437
----------------------------------------------------------------------------------------------------------
Honda Motor Co. 3,000 85,552
----------------------------------------------------------------------------------------------------------
Meditrust Corp. 2,800 112,000
----------------------------------------------------------------------------------------------------------
Miller Industries, Inc. (7) 3,300 66,000
----------------------------------------------------------------------------------------------------------
Rinnai Corp. 4,000 80,296
--------------
1,117,956
- --------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.5%
----------------------------------------------------------------------------------------------------------
AMR Corp. (7) 1,200 105,750
----------------------------------------------------------------------------------------------------------
Atlas Air, Inc. (7) 4,100 195,775
----------------------------------------------------------------------------------------------------------
CDL Hotels International Ltd. 164,000 93,820
----------------------------------------------------------------------------------------------------------
Dover Downs Entertainment, Inc. (7) 3,400 60,775
----------------------------------------------------------------------------------------------------------
Einstein/Noah Bagel Corp. (7) 2,500 74,375
----------------------------------------------------------------------------------------------------------
EMI Group plc 2,500 59,088
----------------------------------------------------------------------------------------------------------
Galoob Toys, Inc. (7) 500 7,000
----------------------------------------------------------------------------------------------------------
Granada Group plc 5,000 73,916
----------------------------------------------------------------------------------------------------------
Landry's Seafood Restaurants, Inc. (7) 2,600 55,575
----------------------------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A (7) 1,500 58,687
----------------------------------------------------------------------------------------------------------
Papa John's International, Inc. (7) 2,175 73,406
----------------------------------------------------------------------------------------------------------
Piccadilly Cafeterias, Inc. 6,300 58,275
----------------------------------------------------------------------------------------------------------
Regal Cinemas, Inc. (7) 4,550 139,912
----------------------------------------------------------------------------------------------------------
VideoServer, Inc. (7) 2,500 106,250
----------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp. (7) 4,400 108,350
--------------
1,270,954
- --------------------------------------------------------------------------------------------------------------
MEDIA - 0.9%
----------------------------------------------------------------------------------------------------------
Benpres Holdings Corp., Sponsored GDR (7) 5,000 37,500
----------------------------------------------------------------------------------------------------------
Emmis Broadcasting Corp., Cl. A (7) 2,000 65,500
----------------------------------------------------------------------------------------------------------
Heftel Broadcasting Corp., A Shares (7) 2,000 63,000
----------------------------------------------------------------------------------------------------------
Reed International plc 3,500 65,831
----------------------------------------------------------------------------------------------------------
Reuters Holdings plc 5,000 64,366
----------------------------------------------------------------------------------------------------------
Television Broadcasts Ltd. 21,000 83,891
</TABLE>
35
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MEDIA (CONTINUED)
----------------------------------------------------------------------------------------------------------
Wolters Kluwer NV (7) 600 $ 79,607
--------------
459,695
- --------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL - 1.7%
----------------------------------------------------------------------------------------------------------
Dollar Tree Stores, Inc. (7) 2,200 84,150
----------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc. (7) 3,300 112,612
----------------------------------------------------------------------------------------------------------
Marks & Spencer plc 8,000 67,424
----------------------------------------------------------------------------------------------------------
Nautica Enterprises, Inc. (7) 4,500 113,625
----------------------------------------------------------------------------------------------------------
North Face, Inc. (The) (7) 3,300 63,525
----------------------------------------------------------------------------------------------------------
Price/Costco, Inc. (7) 4,100 103,012
----------------------------------------------------------------------------------------------------------
St. John Knits, Inc. 2,700 117,450
----------------------------------------------------------------------------------------------------------
Wolverine World Wide, Inc. 3,900 113,100
----------------------------------------------------------------------------------------------------------
Zeneca Group plc 4,000 112,715
--------------
887,613
- --------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 2.3%
----------------------------------------------------------------------------------------------------------
adidas AG 600 51,781
----------------------------------------------------------------------------------------------------------
Brown Group, Inc. 6,200 113,925
----------------------------------------------------------------------------------------------------------
CDW Computer Centers, Inc. (7) 2,400 142,350
----------------------------------------------------------------------------------------------------------
Cifra SA de CV, Unsponsored ADR, B Shares (7) 36,000 43,992
----------------------------------------------------------------------------------------------------------
Dickson Concepts International Ltd. 22,000 82,482
----------------------------------------------------------------------------------------------------------
Finish Line, Inc., Cl. A (7) 5,700 120,412
----------------------------------------------------------------------------------------------------------
Jusco Co. 2,000 67,718
----------------------------------------------------------------------------------------------------------
Koninklijke Ahold NV 1,733 108,204
----------------------------------------------------------------------------------------------------------
New England Business Service, Inc. 4,200 90,300
----------------------------------------------------------------------------------------------------------
Next plc 7,000 68,229
----------------------------------------------------------------------------------------------------------
Shimamura Co. Ltd. 2,000 68,579
----------------------------------------------------------------------------------------------------------
Toys 'R' Us, Inc. (7) 3,900 117,000
----------------------------------------------------------------------------------------------------------
U.S. Office Products Co. (7) 3,500 119,437
--------------
1,194,409
- --------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 7.6%
- --------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.7%
----------------------------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 5,400 216,000
----------------------------------------------------------------------------------------------------------
Embotelladora Andina SA, Sponsored ADR 2,450 74,725
----------------------------------------------------------------------------------------------------------
Quilmes Industrial Quinsa SA, Sponsored ADR 7,500 68,437
--------------
359,162
- --------------------------------------------------------------------------------------------------------------
EDUCATION - 0.3%
----------------------------------------------------------------------------------------------------------
ITT Educational Services, Inc. (7) 3,400 78,625
----------------------------------------------------------------------------------------------------------
Learning Tree International, Inc. (7) 2,850 84,075
--------------
162,700
- --------------------------------------------------------------------------------------------------------------
FOOD - 1.2%
----------------------------------------------------------------------------------------------------------
American Stores Co. 2,800 114,450
----------------------------------------------------------------------------------------------------------
Archer-Daniels-Midland Co. 4,620 101,640
----------------------------------------------------------------------------------------------------------
Carrefour Supermarche SA 172 111,695
----------------------------------------------------------------------------------------------------------
Danisco AS 1,300 78,896
----------------------------------------------------------------------------------------------------------
Kroger Co. (7) 2,400 111,600
----------------------------------------------------------------------------------------------------------
William Morrison Supermarkets plc 33,000 92,990
--------------
611,271
- --------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 2.1%
----------------------------------------------------------------------------------------------------------
Astra AB Free, Series A 1,500 74,033
</TABLE>
36
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
HEALTHCARE/DRUGS (CONTINUED)
---------------------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 1,600 $ 174,000
---------------------------------------------------------------------------------------------------------------
Clintrials Research, Inc. (7) 4,150 94,412
---------------------------------------------------------------------------------------------------------------
Dura Pharmaceuticals, Inc. (7) 3,200 152,800
---------------------------------------------------------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR 3,200 101,600
---------------------------------------------------------------------------------------------------------------
Jones Medical Industries, Inc. 3,150 115,369
---------------------------------------------------------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl. A (7) 1,700 74,800
---------------------------------------------------------------------------------------------------------------
Novartis AG (7) 100 114,171
---------------------------------------------------------------------------------------------------------------
Schering AG 1,000 84,290
---------------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 5,000 104,678
----------
1,090,153
- -------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 2.3%
---------------------------------------------------------------------------------------------------------------
CNS, Inc. (7) 3,200 46,000
---------------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 2,250 91,687
---------------------------------------------------------------------------------------------------------------
Compdent Corp. (7) 1,800 63,450
---------------------------------------------------------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR 1,200 62,400
---------------------------------------------------------------------------------------------------------------
National Surgery Centers, Inc. (7) 2,700 102,600
---------------------------------------------------------------------------------------------------------------
OrNda Healthcorp (7) 3,400 99,450
---------------------------------------------------------------------------------------------------------------
Pediatrix Medical Group, Inc. (7) 2,800 103,250
---------------------------------------------------------------------------------------------------------------
Physician Sales & Service, Inc. (7) 4,500 64,688
---------------------------------------------------------------------------------------------------------------
Renal Treatment Centers, Inc. (7) 3,800 96,900
---------------------------------------------------------------------------------------------------------------
Rural/Metro Corp. (7) 3,100 111,600
---------------------------------------------------------------------------------------------------------------
SmithKline Beecham plc 13,296 184,372
---------------------------------------------------------------------------------------------------------------
Total Renal Care Holdings, Inc. (7) 2,600 94,250
---------------------------------------------------------------------------------------------------------------
WellPoint Health Networks, Inc. (7) 1,300 44,688
----------
1,165,335
- -------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.8%
---------------------------------------------------------------------------------------------------------------
Blyth Industries, Inc. (7) 2,800 127,750
---------------------------------------------------------------------------------------------------------------
L'OREAL 250 93,965
---------------------------------------------------------------------------------------------------------------
Premark International, Inc. 4,600 102,350
---------------------------------------------------------------------------------------------------------------
Tupperware Corp. 1,200 64,350
----------
388,415
- -------------------------------------------------------------------------------------------------------------------
TOBACCO - 0.2%
---------------------------------------------------------------------------------------------------------------
Imperial Tobacco Group plc, ADR (7) 1,675 21,613
---------------------------------------------------------------------------------------------------------------
PT Gudang Garam (7) 17,000 73,397
----------
95,010
- -------------------------------------------------------------------------------------------------------------------
ENERGY - 2.4%
---------------------------------------------------------------------------------------------------------------
Amoco Corp. 2,700 217,350
---------------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 1,100 145,750
---------------------------------------------------------------------------------------------------------------
Chevron Corp. 4,600 299,000
---------------------------------------------------------------------------------------------------------------
Exxon Corp. 2,600 254,800
---------------------------------------------------------------------------------------------------------------
Mobil Corp. 2,000 244,500
---------------------------------------------------------------------------------------------------------------
Total SA, B Shares 1,000 81,174
----------
1,242,574
- -------------------------------------------------------------------------------------------------------------------
FINANCIAL - 6.2%
- -------------------------------------------------------------------------------------------------------------------
BANKS - 2.8%
---------------------------------------------------------------------------------------------------------------
Banco Popular Espanol SA 400 78,552
---------------------------------------------------------------------------------------------------------------
Bank of Boston Corp. 4,600 295,550
---------------------------------------------------------------------------------------------------------------
BankAmerica Corp. 3,400 339,150
</TABLE>
37
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BANKS (CONTINUED)
---------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 1,900 $ 169,575
---------------------------------------------------------------------------------------------------------------
HSBC Holdings plc 4,000 85,585
---------------------------------------------------------------------------------------------------------------
Malayan Banking Berhad 6,000 66,521
---------------------------------------------------------------------------------------------------------------
NationsBank Corp. 1,800 175,950
---------------------------------------------------------------------------------------------------------------
PNC Bank Corp. 6,300 237,038
----------
1,447,921
- -------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.1%
---------------------------------------------------------------------------------------------------------------
Amresco, Inc. (7) 4,200 112,350
---------------------------------------------------------------------------------------------------------------
First Pacific Co. Ltd. 42,000 54,570
---------------------------------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 25,000 56,834
---------------------------------------------------------------------------------------------------------------
ING Groep NV 2,500 89,898
---------------------------------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. 3,500 67,829
---------------------------------------------------------------------------------------------------------------
Nichiei Co. Ltd. 1,000 73,318
---------------------------------------------------------------------------------------------------------------
Oxford Resources Corp., Cl. A (7) 2,900 89,538
---------------------------------------------------------------------------------------------------------------
Perlis Plantations Berhad 17,500 54,395
---------------------------------------------------------------------------------------------------------------
Salomon, Inc. 1,800 84,825
---------------------------------------------------------------------------------------------------------------
Sirrom Capital Corp. 2,700 99,225
---------------------------------------------------------------------------------------------------------------
Southcorp Holdings Ltd. 24,000 76,248
---------------------------------------------------------------------------------------------------------------
Swire Pacific Ltd., Cl. B 46,000 69,580
---------------------------------------------------------------------------------------------------------------
Travelers Group, Inc. 2,500 113,438
---------------------------------------------------------------------------------------------------------------
United Industrial Corp. Ltd. 70,000 59,050
----------
1,101,098
- -------------------------------------------------------------------------------------------------------------------
INSURANCE - 1.3%
---------------------------------------------------------------------------------------------------------------
AFLAC, Inc. 2,800 119,700
---------------------------------------------------------------------------------------------------------------
Conseco, Inc. 1,400 89,250
---------------------------------------------------------------------------------------------------------------
General Re Corp. 800 126,200
---------------------------------------------------------------------------------------------------------------
Hartford Steam Boiler Inspection & Insurance Co. 2,500 115,938
---------------------------------------------------------------------------------------------------------------
Sumitomo Marine & Fire Insurance Co. 11,000 68,235
---------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., Cl. A 3,700 130,888
----------
650,211
- -------------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 7.1%
- -------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.4%
---------------------------------------------------------------------------------------------------------------
ABB AG 65 80,601
---------------------------------------------------------------------------------------------------------------
Johnson Electric Holdings Ltd. 27,000 74,699
---------------------------------------------------------------------------------------------------------------
Mabuchi Motor Co. 800 40,183
----------
195,483
- -------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 2.5%
---------------------------------------------------------------------------------------------------------------
Computer Horizons Corp. (7) 3,100 119,350
---------------------------------------------------------------------------------------------------------------
Corestaff, Inc. (7) 4,650 110,147
---------------------------------------------------------------------------------------------------------------
Corrections Corp. of America (7) 4,400 134,750
---------------------------------------------------------------------------------------------------------------
DT Industries, Inc. 1,900 66,500
---------------------------------------------------------------------------------------------------------------
