<PAGE>
PANORAMA SERIES FUND, INC.
SEMIANNUAL REPORT
JUNE 30, 1997
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
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
The Total Return portfolio performed relatively well over the past six months.
After a sub par 1996, the Fund regained momentum and provided a cumulative total
return of 9.30% for the six-month period ending June 30, 1997.(1)
We increased our equity allocation in late 1996, and again in June of this year,
bringing the portfolio to its present balance of 58% stocks, 39% bonds and 3%
cash equivalents, in relation to total market value. The increased exposure to
equities helped the portfolio to take better advantage of the superior returns
being delivered by stocks, while maintaining our ability to benefit from
strengths in the bond market. The adjustments took place ahead of extremely
volatile periods for stock prices. In March, the market suffered a decline of
nearly 10% from which it didn't fully recover until early May. Fortunately,
however, following our disciplined asset allocation process, we were determined
to hold steady during the "correction". This decision served shareholders well
as the market rebounded and headed for new highs in June.
The technology and capital goods areas provided our biggest winners during the
period. Computer stocks strengthened due to higher-than-expected personal
computer demand, while capital goods stocks benefited from continued robust
economic growth. Our best stocks year to date included Compaq Computer and
Storage Technology in the technology sector, and Textron, Deere, Case and
Ingersoll-Rand in the capital goods area.(2)
The portfolio also benefited from our holdings in Fort Howard Paper, DuPont and
Travelers Group.
We took some profits in our bank stocks, reducing positions which were among our
best performers. At the same time, we located good values in stocks of insurance
companies. Therefore, we added to our Travelers holdings and made some new
purchases. At the end of the period, the financial sector retained a major
weighting in the Fund, although the actual mix contained more stocks of
financial services companies and fewer bank stocks.
The Fund also moderately increased its overall weighting in energy stocks. Stock
prices in this area had come down significantly in the early part of the year
when natural gas prices collapsed. After intensive evaluations of companies in
the energy field, we determined that their fundamentals remained strong, and the
declines were unwarranted.
During the first quarter, the fixed income portion of our portfolio was
positioned to be modestly-defensive, with a large weighting in shorter-maturity
bonds. The economy seemed very robust - many felt that it was growing too
quickly and that inflation was likely to rise - so we were waiting to see what
move the Federal Reserve Board would make in terms of interest rates. After the
Fed raised interest rates one quarter of one percentage point in March, and the
economy subsequently appeared to slow somewhat in April, we took the opportunity
to shift into some longer-maturity bonds to enhance yield. As inflation
continued to appear benign through quarter's end, we were confident that our
fixed income investments were properly positioned.
Going forward, we remain committed to our proven style of selecting and
allocating stocks, bonds and money market investments. We employ a bottom-up,
quantitatively-based stock selection process. This means that we begin by
identifying individual companies, rather than targeting specific industries or
sectors. Then, before making any investment decision, we thoroughly analyze all
the available data, rank each company based on multiple factors, and invest only
in securities that meet our stringent criteria. We look for bargain-priced,
out-of-favor stocks that demonstrate positive earnings surprises, and high
quality bonds issued by companies with stable-to-improving credit quality. We
continue to closely monitor our value-based asset allocation discipline, and
will make appropriate adjustments to the Fund's mix of stocks, bonds and cash as
market conditions change.
As always, we appreciate the trust you have placed in us. We look forward to
helping you meet your investment goals with the Panorama Series Fund, Inc. -
Total Return Portfolio.
- ----------------------------
1. Includes changes in net asset value per share without deducting any insurance
product charges. Such performance is not annualized and would have been lower if
these charges were taken into account. Past performance is no guarantee of
future results.
2. The Fund's portfolio is subject to change.
1
<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 well over the past six-months, producing a
cumulative total return of 14.65% for the six-month period ended 6/30/97.(1)
We continued to employ our time-tested strategy of buying undervalued stocks
with better-than-anticipated earnings. This value strategy was out of favor
during much of 1996 as investors gravitated toward more expensive growth stocks
which they believed offered relatively certain earnings prospects. But beginning
late last year, and continuing into 1997, the market has once again begun to
acknowledge the positive potential of out-of-favor stocks.
So far it appears that 1997 may be a more volatile year for equity prices than
any year since 1990. Early in the year, investors worried that the economy might
be overheating and that inflation could accelerate. The resulting decline of
nearly 10% in the stock market during March actually allowed us to find some
top-quality stocks at very attractive valuations. The subsequent run-up in April
and May, which accelerated to a record-setting pace during the first half of
June, provided ample opportunities to sell some of our winning stocks at nearly
full valuations.
The technology and capital goods areas provided our biggest winners during the
period. Computer stocks strengthened due to higher-than-expected personal
computer demand, while capital goods stocks benefited from continued robust
economic growth. Our best stocks year to date included Compaq Computer and
Storage Technology in the technology sector, and Textron, Deere, Case and
Ingersoll-Rand in the capital goods area.(2)
The portfolio also benefited from our holdings in Fort Howard Paper, DuPont and
Travelers Group.
We took some profits in our bank stocks, reducing positions which were among our
best performers. At the same time, we located good values in stocks of insurance
companies. Therefore, we added to our Travelers holdings and made some new
purchases. At the end of the period, the financial sector retained a major
weighting in the Fund, although the actual mix contained more stocks of
financial services companies and fewer bank stocks.
The Fund also moderately increased its overall weighting in energy stocks over
the six month period. Stock prices in this area had come down significantly in
the early part of the year when natural gas prices collapsed. After intensive
evaluations of companies in the energy field, we determined that their
fundamentals remained strong, and the declines were unwarranted.
Going forward, we remain committed to our bottom-up, quantitatively-based
discipline of stock selection. This means that we begin by identifying
individual companies, rather than targeting specific industries or sectors.
Specifically, we look for bargain-priced, out-of-favor stocks that may
demonstrate positive earnings surprises. These surprises, unexpected by Wall
Street analysts, are often indicators that the out-of-favor stocks are poised
for appreciation. Before making any investment decision, we thoroughly analyze
all the available data, rank each company based on multiple factors, and invest
only in companies that meet our stringent criteria.
As always, we appreciate the trust you have placed in us. We look forward to
helping you meet your investment goals with the Panorama Series Fund, Inc. -
Growth Portfolio.
- ----------------------------
1. Includes changes in net asset value per share without deducting any insurance
product charges. Such performance is not annualized and would have been lower if
these charges were taken into account. Past performance is no guarantee of
future results.
2. The Fund's portfolio is subject to change.
2
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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(1)
The Government Securities Portfolio produced a cumulative total return of 2.94%
for the six-month period ended 6/30/97.(2)
In general, the Fund seeks investments that provide an attractive, steady yield
with a high degree of safety. Although the past six months were volatile for
many types of bonds, the government securities held by the Fund, which are
backed by the full faith and credit of the U.S. Government or the agency issuing
the security, performed well, for reasons explained below.
The Fund's stable return was due primarily to the somewhat unusual combination
of sustained economic growth and continued low inflation throughout the entire
period. Normally, strong growth is accompanied by RISING interest rates, while
low inflation is usually acc ompanied by LOWER interest rates. However, because
the economy was experiencing both sustained growth and low inflation
simultaneously, the historically opposite influences of these factors on
interest rates in effect canceled each other out. This created a narrow
"corridor" of variation for the interest rates and prices of government
securities, resulting in a fairly steady yield for the Fund's investors.
Keeping the delicate balance between sustained high growth and low inflation was
the responsibility of the Federal Reserve Board. In March 1997, fearing that the
economy was growing so robustly that it might trigger increased inflation, the
Federal Reserve Board raised interest rates a modest one quarter of one percent.
The following May, seeing no clear signs of rising inflation, it declined to
initiate a second increase. By mid-June, many investors and analysts were
referring to the U.S. economy as a "Goldilocks economy", with growth appearing
to be neither too hot nor too cold, but "just right."
With growth and inflation in balance, effectively blocking extreme swings in
prices and interest rates, volatility for the types of government securities in
which the Fund invests has stayed at all-time lows for over a year. Although
uncertainty increased for a short time just before the release of each set of
economic indicators and prior to the Fed's interest rate decisions in March and
May, the absence of any dramatic announcements meant that placidity returned to
the market quickly.
Going forward, the greatest challenge for the Fund is to locate attractive
values in the securities in which we invest. We believe there is a chance that
the Fed will raise interest rates slightly in the near future, in order to keep
economic growth and inflation in check. With a moderate tightening, as we
expect, and barring any major shocks in the markets, volatility should remain
low and the Fund's returns should continue to be attractive. In order to help
maintain returns and minimize the impact of any negative surprises, we continue
to limit the overall average maturity of the portfolio.
As always, we appreciate the trust you have placed in us. We look forward to
helping you meet your financial goals with Panorama Series Fund, Inc. -
Government Securities Portfolio.
- ----------------------------
1. Effective July 21, 1997, the Fund's portfolio manager is Jerry Webman.
2. Includes changes in net asset value per share without deducting any insurance
product charges. Such performance would have been lower if these charges were
taken into account. Past performance is no guarantee of future results.
3
<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
Panorama Series Fund, Inc., - International Equity Portfolio provided a total
rate of return of 10.49% for the six-month period ended June 30, 1997. These
results reflect changes in share price and income distributions reinvested.(1)
Most international stock markets have done quite well, but a strong U.S. dollar
relative to many foreign currencies has eroded those gains somewhat for U.S.
shareholders. In Europe, for example, we've seen strong stock market performance
in the United Kingdom, where recent elections and the subsequent change in
government were apparently viewed positively by investors. In fact, shares on
the London exchange are trading near all-time highs, in large part because
investors there seem more optimistic about the United Kingdom's participation in
the European Monetary Union. The rest of Europe appears to be in the early
stages of an economic recovery, and many of their stock markets have reflected
the likelihood of higher corporate earnings. In addition, European companies are
just beginning to restructure in the same way that U.S. companies have been
doing for years, a process viewed positively by investors throughout the
European continent.
In Asia, Japan's stock market got off to a poor start in the face of a
persistent banking crisis and economic slow-down, but Japanese stocks gradually
performed better later in the period. Asia, excluding Japan and Hong Kong, has
seen mixed results. There have been some sharp sell-offs in the so called
emerging "Tiger" markets of Thailand, Malaysia, the Philippines and others so
far this year as these nations struggle with unsustainably high economic growth
rates. Hong Kong, however, has done well in anticipation of the transfer of
power to the Chinese Government, which most market-watchers believe will occur
without significant disruptions or problems.
Latin America has also done well in sharp contrast to their poor performance
just a few years ago. The countries there appear to have learned some valuable
lessons from the past and have recently done a better job of coming to terms
with their emergence from third-world status.
We evaluate opportunities on a company-by-company basis rather than attempting
to identify broad markets, industries or economies for investment. We focus on
both large- and medium-sized companies because we think mid-sized businesses are
most likely to become the blue-chip stocks of the future.
We employ a team approach to fundamental securities analysis. We currently have
six teams, each responsible for finding attractive companies in a specific
region of the world. We look for companies with solid historical earnings
growth, strong track records, skillful management and bright prospects for
future earnings growth. What's more, these stocks should be selling at
reasonable prices because we don't want to overpay for growth. We supplement our
analyses with personal visits with companies and their managers, which we find
exceptionally valuable. We then select the best suggestions from around the
world to construct the Fund's portfolio.
We're careful, however, not to disproportionately overweight any single market
or industry. With about 90 companies in the portfolio at any given time, we are
broadly diversified both geographically and across economic sectors.
Our outlook overall is favorable from a fundamental perspective, but we remain
cautious with regard to certain individual markets. However, we think that the
international markets' performance will probably be closely linked to that of
the U.S. stock market, except for Japan which tends to move independently.
In Europe, we're optimistic because the region's markets are still quite a way
behind the United States in the business cycle. We think that moderate economic
growth and the trend toward restructuring should help these companies increase
earnings - much as U.S. companies have over the past several years - and their
stocks should follow suit. In Asia, on the other hand, we don't see an immediate
end to the current problems in Japan and the "Tiger markets." But if these
markets sell off much further, they may provide opportunities to buy good
businesses inexpensively. In Latin America, deregulation should continue to
benefit companies that have established leadership positions in their
industries. As investors look for compelling opportunities outside the United
States, we expect more money to filter into these markets, which should help the
upward momentum continue.
4
<PAGE>
As always, we appreciate the trust you have placed in us. We look forward to
helping you meet your investment goals with the Panorama Series Fund, Inc. -
International Equity Portfolio.
- ----------------------------
1. Includes changes in net asset value per share without deducting any insurance
product charges. Such performance would have been lower if these charges were
taken into account. Past performance is no guarantee of future results.
5
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN PORTFOLIOS
OBJECTIVE
THE 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.
THE 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.
THE 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 BY PORTFOLIO MANAGEMENT TEAM
Exuberance, irrational or not, returned to the stock market in 1997, and pulled
the bond market along with it.
The first quarter of 1997, although volatile, was slightly more subdued than the
second. The markets entered the new year strongly, but many people - including
Alan Greenspan, Chairman of the Federal Reserve Board - feared the economy was
growing at too fast a pace to keep inflation at bay. Consequently, Chairman
Greenspan raised interest rates slightly in late March, generating significant
volatility in both the stock and bond markets. Fearing that the near-10% decline
in the Dow signaled the end of the seven-year bull market, investors rushed to
sell off their holdings, surrendering most of the first quarter's gains.
During April and May, the rate increase seemed to have slowed the economy just
the right amount, and there appeared to be no signs of inflation. When in May
the Fed declined to raise rates a second time, investors apparently regarded
that as a green light to pour more money back into the markets.
