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076 000800 0.00
028 A010900 1020
028 A020900 0
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028 B010900 1328
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028 B040900 507
028 C010900 888
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028 G010900 6441
028 G020900 1747
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<PAGE> PAGE 21
028 H000900 0
055 A000900 N
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056 000900 N
057 000900 N
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063 A000900 0
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070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
<PAGE> PAGE 22
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 20972
071 B000900 14048
071 C000900 49207
071 D000900 29
072 A000900 6
072 B000900 944
072 C000900 287
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072AA000900 2051
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<PAGE> PAGE 23
074 A000900 1739
074 B000900 3000
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028 A011000 1049
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<PAGE> PAGE 24
028 E031000 0
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028 G011000 7605
028 G021000 1426
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055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
062 A001000 N
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070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
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070 G021000 N
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070 H021000 N
<PAGE> PAGE 25
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 Y
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 Y
070 M011000 Y
070 M021000 Y
070 N011000 Y
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 20133
071 B001000 13050
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<PAGE> PAGE 26
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055 A002600 N
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> Growth Portolio
<SERIES>
<NUMBER> 3
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 585,454,865
<INVESTMENTS-AT-VALUE> 723,309,199
<RECEIVABLES> 7,393,063
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,103,049
<TOTAL-LIABILITIES> 12,854,087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 516,117,651
<SHARES-COMMON-STOCK> 229,594,122
<SHARES-COMMON-PRIOR> 196,587,477
<ACCUMULATED-NII-CURRENT> 4,468,860
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 59,411,882
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 137,854,334
<NET-ASSETS> 717,852,727
<DIVIDEND-INCOME> 4,722,751
<INTEREST-INCOME> 1,705,834
<OTHER-INCOME> 0
<EXPENSES-NET> 1,740,015
<NET-INVESTMENT-INCOME> 4,688,570
<REALIZED-GAINS-CURRENT> 59,726,941
<APPREC-INCREASE-CURRENT> 23,611,371
<NET-CHANGE-FROM-OPS> 88,026,882
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,502,490
<DISTRIBUTIONS-OF-GAINS> 46,127,035
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<NUMBER-OF-SHARES-REDEEMED> 10,235,859
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<ACCUMULATED-NII-PRIOR> 6,282,780
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<OVERDIST-NET-GAINS-PRIOR> 0
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> TOTAL RETURN PORTFOLIO
<SERIES>
<NUMBER> 5
<NAME> PANORAMA SERIES FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<SHARES-COMMON-PRIOR> 586,602,688
<ACCUMULATED-NII-CURRENT> 21,089,155
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,696,083
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1,206,046,124
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 21,697,078
<REALIZED-GAINS-CURRENT> 41,796,080
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<NET-CHANGE-FROM-OPS> 101,485,815
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 38,831,970
<DISTRIBUTIONS-OF-GAINS> 95,341,180
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<NUMBER-OF-SHARES-SOLD> 28,682,662
<NUMBER-OF-SHARES-REDEEMED> 37,913,202
<SHARES-REINVESTED> 78,007,645
<NET-CHANGE-IN-ASSETS> 83,970,456
<ACCUMULATED-NII-PRIOR> 38,224,047
<ACCUMULATED-GAINS-PRIOR> 94,241,183
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,080,609
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<GROSS-EXPENSE> 3,101,717
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<PER-SHARE-NII> 0.03
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<EXPENSE-RATIO> 0.54
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> Government Securities Portfolio
<SERIES>
<NUMBER> 6
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 22,342,727
<INVESTMENTS-AT-VALUE> 22,257,951
<RECEIVABLES> 391,981
<ASSETS-OTHER> 1,421
<OTHER-ITEMS-ASSETS> 222,277
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<ACCUMULATED-NII-CURRENT> 673,760
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (474,773)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (84,776)
<NET-ASSETS> 22,793,660
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 765,020
<OTHER-INCOME> 0
<EXPENSES-NET> 78,758
<NET-INVESTMENT-INCOME> 686,262
<REALIZED-GAINS-CURRENT> (67,794)
<APPREC-INCREASE-CURRENT> (52,461)
<NET-CHANGE-FROM-OPS> 566,007
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<DISTRIBUTIONS-OF-INCOME> 1,463,333
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 922,601
<NUMBER-OF-SHARES-REDEEMED> 1,880,236
<SHARES-REINVESTED> 1,434,641
<NET-CHANGE-IN-ASSETS> (441,918)
<ACCUMULATED-NII-PRIOR> 1,450,831
<ACCUMULATED-GAINS-PRIOR> (406,979)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 59,452
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78,758
<AVERAGE-NET-ASSETS> 22,835,906
<PER-SHARE-NAV-BEGIN> 1.09
<PER-SHARE-NII> 0.03
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<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 1.05
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> International Equity Portfolio
<SERIES>
<NUMBER> 7
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
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<INVESTMENTS-AT-VALUE> 75,067,745
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<TOTAL-LIABILITIES> 25,574
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<NUMBER-OF-SHARES-SOLD> 7,378,619
<NUMBER-OF-SHARES-REDEEMED> 2,302,542
<SHARES-REINVESTED> 1,293,541
<NET-CHANGE-IN-ASSETS> 13,682,949
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<ACCUMULATED-GAINS-PRIOR> 1,034,996
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 331,355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 363,318
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<PER-SHARE-NII> 0.01
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<PER-SHARE-NAV-END> 1.39
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Diversified Income Portfolio
<SERIES>
<NUMBER> 8
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
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<RECEIVABLES> 462,993
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<OTHER-ITEMS-ASSETS> 924,597
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<PAID-IN-CAPITAL-COMMON> 25,589,339
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<SHARES-COMMON-PRIOR> 22,947,272
<ACCUMULATED-NII-CURRENT> 753,837
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<ACCUMULATED-NET-GAINS> 115,804
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,426,535
<NET-ASSETS> 27,885,515
<DIVIDEND-INCOME> 116,804
<INTEREST-INCOME> 770,830
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<NET-INVESTMENT-INCOME> 781,699
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Balanced Portfolio
<SERIES>
<NUMBER> 9
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
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<SHARES-COMMON-PRIOR> 43,471,343
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<DIVIDEND-INCOME> 286,978
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<NET-CHANGE-FROM-OPS> 3,774,186
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Capital Appreciation Portfolio
<SERIES>
<NUMBER> 10
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 43,754,365
<INVESTMENTS-AT-VALUE> 50,998,261
<RECEIVABLES> 529,102
<ASSETS-OTHER> 2,063
<OTHER-ITEMS-ASSETS> 1,373,955
<TOTAL-ASSETS> 52,903,381
<PAYABLE-FOR-SECURITIES> 399,119
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,216
<TOTAL-LIABILITIES> 421,335
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,819,832
<SHARES-COMMON-STOCK> 40,776,390
<SHARES-COMMON-PRIOR> 33,955,474
<ACCUMULATED-NII-CURRENT> 550,819
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 867,846
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,243,549
<NET-ASSETS> 52,482,046
<DIVIDEND-INCOME> 310,235
<INTEREST-INCOME> 483,798
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 581,314
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<NET-CHANGE-FROM-OPS> 3,680,191
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 402,394
<DISTRIBUTIONS-OF-GAINS> 1,024,277
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,261,673
<NUMBER-OF-SHARES-REDEEMED> 670,646
<SHARES-REINVESTED> 1,229,889
<NET-CHANGE-IN-ASSETS> 10,487,852
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<ACCUMULATED-GAINS-PRIOR> 930,339
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