Hays plc 9,000 86,644
---------------------------------------------------------------------------------------------------------------
Kurita Water Industries Ltd. 3,000 60,481
---------------------------------------------------------------------------------------------------------------
NGK Spark Plug Co. 5,000 54,708
---------------------------------------------------------------------------------------------------------------
NOVA Corp. (7) 2,800 61,950
---------------------------------------------------------------------------------------------------------------
Precision Response Corp. (7) 1,700 59,713
---------------------------------------------------------------------------------------------------------------
SGS Societe Generale de Surveillance Holding SA,
Series B 30 73,507
</TABLE>
38
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INDUSTRIAL SERVICES (CONTINUED)
---------------------------------------------------------------------------------------------------------------
SITEL Corp. (7) 5,600 $ 79,800
---------------------------------------------------------------------------------------------------------------
Tetra Tech, Inc. (7) 3,875 76,531
---------------------------------------------------------------------------------------------------------------
Transaction Systems Architects, Inc., Cl. A (7) 3,400 113,050
---------------------------------------------------------------------------------------------------------------
United Waste Systems, Inc. (7) 5,600 192,500
------------
1,289,631
- -------------------------------------------------------------------------------------------------------------------
MANUFACTURING - 3.8%
---------------------------------------------------------------------------------------------------------------
AGCO Corp. 3,200 91,600
---------------------------------------------------------------------------------------------------------------
Bic Corp. 500 74,826
---------------------------------------------------------------------------------------------------------------
Canon Sales Co., Inc. 3,300 73,352
---------------------------------------------------------------------------------------------------------------
Case Corp. 2,000 109,000
---------------------------------------------------------------------------------------------------------------
Chicago Miniature Lamp, Inc. (7) 2,650 109,975
---------------------------------------------------------------------------------------------------------------
Deere & Co. 2,500 101,563
---------------------------------------------------------------------------------------------------------------
General Signal Corp. 2,300 98,325
---------------------------------------------------------------------------------------------------------------
Hanson plc, ADR 6,700 45,225
---------------------------------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 10,000 78,539
---------------------------------------------------------------------------------------------------------------
Ingersoll-Rand Co. 2,200 97,900
---------------------------------------------------------------------------------------------------------------
Komatsu Ltd. 6,000 49,108
---------------------------------------------------------------------------------------------------------------
Mannesmann AG 195 83,790
---------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc. 1,995 45,137
---------------------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 6,000 47,558
---------------------------------------------------------------------------------------------------------------
NSK Ltd. 3,000 18,144
---------------------------------------------------------------------------------------------------------------
PACCAR, Inc. 3,700 251,600
---------------------------------------------------------------------------------------------------------------
Shinmaywa Industries Ltd. 2,000 14,698
---------------------------------------------------------------------------------------------------------------
Sidel SA 1,200 82,405
---------------------------------------------------------------------------------------------------------------
SMC Corp. 100 6,711
---------------------------------------------------------------------------------------------------------------
Textron, Inc. 1,900 179,075
---------------------------------------------------------------------------------------------------------------
Tyco International Ltd. 2,200 116,325
---------------------------------------------------------------------------------------------------------------
U.S. Industries, Inc. (7) 4,400 151,250
------------
1,926,106
- -------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.4%
---------------------------------------------------------------------------------------------------------------
Brambles Industries Ltd. 4,000 77,996
---------------------------------------------------------------------------------------------------------------
Union Pacific Corp. 1,700 102,213
------------
180,209
- -------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 11.9%
- -------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 2.4%
---------------------------------------------------------------------------------------------------------------
General Dynamics Corp. 4,200 296,100
---------------------------------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 4,700 190,350
---------------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. 2,400 219,600
---------------------------------------------------------------------------------------------------------------
McDonnell Douglas Corp. 2,200 140,800
---------------------------------------------------------------------------------------------------------------
Rockwell International Corp. 3,500 213,063
---------------------------------------------------------------------------------------------------------------
TRW, Inc. 4,000 198,000
------------
1,257,913
- -------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 1.4%
---------------------------------------------------------------------------------------------------------------
Canon, Inc. 6,000 132,334
---------------------------------------------------------------------------------------------------------------
Citrix Systems, Inc. (7) 2,400 93,750
---------------------------------------------------------------------------------------------------------------
Dell Computer Corp. (7) 2,000 106,250
---------------------------------------------------------------------------------------------------------------
Gateway 2000, Inc. (7) 1,000 53,563
---------------------------------------------------------------------------------------------------------------
Henry (Jack) & Associates, Inc. 2,000 71,500
</TABLE>
39
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMPUTER HARDWARE (CONTINUED)
---------------------------------------------------------------------------------------------------------------
Insight Enterprises, Inc. (7) 2,200 $ 61,600
---------------------------------------------------------------------------------------------------------------
Network Appliance, Inc. (7) 1,700 86,488
---------------------------------------------------------------------------------------------------------------
Storage Technology Corp. (New) (7) 2,800 133,350
------------
738,835
- -------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 3.8%
---------------------------------------------------------------------------------------------------------------
Applix, Inc. (7) 2,700 59,063
---------------------------------------------------------------------------------------------------------------
Cambridge Technology Partners, Inc. (7) 3,300 110,756
---------------------------------------------------------------------------------------------------------------
EPIC Design Technology, Inc. (7) 2,600 65,000
---------------------------------------------------------------------------------------------------------------
Inso Corp. (7) 1,600 63,600
---------------------------------------------------------------------------------------------------------------
JDA Software Group, Inc. (7) 2,300 65,550
---------------------------------------------------------------------------------------------------------------
Medic Computer Systems, Inc. (7) 1,500 60,469
---------------------------------------------------------------------------------------------------------------
National Data Corp. 1,600 69,600
---------------------------------------------------------------------------------------------------------------
Pegasystems, Inc. (7) 2,400 72,300
---------------------------------------------------------------------------------------------------------------
Project Software & Development, Inc. (7) 3,400 144,075
---------------------------------------------------------------------------------------------------------------
Rational Software Corp. (7) 5,200 205,725
---------------------------------------------------------------------------------------------------------------
Remedy Corp. (7) 2,200 118,250
---------------------------------------------------------------------------------------------------------------
SAP AG, Preference 400 54,973
---------------------------------------------------------------------------------------------------------------
Sapient Corp. (7) 1,400 58,975
---------------------------------------------------------------------------------------------------------------
Scopus Technology, Inc. (7) 2,000 93,000
---------------------------------------------------------------------------------------------------------------
Security Dynamics Technologies, Inc. (7) 2,800 88,200
---------------------------------------------------------------------------------------------------------------
Sykes Enterprises, Inc. (7) 2,400 90,000
---------------------------------------------------------------------------------------------------------------
Technology Solutions Co. (7) 2,000 83,000
---------------------------------------------------------------------------------------------------------------
Verilink Corp. (7) 3,000 99,750
---------------------------------------------------------------------------------------------------------------
Veritas Software Corp. (7) 2,250 111,938
---------------------------------------------------------------------------------------------------------------
Viasoft, Inc. (7) 1,300 61,425
---------------------------------------------------------------------------------------------------------------
Visio Corp. (7) 1,700 84,150
---------------------------------------------------------------------------------------------------------------
Wind River Systems (7) 1,700 80,538
------------
1,940,337
- -------------------------------------------------------------------------------------------------------------------
ELECTRONICS - 2.3%
---------------------------------------------------------------------------------------------------------------
Bowthorpe plc 9,000 69,839
---------------------------------------------------------------------------------------------------------------
Electrocomponents plc 13,000 102,660
---------------------------------------------------------------------------------------------------------------
Getronics NV 2,400 65,073
---------------------------------------------------------------------------------------------------------------
Input/Output, Inc. (7) 1,700 31,450
---------------------------------------------------------------------------------------------------------------
Intel Corp. 1,000 130,938
---------------------------------------------------------------------------------------------------------------
Keyence Corp. 600 73,921
---------------------------------------------------------------------------------------------------------------
Kyocera Corp. 1,000 62,204
---------------------------------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 65,133
---------------------------------------------------------------------------------------------------------------
Matsushita Electric Works Ltd. 5,000 42,948
---------------------------------------------------------------------------------------------------------------
Nitto Denko Corp. 4,000 58,585
---------------------------------------------------------------------------------------------------------------
Samsung Electronics Co., Sponsored GDR (3) 1,950 35,978
---------------------------------------------------------------------------------------------------------------
Sony Corp. 1,400 91,548
---------------------------------------------------------------------------------------------------------------
Supertex, Inc. (7) 2,400 31,500
---------------------------------------------------------------------------------------------------------------
TDK Corp. 1,000 65,047
---------------------------------------------------------------------------------------------------------------
Vitesse Semiconductor Corp. (7) 2,600 118,300
---------------------------------------------------------------------------------------------------------------
Waters Corp. (7) 4,700 142,763
------------
1,187,887
- -------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 2.0%
---------------------------------------------------------------------------------------------------------------
Allen Group, Inc. (7) 3,200 71,200
</TABLE>
40
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED)
--------------------------------------------------------------------------------------------------------------
Aspect Telecommunications Corp. (7) 2,800 $ 177,800
--------------------------------------------------------------------------------------------------------------
British Sky Broadcasting Group plc 8,500 76,006
--------------------------------------------------------------------------------------------------------------
Cable Design Technologies Corp. (7) 2,450 76,256
--------------------------------------------------------------------------------------------------------------
Comverse Technology, Inc. (7) 3,500 132,344
--------------------------------------------------------------------------------------------------------------
DSP Communications, Inc. (7) 6,900 133,688
--------------------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR 3,520 106,260
--------------------------------------------------------------------------------------------------------------
Premisys Communications, Inc. (7) 1,300 43,875
--------------------------------------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 15,000 76,518
--------------------------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 24,000 60,672
-------------------------------------------------------------------------------------------------------------
Vodafone Group plc 21,000 88,673
---------
1,043,292
- ------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.1%
- ------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 2.5%
--------------------------------------------------------------------------------------------------------------
American Electric Power Co., Inc. 3,700 152,163
--------------------------------------------------------------------------------------------------------------
CalEnergy, Inc. (7) 2,100 70,613
--------------------------------------------------------------------------------------------------------------
Entergy Corp. 7,100 197,025
--------------------------------------------------------------------------------------------------------------
FPL Group, Inc. 4,900 225,400
--------------------------------------------------------------------------------------------------------------
Illinova Corp. 3,400 93,500
--------------------------------------------------------------------------------------------------------------
Kansas City Power & Light Co. 4,500 128,250
--------------------------------------------------------------------------------------------------------------
Korea Electric Power Corp. 2,300 66,919
--------------------------------------------------------------------------------------------------------------
Texas Utilities Co. 3,300 134,475
--------------------------------------------------------------------------------------------------------------
Veba AG 2,000 114,852
--------------------------------------------------------------------------------------------------------------
Western Resources, Inc. 3,500 108,063
---------
1,291,260
- ------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 2.5%
--------------------------------------------------------------------------------------------------------------
Columbia Gas System, Inc. 3,300 209,963
--------------------------------------------------------------------------------------------------------------
El Paso Natural Gas Co. 3,400 171,700
--------------------------------------------------------------------------------------------------------------
Hong Kong & China Gas Co. Ltd. 32,400 62,622
--------------------------------------------------------------------------------------------------------------
National Fuel Gas Co. 3,500 144,375
--------------------------------------------------------------------------------------------------------------
PanEnergy Corp. 9,800 441,000
--------------------------------------------------------------------------------------------------------------
Questar Corp. 5,600 205,800
--------------------------------------------------------------------------------------------------------------
RWE AG, Preference 1,850 61,822
---------
1,297,282
- ------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 1.1%
--------------------------------------------------------------------------------------------------------------
Ameritech Corp. 2,000 121,250
--------------------------------------------------------------------------------------------------------------
DDI Corp. 7 46,196
--------------------------------------------------------------------------------------------------------------
GTE Corp. 4,700 213,850
--------------------------------------------------------------------------------------------------------------
NYNEX Corp. 2,300 110,688
--------------------------------------------------------------------------------------------------------------
Telefonica de Espana, ADS 3,000 69,657
---------
561,641
---------
Total Common Stocks (Cost $22,276,651) 27,070,470
- ------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.5%
- ------------------------------------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-vtg. 1,100 147,125
--------------------------------------------------------------------------------------------------------------
K-III Communications Corp., 10% Exchangeable Preferred
Stock, Series D (1) 1,000 98,250
</TABLE>
41
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PREFERRED STOCKS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------
Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks (7) 4,400 $ 1,847
--------
Total Preferred Stocks (Cost $207,075) 247,222
UNITS
- ------------------------------------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES - 0.0%
- ------------------------------------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. Wts., Exp. 7/01 2,500 2,484
--------------------------------------------------------------------------------------------------------------
Hong Kong & China Gas Co. Ltd. Wts., Exp. 9/97 2,700 1,501
--------------------------------------------------------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp. 8/02 125 --
--------------------------------------------------------------------------------------------------------------
Renong Berhad Wts., Exp. 11/00 2,750 1,350
-------
Total Rights, Warrants and Certificates (Cost $2,246) 5,335
PRINCIPAL
AMOUNT
- ------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 12.1%
- ------------------------------------------------------------------------------------------------------------------
Repurchase agreement with State Street Bank and
Trust Co., 4.50%, dated 12/31/96, to be repurchased
at $6,245,561 on 1/2/97, collateralized by U.S. Treasury
Bonds, 7.50%-11.25%, 2/15/15-11/15/16, with a value
of $4,123,000 and U.S. Treasury Nts., 5%-6.125%,
1/31/99-2/28/01, with a value of $2,328,769
(Cost $6,244,000) $ 6,244,000 6,244,000
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $46,150,645) 99.7% 51,187,601
--------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.3 148,722
------------ -------------
NET ASSETS 100.0% $ 51,336,323
------------ -------------
------------ -------------
</TABLE>
1. Identifies issues considered to be illiquid. These securities amount
to $289,888 or 0.56% of the Fund's net assets, at December 31, 1996.