In mid-June, the stock market broke several previous records. As of June 13th,
the Dow Jones Industrial Average, the most widely followed index, was off to its
fastest start for any year since 1987. In one memorable week, it set closing
records each and every day and zoomed past both 7600 and 7700 in a single day.
Other indexes - the S&P 500 Index, which tracks large, blue chip companies, and
the Russell 2000 Index, which tracks small company performance - also hit
closing highs during that week, as did the New York Stock Exchange. The only
laggard was the NASDAQ, its performance having been tempered by America's
on-again/off-again infatuation with technology stocks.
As of the end of June 1997, many analysts and investors were making references
to a "Goldilocks economy" - not too hot, not too cold, but "just right." Growth
remained strong, interest rates were the lowest since late February, and
inflation did not appear to be a major threat. As a result, both the stock and
bond markets had rallied.
Because the LifeSpan portfolios are comprised of widely-diverse investments, the
portfolios were both positively and negatively impacted by the extreme
volatility in the markets during the six-month period. Fortunately, the
portfolios are strategically allocated to provide strong performance with
limited overall portfolio risk in a variety of market conditions. By combining
different types of assets - stocks, bonds and money market investments - in
different proportions, the portfolios are able to help investors meet their
appropriate investment goals, whether they are aggressive, moderate or
conservative.
The Capital Appreciation Portfolio closed out the first half of 1997 strongly,
due largely to the lightning-fast pace set by the markets in early June. Overall
for the period, the winners were the large-cap stocks in the GROWTH/INCOME and
VALUE/GROWTH segments(1). Returns from the portfolio's INTERNATIONAL EQUITY
component were disappointing, reflecting the difficulties experienced in the
foreign stock markets over the period. The HIGH YIELD and GOVERNMENT/ CORPORATE
BOND components benefited from the improvement in the bond markets that took
place in June, and, as a result, finished the second quarter strongly.
With over 55% weighting in stocks, the Balanced portfolio was able to share in
some of the gains of the stock market through the first half of 1997. The
majority of returns during the period came from the VALUE/GROWTH component. The
GROWTH/INCOME and INTERNATIONAL components also made strong contributions to the
Fund's returns. The first quarter of 1997 was a difficult period for the Fund's
fixed-income investments, which comprise approximately 40% of the portfolio.
However, the late rally helped boost returns from the HIGH YIELD, SHORT TERM
BOND and GOVERNMENT/CORPORATE BOND components.
6
<PAGE>
The Diversified Income portfolio maintained its focus on earning high current
income, a strategy that enabled us to benefit from the strength of equities
while avoiding some of the more significant declines in the bond market over the
period. Of the four primary components of this portfolio, the HIGH YIELD BOND
segment was the greatest contributor to performance. The CORPORATE/GOVERNMENT
BOND and SHORT-TERM BOND components experienced difficulties early in the year,
due to the rising rates and volatility in the bond market. However, returns from
both of those segments finished the period positively as a result of June's bond
market rally.
As always, we appreciate the trust you have placed in us. We look forward to
helping you meet your investment goals with the Panorama Series Fund, Inc. -
LifeSpan portfolios.
- ----------------------------
1. The holdings of the portfolios are subject to change.
7
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
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<S> <C> <C>
ASSET-BACKED SECURITIES - 0.7%
- ----------------------------------------------------------------
Olympic Automobile Receivables
Trust:
Receivables-Backed Nts., Series
1997-A, Cl. A5, 6.80%, 2/15/05 $ 4,050,000 $ 4,056,009
Series 1996-A, Cl. A4, 5.85%,
7/15/01 4,000,000 3,977,500
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Total Asset-Backed Securities (Cost
$8,009,436) 8,033,509
- ----------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 8.6%
- ----------------------------------------------------------------
BankAmerica Manufactured Housing
Contract Trust Sr. Sub.
Pass-Through Certificates, Series
1996-1, Cl. A1, 6.125%, 10/10/26 1,889,912 1,893,972
- ----------------------------------------------------------------
Chase Commercial Mortgage
Securities Corp., Commercial Mtg.
Obligations, Series 1996-1, Cl. A2,
7.60%, 3/18/06 6,000,000 6,075,937
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Contimortgage Home Equity Loan
Trust, Series 1995-2, Cl. A2,
7.95%, 4/15/10 350,217 354,430
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Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, Series 1992-15, Cl.
KZ, 7%, 2/25/22 2,176,490 1,926,869
Gtd. Multiclass Mtg. Participation
Certificates, 6%, 3/1/09 3,752,372 3,658,150
Gtd. Multiclass Mtg. Participation
Certificates, Series 1337, Cl. D,
6%, 8/15/07 3,000,000 2,808,750
Gtd. Multiclass Mtg. Participation
Certificates, Series 1574, Cl. PD,
5.55%, 3/15/13 775,000 771,125
Gtd. Multiclass Mtg. Participation
Certificates, Series 1694, Cl. PG,
5.75%, 12/15/21 5,000,000 4,807,800
Gtd. Multiclass Mtg. Participation
Certificates, Series 1820, Cl. PL,
5.75%, 7/15/06 4,880,000 4,762,538
Gtd. Multiclass Mtg. Participation
Certificates, Series 1994-43, Cl.
PE, 6%, 12/25/19 2,950,000 2,907,579
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
9.04%, 1/15/20(1) 8,345,178 1,511,260
Series 1843, Cl. VB, 7%, 4/15/03 3,578,600 3,590,875
Series 1849, Cl. VA, 6%, 12/15/10 4,924,472 4,805,940
- ----------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 3,215,064 3,163,142
6.50%, 4/1/24-4/1/26 3,416,012 3,274,235
7%, 4/1/00 1,106,683 1,114,652
7.50%, 5/1/07-12/1/08 1,484,517 1,511,733
8%, 3/1/17-6/1/17 267,485 276,356
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1993-181, Cl. C, 5.40%,
10/25/02 1,277,100 1,267,919
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1993-190, Cl. Z, 5.85%,
7/25/08 1,449,157 1,426,175
Interest-Only Stripped Mtg.-Backed
Security, Trust 1993-223, Cl. PM,
7.428%, 10/25/23(1) 9,335,326 1,493,652
- ----------------------------------------------------------------
GE Capital Mortgage Services, Inc.:
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1994-7, Cl. A18, 6%, 2/25/09 4,707,789 4,200,196
Series HE2, Cl. A3, 7.30%, 3/25/12 2,700,000 2,729,109
- ----------------------------------------------------------------
Government National Mortgage Assn.:
6.50%, 10/15/23-4/15/26 24,514,017 23,600,853
7%, 11/15/08-1/15/24 2,819,137 2,815,641
7.50%, 1/15/09-6/15/24 6,933,190 7,029,948
8%, 5/15/17 1,105,275 1,147,121
- ----------------------------------------------------------------
Green Tree Financial Corp., Series
1994-7, Cl. A3, 8%, 3/15/20 1,500,000 1,517,805
- ----------------------------------------------------------------
Housing Securities, Inc., Series
1994-3, Cl. A3, 7.25%, 9/25/12(2) 796,592 797,215
</TABLE>
8
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS
(CONTINUED)
- ----------------------------------------------------------------
PNC Mortgage Securities Corp.,
Commercial Mtg. Pass-Through
Certificates, Series 1995-2, Cl.
A3, 6.50%, 2/25/12 $ 4,000,000 $ 3,982,812
- ----------------------------------------------------------------
Prudential Home Mortgage Securities
Co., Sub. Fixed Rate Mtg.
Securities, Real Estate Mtg.
Investment Conduit Pass-Through
Certificates, Series 1993-L, Cl.
1B2, 6.641%, 12/25/23(2)(3) 1,900,000 1,876,176
--------------
Total Mortgage-Backed Obligations
(Cost $102,958,354) 103,099,965
- ----------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 10.3%
- ----------------------------------------------------------------
U.S. Treasury Bonds:
10.375%, 11/15/12 3,000,000 3,810,003
7.50%, 11/15/16 72,900,000 77,934,689
8.75%, 5/15/17 3,000,000 3,610,314
8.875%, 8/15/17 1,000,000 1,217,813
STRIPS, Zero Coupon, 7.835%,
5/15/15(4) 2,250,000 659,025
- ----------------------------------------------------------------
U.S. Treasury Nts.:
6.50%, 8/15/05 17,860,000 17,820,939
7.50%, 11/15/01 18,775,000 19,572,955
--------------
Total U.S. Government Obligations
(Cost $122,650,630) 124,625,738
- ----------------------------------------------------------------
FOREIGN GOVERNMENT OBLIGATIONS -
0.2%
- ----------------------------------------------------------------
Colombia (Republic of) Unsub. Nts.,
7.125%, 5/11/98 600,000 602,625
- ----------------------------------------------------------------
United Mexican States Bonds, 6.97%,
8/12/00 1,750,000 1,706,250
--------------
Total Foreign Government
Obligations (Cost $2,309,615) 2,308,875
- ----------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND
NOTES - 19.2%
- ----------------------------------------------------------------
BASIC MATERIALS - 1.8%
- ----------------------------------------------------------------
CHEMICALS - 0.9%
Burmah Castrol plc, 7% Gtd.
Medium-Term Nts., 12/15/97 2,000,000 2,008,360
- ----------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co.,
8.50% Debs., 2/15/03 2,320,000 2,458,223
- ----------------------------------------------------------------
FMC Corp., 8.75% Sr. Nts., 4/1/99 2,500,000 2,594,260
- ----------------------------------------------------------------
Morton International, Inc., 9.25%
Credit Sensitive Nts., 6/1/20 2,512,000 3,018,248
- ----------------------------------------------------------------
PPG Industries, Inc., 9% Debs.,
5/1/21 1,190,000 1,369,739
--------------
11,448,830
- ----------------------------------------------------------------
METALS - 0.3%
Alcan Aluminum Ltd., 9.625% Debs.,
7/15/19 4,000,000 4,297,600
- ----------------------------------------------------------------
PAPER - 0.6%
Celulosa Arauco y Constitucion SA,
7.25% Debs., 6/11/98 2,250,000 2,265,469
- ----------------------------------------------------------------
Donohue Forest Products, Inc.,
7.625% Gtd. Sr. Nts., 5/15/07 2,500,000 2,545,500
- ----------------------------------------------------------------
Fort Howard Corp., 9.25% Sr. Nts.,
3/15/01(2) 2,000,000 2,140,000
--------------
6,950,969
- ----------------------------------------------------------------
CONSUMER CYCLICALS - 2.1%
- ----------------------------------------------------------------
AUTOS & HOUSING - 0.5%
Black & Decker Corp., 6.625% Nts.,
11/15/00 2,700,000 2,696,252
</TABLE>
9
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------
AUTOS & HOUSING (CONTINUED)
<S> <C> <C>
First Industrial LP, 7.15% Bonds,
5/15/27 $ 3,000,000 $ 3,063,294
--------------
5,759,546
- ----------------------------------------------------------------
LEISURE & ENTERTAINMENT - 0.1%
Blockbuster Entertainment Corp.,
6.625% Sr. Nts., 2/15/98 1,750,000 1,753,885
- ----------------------------------------------------------------
MEDIA - 1.0%
Reed Elsevier, Inc., 6.625% Nts.,
10/15/23(5) 1,600,000 1,414,608
- ----------------------------------------------------------------
Tele-Communications, Inc.:
7.14% Sr. Medium-Term Nts., 2/3/98 1,500,000 1,508,518
7.15% Sr. Medium-Term Nts., 2/3/98 1,600,000 1,609,177
- ----------------------------------------------------------------
Time Warner, Inc., 7.45% Nts.,
2/1/98 3,900,000 3,932,682
- ----------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr.
Debs., 10/30/07 3,250,000 3,577,233
--------------
12,042,218
- ----------------------------------------------------------------
RETAIL: GENERAL - 0.5%
Costco Cos., Inc., 7.125% Sr. Nts.,
6/15/05 2,000,000 1,973,392
- ----------------------------------------------------------------
Dayton Hudson Corp., 9.40% Debs.,
2/15/01 820,000 887,014
- ----------------------------------------------------------------
Federated Department Stores, Inc.,
10% Sr. Nts., 2/15/01 1,770,000 1,942,593
- ----------------------------------------------------------------
Sears Roebuck & Co., 8.39%
Medium-Term Nts., 3/23/99 1,590,000 1,642,579
--------------
6,445,578
- ----------------------------------------------------------------
CONSUMER NON-CYCLICALS - 1.3%
- ----------------------------------------------------------------
BEVERAGES - 0.1%
Fomento Economico Mexicano SA de
CV, 9.50% Unsub. Nts., 7/22/97 1,300,000 1,306,500
- ----------------------------------------------------------------
FOOD - 0.8%
ConAgra, Inc., 9.75% Sr. Nts.,
11/1/97 1,500,000 1,518,243
- ----------------------------------------------------------------
CPC International, Inc., 6.15%
Unsec. Nts., Series C, 1/15/06 2,000,000 1,906,264
- ----------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 3,500,000 3,504,844
- ----------------------------------------------------------------
Great Atlantic & Pacific Tea Co.,
9.125% Debs., 1/15/98 2,000,000 2,030,776
- ----------------------------------------------------------------
Safeway, Inc., 9.35% Sr. Sub. Nts.,
3/15/99 1,000,000 1,044,363
--------------
10,004,490
- ----------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
0.3%
Tenet Healthcare Corp.:
8% Sr. Nts., 1/15/05 1,500,000 1,511,250
8.625% Sr. Unsec. Nts., 12/1/03 2,000,000 2,070,000
--------------
3,581,250
- ----------------------------------------------------------------
HOUSEHOLD GOODS - 0.1%
Procter & Gamble Co., 9.36% Debs.,
1/1/21 750,000 909,307
- ----------------------------------------------------------------
ENERGY - 3.7%
- ----------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 2.1%
Chesapeake Energy Corp., 7.875% Sr.