2. 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.
3. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These
securities have been determined to be liquid under guidelines established
by the Board of Directors. These securities amount to $925,269 or 1.80% of
the Fund's net assets, at December 31, 1996.
4. Denotes a step bond: a zero coupon bond that converts to a fixed or
variable interest rate at a designated future date.
5. For zero coupon bonds, the interest rate shown is the effective yield
on the date of purchase.
6. Interest or dividend is paid in kind.
7. Non-income producing security.
See accompanying Notes to Financial Statements.
42
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS - 1.4%
- ---------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Interest-Only Stripped Mtg.-Backed Security, Trust 1542,
Cl. QC, 9.115%, 10/15/20 (1) $300,000 $ 77,906
Series 1843, Cl. VB, 7%, 4/15/03 15,000 15,066
Series 1849, Cl. VA, 6%, 12/15/10 27,779 27,276
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates:
6%, 3/1/09 18,812 18,261
Series 1574, Cl. PD, 5.55%, 3/15/13 75,000 74,578
----------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 55,217 54,180
6.50%, 4/1/26 49,168 46,908
7%, 4/1/00 70,941 71,281
Series 1994-13, Cl. B, 6.50%, 2/25/09 75,000 71,788
Collateralized Mtg. Obligations, Gtd. Real Estate Mtg.
Investment Conduit Pass-Through Certificates:
Series 1993-181, Cl. C, 5.40%, 10/25/02 60,000 59,531
Series 1993-190, Cl. Z, 5.85%, 7/25/08 36,089 35,496
----------------------------------------------------------------------------------------------------------
GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3,
7.30%, 3/25/12 35,000 35,438
----------------------------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Series 1996-A,
Cl. A4, 5.85%, 7/15/01 15,000 14,911
-----------
Total Mortgage-Backed Obligations (Cost $600,687) 602,620
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 3.8%
- ---------------------------------------------------------------------------------------------------------------
AGENCY - 0.2%
- ---------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn., Medium-Term Nts.,
6.56%, 11/13/01 75,000 74,720
- ---------------------------------------------------------------------------------------------------------------
TREASURY - 3.6%
- ---------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 640,000 692,801
----------------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
6.50%, 8/15/05 150,000 151,078
6.75%, 6/30/99 225,000 229,008
7.25%, 8/15/04 250,000 263,281
7.50%, 11/15/01 175,000 184,297
-----------
Total U.S. Government Obligations (Cost $1,565,674) 1,595,185
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 11.9%
- ---------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 1.5%
- ---------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.7%
----------------------------------------------------------------------------------------------------------
Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 15,000 15,161
----------------------------------------------------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 30,000 32,054
----------------------------------------------------------------------------------------------------------
ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 (2) 31,000 32,472
----------------------------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 15,000 18,372
</TABLE>
43
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS (CONTINUED)
----------------------------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (3) $ 75,000 $ 65,062
----------------------------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 15,000 17,900
----------------------------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 50,000 55,750
----------------------------------------------------------------------------------------------------------
Sterling Chemical Holdings, Inc., 0%/13.50% Sr. Disc. Nts.,
8/15/08 (3) 100,000 59,000
-----------
295,771
- ---------------------------------------------------------------------------------------------------------------
METALS - 0.3%
----------------------------------------------------------------------------------------------------------
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 35,000 38,037
----------------------------------------------------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts., 12/1/04 (2) 75,000 76,875
-----------
114,912
- ---------------------------------------------------------------------------------------------------------------
PAPER - 0.5%
----------------------------------------------------------------------------------------------------------
Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 15,000 15,150
----------------------------------------------------------------------------------------------------------
Fort Howard Corp.:
9% Sr. Sub. Nts., 2/1/06 50,000 50,937
9.25% Sr. Nts., 3/15/01 20,000 20,850
----------------------------------------------------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 55,375
----------------------------------------------------------------------------------------------------------
Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 30,000 30,526
----------------------------------------------------------------------------------------------------------
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 50,750
-----------
223,588
- ---------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 4.6%
- ---------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.0%
----------------------------------------------------------------------------------------------------------
Black & Decker Corp., 6.625% Nts., 11/15/00 15,000 14,997
- ---------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.8%
----------------------------------------------------------------------------------------------------------
American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (4) 50,000 52,875
----------------------------------------------------------------------------------------------------------
Argosy Gaming Co., 13.25% First Mtg. Nts., 6/1/04 50,000 46,625
----------------------------------------------------------------------------------------------------------
Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts.,
9.799%, 6/15/98 (5) 100,000 105,140
----------------------------------------------------------------------------------------------------------
Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 15,000 15,050
----------------------------------------------------------------------------------------------------------
Casino America, Inc., 12.50% Sr. Nts., 8/1/03 50,000 47,687
----------------------------------------------------------------------------------------------------------
Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 (2) 50,000 49,625
----------------------------------------------------------------------------------------------------------
Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs., 9/15/03 50,000 53,125
----------------------------------------------------------------------------------------------------------
Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B,
2/15/98 50,000 7,500
----------------------------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts.,
Series B, 11/15/02 50,000 66,250
----------------------------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 50,000 52,750
----------------------------------------------------------------------------------------------------------
Showboat, Inc., 9.25% First Mtg. Bonds, 5/1/08 50,000 49,250
----------------------------------------------------------------------------------------------------------
Stuart Entertainment, Inc., 12.50% Sr. Sub. Nts., 11/15/04 (2) 50,000 51,125
----------------------------------------------------------------------------------------------------------
Trump Atlantic City Associates/Trump Atlantic City
Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 50,000 49,750
----------------------------------------------------------------------------------------------------------
Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 50,000 44,625
----------------------------------------------------------------------------------------------------------
Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 25,000 24,913
----------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06 50,000 53,250
-----------
769,540
</TABLE>
44
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
MEDIA - 2.0%
----------------------------------------------------------------------------------------------------------
Argyle Television, Inc., 9.75% Sr. Sub. Nts., 11/1/05 $ 50,000 $ 50,750
----------------------------------------------------------------------------------------------------------
Australis Holdings PTY Ltd., 0%/15% Sr. Sec. Disc. Nts.,
11/1/02 (3)(4) 100,000 57,500
----------------------------------------------------------------------------------------------------------
Cablevision Systems Corp., 9.875% Sr. Sub. Nts., 5/15/06 50,000 51,562
----------------------------------------------------------------------------------------------------------
Century Communications Corp., 9.75% Sr. Nts., 2/15/02 50,000 51,750
----------------------------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 50,000 51,375
----------------------------------------------------------------------------------------------------------
Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07 (3) 50,000 35,875
----------------------------------------------------------------------------------------------------------
EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec.
Disc. Nts., 3/15/04 (3) 50,000 38,500
----------------------------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred
Coupon Nts., Series B, 2/1/06 (3) 150,000 102,750
----------------------------------------------------------------------------------------------------------
MDC Communications Corp., 10.50% Sr. Sub. Nts., 12/1/06 75,000 77,719
----------------------------------------------------------------------------------------------------------
New World Communications Group Holding Corp., Zero
Coupon Sr. Disc. Nts., Series B, 11.022%, 6/15/99 (5) 100,000 83,750
----------------------------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 51,187
----------------------------------------------------------------------------------------------------------
TeleWest plc:
0%/11% Sr. Disc. Debs., 10/1/07 (3) 25,000 17,500
9.625% Sr. Debs., 10/1/06 25,000 25,750
----------------------------------------------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts., 2/1/98 15,000 15,197
----------------------------------------------------------------------------------------------------------
United International Holdings, Inc., Zero Coupon Sr. Sec.
Disc. Nts.:
Series B, 14%, 11/15/99 (5) 100,000 71,500
11.657%, 11/15/99 (5) 100,000 71,500
-----------
854,165
- ---------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL - 0.6%
----------------------------------------------------------------------------------------------------------
Dayton Hudson Co., 9.40% Debs., 2/15/01 30,000 32,828
----------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 5,000 5,431
----------------------------------------------------------------------------------------------------------
Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 40,000 39,607
----------------------------------------------------------------------------------------------------------
Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 30,000 31,341
----------------------------------------------------------------------------------------------------------
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 50,000 55,375
----------------------------------------------------------------------------------------------------------
William Carter Co., 10.375% Sr. Sub. Nts., 12/1/06 (2) 75,000 78,000
-----------
242,582
- ---------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 0.2%
----------------------------------------------------------------------------------------------------------
Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series B,
10/15/05 50,000 53,500
----------------------------------------------------------------------------------------------------------
K Mart Corp., 7.75% Debs., 10/1/12 50,000 42,125
-----------
95,625
- ---------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 1.2%
- ---------------------------------------------------------------------------------------------------------------
FOOD - 0.5%
----------------------------------------------------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 40,000 40,152
----------------------------------------------------------------------------------------------------------
Fresh Del Monte Produce NV, 10% Sr. Nts., Series B,
5/1/03 50,000 47,750
----------------------------------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 15,000 15,363
----------------------------------------------------------------------------------------------------------
Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon
Nts., 11/1/03 (3) 100,000 65,250
----------------------------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05 50,000 55,250
-----------
223,765
</TABLE>
45
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES - 0.6%
----------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 $ 30,000 $ 30,327
----------------------------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 50,000 54,250
----------------------------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A,
9/15/05 50,000 55,625
----------------------------------------------------------------------------------------------------------
Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 50,000 47,125
----------------------------------------------------------------------------------------------------------
Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts., 10/15/02 50,000 50,625
-----------
237,952
- ---------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.1%
----------------------------------------------------------------------------------------------------------
Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 30,000 30,225
----------------------------------------------------------------------------------------------------------
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 15,000 15,421
-----------
45,646
- ---------------------------------------------------------------------------------------------------------------
ENERGY - 0.5%
- ---------------------------------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.5%
----------------------------------------------------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts., 9/15/02 15,000 15,898
----------------------------------------------------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 25,000 26,219
----------------------------------------------------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (6) 55,651 47,597
----------------------------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 15,000 15,168
----------------------------------------------------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts., 11/1/03 50,000 51,000
----------------------------------------------------------------------------------------------------------
NorAm Energy Corp., 9.875% Nts., 4/15/97 30,000 30,330
----------------------------------------------------------------------------------------------------------
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec.
Debs., 2/1/06 25,000 23,702
-----------
209,914
- ---------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED - 0.0%
----------------------------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 15,000 15,792
- ---------------------------------------------------------------------------------------------------------------
FINANCIAL - 1.4%
- ---------------------------------------------------------------------------------------------------------------
BANKS - 0.5%
----------------------------------------------------------------------------------------------------------
Chevy Chase Bank FSB, 9.25% Sub. Debs., 12/1/08 75,000 76,500
----------------------------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 15,000 14,523
----------------------------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 15,000 16,801
----------------------------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 15,000 15,005
----------------------------------------------------------------------------------------------------------
Mellon Capital I, 7.72% Bonds, 12/1/26 50,000 48,635
----------------------------------------------------------------------------------------------------------
Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 25,000 25,130
-----------
196,594
- ---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 0.7%
----------------------------------------------------------------------------------------------------------
Beneficial Corp., 9.125% Debs., 2/15/98 15,000 15,491
----------------------------------------------------------------------------------------------------------
Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 10,000 10,052
----------------------------------------------------------------------------------------------------------
Capital One Funding Corp., 7.25% Nts., 12/1/03 40,000 39,600
----------------------------------------------------------------------------------------------------------
Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec.
Unsub. Nts., 1/26/01 30,000 30,381
----------------------------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 15,000 14,457
----------------------------------------------------------------------------------------------------------
Countrywide Funding Corp., 6.05% Gtd. Medium-Term
Nts., Series D, 3/1/01 15,000 14,683
----------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 15,000 15,084
----------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 25,000 24,109
----------------------------------------------------------------------------------------------------------
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 50,000 51,125
----------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 20,000 19,912
</TABLE>
46
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
----------------------------------------------------------------------------------------------------------
Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 $ 35,000 $ 36,514
-----------
271,408
- ---------------------------------------------------------------------------------------------------------------
INSURANCE - 0.2%
----------------------------------------------------------------------------------------------------------
Cigna Corp., 7.90% Nts., 12/14/98 30,000 30,867
----------------------------------------------------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts., 1/15/99 35,000 36,626
----------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., 6.75% Nts.,
4/15/01 15,000 15,080
-----------
82,573
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 0.6%
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.2%
----------------------------------------------------------------------------------------------------------
American Standard, Inc., 10.875% Sr. Nts., 5/15/99 43,000 46,010
----------------------------------------------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05 50,000 52,125
-----------
98,135
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 0.1%
----------------------------------------------------------------------------------------------------------
USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 (4) 40,000 39,450
- ---------------------------------------------------------------------------------------------------------------
MANUFACTURING - 0.2%
----------------------------------------------------------------------------------------------------------
Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 50,000 49,500
----------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 10,000 10,363
-----------
59,863
- ---------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.1%
----------------------------------------------------------------------------------------------------------
Federal Express Corp., 6.25% Nts., 4/15/98 15,000 15,011
----------------------------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 15,000 15,224
-----------
30,235
- ---------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 1.8%
- ---------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 0.1%
----------------------------------------------------------------------------------------------------------
Digital Equipment Corp., 7% Nts., 11/15/97 45,000 45,003
- ---------------------------------------------------------------------------------------------------------------
ELECTRONICS - 0.1%
----------------------------------------------------------------------------------------------------------
Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 25,000 27,375
- ---------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 1.6%
----------------------------------------------------------------------------------------------------------
American Communications Services, Inc., 0%/13% Sr. Disc.