Nts., 3/15/04 3,250,000 3,038,750
- ----------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts.,
9/15/02 3,190,000 3,361,957
- ----------------------------------------------------------------
Colorado International Gas Corp.,
10% Sr. Debs., 6/15/05 455,000 535,085
- ----------------------------------------------------------------
Columbia Gas System, Inc., 6.80%
Nts., Series C, 11/28/05 2,000,000 1,971,660
- ----------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75%
Sr. Nts., Series B, 1/15/01 2,430,000 2,527,200
</TABLE>
10
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------
ENERGY SERVICES & PRODUCERS
(CONTINUED)
<S> <C> <C>
Ferrellgas LP/Ferrellgas Finance
Corp., 10% Sr. Nts., Series A,
8/1/01 $ 2,000,000 $ 2,110,000
- ----------------------------------------------------------------
HNG Internorth/Enron Corp., 9.625%
Debs., 3/15/06 700,000 814,457
- ----------------------------------------------------------------
Louisiana Land & Exploration Co.,
7.65% Debs., 12/1/23 4,000,000 4,015,412
- ----------------------------------------------------------------
NorAm Energy Corp., 8.43%
Medium-Term Nts., Series B, 9/17/98 2,000,000 2,045,868
- ----------------------------------------------------------------
Petroliam Nasional Berhad, 6.875%
Nts., 7/1/03(5) 2,500,000 2,498,167
- ----------------------------------------------------------------
TransCanada PipeLines Ltd., 9.875%
Debs., 1/1/21 2,250,000 2,773,395
--------------
25,691,951
- ----------------------------------------------------------------
OIL-INTEGRATED - 1.6%
BP America, Inc., 8.875% Gtd.
Debs., 12/1/97 1,000,000 1,012,181
- ----------------------------------------------------------------
Gulf Canada Resources Ltd.:
8.25% Sr. Nts., 3/15/17 2,000,000 2,033,760
9% Debs., 8/15/99 1,750,000 1,830,439
- ----------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80%
Debs., 7/2/02 4,500,000 4,500,000
- ----------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50%
Nts., 3/31/07 3,600,000 3,648,974
- ----------------------------------------------------------------
Phillips Petroleum Co., 7.53%
Pass-Through Certificates, Series
1994-A1, 9/27/98 1,886,592 1,904,666
- ----------------------------------------------------------------
Standard Oil/British Petroleum Co.
plc, 9% Debs., 6/1/19 3,190,000 3,334,044
- ----------------------------------------------------------------
Texaco Capital, Inc., 8.875% Gtd.
Debs., 9/1/21 500,000 579,731
--------------
18,843,795
- ----------------------------------------------------------------
FINANCIAL - 7.1%
- ----------------------------------------------------------------
BANKS - 1.3%
BankAmerica Corp., 7.75% Sub. Nts.,
7/15/02 1,250,000 1,298,350
- ----------------------------------------------------------------
Chase Manhattan Corp. (New),
10.125% Sub. Nts., 11/1/00 1,000,000 1,102,898
- ----------------------------------------------------------------
Citicorp Capital II, 8.015% Bonds,
2/15/27 2,750,000 2,769,866
- ----------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 2,135,000 2,068,558
- ----------------------------------------------------------------
First Fidelity Bancorporation,
8.50% Sub. Capital Nts., 4/1/98 1,500,000 1,525,249
- ----------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc.,
9.90% Sub. Nts., 6/15/01 750,000 827,701
- ----------------------------------------------------------------
Mellon Capital I, 7.72% Bonds,
12/1/26 1,250,000 1,214,590
- ----------------------------------------------------------------
Mellon Financial Bank Corp., 6.50%
Gtd. Sr. Nts., 12/1/97 1,350,000 1,353,309
- ----------------------------------------------------------------
People's Bank of Bridgeport, 7.20%
Sub. Nts., 12/1/06 4,000,000 3,916,999
--------------
16,077,520
- ----------------------------------------------------------------
DIVERSIFIED FINANCIAL - 4.5%
American General Finance Corp.:
5.875% Sr. Nts., 7/1/00 1,500,000 1,472,755
7.70% Sr. Nts., 11/15/97 2,000,000 2,013,462
- ----------------------------------------------------------------
Aristar, Inc., 8.125% Sr. Nts.,
12/1/97 1,250,000 1,261,329
- ----------------------------------------------------------------
AVCO Financial Services Asia Ltd.,
5.875% Sr. Nts., 10/15/97 1,500,000 1,500,136
- ----------------------------------------------------------------
Capital One Financial Corp., 6.83%
Sr. Nts., 5/17/99 2,500,000 2,511,207
- ----------------------------------------------------------------
Capital One Funding Corp., 7.25%
Nts., 12/1/03 2,300,000 2,252,238
- ----------------------------------------------------------------
Chelsea GCA Realty Partner, Inc.,
7.75% Gtd. Unsec. Unsub. Nts.,
1/26/01 4,720,000 4,774,960
- ----------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec.
Nts., 2/15/01 4,000,000 3,854,839
</TABLE>
11
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------
DIVERSIFIED FINANCIAL (CONTINUED)
<S> <C> <C>
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series
D, 3/1/01 $ 1,285,000 $ 1,254,996
6.085% Gtd. Medium-Term Nts.,
Series B, 7/14/99 1,800,000 1,784,826
6.57% Gtd. Medium-Term Nts., Series
A, 8/4/97 1,000,000 1,000,933
- ----------------------------------------------------------------
Fleet Mtg. Group, Inc.:
6.125% Nts., 8/15/97 3,000,000 3,000,777
6.50% Nts., 9/15/99 750,000 750,181
- ----------------------------------------------------------------
Ford Motor Credit Co.:
6.25% Unsub. Nts., 2/26/98 1,000,000 1,004,210
8% Nts., 12/1/97 1,000,000 1,008,686
- ----------------------------------------------------------------
General Motors Acceptance Corp.:
5.625% Nts., 2/15/01 1,200,000 1,158,927
5.65% Medium-Term Nts., 12/15/97 2,000,000 1,998,968
- ----------------------------------------------------------------
Golden West Financial Corp., 8.625%
Sub. Nts., 8/30/98 500,000 513,590
- ----------------------------------------------------------------
Household Finance Corp., 8.95%
Debs., 9/15/99 1,200,000 1,259,747
- ----------------------------------------------------------------
Household International BV, 6% Gtd.
Sr. Nts., 3/15/99 1,500,000 1,487,464
- ----------------------------------------------------------------
Merrill Lynch & Co., Inc.:
6% Nts., 3/1/01 1,500,000 1,467,234
6.50% Nts., 4/1/01 2,500,000 2,483,900
- ----------------------------------------------------------------
Norsk Hydro AS, 8.75% Bonds,
10/23/01 1,500,000 1,605,937
- ----------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr.
Nts., 11/15/97 1,500,000 1,503,682
- ----------------------------------------------------------------
PHH Corp., 6.50% Nts., 2/1/00 1,250,000 1,248,652
- ----------------------------------------------------------------
Salomon, Inc., 8.69% Sr.
Medium-Term Nts., Series D, 3/1/99 4,000,000 4,145,040
- ----------------------------------------------------------------
Sears Roebuck Acceptance Corp.,
5.99% Medium-Term Nts., Series 1,
12/26/00 2,000,000 1,955,552
- ----------------------------------------------------------------
TransAmerica Finance Corp., 6.75%
Sr. Nts., 8/15/97 2,000,000 2,001,912
- ----------------------------------------------------------------
U.S. Leasing International, Inc.,
7% Nts., 11/1/97 1,500,000 1,505,259
--------------
53,781,399
- ----------------------------------------------------------------
INSURANCE - 1.3%
Cigna Corp., 7.90% Nts., 12/14/98 320,000 326,400
- ----------------------------------------------------------------
Conseco Financing Trust III, 8.796%
Bonds, 4/1/27 2,750,000 2,837,084
- ----------------------------------------------------------------
Equitable Life Assurance Society
(U.S.A.), 6.95% Surplus Nts.,
12/1/05(5) 2,000,000 1,968,036
- ----------------------------------------------------------------
Genamerica Capital I, 8.525% Gtd.
Bonds, 6/30/27(2) 2,500,000 2,510,250
- ----------------------------------------------------------------
Life Re Capital Trust I, 8.72% Gtd.
Bonds, 6/15/27(2) 2,500,000 2,518,200
- ----------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts.,
1/15/99 1,700,000 1,759,454
- ----------------------------------------------------------------
Travelers Property Casualty Corp.,
6.75% Nts., 4/15/01 3,500,000 3,496,010
--------------
15,415,434
- ----------------------------------------------------------------
INDUSTRIAL - 1.6%
- ----------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.2%
American Standard, Inc., 10.875%
Sr. Nts., 5/15/99(2) 2,750,000 2,949,375
- ----------------------------------------------------------------
INDUSTRIAL SERVICES - 0.6%
Sun Co., Inc., 7.95% Debs.,
12/15/01 4,000,000 4,170,328
</TABLE>
12
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------
INDUSTRIAL SERVICES (CONTINUED)
<S> <C> <C>
USI American Holdings, Inc., 7.25%
Gtd. Sr. Nts., 12/1/06 $ 2,860,000 $ 2,742,554
--------------
6,912,882
- ----------------------------------------------------------------
MANUFACTURING - 0.2%
Mark IV Industries, Inc., 8.75%
Sub. Nts., 4/1/03(2) 2,200,000 2,244,000
- ----------------------------------------------------------------
TRANSPORTATION - 0.6%
Federal Express Corp., 6.25% Nts.,
4/15/98 3,485,000 3,487,269
- ----------------------------------------------------------------
Union Pacific Corp.:
7% Nts., 6/15/00 2,030,000 2,055,032
7.60% Nts., 5/1/05 2,000,000 2,063,954
--------------
7,606,255
- ----------------------------------------------------------------
TECHNOLOGY - 0.4%
- ----------------------------------------------------------------
COMPUTER SOFTWARE - 0.2%
Electric Data Systems Corp., 7.125%
Nts., 5/15/05(5) 2,000,000 2,026,102
- ----------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
0.2%
U.S. West Capital Funding, Inc.,
6.85% Gtd. Nts., 1/15/02 2,250,000 2,250,472
- ----------------------------------------------------------------
UTILITIES - 1.2%
- ----------------------------------------------------------------
ELECTRIC UTILITIES - 0.5%
Consumers Energy Co., 8.75% First
Mtg. Nts., 2/15/98 2,000,000 2,026,996
- ----------------------------------------------------------------
El Paso Electric Co., 7.25% First
Mtg. Nts., Series A, 2/1/99(2) 2,000,000 2,015,000
- ----------------------------------------------------------------
Quezon Power (Philippines) Ltd.,
8.86% Sr. Nts., 6/15/17(6) 1,500,000 1,500,000
--------------
5,541,996
- ----------------------------------------------------------------
GAS UTILITIES - 0.5%
Northern Illinois Gas Co., 6.45%
First Mtg. Bonds, 8/1/01 2,000,000 1,986,810
- ----------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50%
Bonds, 4/1/17 3,800,000 3,815,496
--------------
5,802,306
- ----------------------------------------------------------------
TELEPHONE UTILITIES - 0.2%
GTE Corp., 8.85% Debs., 3/1/98 2,350,000 2,392,591
--------------
Total Non-Convertible Corporate
Bonds and Notes (Cost $233,277,979) 232,036,251
SHARES
- ----------------------------------------------------------------
COMMON STOCKS - 58.0%
- ----------------------------------------------------------------
BASIC MATERIALS - 4.5%
- ----------------------------------------------------------------
CHEMICALS - 1.4%
Du Pont (E.I.) De Nemours & Co. 265,000 16,661,875
- ----------------------------------------------------------------
METALS - 1.4%
Allegheny Teledyne, Inc. 187,700 5,067,900
- ----------------------------------------------------------------
Aluminum Co. of America 140,800 10,612,800
- ----------------------------------------------------------------
Oregon Steel Mills, Inc. 86,700 1,728,581
--------------
17,409,281
- ----------------------------------------------------------------
PAPER - 1.7%
Fort Howard Corp.(7) 399,200 20,209,500
</TABLE>
13
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
<S> <C> <C>
- ----------------------------------------------------------------
CONSUMER CYCLICALS - 4.9%
- ----------------------------------------------------------------
AUTOS & HOUSING - 1.8%
Crescent Real Estate Equities, Inc. 239,800 $ 7,613,650
- ----------------------------------------------------------------
Goodyear Tire & Rubber Co. 168,500 10,668,156
- ----------------------------------------------------------------
Lear Seating Corp.(7) 87,400 3,878,375
--------------
22,160,181
- ----------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.3%
AMR Corp.(7) 98,900 9,148,250
- ----------------------------------------------------------------
Delta Air Lines, Inc. 73,700 6,043,400
- ----------------------------------------------------------------
Galoob Toys, Inc.(7) 31,300 590,787
--------------
15,782,437
- ----------------------------------------------------------------
RETAIL: GENERAL - 1.0%
Dayton Hudson Corp. 93,800 4,988,987
- ----------------------------------------------------------------
Federated Department Stores,
Inc.(7) 141,800 4,927,550
- ----------------------------------------------------------------
Sears Roebuck & Co. 35,400 1,902,750
--------------
11,819,287
- ----------------------------------------------------------------
RETAIL: SPECIALTY - 0.8%
Costco Cos., Inc.(7) 229,400 7,541,525
- ----------------------------------------------------------------
Payless ShoeSource, Inc.(7) 48,500 2,652,344
--------------
10,193,869
- ----------------------------------------------------------------
CONSUMER NON-CYCLICALS - 6.5%
- ----------------------------------------------------------------
BEVERAGES - 0.9%
Anheuser-Busch Cos., Inc. 255,800 10,727,612
- ----------------------------------------------------------------
FOOD - 2.6%
American Stores Co. 299,800 14,802,625
- ----------------------------------------------------------------
Kroger Co.(7) 440,800 12,783,200
- ----------------------------------------------------------------
Safeway, Inc.(7) 78,300 3,611,587
--------------
31,197,412
- ----------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
1.6%
Tenet Healthcare Corp.(7) 353,520 10,450,935
- ----------------------------------------------------------------
WellPoint Health Networks, Inc.(7) 187,500 8,601,562
--------------
19,052,497
- ----------------------------------------------------------------
HOUSEHOLD GOODS - 0.9%
Premark International, Inc. 411,700 11,012,975
- ----------------------------------------------------------------
TOBACCO - 0.5%
RJR Nabisco Holdings Corp. 178,300 5,883,900
- ----------------------------------------------------------------
ENERGY - 5.8%
- ----------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 2.0%
Diamond Offshore Drilling, Inc.(7) 129,000 10,078,125
- ----------------------------------------------------------------
Global Marine, Inc.(7) 208,600 4,849,950
- ----------------------------------------------------------------
Oryx Energy Co.(7) 210,400 4,444,700
</TABLE>
14
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------
ENERGY SERVICES & PRODUCERS
(CONTINUED)
<S> <C> <C>
Tidewater, Inc. 98,200 $ 4,320,800
--------------
23,693,575
- ----------------------------------------------------------------
OIL-INTEGRATED - 3.8%
Amoco Corp. 131,900 11,467,056
- ----------------------------------------------------------------
Chevron Corp. 197,100 14,573,081
- ----------------------------------------------------------------
Exxon Corp. 150,400 9,249,600
- ----------------------------------------------------------------
Mobil Corp. 160,400 11,207,950
--------------
46,497,687
- ----------------------------------------------------------------
FINANCIAL - 11.0%
- ----------------------------------------------------------------
BANKS - 3.2%
BankAmerica Corp. 184,800 11,931,150
- ----------------------------------------------------------------
BankBoston Corp. 161,600 11,645,300
- ----------------------------------------------------------------
NationsBank Corp. 160,000 10,320,000
- ----------------------------------------------------------------
PNC Bank Corp. 104,800 4,362,300
--------------
38,258,750
- ----------------------------------------------------------------
DIVERSIFIED FINANCIAL - 3.2%
Crescent Operating, Inc.(7) 23,980 287,760
- ----------------------------------------------------------------
Morgan Stanley, Dean Witter,
Discover & Co. 321,400 13,840,288
- ----------------------------------------------------------------
Salomon, Inc. 147,600 8,210,250
- ----------------------------------------------------------------
Travelers Group, Inc. 256,000 16,144,000
--------------
38,482,298
- ----------------------------------------------------------------
INSURANCE - 4.6%
AFLAC, Inc. 132,200 6,246,450
- ----------------------------------------------------------------
Allstate Corp. 70,300 5,131,900
- ----------------------------------------------------------------
Chubb Corp. 151,500 10,131,563
- ----------------------------------------------------------------
Conseco, Inc. 327,800 12,128,600
- ----------------------------------------------------------------
Equitable Cos., Inc. 221,100 7,351,575
- ----------------------------------------------------------------
Torchmark Corp. 43,700 3,113,625
- ----------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 280,400 11,180,950
--------------
55,284,663
- ----------------------------------------------------------------
INDUSTRIAL - 12.2%
- ----------------------------------------------------------------
INDUSTRIAL SERVICES - 0.5%
DT Industries, Inc. 100,400 3,589,300
- ----------------------------------------------------------------
Viad Corp. 153,900 2,962,575
--------------
6,551,875
- ----------------------------------------------------------------
MANUFACTURING - 10.7%
AGCO Corp. 421,800 15,158,438
- ----------------------------------------------------------------
Case Corp. 262,500 18,079,688
- ----------------------------------------------------------------
Caterpillar, Inc. 113,000 12,133,375
- ----------------------------------------------------------------
Deere & Co. 346,600 19,019,675
</TABLE>
15
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------
MANUFACTURING (CONTINUED)
<S> <C> <C>
Ingersoll-Rand Co. 288,200 $ 17,796,350
- ----------------------------------------------------------------
Mark IV Industries, Inc. 155,310 3,727,440
- ----------------------------------------------------------------
PACCAR, Inc. 226,200 10,504,163
- ----------------------------------------------------------------
Parker-Hannifin Corp. 21,700 1,316,919
- ----------------------------------------------------------------
Textron, Inc. 289,100 19,189,013
- ----------------------------------------------------------------
U.S. Industries, Inc.(7) 338,600 12,062,625
--------------
128,987,686
- ----------------------------------------------------------------
TRANSPORTATION - 1.0%
Union Pacific Corp. 163,600 11,533,800
- ----------------------------------------------------------------
TECHNOLOGY - 7.1%
- ----------------------------------------------------------------
AEROSPACE/DEFENSE - 2.6%
General Dynamics Corp. 100,000 7,500,000
- ----------------------------------------------------------------
Lockheed Martin Corp. 129,251 13,385,557
- ----------------------------------------------------------------
TRW, Inc. 176,700 10,038,769
--------------
30,924,326
- ----------------------------------------------------------------
COMPUTER HARDWARE - 3.7%
Compaq Computer Corp.(7) 187,300 18,589,525
- ----------------------------------------------------------------
Quantum Corp.(7) 191,600 3,891,875
- ----------------------------------------------------------------
Storage Technology Corp. (New)(7) 401,100 17,848,950
- ----------------------------------------------------------------
Sun Microsystems, Inc.(7) 118,400 4,406,700
--------------
44,737,050
- ----------------------------------------------------------------
ELECTRONICS - 0.8%
Philips Electronics NV, ADR 59,100 4,247,813
- ----------------------------------------------------------------
SCI Systems, Inc.(7) 92,900 5,922,375
--------------
10,170,188
- ----------------------------------------------------------------
UTILITIES - 6.0%
- ----------------------------------------------------------------
ELECTRIC UTILITIES - 2.6%
CalEnergy, Inc.(7) 217,600 8,268,800
- ----------------------------------------------------------------
Duke Energy Corp. 183,822 8,811,967
- ----------------------------------------------------------------
Entergy Corp. 246,600 6,750,675
- ----------------------------------------------------------------
FPL Group, Inc. 154,400 7,112,050
--------------
30,943,492
- ----------------------------------------------------------------
GAS UTILITIES - 1.7%
Columbia Gas System, Inc. 229,600 14,981,400
- ----------------------------------------------------------------
Questar Corp. 147,200 5,943,200
--------------
20,924,600
- ----------------------------------------------------------------
TELEPHONE UTILITIES - 1.7%
GTE Corp. 152,200 6,677,775
</TABLE>
16
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------
TELEPHONE UTILITIES (CONTINUED)
<S> <C> <C>
U S West Communications Group 375,900 $ 14,166,731
--------------
20,844,506
--------------
Total Common Stocks (Cost
$584,976,249) 699,945,322
PRINCIPAL
AMOUNT
- ----------------------------------------------------------------
REPURCHASE AGREEMENTS - 2.5%
- ----------------------------------------------------------------
Repurchase agreement with
PaineWebber, Inc., 5.90%, dated
6/30/97, to be repurchased at
$30,004,917 on 7/1/97,
collateralized by U.S. Treasury
Bonds, 11.25%, 2/15/15, with a
value of $30,659,926 (Cost
$30,000,000) $30,000,000 30,000,000
- ----------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$1,084,182,263) 99.5% 1,200,049,660
- ----------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.5 5,996,464
----------- --------------
NET ASSETS 100.0% $1,206,046,124
----------- --------------
----------- --------------
</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. Identifies issues considered to be illiquid or restricted - See Note 5 of
Notes to Financial Statements.
3. Represents the current interest rate for a variable rate security.
4. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
5. Represents 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 $7,906,913 or 0.66% of the Fund's net
assets, at June 30, 1997.
6. When-issued security to be delivered and settled after June 30, 1997.
7. Non-income producing security.
See accompanying Notes to Financial Statements.
17
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS - 6.5%
- ----------------------------------------------------------------
Federal Home Loan Bank, 5.47%,
7/3/97 $36,745,000 $ 36,733,834
- ----------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.44%, 7/2/97 10,000,000 9,998,494
-------------
Total U.S. Government Obligations
(Cost $46,732,328) 46,732,328
SHARES
- ----------------------------------------------------------------
COMMON STOCKS - 92.0%
- ----------------------------------------------------------------
BASIC MATERIALS - 7.3%
- ----------------------------------------------------------------
CHEMICALS - 2.5%
Du Pont (E.I.) De Nemours & Co. 282,300 17,749,612
- ----------------------------------------------------------------
METALS - 2.3%
Allegheny Teledyne, Inc. 181,200 4,892,400
- ----------------------------------------------------------------
Aluminum Co. of America 135,800 10,235,925
- ----------------------------------------------------------------
Oregon Steel Mills, Inc. 90,300 1,800,356
-------------
16,928,681
- ----------------------------------------------------------------
PAPER - 2.5%
Fort Howard Corp.(1) 357,500 18,098,437
- ----------------------------------------------------------------
CONSUMER CYCLICALS - 7.9%
- ----------------------------------------------------------------
AUTOS & HOUSING - 3.1%
Crescent Real Estate Equities, Inc. 236,200 7,499,350
- ----------------------------------------------------------------
Goodyear Tire & Rubber Co. 169,300 10,718,806
- ----------------------------------------------------------------
Lear Seating Corp.(1) 89,500 3,971,562
-------------
22,189,718
- ----------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.3%
AMR Corp.(1) 100,300 9,277,750
- ----------------------------------------------------------------
Delta Air Lines, Inc. 82,900 6,797,800
- ----------------------------------------------------------------
Galoob Toys, Inc.(1) 39,700 749,337
-------------
16,824,887
- ----------------------------------------------------------------
RETAIL: GENERAL - 1.6%
Dayton Hudson Corp. 92,100 4,898,569
- ----------------------------------------------------------------
Federated Department Stores,
Inc.(1) 103,000 3,579,250
- ----------------------------------------------------------------
Sears Roebuck & Co. 58,300 3,133,625
-------------
11,611,444
- ----------------------------------------------------------------
RETAIL: SPECIALTY - 0.9%
Costco Cos., Inc.(1) 108,100 3,553,787
- ----------------------------------------------------------------
Payless ShoeSource, Inc.(1) 48,300 2,641,406
-------------
6,195,193
- ----------------------------------------------------------------
CONSUMER NON-CYCLICALS - 10.3%
- ----------------------------------------------------------------
BEVERAGES - 1.0%
Anheuser-Busch Cos., Inc. 178,300 7,477,456
</TABLE>
18
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
<S> <C> <C>
- ----------------------------------------------------------------
FOOD - 4.1%
American Stores Co. 289,700 $ 14,303,937
- ----------------------------------------------------------------
Kroger Co.(1) 393,800 11,420,200
- ----------------------------------------------------------------
Safeway, Inc.(1) 76,700 3,537,787
-------------
29,261,924
- ----------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
2.7%
Tenet Healthcare Corp.(1) 388,530 11,485,918
- ----------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 165,800 7,606,075
-------------
19,091,993
- ----------------------------------------------------------------
HOUSEHOLD GOODS - 1.5%
Premark International, Inc. 397,600 10,635,800
- ----------------------------------------------------------------
TOBACCO - 1.0%
RJR Nabisco Holdings Corp. 216,000 7,128,000
- ----------------------------------------------------------------
ENERGY - 9.8%
- ----------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 3.6%
Diamond Offshore Drilling, Inc.(1) 129,400 10,109,375
- ----------------------------------------------------------------
Global Marine, Inc.(1) 269,800 6,272,850
- ----------------------------------------------------------------
Oryx Energy Co.(1) 229,700 4,852,412
- ----------------------------------------------------------------
Tidewater, Inc. 99,700 4,386,800
-------------
25,621,437
- ----------------------------------------------------------------
OIL-INTEGRATED - 6.2%
Amoco Corp. 108,100 9,397,944
- ----------------------------------------------------------------
Chevron Corp. 187,300 13,848,494
- ----------------------------------------------------------------
Exxon Corp. 177,400 10,910,100
- ----------------------------------------------------------------
Mobil Corp. 144,400 10,089,950
-------------
44,246,488
- ----------------------------------------------------------------
FINANCIAL - 17.2%
- ----------------------------------------------------------------
BANKS - 4.3%
BankAmerica Corp. 109,000 7,037,312
- ----------------------------------------------------------------
BankBoston Corp. 166,500 11,998,406
- ----------------------------------------------------------------
NationsBank Corp. 128,200 8,268,900
- ----------------------------------------------------------------
PNC Bank Corp. 85,200 3,546,450
-------------
30,851,068
- ----------------------------------------------------------------
DIVERSIFIED FINANCIAL - 5.6%
Crescent Operating, Inc.(1) 23,620 283,440
- ----------------------------------------------------------------
Morgan Stanley, Dean Witter,
Discover & Co. 314,400 13,538,850
- ----------------------------------------------------------------
Salomon, Inc. 185,500 10,318,437
- ----------------------------------------------------------------
Travelers Group, Inc. 252,600 15,929,588
-------------
40,070,315
- ----------------------------------------------------------------
INSURANCE - 7.3%
AFLAC, Inc. 92,800 4,384,800
- ----------------------------------------------------------------
Allstate Corp. 76,300 5,569,900
</TABLE>
19
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------
INSURANCE (CONTINUED)
<S> <C> <C>
Chubb Corp. 175,500 $ 11,736,563
- ----------------------------------------------------------------
Conseco, Inc. 296,200 10,959,400
- ----------------------------------------------------------------
Equitable Cos., Inc. 223,500 7,431,375
- ----------------------------------------------------------------
Torchmark Corp. 44,800 3,192,000
- ----------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 238,700 9,518,163
-------------
52,792,201
- ----------------------------------------------------------------
INDUSTRIAL - 19.2%
- ----------------------------------------------------------------
INDUSTRIAL SERVICES - 1.1%
DT Industries, Inc. 146,800 5,248,100
- ----------------------------------------------------------------
Viad Corp. 153,800 2,960,650
-------------
8,208,750
- ----------------------------------------------------------------
MANUFACTURING - 16.6%
AGCO Corp. 406,300 14,601,406
- ----------------------------------------------------------------
Case Corp. 234,300 16,137,413
- ----------------------------------------------------------------
Caterpillar, Inc. 121,500 13,046,063
- ----------------------------------------------------------------
Deere & Co. 309,200 16,967,350
- ----------------------------------------------------------------
Ingersoll-Rand Co. 251,400 15,523,950
- ----------------------------------------------------------------
Mark IV Industries, Inc. 124,443 2,986,632
- ----------------------------------------------------------------
PACCAR, Inc. 231,800 10,764,213
- ----------------------------------------------------------------
Parker-Hannifin Corp. 21,900 1,329,056
- ----------------------------------------------------------------
Textron, Inc. 236,700 15,710,963
- ----------------------------------------------------------------
U.S. Industries, Inc.(1) 336,200 11,977,125
-------------
119,044,171
- ----------------------------------------------------------------
TRANSPORTATION - 1.5%
Union Pacific Corp. 151,000 10,645,500
- ----------------------------------------------------------------
TECHNOLOGY - 11.4%
- ----------------------------------------------------------------
AEROSPACE/DEFENSE - 3.9%
General Dynamics Corp. 85,500 6,412,500
- ----------------------------------------------------------------
Lockheed Martin Corp. 110,452 11,438,685
- ----------------------------------------------------------------
TRW, Inc. 179,000 10,169,438
-------------
28,020,623
- ----------------------------------------------------------------
COMPUTER HARDWARE - 6.1%
Compaq Computer Corp.(1) 170,800 16,951,900
- ----------------------------------------------------------------
Quantum Corp.(1) 221,000 4,489,063
- ----------------------------------------------------------------
Storage Technology Corp. (New)(1) 406,200 18,075,900
- ----------------------------------------------------------------
Sun Microsystems, Inc.(1) 118,800 4,421,588
-------------
43,938,451
- ----------------------------------------------------------------
ELECTRONICS - 1.4%
Philips Electronics NV, ADR 59,600 4,283,750
</TABLE>
20
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------
ELECTRONICS (CONTINUED)
<S> <C> <C>
SCI Systems, Inc.(1) 90,300 $ 5,756,625
-------------
10,040,375
- ----------------------------------------------------------------
UTILITIES - 8.9%
- ----------------------------------------------------------------
ELECTRIC UTILITIES - 3.5%
CalEnergy, Inc.(1) 224,600 8,534,800
- ----------------------------------------------------------------
Duke Energy Corp. 101,872 4,883,489
- ----------------------------------------------------------------
Entergy Corp. 221,300 6,058,088
- ----------------------------------------------------------------
FPL Group, Inc. 116,700 5,375,494
-------------
24,851,871
- ----------------------------------------------------------------