Nts., 11/1/05 (3) 100,000 59,500
----------------------------------------------------------------------------------------------------------
Arch Communications Group, Inc., 0%/10.875% Sr. Disc.
Nts., 3/15/08 (3) 75,000 43,219
----------------------------------------------------------------------------------------------------------
Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts.,
11/1/06 (2)(3) 50,000 32,125
----------------------------------------------------------------------------------------------------------
Continental Cablevision, Inc., 10.625% Sr. Sub. Nts.,
6/15/02 40,000 42,897
----------------------------------------------------------------------------------------------------------
MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 15,000 15,281
----------------------------------------------------------------------------------------------------------
Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 50,000 42,750
----------------------------------------------------------------------------------------------------------
MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts.,
1/15/04 (3) 75,000 65,625
----------------------------------------------------------------------------------------------------------
Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts.,
8/15/04 (3) 50,000 34,313
----------------------------------------------------------------------------------------------------------
Omnipoint Corp., 11.625% Sr. Nts., 8/15/06 (2) 75,000 78,375
----------------------------------------------------------------------------------------------------------
Paging Network, Inc., 10.125% Sr. Sub. Nts., 8/1/07 50,000 51,438
----------------------------------------------------------------------------------------------------------
PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03 (3) 75,000 64,500
</TABLE>
47
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED)
----------------------------------------------------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr.
Nts., 8/15/06 $ 75,000 $ 81,563
----------------------------------------------------------------------------------------------------------
Teleport Communications Group, Inc.:
0%/11.125% Sr. Disc. Nts., 7/1/07 (3) 25,000 17,250
9.875% Sr. Nts., 7/1/06 25,000 26,875
-----------
655,711
UTILITIES - 0.3%
ELECTRIC UTILITIES - 0.1%
----------------------------------------------------------------------------------------------------------
Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 15,000 15,350
----------------------------------------------------------------------------------------------------------
El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 10,000 10,063
-----------
25,413
GAS UTILITIES - 0.1%
----------------------------------------------------------------------------------------------------------
Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 50,000 49,978
TELEPHONE UTILITIES - 0.1%
----------------------------------------------------------------------------------------------------------
Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 (2) 50,000 52,438
-----------
Total Non-Convertible Corporate Bonds and Notes (Cost $4,880,943) 4,978,425
SHARES
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 69.8%
- ---------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 2.3%
- ---------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.1%
----------------------------------------------------------------------------------------------------------
Daicel Chemical Industries Ltd. 10,000 46,782
----------------------------------------------------------------------------------------------------------
Dexter Corp. 4,000 127,500
----------------------------------------------------------------------------------------------------------
Hoechst AG 1,500 69,398
----------------------------------------------------------------------------------------------------------
IMC Global, Inc. 2,834 110,880
----------------------------------------------------------------------------------------------------------
Millennium Chemicals, Inc. (7) 478 8,484
----------------------------------------------------------------------------------------------------------
Potash Corp. of Saskatchewan, Inc. 1,200 102,000
-----------
465,044
- ---------------------------------------------------------------------------------------------------------------
METALS - 0.9%
----------------------------------------------------------------------------------------------------------
Carpenter Technology Corp. 2,800 102,550
----------------------------------------------------------------------------------------------------------
RMI Titanium Co. (7) 2,800 78,750
----------------------------------------------------------------------------------------------------------
RTZ Corp. plc 4,000 64,272
----------------------------------------------------------------------------------------------------------
UNR Industries, Inc. 12,000 72,000
----------------------------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 9,000 56,686
-----------
374,258
- ---------------------------------------------------------------------------------------------------------------
PAPER - 0.3%
----------------------------------------------------------------------------------------------------------
Fort Howard Corp. (7) 5,000 138,437
- ---------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 12.6%
- ---------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING - 2.7%
----------------------------------------------------------------------------------------------------------
Autoliv AB 2,000 87,580
----------------------------------------------------------------------------------------------------------
Bridgestone Corp. 3,000 56,862
----------------------------------------------------------------------------------------------------------
Camden Property Trust 4,800 137,400
----------------------------------------------------------------------------------------------------------
Capstone Capital Corp. 5,400 120,825
----------------------------------------------------------------------------------------------------------
Cheung Kong (Holdings) Ltd. 9,000 79,994
----------------------------------------------------------------------------------------------------------
Crescent Real Estate Equities, Inc. 2,800 147,700
----------------------------------------------------------------------------------------------------------
Groupe SEB SA 400 78,250
</TABLE>
48
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
AUTOS & HOUSING (CONTINUED)
----------------------------------------------------------------------------------------------------------
Health & Retirement Property Trust 6,200 $ 120,125
----------------------------------------------------------------------------------------------------------
Honda Motor Co. 3,000 85,552
----------------------------------------------------------------------------------------------------------
Meditrust Corp. 3,000 120,000
----------------------------------------------------------------------------------------------------------
Miller Industries, Inc. (7) 3,600 72,000
----------------------------------------------------------------------------------------------------------
Rinnai Corp. 2,000 40,148
-----------
1,146,436
- ---------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.3%
----------------------------------------------------------------------------------------------------------
AMR Corp. (7) 1,200 105,750
----------------------------------------------------------------------------------------------------------
Atlas Air, Inc. (7) 4,600 219,650
----------------------------------------------------------------------------------------------------------
CDL Hotels International Ltd. 164,000 93,820
----------------------------------------------------------------------------------------------------------
Dover Downs Entertainment, Inc. (7) 3,700 66,137
----------------------------------------------------------------------------------------------------------
Einstein/Noah Bagel Corp. (7) 2,700 80,325
----------------------------------------------------------------------------------------------------------
EMI Group plc 2,700 63,815
----------------------------------------------------------------------------------------------------------
Galoob Toys, Inc. (7) 500 7,000
----------------------------------------------------------------------------------------------------------
Granada Group plc 5,000 73,916
----------------------------------------------------------------------------------------------------------
Landry's Seafood Restaurants, Inc. (7) 2,800 59,850
----------------------------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A (7) 1,500 58,687
----------------------------------------------------------------------------------------------------------
Papa John's International, Inc. (7) 2,625 88,594
----------------------------------------------------------------------------------------------------------
Piccadilly Cafeterias, Inc. 6,300 58,275
----------------------------------------------------------------------------------------------------------
Regal Cinemas, Inc. (7) 5,125 157,594
----------------------------------------------------------------------------------------------------------
VideoServer, Inc. (7) 2,700 114,750
----------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp. (7) 4,900 120,662
-----------
1,368,825
- ---------------------------------------------------------------------------------------------------------------
MEDIA - 1.3%
----------------------------------------------------------------------------------------------------------
Benpres Holdings Corp., Sponsored GDR (7) 5,000 37,500
----------------------------------------------------------------------------------------------------------
Emmis Broadcasting Corp., Cl. A (7) 2,200 72,050
----------------------------------------------------------------------------------------------------------
Heftel Broadcasting Corp., A Shares (7) 2,200 69,300
----------------------------------------------------------------------------------------------------------
Reed International plc 5,000 94,044
----------------------------------------------------------------------------------------------------------
Reuters Holdings plc 8,000 102,986
----------------------------------------------------------------------------------------------------------
Television Broadcasts Ltd. 21,000 83,891
----------------------------------------------------------------------------------------------------------
Wolters Kluwer NV (7) 700 92,875
-----------
552,646
- ---------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL - 2.3%
----------------------------------------------------------------------------------------------------------
Dollar Tree Stores, Inc. (7) 2,400 91,800
----------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc. (7) 3,300 112,612
----------------------------------------------------------------------------------------------------------
Marks & Spencer plc 8,000 67,424
----------------------------------------------------------------------------------------------------------
Nautica Enterprises, Inc. (7) 5,000 126,250
----------------------------------------------------------------------------------------------------------
North Face, Inc. (The) (7) 3,700 71,225
----------------------------------------------------------------------------------------------------------
Price/Costco, Inc. (7) 4,700 118,087
----------------------------------------------------------------------------------------------------------
St. John Knits, Inc. 3,000 130,500
----------------------------------------------------------------------------------------------------------
Wolverine World Wide, Inc. 4,350 126,150
----------------------------------------------------------------------------------------------------------
Zeneca Group plc 4,000 112,715
-----------
956,763
- ---------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 3.0%
----------------------------------------------------------------------------------------------------------
adidas AG 600 51,781
----------------------------------------------------------------------------------------------------------
Brown Group, Inc. 6,500 119,437
----------------------------------------------------------------------------------------------------------
CDW Computer Centers, Inc. (7) 2,550 151,247
----------------------------------------------------------------------------------------------------------
Cifra SA de CV, Unsponsored ADR, B Shares (7) 38,000 46,436
</TABLE>
49
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
RETAIL: SPECIALTY (CONTINUED)
----------------------------------------------------------------------------------------------------------
Dickson Concepts International Ltd. 22,000 $ 82,482
----------------------------------------------------------------------------------------------------------
Finish Line, Inc., Cl. A (7) 6,400 135,200
----------------------------------------------------------------------------------------------------------
Jusco Co. 2,000 67,718
----------------------------------------------------------------------------------------------------------
Koninklijke Ahold NV 1,733 108,204
----------------------------------------------------------------------------------------------------------
New England Business Service, Inc. 4,200 90,300
----------------------------------------------------------------------------------------------------------
Next plc 7,000 68,229
----------------------------------------------------------------------------------------------------------
Shimamura Co. Ltd. 2,000 68,579
----------------------------------------------------------------------------------------------------------
Toys 'R' Us, Inc. (7) 4,500 135,000
----------------------------------------------------------------------------------------------------------
U.S. Office Products Co. (7) 3,700 126,262
-----------
1,250,875
- ---------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 10.0%
- ---------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.9%
----------------------------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 5,600 224,000
----------------------------------------------------------------------------------------------------------
Embotelladora Andina SA, Sponsored ADR 2,800 85,400
----------------------------------------------------------------------------------------------------------
Quilmes Industrial Quinsa SA, Sponsored ADR 7,500 68,437
-----------
377,837
- ---------------------------------------------------------------------------------------------------------------
EDUCATION - 0.4%
----------------------------------------------------------------------------------------------------------
ITT Educational Services, Inc. (7) 3,700 85,562
----------------------------------------------------------------------------------------------------------
Learning Tree International, Inc. (7) 3,000 88,500
-----------
174,062
- ---------------------------------------------------------------------------------------------------------------
FOOD - 1.5%
----------------------------------------------------------------------------------------------------------
American Stores Co. 3,200 130,800
----------------------------------------------------------------------------------------------------------
Archer-Daniels-Midland Co. 4,515 99,330
----------------------------------------------------------------------------------------------------------
Carrefour Supermarche SA 172 111,695
----------------------------------------------------------------------------------------------------------
Danisco AS 1,500 91,034
----------------------------------------------------------------------------------------------------------
Kroger Co. (7) 2,100 97,650
----------------------------------------------------------------------------------------------------------
William Morrison Supermarkets plc 34,000 95,808
-----------
626,317
- ---------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 2.8%
----------------------------------------------------------------------------------------------------------
Astra AB Free, Series A 1,900 93,775
----------------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 1,800 195,750
----------------------------------------------------------------------------------------------------------
Clintrials Research, Inc. (7) 4,700 106,925
----------------------------------------------------------------------------------------------------------
Dura Pharmaceuticals, Inc. (7) 3,600 171,900
----------------------------------------------------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR 3,600 114,300
----------------------------------------------------------------------------------------------------------
Jones Medical Industries, Inc. 3,500 128,187
----------------------------------------------------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl. A (7) 1,800 79,200
----------------------------------------------------------------------------------------------------------
Novartis AG (7) 100 114,171
----------------------------------------------------------------------------------------------------------
Schering AG 1,000 84,290
----------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 5,000 104,678
-----------
1,193,176
- ---------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 3.2%
----------------------------------------------------------------------------------------------------------
CNS, Inc. (7) 3,200 46,000
----------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 2,950 120,212
----------------------------------------------------------------------------------------------------------
Compdent Corp. (7) 2,000 70,500
----------------------------------------------------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR 1,600 83,200
----------------------------------------------------------------------------------------------------------
National Surgery Centers, Inc. (7) 3,100 117,800
----------------------------------------------------------------------------------------------------------