GAS UTILITIES - 2.7%
Columbia Gas System, Inc. 196,700 12,834,675
- ----------------------------------------------------------------
Questar Corp. 171,700 6,932,388
-------------
19,767,063
- ----------------------------------------------------------------
TELEPHONE UTILITIES - 2.7%
GTE Corp. 121,000 5,308,875
- ----------------------------------------------------------------
U S West Communications Group 368,200 13,876,538
-------------
19,185,413
-------------
Total Common Stocks (Cost
$522,622,537) 660,476,871
PRINCIPAL
AMOUNT
- ----------------------------------------------------------------
REPURCHASE AGREEMENTS - 2.3%
- ----------------------------------------------------------------
Repurchase agreement with
PaineWebber, Inc., 5.90%, dated
6/30/97, to be repurchased at
$16,102,639 on 7/1/97,
collateralized by U.S. Treasury
Bonds, 11.25%, 2/15/15, with a
value of $16,454,160 (Cost
$16,100,000) $16,100,000 16,100,000
- ----------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$585,454,865) 100.8% 723,309,199
- ----------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS (0.8) (5,456,472 )
----------- -------------
NET ASSETS 100.0% $717,852,727
----------- -------------
----------- -------------
</TABLE>
1. Non-income producing security.
See accompanying Notes to Financial Statements.
21
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS - 28.6%
- --------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, 10.50%, 10/1/20 $ 206,097 $ 227,866
Mtg.-Backed Certificates, 6.11%,
7/31/98 1,000,000 1,001,560
Mtg.-Backed Certificates, 7.125%,
7/21/99 1,000,000 1,017,775
- --------------------------------------------------------------
Federal National Mortgage Assn.:
6.50%, 12/1/23 780,107 751,189
6.50%, 2/1/09 205,278 202,532
7.50%, 9/1/22 535,464 539,765
- --------------------------------------------------------------
Government National Mortgage Assn.,
7%, 10/15/23-3/15/26 2,810,670 2,770,872
-------------
Total Mortgage-Backed Obligations
(Cost $6,609,795) 6,511,559
- --------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 57.9%
- --------------------------------------------------------------
AGENCY - 13.1%
- --------------------------------------------------------------
Federal Farm Credit Bank
Medium-Term Nts., 6.37%, 9/1/00 1,000,000 998,910
- --------------------------------------------------------------
Federal Home Loan Bank:
5.725%, 6/15/98 1,000,000 998,249
5.84%, 9/8/97 1,000,000 1,000,470
-------------
2,997,629
- --------------------------------------------------------------
TREASURY - 44.8%
- --------------------------------------------------------------
U.S. Treasury Bonds:
7.50%, 11/15/16 2,175,000 2,325,212
8.125%, 8/15/19 500,000 570,313
9.25%, 2/15/16 1,200,000 1,501,876
- --------------------------------------------------------------
U.S. Treasury Nts.:
5.50%, 7/31/97 1,350,000 1,350,422
5.75%, 8/15/03 500,000 482,969
7.25%, 8/15/04 2,700,000 2,815,595
7.50%, 11/15/01-2/15/05 905,000 951,432
8.50%, 2/15/00 200,000 211,000
-------------
10,208,819
-------------
Total U.S. Government Obligations
(Cost $13,105,851) 13,206,448
- --------------------------------------------------------------
CORPORATE BONDS AND NOTES - 6.7%
- --------------------------------------------------------------
Private Export Funding Corp.:
6.90% Nts., 1/31/03 500,000 508,210
7.30% Debs., 1/31/02 1,000,000 1,031,734
-------------
Total Corporate Bonds and Notes
(Cost $1,627,081) 1,539,944
</TABLE>
22
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
<S> <C> <C>
- --------------------------------------------------------------
REPURCHASE AGREEMENTS - 4.4%
- --------------------------------------------------------------
Repurchase agreement with
PaineWebber, Inc., 5.90%, dated
6/30/97, to be repurchased at
$1,000,164 on 7/1/97,
collateralized by U.S. Treasury
Bonds, 11.25%, 2/15/15, with a
value of $1,021,998 (Cost
$1,000,000) $1,000,000 $ 1,000,000
- --------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$22,342,727) 97.6% 22,257,951
- --------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 2.4 535,709
---------- -------------
NET ASSETS 100.0% $ 22,793,660
---------- -------------
---------- -------------
</TABLE>
See accompanying Notes to Financial Statements.
23
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.0%
- --------------------------------------------------------------
BASIC MATERIALS - 1.5%
- --------------------------------------------------------------
CHEMICALS - 0.9%
Ciba Specialty Chemicals AG(1) 7,500 $ 694,516
- --------------------------------------------------------------
METALS - 0.6%
WMC Ltd. 73,900 465,205
- --------------------------------------------------------------
CONSUMER CYCLICALS - 20.3%
- --------------------------------------------------------------
AUTOS & HOUSING - 4.3%
Bridgestone Corp. 22,000 511,404
- --------------------------------------------------------------
Cheung Kong (Holdings) Ltd. 80,000 789,955
- --------------------------------------------------------------
Groupe SEB SA 4,750 833,342
- --------------------------------------------------------------
New World Development Co. Ltd. 110,000 655,972
- --------------------------------------------------------------
Rinnai Corp. 22,000 472,953
-------------
3,263,626
- --------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.0%
CDL Hotels International Ltd. 1,540,000 626,155
- --------------------------------------------------------------
Granada Group plc 67,000 880,914
-------------
1,507,069
- --------------------------------------------------------------
MEDIA - 4.4%
Benpres Holdings Corp., Sponsored
GDR(1) 40,000 272,880
- --------------------------------------------------------------
Reed International plc 88,000 849,459
- --------------------------------------------------------------
Reuters Holdings plc 60,000 632,101
- --------------------------------------------------------------
Television Broadcasts Ltd. 175,000 786,082
- --------------------------------------------------------------
Wolters Kluwer NV 7,000 853,867
-------------
3,394,389
- --------------------------------------------------------------
RETAIL: GENERAL - 2.3%
adidas AG 8,000 895,248
- --------------------------------------------------------------
Marks & Spencer plc 100,000 828,822
-------------
1,724,070
- --------------------------------------------------------------
RETAIL: SPECIALTY - 7.3%
Argos plc 66,000 598,649
- --------------------------------------------------------------
Cifra SA de CV, Unsponsored ADR, B
Shares 350,000 642,390
- --------------------------------------------------------------
Dickson Concepts International Ltd. 187,000 680,678
- --------------------------------------------------------------
Hennes & Mauritz AB, B Shares(1) 25,000 895,585
- --------------------------------------------------------------
Jusco Co. 31,000 1,048,414
- --------------------------------------------------------------
Koninklijke Ahold NV 13,000 1,098,747
- --------------------------------------------------------------
Shimamura Co. Ltd. 16,000 570,480
-------------
5,534,943
</TABLE>
24
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS - 18.3%
- --------------------------------------------------------------
BEVERAGES - 1.4%
Embotelladora Andina SA, Sponsored
ADR, Series A 12,400 $ 265,825
- --------------------------------------------------------------
Embotelladora Andina SA, Sponsored
ADR, Series B 12,400 258,850
- --------------------------------------------------------------
Quilmes Industrial Quinsa SA,
Sponsored ADR 50,000 581,250
-------------
1,105,925
- --------------------------------------------------------------
FOOD - 3.8%
Carrefour Supermarche SA 1,400 1,017,759
- --------------------------------------------------------------
Colruyt SA 2,000 976,356
- --------------------------------------------------------------
PT Indofood Sukses Makmur 32,000 73,699
- --------------------------------------------------------------
William Morrison Supermarkets plc 306,000 799,563
-------------
2,867,377
- --------------------------------------------------------------
HEALTHCARE/DRUGS - 8.4%
Astra AB Free, Series A 20,000 372,460
- --------------------------------------------------------------
Novartis AG 550 880,543
- --------------------------------------------------------------
Novartis AG, Bearer Shares(1) 100 159,962
- --------------------------------------------------------------
Novo-Nordisk AS, B Shares 8,000 873,511
- --------------------------------------------------------------
Roche Holding AG 90 815,207
- --------------------------------------------------------------
Schering AG 8,000 857,602
- --------------------------------------------------------------
SKW Trostberg AG 25,000 836,426
- --------------------------------------------------------------
Takeda Chemical Industries Ltd. 31,000 872,323
- --------------------------------------------------------------
Zeneca Group plc 23,000 760,219
-------------
6,428,253
- --------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
2.2%
Luxottica Group SpA, Sponsored ADR 12,000 813,750
- --------------------------------------------------------------
SmithKline Beecham plc 45,185 831,352
-------------
1,645,102
- --------------------------------------------------------------
HOUSEHOLD GOODS - 2.5%
L'OREAL 2,400 1,012,173
- --------------------------------------------------------------
Reckitt & Colman plc 58,000 865,869
-------------
1,878,042
- --------------------------------------------------------------
ENERGY - 1.5%
- --------------------------------------------------------------
OIL-INTEGRATED - 1.5%
Total SA, B Shares 11,157 1,128,825
- --------------------------------------------------------------
FINANCIAL - 15.6%
- --------------------------------------------------------------
BANKS - 6.8%
Banco Popular Espanol SA 3,500 859,114
- --------------------------------------------------------------
Bank of Tokyo-Mitsubishi Ltd. 47,000 944,682
- --------------------------------------------------------------
HSBC Holdings plc 30,000 902,252
- --------------------------------------------------------------
Lloyds TSB Group plc 133,000 1,365,742
</TABLE>
25
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
BANKS (CONTINUED)
<S> <C> <C>
Mitsubishi Trust & Banking Corp. 70,000 $ 1,107,227
-------------
5,179,017
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL - 8.8%
First Pacific Co. Ltd. 422,000 539,260
- --------------------------------------------------------------
Haw Par Brothers International Ltd. 230,000 517,956
- --------------------------------------------------------------
ING Groep NV 20,000 923,789
- --------------------------------------------------------------
Lend Lease Corp. Ltd. 45,000 949,914
- --------------------------------------------------------------
Nichiei Co. Ltd. 9,000 1,046,054
- --------------------------------------------------------------
Perlis Plantations Berhad 175,000 513,074
- --------------------------------------------------------------
Southcorp Holdings Ltd. 200,000 747,869
- --------------------------------------------------------------
Swire Pacific Ltd., Cl. B 700,000 1,061,663
- --------------------------------------------------------------
United Industrial Corp. Ltd. 600,000 453,194
-------------
6,752,773
- --------------------------------------------------------------
INDUSTRIAL - 15.2%
- --------------------------------------------------------------
ELECTRICAL EQUIPMENT - 2.0%
ABB AG 395 598,793
- --------------------------------------------------------------
Johnson Electric Holdings Ltd. 300,000 894,507
-------------
1,493,300
- --------------------------------------------------------------
INDUSTRIAL SERVICES - 4.8%
Guilbert SA 5,000 708,575
- --------------------------------------------------------------
Hays plc 78,000 739,948
- --------------------------------------------------------------
Kurita Water Industries Ltd. 29,000 772,961
- --------------------------------------------------------------
NGK Spark Plug Co. 61,000 666,346
- --------------------------------------------------------------
SGS Societe Generale de
Surveillance Holding SA, Series B 350 749,048
-------------
3,636,878
- --------------------------------------------------------------
MANUFACTURING - 7.4%
Bic Corp. 6,000 982,126
- --------------------------------------------------------------
Canon Sales Co., Inc. 40,200 937,988
- --------------------------------------------------------------
Mannesmann AG 2,000 894,100
- --------------------------------------------------------------
NSK Ltd. 61,000 392,878
- --------------------------------------------------------------
Ricoh Co. Ltd. 81,000 1,061,784
- --------------------------------------------------------------
Sidel SA 9,000 697,504
- --------------------------------------------------------------
SMC Corp. 8,400 710,583
-------------
5,676,963
- --------------------------------------------------------------
TRANSPORTATION - 1.0%
Brambles Industries Ltd. 40,000 789,816
- --------------------------------------------------------------
TECHNOLOGY - 19.4%
- --------------------------------------------------------------
COMPUTER SOFTWARE - 1.1%
SAP AG, Preference 4,000 825,235
</TABLE>
26
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
ELECTRONICS - 11.1%
Bowthorpe plc 111,000 $ 596,702
- --------------------------------------------------------------
Electrocomponents plc 114,000 848,094
- --------------------------------------------------------------
Getronics NV 20,000 647,163
- --------------------------------------------------------------
Hirose Electric Co. 16,000 1,099,012
- --------------------------------------------------------------
Keyence Corp. 4,730 702,700
- --------------------------------------------------------------
Matsushita Electric Industrial Co. 29,000 585,423
- --------------------------------------------------------------
Matsushita Electric Works Ltd. 40,000 454,426
- --------------------------------------------------------------
Omron Corp. 41,000 870,663
- --------------------------------------------------------------
Samsung Electronics Co., Sponsored
GDR(2) 18,000 486,000
- --------------------------------------------------------------
Sony Corp. 13,000 1,134,929
- --------------------------------------------------------------
TDK Corp. 9,000 661,452
- --------------------------------------------------------------
VTech Holdings Ltd. 200,000 376,906
-------------
8,463,470
- --------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
7.2%
British Sky Broadcasting Group plc 65,000 473,826
- --------------------------------------------------------------
Ericsson LM, B Shares 25,000 984,497
- --------------------------------------------------------------
Nippon Telegraph & Telephone
Corp.(1) 88 845,932
- --------------------------------------------------------------
Royal PTT Nederland NV 18,000 707,388
- --------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 77,000 774,813
- --------------------------------------------------------------
Telecom Italia Mobile SpA 240,000 775,786
- --------------------------------------------------------------
Vodafone Group plc 197,000 959,012
-------------
5,521,254
- --------------------------------------------------------------
UTILITIES - 3.2%
- --------------------------------------------------------------
ELECTRIC UTILITIES - 1.1%
Veba AG 15,000 847,903
- --------------------------------------------------------------
GAS UTILITIES - 1.1%
RWE AG, Preference 25,000 873,010
- --------------------------------------------------------------
TELEPHONE UTILITIES - 1.0%
Telecom Italia Mobile SpA 67,000 119,706
- --------------------------------------------------------------
Telefonica de Espana 21,800 631,454
-------------
751,160
-------------
Total Common Stocks (Cost
$58,553,143) 72,448,121
UNITS
- --------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES -
0.0%
- --------------------------------------------------------------
Haw Par Brothers International Ltd.
Wts., Exp. 7/01 (Cost $13,861) 23,000 19,624
</TABLE>
27
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
<S> <C> <C>
- --------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.4%
- --------------------------------------------------------------
Repurchase agreement with
PaineWebber, Inc., 5.90%, dated
6/30/97, to be repurchased at
$2,600,426 on 7/1/97,
collateralized by U.S. Treasury
Bonds, 11.25%, 2/15/15, with a
value of $2,657,194 (Cost
$2,600,000) $2,600,000 $ 2,600,000
- --------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$61,167,003) 98.4% 75,067,745
- --------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.6 1,200,665
---------- -------------
NET ASSETS 100.0% $ 76,268,410
---------- -------------
---------- -------------
</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 $486,000 or 0.64% of the Fund's net
assets, at June 30, 1997.
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
COUNTRY MARKET VALUE PERCENT
- -------------------------------------------------------------
<S> <C> <C>
Japan $17,470,614 23.3%
- -------------------------------------------------------------
Great Britain 12,030,272 16.0
- -------------------------------------------------------------
Hong Kong 7,313,430 9.7
- -------------------------------------------------------------
France 6,380,304 8.5
- -------------------------------------------------------------
Germany 6,029,524 8.0
- -------------------------------------------------------------
The Netherlands 4,230,953 5.6
- -------------------------------------------------------------
Switzerland 3,898,069 5.2
- -------------------------------------------------------------
Australia 2,952,804 3.9
- -------------------------------------------------------------
United States 2,600,000 3.5
- -------------------------------------------------------------
Sweden 2,252,541 3.0
- -------------------------------------------------------------
Italy 1,709,242 2.3
- -------------------------------------------------------------
Spain 1,490,569 2.0
- -------------------------------------------------------------
Korea, Republic of (South) 1,260,813 1.7
- -------------------------------------------------------------
Singapore 990,775 1.3
- -------------------------------------------------------------
Belgium 976,356 1.3
- -------------------------------------------------------------
Denmark 873,511 1.2
- -------------------------------------------------------------
Mexico 642,390 0.9
- -------------------------------------------------------------
Luxembourg 581,250 0.8
- -------------------------------------------------------------
Chile 524,675 0.7
- -------------------------------------------------------------
Malaysia 513,074 0.7
- -------------------------------------------------------------
Ecuador 272,880 0.3
- -------------------------------------------------------------
Indonesia 73,699 0.1
- -------------------------------------------------------------
Total $75,067,745 100.0%
------------ --------
------------ --------
</TABLE>
See accompanying Notes to Financial Statements.
28
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
ASSET-BACKED SECURITIES - 1.0%
- --------------------------------------------------------------
Olympic Automobile Receivables
Trust:
Receivables-Backed Nts., Series
1997-A, Cl. A5, 6.80%, 2/15/05 $ 150,000 $ 150,223
Series 1996-A, Cl. A4, 5.85%,
7/15/01 125,000 124,297
-------------
Total Asset-Backed Securities (Cost
$273,690) 274,520
- --------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 9.6%
- --------------------------------------------------------------
Countrywide Funding Corp., Mtg.
Pass-Through Certificates, Series
1994-10, Cl. A3, 6%, 5/25/09 250,000 241,484
- --------------------------------------------------------------
GE Capital Mortgage Services, Inc.:
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1994-7, Cl. A18, 6%, 2/25/09 174,024 155,262
Series HE2, Cl. A3, 7.30%, 3/25/12 130,000 131,402
- --------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, 5.50%, 12/1/97(1) 14,042 13,972
Gtd. Multiclass Mtg. Participation
Certificates, 6%, 3/1/09 230,181 224,401
Gtd. Multiclass Mtg. Participation
Certificates, Series 1574, Cl. PD,
5.55%, 3/15/13 125,000 124,375
Interest-Only Stripped Mtg.-Backed
Security, Series 1542, Cl. QC,
9.151%, 10/15/20(2) 500,000 120,898
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
9.04%, 1/15/20(2) 500,000 90,547
Interest-Only Stripped Mtg.-Backed
Security, Series 1661, Cl. PK,
6.091%, 11/15/06(2) 1,022,039 92,902
Series 1843, Cl. VB, 7%, 4/15/03 75,000 75,257
Series 1849, Cl. VA, 6%, 12/15/10 215,117 209,940
- --------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 204,967 201,658
6.50%, 4/1/26 192,012 183,875
7%, 4/1/00 124,724 125,623
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1993-181, Cl. C, 5.40%,
10/25/02 246,298 244,527
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1993-190, Cl. Z, 5.85%,
7/25/08 173,403 170,653
Medium-Term Nts., 6.56%, 11/13/01 125,000 123,847
Series 1994-13, Cl. B, 6.50%,
2/25/09 150,000 143,906
-------------
Total Mortgage-Backed Obligations
(Cost $2,673,186) 2,674,529
- --------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 14.5%
- --------------------------------------------------------------
U.S. Treasury Bonds, 7.50%,
11/15/16 1,615,000 1,726,537
- --------------------------------------------------------------
U.S. Treasury Nts.:
5.125%, 4/30/98 250,000 248,828
6.50%, 8/15/05 825,000 823,196
6.75%, 6/30/99 1,015,000 1,027,688
7.50%, 11/15/01 200,000 208,500
-------------
Total U.S. Government Obligations
(Cost $4,003,208) 4,034,749
</TABLE>
29
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
<S> <C> <C>
- --------------------------------------------------------------
CORPORATE BONDS AND NOTES - 41.9%
- --------------------------------------------------------------
BASIC INDUSTRY - 5.2%
- --------------------------------------------------------------
CHEMICALS - 2.8%
Burmah Castrol plc, 7% Gtd.
Medium-Term Nts., 12/15/97 $ 125,000 $ 125,522
- --------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co.,
8.50% Debs., 2/15/03 140,000 148,341
- --------------------------------------------------------------
ISP Holdings, Inc., 9.75% Sr. Nts.,
2/15/02 42,000 44,730
- --------------------------------------------------------------
LaRoche Industries, Inc., 13% Sr.
Sub. Nts., 8/15/04 50,000 55,750
- --------------------------------------------------------------
Morton International, Inc., 9.25%
Credit Sensitive Nts., 6/1/20 75,000 90,115
- --------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr.
Sec. Disc. Nts., 10/15/05(3) 100,000 95,125
- --------------------------------------------------------------
PPG Industries, Inc., 9% Debs.,
5/1/21 75,000 86,328
- --------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr.
Nts., 12/1/04 75,000 85,312
- --------------------------------------------------------------
Texas Petrochemical Corp., 11.125%
Sr. Sub. Nts., 7/1/06 50,000 54,250
-------------
785,473
- --------------------------------------------------------------
CONTAINERS - 0.3%
Portola Packaging, Inc., 10.75% Sr.
Nts., 10/1/05 75,000 77,625
- --------------------------------------------------------------
METALS/MINING - 0.5%
Alcan Aluminum Ltd., 9.625% Debs.,
7/15/19 125,000 134,300
- --------------------------------------------------------------
PAPER - 1.3%
Celulosa Arauco y Constitucion SA,
7.25% Debs., 6/11/98 125,000 125,859
- --------------------------------------------------------------
Fort Howard Corp., 9.25% Sr. Nts.,
3/15/01(1) 70,000 74,900
- --------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr.
Sub. Disc. Debs., 5/15/05 75,000 82,687
- --------------------------------------------------------------
Stone Container Corp., 9.875% Sr.
Nts., 2/1/01 75,000 75,000
-------------
358,446
- --------------------------------------------------------------
STEEL - 0.3%
Gulf States Steel, Inc. (Alabama),
13.50% First Mtg. Nts., Series B,
4/15/03 50,000 50,000
- --------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts.,
12/1/04 25,000 26,000
-------------
76,000
- --------------------------------------------------------------
CONSUMER RELATED - 6.2%
- --------------------------------------------------------------
CONSUMER PRODUCTS - 0.7%
Black & Decker Corp., 6.625% Nts.,
11/15/00 125,000 124,826
- --------------------------------------------------------------
Kimberly-Clark Corp., 7.875% Debs.,
2/1/23 75,000 77,029
-------------
201,855
- --------------------------------------------------------------
FOOD/BEVERAGES/TOBACCO - 0.7%
Dole Food Co., 6.75% Nts., 7/15/00 125,000 125,173
- --------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub.
Nts., 9/15/05 75,000 84,000
-------------
209,173
- --------------------------------------------------------------
HEALTHCARE - 1.6%
Columbia/HCA Healthcare Corp.,
6.875% Nts., 7/15/01 145,000 145,235
- --------------------------------------------------------------
Dade International, Inc., 11.125%
Sr. Sub. Nts., 5/1/06 75,000 84,187
- --------------------------------------------------------------
Graphic Controls Corp., 12% Sr.
Sub. Nts., Series A, 9/15/05 75,000 84,000
- --------------------------------------------------------------
Paracelsus Healthcare Corp., 10%
Sr. Sub. Unsec. Nts., 8/15/06 50,000 51,187
</TABLE>
30
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
HEALTHCARE (CONTINUED)
<S> <C> <C>
Regency Health Services, Inc.,
9.875% Gtd. Sr. Sub. Nts., 10/15/02 $ 75,000 $ 76,875
-------------
441,484
- --------------------------------------------------------------
HOTEL/GAMING - 3.0%
Casino America, Inc., 12.50% Sr.