OrNda Healthcorp (7) 3,400 99,450
----------------------------------------------------------------------------------------------------------
Orthodontic Centers of America, Inc. (7) 3,700 59,200
</TABLE>
50
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES (CONTINUED)
----------------------------------------------------------------------------------------------------------
Pediatrix Medical Group, Inc. (7) 3,100 $ 114,312
----------------------------------------------------------------------------------------------------------
Physician Sales & Service, Inc. (7) 5,000 71,875
----------------------------------------------------------------------------------------------------------
Renal Treatment Centers, Inc. (7) 4,200 107,100
----------------------------------------------------------------------------------------------------------
Rural/Metro Corp. (7) 3,500 126,000
----------------------------------------------------------------------------------------------------------
SmithKline Beecham plc 13,296 184,372
----------------------------------------------------------------------------------------------------------
Total Renal Care Holdings, Inc. (7) 2,800 101,500
----------------------------------------------------------------------------------------------------------
WellPoint Health Networks, Inc. (7) 1,300 44,687
-----------
1,346,208
- ---------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 1.0%
----------------------------------------------------------------------------------------------------------
Blyth Industries, Inc. (7) 3,200 146,000
----------------------------------------------------------------------------------------------------------
L'OREAL 250 93,965
----------------------------------------------------------------------------------------------------------
Premark International, Inc. 5,600 124,600
----------------------------------------------------------------------------------------------------------
Tupperware Corp. 1,400 75,075
-----------
439,640
- ---------------------------------------------------------------------------------------------------------------
TOBACCO - 0.2%
----------------------------------------------------------------------------------------------------------
Imperial Tobacco Group plc, ADR (7) 1,675 21,613
----------------------------------------------------------------------------------------------------------
PT Gudang Garam (7) 18,000 77,714
-----------
99,327
- ---------------------------------------------------------------------------------------------------------------
ENERGY - 3.1%
----------------------------------------------------------------------------------------------------------
Amoco Corp. 2,900 233,450
----------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 1,300 172,250
----------------------------------------------------------------------------------------------------------
Chevron Corp. 4,600 299,000
----------------------------------------------------------------------------------------------------------
Exxon Corp. 2,600 254,800
----------------------------------------------------------------------------------------------------------
Mobil Corp. 2,100 256,725
----------------------------------------------------------------------------------------------------------
Total SA, B Shares 1,000 81,174
-----------
1,297,399
- ---------------------------------------------------------------------------------------------------------------
FINANCIAL - 8.2%
- ---------------------------------------------------------------------------------------------------------------
BANKS - 3.7%
----------------------------------------------------------------------------------------------------------
Banco Popular Espanol SA 400 78,552
----------------------------------------------------------------------------------------------------------
Bank of Boston Corp. 4,800 308,400
----------------------------------------------------------------------------------------------------------
BankAmerica Corp. 3,700 369,075
----------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 2,200 196,350
----------------------------------------------------------------------------------------------------------
HSBC Holdings plc 4,000 85,585
----------------------------------------------------------------------------------------------------------
Malayan Banking Berhad 6,000 66,521
----------------------------------------------------------------------------------------------------------
NationsBank Corp. 2,000 195,500
----------------------------------------------------------------------------------------------------------
PNC Bank Corp. 6,300 237,037
-----------
1,537,020
- ---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.9%
----------------------------------------------------------------------------------------------------------
Amresco, Inc. (7) 4,600 123,050
----------------------------------------------------------------------------------------------------------
First Pacific Co. Ltd. 42,000 54,570
----------------------------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 36,000 81,840
----------------------------------------------------------------------------------------------------------
ING Groep NV 2,500 89,898
----------------------------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. 4,000 77,519
----------------------------------------------------------------------------------------------------------
Nichiei Co. Ltd. 1,000 73,318
----------------------------------------------------------------------------------------------------------
Oxford Resources Corp., Cl. A (7) 3,200 98,800
----------------------------------------------------------------------------------------------------------
Perlis Plantations Berhad 25,500 79,261
----------------------------------------------------------------------------------------------------------
Salomon, Inc. 1,500 70,687
</TABLE>
51
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
---------------------------------------------------------------------------------------------------------
Sirrom Capital Corp. 2,900 $ 106,575
---------------------------------------------------------------------------------------------------------
Southcorp Holdings Ltd. 25,000 79,425
---------------------------------------------------------------------------------------------------------
Swire Pacific Ltd., Cl. B 57,000 86,219
---------------------------------------------------------------------------------------------------------
Travelers Group, Inc. 2,500 113,437
---------------------------------------------------------------------------------------------------------
United Industrial Corp. Ltd. 100,000 84,357
-------------
1,218,956
- --------------------------------------------------------------------------------------------------------------
INSURANCE - 1.6%
---------------------------------------------------------------------------------------------------------
AFLAC, Inc. 3,100 132,525
---------------------------------------------------------------------------------------------------------
Conseco, Inc. 1,800 114,750
---------------------------------------------------------------------------------------------------------
General Re Corp. 900 141,975
---------------------------------------------------------------------------------------------------------
Hartford Steam Boiler Inspection & Insurance Co. 2,500 115,938
---------------------------------------------------------------------------------------------------------
Sumitomo Marine & Fire Insurance Co. 8,000 49,625
---------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., Cl. A 3,900 137,963
-------------
692,776
- --------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 9.4%
- --------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.5%
---------------------------------------------------------------------------------------------------------
ABB AG 65 80,601
---------------------------------------------------------------------------------------------------------
Johnson Electric Holdings Ltd. 30,000 82,999
---------------------------------------------------------------------------------------------------------
Mabuchi Motor Co. 800 40,183
-------------
203,783
- --------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 3.5%
---------------------------------------------------------------------------------------------------------
Computer Horizons Corp. (7) 3,500 134,750
---------------------------------------------------------------------------------------------------------
Corestaff, Inc. (7) 5,300 125,544
---------------------------------------------------------------------------------------------------------
Corrections Corp. of America (7) 4,600 140,875
---------------------------------------------------------------------------------------------------------
DT Industries, Inc. 1,800 63,000
---------------------------------------------------------------------------------------------------------
Hays plc 9,000 86,644
---------------------------------------------------------------------------------------------------------
Kurita Water Industries Ltd. 3,000 60,481
---------------------------------------------------------------------------------------------------------
NGK Spark Plug Co. 10,000 109,417
---------------------------------------------------------------------------------------------------------
NOVA Corp. (7) 3,000 66,375
---------------------------------------------------------------------------------------------------------
Precision Response Corp. (7) 1,900 66,738
---------------------------------------------------------------------------------------------------------
SGS Societe Generale de Surveillance Holding SA, Series B 35 85,759
---------------------------------------------------------------------------------------------------------
SITEL Corp. (7) 6,000 85,500
---------------------------------------------------------------------------------------------------------
Tetra Tech, Inc. (7) 4,500 88,875
---------------------------------------------------------------------------------------------------------
Transaction Systems Architects, Inc., Cl. A (7) 3,900 129,675
---------------------------------------------------------------------------------------------------------
United Waste Systems, Inc. (7) 6,400 220,000
-------------
1,463,633
- --------------------------------------------------------------------------------------------------------------
MANUFACTURING - 4.9%
---------------------------------------------------------------------------------------------------------
AGCO Corp. 3,800 108,775
---------------------------------------------------------------------------------------------------------
Bic Corp. 500 74,826
---------------------------------------------------------------------------------------------------------
Canon Sales Co., Inc. 3,300 73,352
---------------------------------------------------------------------------------------------------------
Case Corp. 2,500 136,250
---------------------------------------------------------------------------------------------------------
Chicago Miniature Lamp, Inc. (7) 2,850 118,275
---------------------------------------------------------------------------------------------------------
Deere & Co. 2,900 117,813
---------------------------------------------------------------------------------------------------------
General Signal Corp. 2,700 115,425
---------------------------------------------------------------------------------------------------------
Hanson plc, ADR 6,700 45,225
---------------------------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 10,000 78,539
---------------------------------------------------------------------------------------------------------
Ingersoll-Rand Co. 2,100 93,450
---------------------------------------------------------------------------------------------------------
Komatsu Ltd. 7,000 57,293
</TABLE>
52
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
MANUFACTURING (CONTINUED)
---------------------------------------------------------------------------------------------------------
Mannesmann AG 195 $ 83,790
---------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc. 1,995 45,137
---------------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 6,000 47,558
---------------------------------------------------------------------------------------------------------
NSK Ltd. 3,000 18,144
---------------------------------------------------------------------------------------------------------
PACCAR, Inc. 3,900 265,200
---------------------------------------------------------------------------------------------------------
Shinmaywa Industries Ltd. 2,000 14,698
---------------------------------------------------------------------------------------------------------
Sidel SA 1,200 82,405
---------------------------------------------------------------------------------------------------------
SMC Corp. 100 6,711
---------------------------------------------------------------------------------------------------------
Textron, Inc. 2,200 207,350
---------------------------------------------------------------------------------------------------------
Tyco International Ltd. 1,900 100,463
---------------------------------------------------------------------------------------------------------
U.S. Industries, Inc. (7) 4,600 158,125
-------------
2,048,804
- --------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.5%
---------------------------------------------------------------------------------------------------------
Brambles Industries Ltd. 4,000 77,996
---------------------------------------------------------------------------------------------------------
Union Pacific Corp. 2,000 120,250
-------------
198,246
- --------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 16.1%
- --------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 3.1%
---------------------------------------------------------------------------------------------------------
General Dynamics Corp. 4,000 282,000
---------------------------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 4,600 186,300
---------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. 2,700 247,050
---------------------------------------------------------------------------------------------------------
McDonnell Douglas Corp. 2,400 153,600
---------------------------------------------------------------------------------------------------------
Rockwell International Corp. 3,500 213,063
---------------------------------------------------------------------------------------------------------
TRW, Inc. 4,300 212,850
-------------
1,294,863
- --------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE - 1.9%
---------------------------------------------------------------------------------------------------------
Canon, Inc. 6,000 132,334
---------------------------------------------------------------------------------------------------------
Citrix Systems, Inc. (7) 2,700 105,469
---------------------------------------------------------------------------------------------------------
Dell Computer Corp. (7) 2,200 116,875
---------------------------------------------------------------------------------------------------------
Gateway 2000, Inc. (7) 1,100 58,919
---------------------------------------------------------------------------------------------------------
Henry (Jack) & Associates, Inc. 2,200 78,650
---------------------------------------------------------------------------------------------------------
Insight Enterprises, Inc. (7) 2,400 67,200
---------------------------------------------------------------------------------------------------------
Network Appliance, Inc. (7) 1,800 91,575
---------------------------------------------------------------------------------------------------------
Storage Technology Corp. (New) (7) 3,400 161,925
-------------
812,947
- --------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 5.1%
---------------------------------------------------------------------------------------------------------
Applix, Inc. (7) 3,000 65,625
---------------------------------------------------------------------------------------------------------
Cambridge Technology Partners, Inc. (7) 3,700 124,181
---------------------------------------------------------------------------------------------------------
EPIC Design Technology, Inc. (7) 2,800 70,000
---------------------------------------------------------------------------------------------------------
Inso Corp. (7) 1,700 67,575
---------------------------------------------------------------------------------------------------------
JDA Software Group, Inc. (7) 2,600 74,100
---------------------------------------------------------------------------------------------------------
Medic Computer Systems, Inc. (7) 1,800 72,563
---------------------------------------------------------------------------------------------------------
National Data Corp. 1,700 73,950
---------------------------------------------------------------------------------------------------------
Pegasystems, Inc. (7) 2,500 75,313
---------------------------------------------------------------------------------------------------------
Project Software & Development, Inc. (7) 3,800 161,025
---------------------------------------------------------------------------------------------------------
Rational Software Corp. (7) 5,700 225,506
---------------------------------------------------------------------------------------------------------
Remedy Corp. (7) 2,400 129,000
---------------------------------------------------------------------------------------------------------
SAP AG, Preference 400 54,973
</TABLE>
53
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE (CONTINUED)
---------------------------------------------------------------------------------------------------------
Sapient Corp. (7) 1,600 $ 67,400
---------------------------------------------------------------------------------------------------------
Scopus Technology, Inc. (7) 2,200 102,300
---------------------------------------------------------------------------------------------------------