Nts., 8/1/03 75,000 78,375
- --------------------------------------------------------------
Casino Magic of Louisiana Corp.,
13% First Mtg. Nts., 8/15/03(4) 75,000 63,750
- --------------------------------------------------------------
Colorado Gaming & Entertainment
Co., 12% Sr. Nts., 6/1/03 50,000 49,500
- --------------------------------------------------------------
Hilton Hotels Corp., 7.375% Nts.,
6/1/02 150,000 150,980
- --------------------------------------------------------------
Mohegan Tribal Gaming Authority,
13.50% Sr. Sec. Nts., Series B,
11/15/02 75,000 98,625
- --------------------------------------------------------------
Players International, Inc.,
10.875% Sr. Nts., 4/15/05 50,000 51,875
- --------------------------------------------------------------
Prime Hospitality Corp., 9.75% Sr.
Sub. Nts., 4/1/07 75,000 79,500
- --------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625%
Sr. Sub. Nts., 7/15/05 75,000 80,813
- --------------------------------------------------------------
Trump Atlantic City
Associates/Trump Atlantic City
Funding, Inc., 11.25% First Mtg.
Nts., 5/1/06 50,000 49,000
- --------------------------------------------------------------
Trump's Castle Funding, Inc.,
11.75% Mtg. Nts., 11/15/03 75,000 67,125
- --------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr.
Sub. Nts., 5/15/06 50,000 56,000
-------------
825,543
- --------------------------------------------------------------
TEXTILE/APPAREL - 0.2%
William Carter Co., 10.375% Sr.
Sub. Nts., 12/1/06 50,000 52,625
- --------------------------------------------------------------
ENERGY - 3.1%
- --------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts.,
9/15/02 75,000 79,043
- --------------------------------------------------------------
Coastal Corp., 8.75% Sr. Nts.,
5/15/99 50,000 52,052
- --------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75%
Sr. Nts., Series B, 1/15/01 70,000 72,800
- --------------------------------------------------------------
Gulf Canada Resources Ltd., 8.25%
Sr. Nts., 3/15/17 75,000 76,266
- --------------------------------------------------------------
Gulf Canada Resources Ltd., 9%
Debs., 8/15/99 75,000 78,447
- --------------------------------------------------------------
Louisiana Land & Exploration Co.,
7.65% Debs., 12/1/23 75,000 75,289
- --------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts.,
11/1/03 75,000 80,813
- --------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80%
Debs., 7/2/02 50,000 50,000
- --------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50%
Nts., 3/31/07 75,000 76,020
- --------------------------------------------------------------
Petsec Energy, Inc., 9.50% Sr. Sub.
Nts., 6/15/07(4) 50,000 50,125
- --------------------------------------------------------------
Standard Oil/British Petroleum Co.
plc, 9% Debs., 6/1/19 75,000 78,387
- --------------------------------------------------------------
Transamerican Energy Corp., 0%/13%
Sr. Disc. Nts., 6/15/02(3)(4) 50,000 36,375
- --------------------------------------------------------------
Williams Holdings of Delaware,
Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 75,000 70,914
-------------
876,531
- --------------------------------------------------------------
FINANCIAL SERVICES - 10.1%
- --------------------------------------------------------------
BANKS & THRIFTS - 3.2%
Barnett Banks, Inc., 8.50% Sub.
Exchangeable Nts., 3/1/99 55,000 56,854
- --------------------------------------------------------------
Chase Manhattan Corp. (New), 6.625%
Sr. Nts., 1/15/98 50,000 50,194
- --------------------------------------------------------------
Citicorp Capital II, 8.015% Bonds,
2/15/27 75,000 75,542
- --------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 75,000 72,666
</TABLE>
31
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
BANKS & THRIFTS (CONTINUED)
<S> <C> <C>
First Fidelity Bancorporation,
8.50% Sub. Capital Nts., 4/1/98 $ 50,000 $ 50,842
- --------------------------------------------------------------
First Union Corp., 6.75% Sr. Nts.,
1/15/98 50,000 50,221
- --------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc.,
9.90% Sub. Nts., 6/15/01 125,000 137,950
- --------------------------------------------------------------
Integra Financial Corp., 6.50% Sub.
Nts., 4/15/00 125,000 124,738
- --------------------------------------------------------------
Mellon Capital I, 7.72% Bonds,
12/1/26 100,000 97,167
- --------------------------------------------------------------
Mellon Financial Bank Corp., 6.50%
Gtd. Sr. Nts., 12/1/97 175,000 175,429
-------------
891,603
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL - 5.1%
American General Finance Corp.,
8.50% Sr. Nts., 8/15/98 55,000 56,440
- --------------------------------------------------------------
Beneficial Corp., 9.125% Debs.,
2/15/98 125,000 127,325
- --------------------------------------------------------------
Capital One Financial Corp., 6.83%
Sr. Nts., 5/17/99 60,000 60,269
- --------------------------------------------------------------
Capital One Funding Corp., 7.25%
Nts., 12/1/03 50,000 48,962
- --------------------------------------------------------------
Chelsea GCA Realty Partner, Inc.,
7.75% Gtd. Unsec. Unsub. Nts.,
1/26/01 60,000 60,699
- --------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec.
Nts., 2/15/01 125,000 120,464
- --------------------------------------------------------------
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series
D, 3/1/01 75,000 73,249
6.085% Gtd. Medium-Term Nts.,
Series B, 7/14/99 55,000 54,536
6.57% Gtd. Medium-Term Nts., Series
A, 8/4/97 55,000 55,051
- --------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub.
Nts., 2/26/98 125,000 125,526
- --------------------------------------------------------------
General Motors Acceptance Corp.,
5.625% Nts., 2/15/01 250,000 241,443
- --------------------------------------------------------------
Golden West Financial Corp., 8.625%
Sub. Nts., 8/30/98 50,000 51,359
- --------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50%
Nts., 4/1/01 125,000 124,195
- --------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr.
Nts., 11/15/97 50,000 50,123
- --------------------------------------------------------------
Olympic Financial Ltd., Units (each
unit consists of $1,000 principal
amount of 11.50% sr. nts., 3/15/07
and one warrant to purchase 6.84
shares of common stock)(5) 50,000 51,625
- --------------------------------------------------------------
Salomon, Inc., 8.69% Sr.
Medium-Term Nts., Series D, 3/1/99 130,000 134,714
-------------
1,435,980
- --------------------------------------------------------------
INSURANCE - 1.8%
Cigna Corp., 7.90% Nts., 12/14/98 140,000 142,800
- --------------------------------------------------------------
Conseco Financing Trust III, 8.796%
Bonds, 4/1/27 100,000 103,167
- --------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts.,
1/15/99 135,000 139,721
- --------------------------------------------------------------
Travelers Property Casualty Corp.,
6.75% Nts., 4/15/01 125,000 124,857
-------------
510,545
- --------------------------------------------------------------
HOUSING RELATED - 0.8%
- --------------------------------------------------------------
BUILDING MATERIALS - 0.5%
American Standard, Inc., 10.875%
Sr. Nts., 5/15/99(1) 140,000 150,150
- --------------------------------------------------------------
HOMEBUILDERS/REAL ESTATE - 0.3%
First Industrial LP, 7.15% Bonds,
5/15/27 75,000 76,582
- --------------------------------------------------------------
MANUFACTURING - 1.0%
- --------------------------------------------------------------
AEROSPACE - 0.3%
GPA Delaware, Inc., 8.75% Gtd.
Nts., 12/15/98 75,000 76,688
</TABLE>
32
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
CAPITAL GOODS - 0.7%
Jordan Industries, Inc., 10.375%
Sr. Nts., 8/1/03 $ 75,000 $ 78,750
- --------------------------------------------------------------
Mark IV Industries, Inc., 8.75%
Sub. Nts., 4/1/03(1) 35,000 35,700
- --------------------------------------------------------------
Precise Technology, Inc., 11.125%
Sr. Sub. Nts., 6/15/07(4) 25,000 25,063
- --------------------------------------------------------------
Titan Wheel International, Inc.,
8.75% Sr. Sub. Nts., 4/1/07 50,000 51,250
-------------
190,763
- --------------------------------------------------------------
MEDIA - 3.9%
- --------------------------------------------------------------
BROADCASTING - 0.7%
Argyle Television, Inc., 9.75% Sr.
Sub. Nts., 11/1/05 75,000 78,750
- --------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10%
Sr. Sub. Nts., 9/30/05 75,000 77,625
- --------------------------------------------------------------
Spanish Broadcasting System, Inc.,
11% Sr. Nts., 3/15/04(4) 50,000 52,750
-------------
209,125
- --------------------------------------------------------------
CABLE TELEVISION - 2.0%
Comcast Corp., 9.125% Sr. Sub.
Debs., 10/15/06 75,000 78,656
- --------------------------------------------------------------
EchoStar Communications Corp.,
0%/12.875% Sr. Disc. Nts.,
6/1/04(3) 25,000 21,125
- --------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr.
Sub. Nts., 9/15/03(6) 88,067 85,063
- --------------------------------------------------------------
Marcus Cable Operating Co.
LP/Marcus Cable Capital Corp.,
0%/13.50% Gtd. Sr. Sub. Disc. Nts.,
Series II, 8/1/04(3) 50,000 43,625
- --------------------------------------------------------------
TCI Satellite Entertainment, Inc.,
10.875% Sr. Sub. Nts., 2/15/07(4) 50,000 50,500
- --------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr.
Debs., 10/30/07 135,000 148,593
- --------------------------------------------------------------
United International Holdings,
Inc., Zero Coupon Sr. Sec. Disc.
Nts.:
Series B, 14%, 11/15/99(7) 50,000 38,875
Zero Coupon Sr. Sec. Disc. Nts.,
11.657%, 11/15/99(7) 100,000 77,750
-------------
544,187
- --------------------------------------------------------------
DIVERSIFIED MEDIA - 0.6%
MDC Communications Corp., 10.50%
Sr. Sub. Nts., 12/1/06 50,000 53,375
- --------------------------------------------------------------
Time Warner, Inc., 7.45% Nts.,
2/1/98 125,000 126,048
-------------
179,423
- --------------------------------------------------------------
ENTERTAINMENT/FILM - 0.6%
American Skiing Corp., 12% Sr. Sub.
Nts., 7/15/06 50,000 53,000
- --------------------------------------------------------------
Blockbuster Entertainment Corp.,
6.625% Sr. Nts., 2/15/98 125,000 125,277
-------------
178,277
- --------------------------------------------------------------
OTHER - 0.5%
- --------------------------------------------------------------
SERVICES - 0.5%
Sun Co., Inc., 7.95% Debs.,
12/15/01 75,000 78,194
- --------------------------------------------------------------
USI American Holdings, Inc., 7.25%
Gtd. Sr. Nts., 12/1/06 70,000 67,125
-------------
145,319
- --------------------------------------------------------------
RETAIL - 3.0%
- --------------------------------------------------------------
DEPARTMENT STORES - 2.0%
Costco Cos., Inc., 7.125% Sr. Nts.,
6/15/05 100,000 98,670
- --------------------------------------------------------------
Dayton Hudson Corp., 9.40% Debs.,
2/15/01 140,000 151,441
</TABLE>
33
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
DEPARTMENT STORES (CONTINUED)
<S> <C> <C>
Federated Department Stores, Inc.,
10% Sr. Nts., 2/15/01 $ 50,000 $ 54,876
- --------------------------------------------------------------
Sears Roebuck & Co., 8.39%
Medium-Term Nts., 3/23/99 255,000 263,433
-------------
568,420
- --------------------------------------------------------------
SPECIALTY RETAILING - 0.5%
Hills Stores Co., 12.50% Sr. Nts.,
Series B, 7/1/03 50,000 38,875
- --------------------------------------------------------------
Hines Horticulture, Inc., 11.75%
Gtd. Sr. Sub. Nts., Series B,
10/15/05 50,000 53,250
- --------------------------------------------------------------
K Mart Corp., 7.75% Debs., 10/1/12 50,000 45,750
-------------
137,875
- --------------------------------------------------------------
SUPERMARKETS - 0.5%
Great Atlantic & Pacific Tea Co.,
9.125% Debs., 1/15/98 125,000 126,923
- --------------------------------------------------------------
TECHNOLOGY - 4.6%
- --------------------------------------------------------------
INFORMATION TECHNOLOGY - 1.6%
Diamond Cable Communications plc,
0%/10.75% Sr. Disc. Nts.,
2/15/07(3)(4) 50,000 29,000
- --------------------------------------------------------------
Digital Equipment Corp., 7% Nts.,
11/15/97 165,000 165,585
- --------------------------------------------------------------
Nextel Communications, Inc.,
0%/9.75% Sr. Disc. Nts., 8/15/04(3) 50,000 38,750
- --------------------------------------------------------------
PriCellular Wireless Corp.,
0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03(3) 100,000 94,500
- --------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum
Finance Corp., 11% Sr. Nts.,
8/15/06 50,000 55,500
- --------------------------------------------------------------
Western Wireless Corp., 10.50% Sr.
Sub. Nts., 2/1/07 50,000 52,188
-------------
435,523
- --------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
3.0%
American Communications Services,
Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(3) 50,000 29,500
- --------------------------------------------------------------
Brooks Fiber Properties, Inc.,
0%/11.875% Sr. Disc. Nts.,
11/1/06(3) 75,000 49,125
- --------------------------------------------------------------
Comcast UK Cable Partner Ltd.,
0%/11.20% Sr. Disc. Debs.,
11/15/07(3) 75,000 57,188
- --------------------------------------------------------------
ICG Holdings, Inc., 0%/11.625% Sr.
Disc. Nts., 3/15/07(3)(4) 75,000 44,250
- --------------------------------------------------------------
International CableTel, Inc.,
0%/11.50% Sr. Deferred Coupon Nts.,
Series B, 2/1/06(3) 100,000 69,750
- --------------------------------------------------------------
IXC Communications, Inc., 12.50%
Nts., Series B, 10/1/05 50,000 57,000
- --------------------------------------------------------------
MFS Communications Co., Inc.,
0%/9.375% Sr. Disc. Nts.,
1/15/04(3) 100,000 93,500
- --------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr.