Security Dynamics Technologies, Inc. (7) 3,100 97,650
---------------------------------------------------------------------------------------------------------
Sykes Enterprises, Inc. (7) 2,700 101,250
---------------------------------------------------------------------------------------------------------
Technology Solutions Co. (7) 2,200 91,300
---------------------------------------------------------------------------------------------------------
Verilink Corp. (7) 3,300 109,725
---------------------------------------------------------------------------------------------------------
Veritas Software Corp. (7) 2,350 116,913
---------------------------------------------------------------------------------------------------------
Viasoft, Inc. (7) 1,400 66,150
---------------------------------------------------------------------------------------------------------
Visio Corp. (7) 1,800 89,100
---------------------------------------------------------------------------------------------------------
Wind River Systems (7) 1,900 90,013
-------------
2,125,612
- --------------------------------------------------------------------------------------------------------------
ELECTRONICS - 3.3%
---------------------------------------------------------------------------------------------------------
Bowthorpe plc 13,000 100,879
---------------------------------------------------------------------------------------------------------
Electrocomponents plc 13,000 102,660
---------------------------------------------------------------------------------------------------------
Getronics NV 3,300 89,476
---------------------------------------------------------------------------------------------------------
Input/Output, Inc. (7) 1,900 35,150
---------------------------------------------------------------------------------------------------------
Intel Corp. 1,000 130,938
---------------------------------------------------------------------------------------------------------
Keyence Corp. 600 73,921
---------------------------------------------------------------------------------------------------------
Kyocera Corp. 1,000 62,204
---------------------------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 65,133
---------------------------------------------------------------------------------------------------------
Matsushita Electric Works Ltd. 6,000 51,538
---------------------------------------------------------------------------------------------------------
Nitto Denko Corp. 6,000 87,878
---------------------------------------------------------------------------------------------------------
Samsung Electronics Co., Sponsored GDR (2) 1,950 35,978
---------------------------------------------------------------------------------------------------------
Sony Corp. 1,400 91,548
---------------------------------------------------------------------------------------------------------
Supertex, Inc. (7) 2,700 35,438
---------------------------------------------------------------------------------------------------------
TDK Corp. 2,000 130,094
---------------------------------------------------------------------------------------------------------
Vitesse Semiconductor Corp. (7) 2,900 131,950
---------------------------------------------------------------------------------------------------------
Waters Corp. (7) 5,000 151,875
-------------
1,376,660
- --------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 2.7%
---------------------------------------------------------------------------------------------------------
Allen Group, Inc. (7) 3,500 77,875
---------------------------------------------------------------------------------------------------------
Aspect Telecommunications Corp. (7) 3,200 203,200
---------------------------------------------------------------------------------------------------------
British Sky Broadcasting Group plc 8,500 76,006
---------------------------------------------------------------------------------------------------------
Cable Design Technologies Corp. (7) 2,750 85,594
---------------------------------------------------------------------------------------------------------
Comverse Technology, Inc. (7) 3,900 147,469
---------------------------------------------------------------------------------------------------------
DSP Communications, Inc. (7) 7,800 151,125
---------------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR 3,520 106,260
---------------------------------------------------------------------------------------------------------
Premisys Communications, Inc. (7) 1,400 47,250
---------------------------------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 19,000 96,923
---------------------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 25,000 63,200
---------------------------------------------------------------------------------------------------------
Vodafone Group plc 22,000 92,896
-------------
1,147,798
- --------------------------------------------------------------------------------------------------------------
UTILITIES - 8.1%
- --------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 3.2%
---------------------------------------------------------------------------------------------------------
American Electric Power Co., Inc. 4,100 168,613
---------------------------------------------------------------------------------------------------------
CalEnergy, Inc. (7) 2,100 70,613
---------------------------------------------------------------------------------------------------------
Entergy Corp. 7,100 197,025
---------------------------------------------------------------------------------------------------------
FPL Group, Inc. 4,900 225,400
</TABLE>
54
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITIES (CONTINUED)
---------------------------------------------------------------------------------------------------------
Illinova Corp. 3,400 $ 93,500
---------------------------------------------------------------------------------------------------------
Kansas City Power & Light Co. 4,500 128,250
---------------------------------------------------------------------------------------------------------
Korea Electric Power Corp. 2,400 69,829
---------------------------------------------------------------------------------------------------------
Texas Utilities Co. 3,800 154,850
---------------------------------------------------------------------------------------------------------
Veba AG 2,000 114,852
---------------------------------------------------------------------------------------------------------
Western Resources, Inc. 3,500 108,063
-------------
1,330,995
- --------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 3.3%
---------------------------------------------------------------------------------------------------------
Columbia Gas System, Inc. 3,800 241,775
---------------------------------------------------------------------------------------------------------
El Paso Natural Gas Co. 3,500 176,750
---------------------------------------------------------------------------------------------------------
Hong Kong & China Gas Co. Ltd. 43,200 83,496
---------------------------------------------------------------------------------------------------------
National Fuel Gas Co. 3,700 152,625
---------------------------------------------------------------------------------------------------------
PanEnergy Corp. 9,400 423,000
---------------------------------------------------------------------------------------------------------
Questar Corp. 6,300 231,525
---------------------------------------------------------------------------------------------------------
RWE AG, Preference 1,850 61,822
-------------
1,370,993
- --------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 1.6%
---------------------------------------------------------------------------------------------------------
Ameritech Corp. 2,000 121,250
---------------------------------------------------------------------------------------------------------
DDI Corp. 20 131,989
---------------------------------------------------------------------------------------------------------
GTE Corp. 5,400 245,700
---------------------------------------------------------------------------------------------------------
NYNEX Corp. 2,300 110,688
---------------------------------------------------------------------------------------------------------
Telefonica de Espana, ADS 3,000 69,657
-------------
679,284
-------------
Total Common Stocks (Cost $24,385,177) 29,309,620
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.5%
- --------------------------------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-vtg. 1,100 147,125
---------------------------------------------------------------------------------------------------------
K-III Communications Corp., 10% Exchangeable Preferred
Stock, Series D (4) 500 49,125
---------------------------------------------------------------------------------------------------------
Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks (7) 4,400 1,847
-------------
Total Preferred Stocks (Cost $157,086) 198,097
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES - 0.0%
- --------------------------------------------------------------------------------------------------------------
American Communications Services, Inc. Wts., Exp. 11/05 100 9,000
---------------------------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. Wts., Exp. 7/01 2,500 2,484
---------------------------------------------------------------------------------------------------------
Hong Kong & China Gas Co. Ltd. Wts., Exp. 9/97 2,600 1,446
---------------------------------------------------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp. 8/02 50 --
---------------------------------------------------------------------------------------------------------
Renong Berhad Wts., Exp. 11/00 2,750 1,350
-------------
Total Rights, Warrants and Certificates (Cost $2,247) 14,280
</TABLE>
55
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT - 14.4%
- --------------------------------------------------------------------------------------------------------------
Repurchase agreement with State Street Bank and Trust
Co., 4.50%, dated 12/31/96, to be repurchased
at $6,034,508 on 1/2/97, collateralized by U.S. Treasury
Bonds, 8.875%-12%, 8/15/13-2/15/19, with a value of
$3,157,394 and U. S. Treasury Nts., 4.75%-6.75%,
2/28/98-4/30/00, with a value of $3,070,802
(Cost $6,033,000) $ 6,033,000 $ 6,033,000
---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $37,624,815) 101.8% 42,731,227
---------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (1.8) (737,033)
----------- -------------
NET ASSETS 100.0% $ 41,994,194
----------- -------------
----------- -------------
</TABLE>
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. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These
securities have been determined to be liquid under guidelines
established by the Board of Directors. These securities amount to
$487,013 or 1.16% of the Fund's net assets, at December 31, 1996.
3. Denotes a step bond: a zero coupon bond that converts to a fixed or
variable interest rate at a designated future date.
4. Identifies issues considered to be illiquid. These securities
amount to $198,950 or 0.47% of the Fund's net assets, at December 31,
1996.
5. For zero coupon bonds, the interest rate shown is the effective
yield on the date of purchase.
6. Interest or dividend is paid in kind.
7. Non-income producing security.
See accompanying Notes to Financial Statements.
56
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1996
<TABLE>
<CAPTION>
TOTAL GOVERNMENT INTERNATIONAL
RETURN GROWTH SECURITIES EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost * )(including repurchase
agreements **) - see accompanying statements $1,122,312,563 $592,436,908 $22,765,667 $62,582,295
Cash -- -- 64,328 135,043
Receivables:
Dividends, interest and principal paydowns 7,390,607 706,621 418,744 71,288
Shares of capital stock sold 417,064 341,044 -- 41,650
Investments sold 988 599 -- 479,252
Other 23,467 7,576 3,102 3,535
-------------------------------------------------------------------
Total assets 1,130,144,689 593,492,748 23,251,841 63,313,063
-------------------------------------------------------------------
LIABILITIES:
Bank overdraft 357,817 267,330 -- --
Payables and other liabilities:
Investments purchased 7,605,233 6,714,730 -- 657,448
Shares of capital stock redeemed -- 203,044 3,363 4,778
Custodian fees 65,755 35,170 2,585 49,143
Directors' fees 3,337 225 -- 236
Legal and auditing fees 25,691 19,830 6,083 12,522
Other 11,188 30,141 4,232 3,475
-------------------------------------------------------------------
Total liabilities 8,069,021 7,270,470 16,263 727,602
-------------------------------------------------------------------
NET ASSETS $1,122,075,668 $586,222,278 $23,235,578 $62,585,461
-------------------------------------------------------------------
-------------------------------------------------------------------
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock $586,603 $196,587 $21,267 $48,645
Additional paid-in capital 911,149,095 419,687,972 22,202,774 52,782,526
Undistributed net investment income 38,224,047 6,282,780 1,450,831 356,464
Accumulated net realized gain (loss) from investments
and foreign currency transactions 94,241,183 45,811,976 (406,979) 1,034,996
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities denominated in foreign currencies 77,874,740 114,242,963 (32,315) 8,362,830
-------------------------------------------------------------------
NET ASSETS $1,122,075,668 $586,222,278 $23,235,578 $62,585,461
-------------------------------------------------------------------
-------------------------------------------------------------------
SHARES OF CAPITAL STOCK OUTSTANDING 586,602,688 196,587,477 21,267,047 48,644,884
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $1.91 $2.98 $1.09 $1.29
*Cost $1,044,437,823 $478,193,945 $22,797,982 $54,219,894
**Repurchase agreements -- -- -- $1,802,000
</TABLE>
See accompanying Notes to Financial Statements.
57
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1996
<TABLE>
<CAPTION>
LIFESPAN LIFESPAN
DIVERSIFIED LIFESPAN CAPITAL
INCOME BALANCED APPRECIATION
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost * )(including repurchase
agreements **) - see accompanying statements $24,890,439 $51,187,601 $42,731,227
Cash 115,167 -- --
Receivables:
Dividends and interest 305,332 338,750 151,404
Shares of capital stock sold -- 1,799 25,993
Investments sold 4,449 1,877 1,877
Other 2,386 3,217 3,240
----------------------------------------------
Total assets 25,317,773 51,533,244 42,913,741
----------------------------------------------
LIABILITIES:
Bank overdraft -- 30,455 26,247
Payables and other liabilities:
Investments purchased -- 111,885 830,590
Shares of capital stock redeemed
Custodian fees 27,295 39,911 48,357
Directors' fees 115 32 236
Legal and auditing fees 15,348 10,092 10,718
Other 916 4,546 3,399
----------------------------------------------
Total liabilities 43,674 196,921 919,547
----------------------------------------------
NET ASSETS $25,274,099 $51,336,323 $41,994,194
----------------------------------------------
----------------------------------------------
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock $22,947 $43,471 $33,955
Additional paid-in capital 23,074,587 44,686,448 35,551,545
Undistributed net investment income 1,127,966 1,053,055 371,899
Accumulated net realized gain (loss) from investments
and foreign currency transactions 26,677 516,364 930,339
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities denominated in foreign currencies 1,021,922 5,036,985 5,106,456
----------------------------------------------
NET ASSETS $25,274,099 $51,336,323 $41,994,194
----------------------------------------------
----------------------------------------------
SHARES OF CAPITAL STOCK OUTSTANDING 22,947,272 43,471,343 33,955,474
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $1.10 $1.18 $1.24
*Cost $23,868,516 $46,150,645 $37,624,815
**Repurchase agreements $1,678,000 $6,244,000 $6,033,000
</TABLE>
See accompanying Notes to Financial Statements.
58
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
TOTAL GOVERNMENT INTERNATIONAL
RETURN GROWTH SECURITIES EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest (net of withholding taxes of *) $41,163,350 $2,981,247 $1,606,277 $ 271,792
Dividends (net of withholding taxes of **) 8,211,955 7,925,458 -- 847,225
----------------------------------------------------------------
Total income 49,375,305 10,906,705 1,606,277 1,119,017
----------------------------------------------------------------
EXPENSES:
Management fees - see applicable note 5,817,245 2,801,667 125,427 569,471
Custodian fees and expenses 4,429 16,620 8,585 88,174
Legal and auditing fees 1,165 5,693 6,410 23,739
Directors' fees and expenses 841 456 -- 3,466
Registration and filing fees 10,587 29,232 -- 3,210
Other -- -- 6,417 --
----------------------------------------------------------------
Total expenses 5,834,267 2,853,668 146,839 688,060
----------------------------------------------------------------
NET INVESTMENT INCOME 43,541,038 8,053,037 1,459,438 430,957
----------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments 94,961,143 45,460,285 45,633 2,696,100
Foreign currency transactions -- -- -- (330,718)
Net change in unrealized appreciation or
depreciation on:
Investments (35,958,926) 34,820,597 (990,673) 4,643,048
Translation of assets and liabilities
denominated in foreign currencies -- -- -- (666,798)
----------------------------------------------------------------
Net realized and unrealized gain (loss) 59,002,217 80,280,882 (945,040) 6,341,632
----------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $102,543,255 $88,333,919 $514,398 $6,772,589
----------------------------------------------------------------
----------------------------------------------------------------
*Interest $1,759 $1,593 -- $13,057
**Dividends $10,551 $9,502 -- $113,453
</TABLE>
See accompanying Notes to Financial Statements.
59
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1996
<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 *) $1,349,314 $1,427,764 $619,088
Dividends (net of withholding taxes of **) 228,453 458,739 447,273
--------------------------------------------------
Total income 1,577,767 1,886,503 1,066,361
--------------------------------------------------
EXPENSES:
Management fees - see applicable note 171,569 355,893 281,564
Custodian fees and expenses 16,922 42,931 77,488
Accounting services fees 37,500 60,000 52,500
Legal and auditing fees 13,142 24,832 12,553
Directors' fees and expenses 3,740 3,628 3,183
Registration and filing fees 836 3,331 3,164
--------------------------------------------------
Total expenses 243,709 490,615 430,452
--------------------------------------------------
NET INVESTMENT INCOME 1,334,058 1,395,888 635,909
--------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments 34,119 753,292 1,195,176
Foreign currency transactions -- (39,436) (39,335)
Net change in unrealized appreciation or
depreciation on:
Investments 218,964 3,210,263 3,344,778
Translation of assets and liabilities
denominated in foreign currencies -- (77,981) (74,912)
--------------------------------------------------
Net realized and unrealized gain (loss) 253,083 3,846,138 4,425,707
--------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,587,141 $5,242,026 $5,061,616
--------------------------------------------------
--------------------------------------------------
*Interest $456 $7,538 $5,075
**Dividends $476 $3,324 $5,855
</TABLE>
See accompanying Notes to Financial Statements.
60
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1996 AND 1995
<TABLE>
<CAPTION>
TOTAL RETURN GROWTH
PORTFOLIO PORTFOLIO
------------------------------------------------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
------------------------------------------------------------------
OPERATIONS:
Net investment income $43,541,038 $38,709,494 $8,053,037 $6,203,284
Net realized gain (loss) 94,961,143 34,241,934 45,460,285 23,356,603
Net change in unrealized appreciation or depreciation (35,958,926) 115,223,776 34,820,597 67,825,683
------------------------------------------------------------------
Net increase in net assets resulting from operations 102,543,255 188,175,204 88,333,919 97,385,570
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (5,852,700) (38,529,255) (1,827,903) (6,148,312)
Distributions from net realized gain (3,476,504) (31,137,474) (2,683,361) (21,759,918)
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
resulting from capital stock
transactions - Note 2 34,935,466 133,283,017 96,464,501 106,262,512
------------------------------------------------------------------
NET ASSETS:
Total increase (decrease) 128,149,517 251,791,492 180,287,156 175,739,852
Beginning of period 993,926,151 742,134,659 405,935,122 230,195,270
------------------------------------------------------------------
End of period $1,122,075,668 $993,926,151 $586,222,278 $405,935,122
------------------------------------------------------------------
------------------------------------------------------------------
Undistributed (overdistributed) net investment income $38,224,047 $373,665 $6,282,780 $57,646
</TABLE>
See accompanying Notes to Financial Statements.
61
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1996 AND 1995
<TABLE>
<CAPTION>
GOVERNMENT INTERNATIONAL
SECURITIES EQUITY
PORTFOLIO PORTFOLIO
----------------------------------------------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
----------------------------------------------------------------
OPERATIONS:
Net investment income $1,459,438 $1,287,278 $430,957 $617,135
Net realized gain (loss) 45,633 (111,999) 2,365,382 (126,829)
Net change in unrealized appreciation or depreciation (990,673) 2,348,269 3,976,250 3,546,088
----------------------------------------------------------------
Net increase in net assets resulting from operations 514,398 3,523,548 6,772,589 4,036,394
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (13,793) (1,281,570) (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 (1,573,635) 3,282,290 10,593,270 12,088,408
----------------------------------------------------------------
NET ASSETS:
Total increase (decrease) (1,073,030) 5,524,268 16,810,942 14,171,484
Beginning of period 24,308,608 18,784,340 45,774,519 31,603,035
----------------------------------------------------------------
End of period $23,235,578 $24,308,608 $62,585,461 $45,774,519
----------------------------------------------------------------
----------------------------------------------------------------
Undistributed (overdistributed) net investment income $1,450,831 $13,793 $356,464 ($2,025,132)
</TABLE>
See accompanying Notes to Financial Statements.
62
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1996 AND 1995
<TABLE>
<CAPTION>
LIFESPAN LIFESPAN
DIVERSIFIED LIFESPAN CAPITAL
INCOME BALANCED APPRECIATION
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------------
1996 1995(1) 1996 1995(1) 1996 1995(1)
<S> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $1,334,058 $347,542 $1,395,888 $349,522 $635,909 $147,012
Net realized gain (loss) 34,119 25,415 713,856 (186,996) 1,155,841 (215,118)
Net change in unrealized appreciation
or depreciation 218,964 802,958 3,132,282 1,904,703 3,269,866 1,836,590
------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations 1,587,141 1,175,915 5,242,026 2,067,229 5,061,616 1,768,484
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (218,759) (337,106) (364,414) (359,324) (278,560) (163,733)
Distributions from net realized gain (30,626) -- -- -- -- --
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
resulting from capital stock
transactions - Note 2 2,760,428 20,337,106 10,991,482 33,759,324 10,442,654 25,163,733
------------------------------------------------------------------------------------
NET ASSETS:
Total increase (decrease) 4,098,184 21,175,915 15,869,094 35,467,229 15,225,710 26,768,484
Beginning of period 21,175,915 -- 35,467,229 -- 26,768,484 --
------------------------------------------------------------------------------------
End of period $25,274,099 $21,175,915 $51,336,323 $35,467,229 $41,994,194 $26,768,484
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
Undistributed (overdistributed)
net investment income $1,127,966 $10,436 $1,053,055 ($9,802) $371,899 ($16,721)
</TABLE>
1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
See accompanying Notes to Financial Statements.
63
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
1996(1) 1995 1994 1993 1992
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
<S> <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
- -------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .07 .07 .06 .06 .07
Net realized and unrealized gain (loss) .11 .30 (.09) .20 .10
- -------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .18 .37 (.03) .26 .17
- -------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.07) (.06) (.06) (.07)
Distributions from net realized gain (.01) (.06) (.05) (.11) (.11)
- -------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.02) (.13) (.11) (.17) (.18)
- -------------------------------------------------------------------------------------------------
Net asset value, end of period $1.91 $1.75 $1.51 $1.65 $1.56
----------------------------------------------------
----------------------------------------------------
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 10.14% 24.66% (1.97)% 16.28% 10.21%
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) $1,122 $994 $742 $610 $402
- -------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,058 $864(3) $687(3) $502(3) $345(3)
- -------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.12% 4.48% 4.21% 3.90% 4.27%
Expenses 0.55% 0.59% 0.56% 0.60% 0.68%
- -------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 104.3% 62.3% 88.3% 161.6% 182.1%
Average brokerage commission rate(5) $0.0641 -- -- -- --
</TABLE>
1. On March 1, 1996, OppenheimerFunds, Inc. became the investment adviser to
the Fund.
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. This information is not covered by audit opinion.
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 December 31, 1996 were
$1,029,361,054 and $895,368,455, 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.
64
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
1996(1) 1995 1994 1993 1992
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
<S> <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
- ----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .04 .04 .03 .04 .04
Net realized and unrealized gain (loss) .43 .71 (.04) .36 .19
- ----------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .47 .75 (.01) .40 .23
- ----------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.04) (.03) (.04) (.04)
Distributions from net realized gain (.01) (.15) (.07) (.19) (.15)
- ----------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.02) (.19) (.10) (.23) (.19)
- ----------------------------------------------------------------------------------------------------------
Net asset value, end of period $2.98 $2.53 $1.97 $2.08 $1.91
-------------------------------------------------------------
-------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 18.87% 38.06% (0.51)% 21.22% 12.36%
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $586,222 $405,935 $230,195 $165,775 $101,215
- ----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $494,281 $303,193(3) $198,879(3) $131,292(3) $85,003(3)
- ----------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.63% 2.01% 1.87% 2.30% 2.19%
Expenses 0.58% 0.66% 0.67% 0.69% 0.76%
- ----------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 82.5% 69.3% 97.3% 97.6% 136.1%
Average brokerage commission rate(5) $0.0697 -- -- -- --
</TABLE>
1. On March 1, 1996, OppenheimerFunds, Inc. became the investment adviser to
the Fund.
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. This information is not covered by audit opinion.
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 December 31, 1996 were
$425,023,373 and $361,436,894, 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.
65
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
1996(2) 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 .07 .06 .06 .04 .02
Net realized and unrealized gain (loss) (.05) .12 (.11) .07 .04
- --------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .02 .18 (.05) .11 .06
- --------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- (3) (.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 $1.09 $1.07 $0.95 $1.06 $1.01
---------------------------------------------------------------------
---------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(4) 1.93% 18.91% (4.89)% 10.98% 6.61%
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $23,236 $24,309 $18,784 $15,687 $7,634
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $23,880 $23,157(5) $17,589(5) $11,421(5) $3,780(5)
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 6.11% 6.08% 6.04% 5.13% 4.64%(6)
Expenses 0.62% 0.71% 0.85% 0.93% 1.20%(6)
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 6.0% 54.7% 102.3% 178.2% 458.6%(6)
</TABLE>
1. For the period from May 13, 1992 (commencement of operations) to
December 31, 1992.
2. On March 1, 1996, OppenheimerFunds, Inc. became the investment adviser to
the Fund.
3. Less than $0.005 per share.
4. 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.
5. This information is not covered by audit opinion.
6. Annualized.
7. 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 December 31, 1996 were $425,023,373 and $361,436,894, respectively.
See accompanying Notes to Financial Statements.
66
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
1996(2) 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) .13 .08 .03 .20 (.06)
- ------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .15 .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 $1.29 $1.15 $1.09 $1.09 $0.92
------------------------------------------------------------------
------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 13.26% 10.30% 1.44% 21.80% (4.32)%
- ------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $62,585 $45,775 $31,603 $18,315 $10,493
- ------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $56,893 $37,474(4) $29,133(4) $13,328(4) $ 9,973(4)
- ------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 0.76% 1.61% (1.85)% (0.31)% 1.63%(5)
Expenses 1.21% 1.26% 1.28% 1.50% 1.50%(5)
- ------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 53.7% 85.1% 76.5% 57.4% 206.7%(5)
Average brokerage commission rate(7) $0.0019 -- -- -- --
</TABLE>
1. For the period from May 13, 1992 (commencement of operations) to December
31, 1992.
2. On March 1, 1996, OppenheimerFunds, Inc. became the investment adviser to
the Fund.
3. 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.
4. This information is not covered by audit opinion.
5. Annualized.
6. 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 December 31, 1996 were $44,150,822 and
$28,819,480, respectively.
7. 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.
67
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
1996(2) 1995(1)
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $1.04 $1.00
- ------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .06 .02
Net realized and unrealized gain .01 .04
- ------------------------------------------------------------------------------------------------
Total income from investment
operations .07 .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 $1.10 $1.04
-----------------------------------------
-----------------------------------------
- ------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 6.93% 5.69%
- ------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $25,274 $21,176
- ------------------------------------------------------------------------------------------------
Average net assets (in thousands) $22,854 $20,364 (4)
- ------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.84% 5.11%(5)
Expenses 1.07% 1.50%(5)
- ------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 80.4% 41.2%(5)
Average brokerage commission rate(7) $0.0678 --
</TABLE>
1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
2. On March 1, 1996, OppenheimerFunds, Inc. became the investment adviser to
the Fund.
3. 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.
4. This information is not covered by audit opinion.
5. Annualized.
6. 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 December 31, 1996 were
$19,927,166 and $16,872,227, respectively.
7. 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.
68
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
1996(2) 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 .03 .01
Net realized and unrealized gain .11 .05
- ----------------------------------------------------------------------------------------------------------
Total income from investment
operations .14 .06
- ----------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.01)
- ----------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.01) (.01)
- ----------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.18 $1.05
-------------------------------------------------
-------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 13.38% 6.08%
- ----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $51,336 $35,467
- ----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $41,847 $33,925 (4)
- ----------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.34% 3.08%(5)
Expenses 1.17% 1.50%(5)
- ----------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 69.7% 39.7%(5)
Average brokerage commission rate(7) $0.0025 --
</TABLE>
1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
2. On March 1, 1996, OppenheimerFunds, Inc. became the investment adviser to
the Fund.
3. 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.
4. This information is not covered by audit opinion.
5. Annualized.
6. 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 December 31, 1996 were $34,475,999 and $26,945,206, respectively.
7. 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.
69
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
1996(2) 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 .02 .01
Net realized and unrealized gain .17 .06
- ---------------------------------------------------------------------------------------------------------
Total income from investment
operations .19 .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 $1.24 $1.06
-----------------------------------------------
-----------------------------------------------
- ---------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 17.97% 6.65%
- ---------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $41,994 $26,768
- ---------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $33,109 $25,460 (4)
- ---------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.92% 1.73%(5)
Expenses 1.30% 1.50%(5)
- ---------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 70.7% 38.7%(5)
Average brokerage commission rate(7) $0.0028 --
</TABLE>
1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
2. On March 1, 1996, OppenheimerFunds, Inc. became the investment adviser to
the Fund.
3. 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.
4. This information is not covered by audit opinion.
5. Annualized.
6. 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 December 31, 1996 were $28,033,224 and $21,163,850,
respectively.
7. 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.
70
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Total Return Portfolio (the Fund), is a series of Panorama Series Fund, Inc.
(the Company) which 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 connection with this change,
effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became the
adviser of Panorama Series Fund, Inc. Shares of the Fund are sold only to
separate accounts of life insurance companies, a majority of such shares are
held by separate accounts of MML, an affiliate of the investment adviser.
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 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.
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 the 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.
71
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS (continued)
During the year ended December 31, 1996, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the year ended December 31, 1996, amounts
have been reclassified to reflect an increase in undistributed net investment
income of $162,044. Accumulated net realized gain was decreased by the same
amount.
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 950 million shares of $0.001 par value capital
stock. Transactions in shares of capital stock were as follows:
Year Ended Year Ended
December 31, 1996 December 31, 1995
------------------------------------------------------------
Shares Amount Shares Amount
---------- ---------- ----------- ----------------
Sold 93,916,426 $ 168,995,348 92,416,138 $157,945,504 (1)
Dividends and
distributions
reinvested 5,232,785 9,329,203 39,845,299 69,666,729 (1)
Redeemed (79,306,418) (143,389,085) (55,425,167) (94,329,216)(1)
------------ ------------- ------------ ---------------
Net increase 19,842,793 $ 34,935,466 76,836,270 $133,283,017
------------ -------------- ------------ ----------------
------------ -------------- ------------ ----------------
1. This information is not covered by audit opinion.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1996, net unrealized appreciation on investments of
$77,874,740 was composed of gross appreciation of $83,407,872, and gross
depreciation of $5,533,132.
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
$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. (the
former Manager), a wholly owned subsidiary of MML. The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed
the most stringent applicable regulatory limit on Fund expenses. 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.
72
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Growth Portfolio (the Fund), is a series of Panorama Series Fund, Inc. (the
Company) which 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. 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 connection with this change, effective March 1, 1996,
OppenheimerFunds, Inc. (the Manager) became the adviser of Panorama Series
Fund, Inc. Shares of the Fund are sold only to separate accounts of life
insurance companies, a majority of such shares are held by separate accounts
of MML, an affiliate of the investment adviser. 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 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 the 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.
73
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Continued)
2. SHARES OF CAPITAL STOCK
The Fund has authorized 350 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
Year Ended Year Ended
December 31, 1996 December 31, 1995
-------------------------------------------------------------
Shares Amount Shares Amount
-------------------------------------------------------------
Sold 55,608,996 $149,864,357 47,879,137 $113,288,953(1)
Dividends and
distributions
reinvested 1,696,733 4,511,263 11,118,683 27,908,230(1)
Redeemed (21,454,970) (57,911,119) (14,920,252) (34,934,671)(1)
------------ ------------- ------------ ----------------
Net increase 35,850,759 $ 96,464,501 44,077,568 $106,262,512
------------ ------------- ------------ ----------------
------------ ------------- ------------ ----------------
1. This information is not covered by audit opinion.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1996, net unrealized appreciation on investments of
$114,242,963 was composed of gross appreciation of $116,270,104, and gross
depreciation of $2,027,141.
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. (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. 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.
74
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Government Securities Portfolio (the Fund), is a series of Panorama Series
Fund, Inc. (the Company) which 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 connection with this change,
effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became the
adviser of Panorama Series Fund, Inc. Shares of the Fund are sold only to
separate accounts of life insurance companies, a majority of such shares are
held by separate accounts of MML, an affiliate of the investment adviser.
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 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 the 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.
At December 31, 1996, the Fund had available for federal income tax purposes
an unused capital loss carryover of approximately $360,000, which expires
between 2002 and 2003.
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.
During the year ended December 31, 1996, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the year ended December 31, 1996, amounts
have been reclassified to reflect a decrease in undistributed net investment
income of $8,607. Accumulated net realized loss was decreased by the same
amount.
75
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
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:
Year Ended Year Ended
December 31, 1996 December 31, 1995
--------------------------------------------------------------
Shares Amount Shares Amount
--------------------------------------------------------------
Sold 3,228,090 $ 3,411,359 5,051,043 $5,332,595 (1)
Dividends and
distributions
reinvested 13,298 13,793 1,202,560 1,281,570 (1)
Redeemed (4,728,604) (4,998,787) (3,205,837) (3,331,875)(1)
----------- ----------- ----------- --------------
Net increase
(decrease) (1,487,216) $(1,573,635) 3,047,766 $3,282,290
----------- ------------ ----------- --------------
----------- ------------ ----------- --------------
1. This information is not covered by audit opinion.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1996, net unrealized depreciation on investments of $32,315
was composed of gross appreciation of $281,327 and gross depreciation of
$313,642.
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. 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 January 1,
1997, the Manager will act as the accounting agent for the Fund at an annual
fee of $15,000, plus out-of-pocket costs and expenses reasonably incurred.
76
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
International Equity Portfolio (the Fund), is a series of Panorama Series
Fund, Inc. (the Company) which 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. 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 connection with this change, effective March 1,
1996, OppenheimerFunds, Inc. (the Manager) became the adviser of Panorama
Series Fund, Inc. Shares of the Fund are sold only to separate accounts of
life insurance companies, a majority of such shares are held by separate
accounts of MML, an affiliate of the investment adviser. 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 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 the 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.
77
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS (continued)
During the year ended December 31, 1996, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the year ended December 31, 1996, amounts
have been reclassified to reflect a decrease in paid-in capital of $930,051,
an increase in undistributed net investment income of $2,505,556, and a
increase in accumulated net realized loss on investments of $1,575,505.
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:
Year Ended Year Ended
December 31, 1996 December 31, 1995
--------------------------------------------------------------
Shares Amount Shares Amount
-------------------------------------------------------------
Sold 17,318,472 $ 21,135,395 13,867,469 $15,578,087 (1)
Dividends and
distributions
reinvested 447,471 554,916 1,701,124 1,953,318 (1)
Redeemed (8,889,447) (11,097,041) (4,839,804) (5,442,997)(1)
----------- ------------ ----------- --------------
Net increase 8,866,496 $ 10,593,270 10,728,789 $12,088,408
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
1. This information is not covered by audit opinion.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1996, net unrealized appreciation on investments of
$8,362,401 was composed of gross appreciation of $10,605,136 and gross
depreciation of $2,242,735.
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. (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. 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.
The Manager has entered into a sub-advisory agreement with Babson-Stewart
Ivory International (the Sub-Adviser) to assist in the selection of portfolio
investments for the components of the Fund. For these services, the Manager
pays Babson-Stewart Ivory International negotiated fees.
78
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Diversified Income Portfolio (the Fund), is a series of Panorama
Series Fund, Inc. (the Company) which 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 connection with this change,
effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became the
adviser of Panorama Series Fund, Inc. Shares of the Fund are sold only to
separate accounts of life insurance companies, a majority of such shares are
held by separate accounts of MML, an affiliate of the investment adviser.
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 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 the 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.
79
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS (continued)
During the year ended December 31, 1996, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the year ended December 31, 1996, amounts
have been reclassified to reflect an increase in undistributed net investment
income of $2,231. Accumulated net realized gain was decreased by the same
amount.
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 of capital
stock. Transactions in shares of capital stock were as follows:
Year Ended Year Ended
December 31, 1996 December 31, 1995(1)
-------------------------------------------------------------
Shares Amount Shares Amount
---------- ----------- ----------- -------------
Sold 2,767,203 $2,918,049 20,000,000 $20,000,000(2)
Dividends and
distributions
reinvested 239,497 249,385 324,034 337,106(2)
Redeemed (383,462) (407,006) -- --
----------- ------------ ----------- -------------
Net increase 2,623,238 $2,760,428 20,324,034 $20,337,106
----------- ------------ ----------- --------------
----------- ------------ ----------- --------------
1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
2. This information is not covered by audit opinion.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1996, net unrealized appreciation on investments of
$1,021,923 was composed of gross appreciation of $1,319,572, and gross
depreciation of $297,649.
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. (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. 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.
The Manager has entered into a sub-advisory agreement with BEA Associates
(the Sub-Adviser) to assist in the selection of portfolio investments for the
components of the Fund. For these services, the Manager pays BEA Associates
negotiated fees.
80
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Balanced Portfolio (the Fund), is a series of Panorama Series Fund,
Inc. (the Company) which 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 connection with this change, effective March 1,
1996, OppenheimerFunds, Inc. (the Manager) became the adviser of Panorama
Series Fund, Inc. Shares of the Fund are sold only to separate accounts of
life insurance companies, a majority of such shares are held by separate
accounts of MML, an affiliate of the investment adviser. 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 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.
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 the 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.
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PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS (continued)
During the year ended December 31, 1996, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the year ended December 31, 1996, amounts
have been reclassified to reflect a decrease in paid-in capital of $20,887,
an increase in undistributed net investment income of $31,383, and a decrease
in accumulated net realized gain on investments of $10,496.
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:
Year Ended Year Ended
December 31, 1996 December 31, 1995 (1)
-------------------------------------------------------------
Shares Amount Shares Amount
-------------------------------------------------------------
Sold 11,771,412 $13,270,683 33,400,000 $33,400,000(2)
Dividends and
distributions
reinvested 324,756 364,414 343,194 359,324(2)
Redeemed (2,368,019) (2,643,615) -- --
------------ ------------ ---------- --------------
Net increase 9,728,149 $10,991,482 33,743,194 $33,759,324
------------ ------------ ---------- --------------
------------ ------------ ---------- --------------
1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
2. This information is not covered by audit opinion.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1996, net unrealized appreciation on investments of
$5,036,956 was composed of gross appreciation of $5,927,588, and gross
depreciation of $890,632.
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. (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. 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.
The Manager has entered into sub-advisory agreements with three Sub-Advisers
to assist in the selection of portfolio investments for the components of the
Fund. For those services, the Manager pays Babson-Stewart Ivory
International, BEA Associates and Pilgrim Baxter & Associates (the Sub-
Advisers) negotiated fees.
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<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Capital Appreciation Portfolio (the Fund), is a series of Panorama
Series Fund, Inc. (the Company) which 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 connection with this change, effective March 1, 1996,
OppenheimerFunds, Inc. (the Manager) became the adviser of Panorama Series
Fund, Inc. Shares of the Fund are sold only to separate accounts of life
insurance companies, a majority of such shares are held by separate accounts
of MML, an affiliate of the investment adviser. 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 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.
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 the 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.
83
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS (continued)
During the year ended December 31, 1996, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the year ended December 31, 1996, amounts
have been reclassified to reflect a decrease in paid-in capital of $20,887,
an increase in undistributed net investment income of $31,271, and a decrease
in accumulated net realized gain on investments of $10,384.
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:
Year Ended Year Ended
December 31, 1996 December 31, 1995(1)
-------------------------------------------------------------
Shares Amount Shares Amount
-------------------------------------------------------------
Sold 12,599,280 $14,877,614 25,000,000 $25,000,000(2)
Dividends and
distributions
reinvested 236,570 278,563 154,663 163,733(2)
Redeemed (4,035,039) (4,713,523) -- --
-------------- ------------ ---------- ------------
Net increase 8,800,811 $10,442,654 25,154,663 $25,163,733
---------- ------------ ---------- ------------
---------- ------------ ---------- ------------
1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
2. This information is not covered by audit opinion.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1996, net unrealized appreciation on investments of
$5,106,412 was composed of gross appreciation of $5,887,486, and gross
depreciation of $781,074.
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. (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. 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.
The Manager has entered into sub-advisory agreements with three Sub-Advisers
to assist in the selection of portfolio investments for the components of the
Fund. For these services, the Manager pays Babson-Stewart Ivory
International, BEA Associates and Pilgrim Baxter & Associates (the
Sub-Advisers) negotiated fees.
84
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders of Panorama Series Fund, Inc.:
We have audited the accompanying statements of assets and liabilities, including
the statements of investments, of Total Return Portfolio, Growth Portfolio,
Government Securities Portfolio, International Equity Portfolio, LifeSpan
Diversified Income Portfolio, LifeSpan Balanced Portfolio and LifeSpan Capital
Appreciation Portfolio (all of which are a series of Panorama Series Fund, Inc.)
as of December 31, 1996 and the related statements of operations and changes in
net assets and the financial highlights for the year ended December 31, 1996.
These financial statements and financial highlights are the responsibility of
the Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit. The statements
of changes in net assets for the year ended December 31, 1995 and the financial
highlights for the period January 1, 1992 to December 31, 1995 were audited by
other auditors whose report dated February 15, 1996, expressed an unqualified
opinion on this information.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned at December 31, 1996 by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Total Return
Portfolio, Growth Portfolio, Government Securities Portfolio, International
Equity Portfolio, LifeSpan Diversified Income Portfolio, LifeSpan Balanced
Portfolio and LifeSpan Capital Appreciation Portfolio at December 31, 1996, the
results of their operations, the changes in their net assets, and the financial
highlights for the year ended December 31, 1996, in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
January 22, 1997
85
<PAGE>
FEDERAL INCOME TAX INFORMATION (Unaudited)
In early 1997, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1996. Regulations
of the U.S. Treasury Department require the Fund to report this information to
the Internal Revenue Service.
Certain distributions paid on July 1, 1996 were designated as "capital gain
distributions" for federal income tax purposes. These distributions are shown
in the table below. Whether received in stock or cash, a capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets held for more than one year (long-term capital gains).
Dividends paid by the Fund during the fiscal year ended December 31, 1996 which
are not designated as capital gain distributions should be multiplied by the
percentage listed below to arrive at the net amount eligible for the corporate
dividend-received deduction.
Long-Term Capital Corporate Dividend-
Gain Distribution Received Deduction
----------------- -------------------
Total Return Portfolio $0.005 13.08%
Growth Portfolio $0.011 50.55%
Government Securities Portfolio N/A N/A
International Equity Portfolio N/A 100%
LifeSpan Diversified Income Portfolio $0.0014 13.55%
LifeSpan Balanced Portfolio N/A 25.34%
LifeSpan Capital Appreciation Portfolio N/A 2.26%
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in the state and local tax regulations, we
recommend that you consult your tax adviser for specific guidance.
86
<PAGE>
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 ADVISER
OppenheimerFunds, Inc.
SUB-ADVISERS
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.
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.
87