Unsec. Bonds, 6/30/07(4) 50,000 50,500
- --------------------------------------------------------------
Teleport Communications Group,
Inc.:
0%/11.125% Sr. Disc. Nts.,
7/1/07(3) 50,000 36,188
9.875% Sr. Nts., 7/1/06 50,000 53,500
- --------------------------------------------------------------
Telewest Communications plc:
0%/11% Sr. Disc. Debs., 10/1/07(3) 50,000 36,250
9.625% Sr. Debs., 10/1/06 50,000 52,500
- --------------------------------------------------------------
U.S. West Capital Funding, Inc.,
6.85% Gtd. Nts., 1/15/02 150,000 150,031
- --------------------------------------------------------------
UNIFI Communications, Inc., Units
(each unit consists of $1,000
principal amount of 14% sr. nts.,
3/1/04 and one warrant to purchase
27.52 ordinary shares)(4)(7) 50,000 49,750
-------------
829,032
- --------------------------------------------------------------
TRANSPORTATION - 1.4%
- --------------------------------------------------------------
RAILROADS - 0.9%
CSX Corp., 7.05% Debs., 5/1/02 85,000 85,717
</TABLE>
34
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
RAILROADS (CONTINUED)
<S> <C> <C>
Norfolk Southern Corp., 7.35% Nts.,
5/15/07 $ 75,000 $ 76,744
- --------------------------------------------------------------
Union Pacific Corp., 7% Nts.,
6/15/00 95,000 96,171
-------------
258,632
- --------------------------------------------------------------
SHIPPING - 0.5%
Federal Express Corp., 6.25% Nts.,
4/15/98 135,000 135,088
- --------------------------------------------------------------
UTILITIES - 2.1%
- --------------------------------------------------------------
ELECTRIC UTILITIES - 0.8%
Consumers Energy Co., 8.75% First
Mtg. Nts., 2/15/98 125,000 126,687
- --------------------------------------------------------------
El Paso Electric Co., 7.25% First
Mtg. Nts., Series A, 2/1/99(1) 65,000 65,488
- --------------------------------------------------------------
Panda Global Energy Co., 12.50% Sr.
Nts., 4/15/04(4) 25,000 24,500
-------------
216,675
- --------------------------------------------------------------
GAS UTILITIES - 1.1%
Northern Illinois Gas Co., 6.45%
First Mtg. Bonds, 8/1/01 200,000 198,681
- --------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50%
Bonds, 4/1/17 100,000 100,408
-------------
299,089
- --------------------------------------------------------------
TELEPHONE UTILITIES - 0.2%
GTE Corp., 8.85% Debs., 3/1/98 55,000 55,997
-------------
Total Corporate Bonds and Notes
(Cost $11,540,846) 11,690,951
SHARES
- --------------------------------------------------------------
COMMON STOCKS - 21.1%
- --------------------------------------------------------------
BASIC INDUSTRY - 2.2%
- --------------------------------------------------------------
CHEMICALS - 1.2%
Dexter Corp. 3,500 112,000
- --------------------------------------------------------------
Ethyl Corp. 12,200 112,850
- --------------------------------------------------------------
IMC Global, Inc. 2,834 99,190
-------------
324,040
- --------------------------------------------------------------
STEEL - 1.0%
Carpenter Technology Corp. 2,800 128,100
- --------------------------------------------------------------
Oregon Steel Mills, Inc. 4,200 83,737
- --------------------------------------------------------------
UNR Industries, Inc. 12,000 82,500
-------------
294,337
- --------------------------------------------------------------
CONSUMER RELATED - 1.5%
- --------------------------------------------------------------
FOOD/BEVERAGES/TOBACCO - 0.8%
Anheuser-Busch Cos., Inc. 2,600 109,037
- --------------------------------------------------------------
RJR Nabisco Holdings Corp. 3,800 125,400
-------------
234,437
- --------------------------------------------------------------
HEALTHCARE - 0.5%
Glaxo Wellcome plc, Sponsored ADR 3,100 129,619
- --------------------------------------------------------------
RESTAURANTS - 0.2%
Piccadilly Cafeterias, Inc. 6,300 66,937
</TABLE>
35
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
<S> <C> <C>
- --------------------------------------------------------------
ENERGY - 2.7%
- --------------------------------------------------------------
Amoco Corp. 1,200 $ 104,325
- --------------------------------------------------------------
Atlantic Richfield Co. 2,200 155,100
- --------------------------------------------------------------
Chevron Corp. 2,200 162,662
- --------------------------------------------------------------
Exxon Corp. 2,800 172,200
- --------------------------------------------------------------
Mobil Corp. 2,200 153,725
-------------
748,012
- --------------------------------------------------------------
FINANCIAL SERVICES - 1.9%
- --------------------------------------------------------------
BANKS & THRIFTS - 1.4%
BankAmerica Corp. 1,200 77,475
- --------------------------------------------------------------
BankBoston Corp. 1,800 129,712
- --------------------------------------------------------------
NationsBank Corp. 1,600 103,200
- --------------------------------------------------------------
PNC Bank Corp. 2,200 91,575
-------------
401,962
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL - 0.0%
Crescent Operating, Inc.(8) 370 4,440
- --------------------------------------------------------------
INSURANCE - 0.5%
HSB Group, Inc. 2,500 133,437
- --------------------------------------------------------------
HOUSING RELATED - 2.5%
- --------------------------------------------------------------
HOMEBUILDERS/REAL ESTATE - 2.5%
Camden Property Trust 4,300 135,987
- --------------------------------------------------------------
Capstone Capital Corp. 4,900 120,050
- --------------------------------------------------------------
Cornerstone Properties, Inc. 7,500 115,312
- --------------------------------------------------------------
Crescent Real Estate Equities, Inc. 3,700 117,475
- --------------------------------------------------------------
Health & Retirement Properties
Trust 5,700 107,231
- --------------------------------------------------------------
Meditrust Corp. 2,800 111,650
-------------
707,705
- --------------------------------------------------------------
MANUFACTURING - 2.1%
- --------------------------------------------------------------
AEROSPACE - 1.4%
General Dynamics Corp. 2,200 165,000
- --------------------------------------------------------------
Lockheed Martin Corp. 1,100 113,919
- --------------------------------------------------------------
TRW, Inc. 1,800 102,263
-------------
381,182
- --------------------------------------------------------------
CAPITAL GOODS - 0.7%
PACCAR, Inc. 4,200 195,038
- --------------------------------------------------------------
RETAIL - 0.8%
- --------------------------------------------------------------
SPECIALTY RETAILING - 0.8%
Brown Group, Inc. 5,700 106,519
- --------------------------------------------------------------
New England Business Service, Inc. 4,200 110,513
-------------
217,032
</TABLE>
36
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION - 0.6%
- --------------------------------------------------------------
RAILROADS - 0.6%
GATX Corp. 2,700 $ 155,925
- --------------------------------------------------------------
UTILITIES - 6.8%
- --------------------------------------------------------------
ELECTRIC UTILITIES - 2.8%
Duke Energy Corp. 4,086 195,873
- --------------------------------------------------------------
Entergy Corp. 4,200 114,975
- --------------------------------------------------------------
FPL Group, Inc. 3,100 142,794
- --------------------------------------------------------------
Illinova Corp. 3,400 74,800
- --------------------------------------------------------------
Kansas City Power & Light Co. 4,500 128,531
- --------------------------------------------------------------
Western Resources, Inc. 3,500 113,531
-------------
770,504
- --------------------------------------------------------------
GAS UTILITIES - 2.1%
El Paso Natural Gas Co. 3,400 187,000
- --------------------------------------------------------------
MCN Energy Group, Inc. 3,400 104,125
- --------------------------------------------------------------
National Fuel Gas Co. 3,300 138,394
- --------------------------------------------------------------
Questar Corp. 3,900 157,463
-------------
586,982
- --------------------------------------------------------------
TELEPHONE UTILITIES - 1.9%
Ameritech Corp. 2,000 135,875
- --------------------------------------------------------------
GTE Corp. 2,500 109,688
- --------------------------------------------------------------
NYNEX Corp. 2,300 132,538
- --------------------------------------------------------------
U S West Communications Group 3,900 146,981
-------------
525,082
-------------
Total Common Stocks (Cost
$4,703,968) 5,876,671
- --------------------------------------------------------------
PREFERRED STOCKS - 0.9%
- --------------------------------------------------------------
California Federal Preferred
Capital Corp., 9.125% Non-Cum.
Exchangeable Preferred, Series A,
Non-Vtg. 1,000 25,813
- --------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series
A, Non-Vtg. 1,100 173,525
- --------------------------------------------------------------
K-III Communications Corp., 10%
Exchangeable Preferred Stock,
Series D(1) 500 51,000
-------------
Total Preferred Stocks (Cost
$180,325) 250,338
UNITS
- --------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES -
0.0%
- --------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp.
8/02 (Cost $0) 75 --
</TABLE>
37
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
<S> <C> <C>
- --------------------------------------------------------------
REPURCHASE AGREEMENTS - 6.4%
- --------------------------------------------------------------
Repurchase agreement with
PaineWebber, Inc., 5.90%, dated
6/30/97, to be repurchased at
$1,800,295 on 7/1/97,
collateralized by U.S. Treasury
Bonds, 11.25%, 2/15/15, with a
value of $1,839,596 (Cost
$1,800,000) $1,800,000 $ 1,800,000
- --------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$25,175,223) 95.4% 26,601,758
- --------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 4.6 1,283,757
---------- -------------
NET ASSETS 100.0% $ 27,885,515
---------- -------------
---------- -------------
</TABLE>
1. Identifies issues considered to be illiquid or restricted - See Note 5 of
Notes to Financial Statements.
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. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
4. 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 $476,563 or 1.71% of the Fund's net
assets, at June 30, 1997.
5. Units may be comprised of several components, such as debt and equity and/or
warrants to purchase equity at some point in the future. For units which
represent debt securities, principal amount disclosed represents total
underlying principal.
6. Interest or dividend is paid in kind.
7. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
8. Non-income producing security.
See accompanying Notes to Financial Statements.
38
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
ASSET-BACKED SECURITIES - 0.4%
- --------------------------------------------------------------
Olympic Automobile Receivables
Trust:
Receivables-Backed Nts., Series
1997-A, Cl. A5, 6.80%, 2/15/05 $ 150,000 $ 150,222
Series 1996-A, Cl. A4, 5.85%,
7/15/01 90,000 89,494
-------------
Total Asset-Backed Securities (Cost
$238,980) 239,716
- --------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 4.3%
- --------------------------------------------------------------
Countrywide Funding Corp., Mtg.
Pass-Through Certificates, Series
1994-10, Cl. A3, 6%, 5/25/09 250,000 241,484
- --------------------------------------------------------------
GE Capital Mortgage Services, Inc.:
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1994-7, Cl. A18, 6%, 2/25/09 149,164 133,081
Series HE2, Cl. A3, 7.30%, 3/25/12 100,000 101,078
- --------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, 5.50%, 6/1/98(1) 2,852 2,838
Gtd. Multiclass Mtg. Participation
Certificates, 6%, 3/1/09 179,959 175,441
Gtd. Multiclass Mtg. Participation
Certificates, Series 1574, Cl. PD,
5.55%, 3/15/13 100,000 99,500
Interest-Only Stripped Mtg.-Backed
Security, Series 1542, Cl. QC,
9.151%, 10/15/20(2) 500,000 120,898
Interest-Only Stripped Mtg.-Backed
Security, Series 1542, Cl. QC,
9.151%, 10/15/20(2) 400,000 96,719
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
9.04%, 1/15/20(2) 375,000 67,910
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
9.04%, 1/15/20(2) 375,000 67,910
Interest-Only Stripped Mtg.-Backed
Security, Series 1661, Cl. PK,
6.091%, 11/15/06(2) 1,022,039 92,902
Series 1843, Cl. VB, 7%, 4/15/03 50,000 50,172
Series 1849, Cl. VA, 6%, 12/15/10 146,280 142,759
- --------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 146,405 144,041
6.50%, 4/1/26 144,009 137,907
7%, 4/1/00 166,299 167,497
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1993-181, Cl. C, 5.40%,
10/25/02 182,442 181,131
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1993-190, Cl. Z, 5.85%,
7/25/08 123,802 121,839
Medium-Term Nts., 6.56%, 11/13/01 225,000 222,926
Series 1994-13, Cl. B, 6.50%,
2/25/09 100,000 95,937
- --------------------------------------------------------------
PNC Mortgage Securities Corp.,
Commercial Mtg. Pass-Through
Certificates, Series 1995-2, Cl.
A3, 6.50%, 2/25/12 125,000 124,463
-------------
Total Mortgage-Backed Obligations
(Cost $2,585,645) 2,588,433
- --------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 6.3%
- --------------------------------------------------------------
U.S. Treasury Bonds, 7.50%,
11/15/16 1,335,000 1,427,199
- --------------------------------------------------------------
U.S. Treasury Nts.:
5.125%, 4/30/98 550,000 547,422
6.50%, 8/15/05 770,000 768,316
6.75%, 6/30/99 745,000 754,313
7.50%, 11/15/01 250,000 260,626
-------------
Total U.S. Government Obligations
(Cost $3,737,896) 3,757,876
</TABLE>
39
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
NON-CONVERTIBLE CORPORATE BONDS AND
NOTES - 23.4%
- --------------------------------------------------------------
BASIC MATERIALS - 3.0%
- --------------------------------------------------------------
CHEMICALS - 1.8%
Burmah Castrol plc, 7% Gtd.
Medium-Term Nts., 12/15/97 $ 85,000 $ 85,355
- --------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co.,
8.50% Debs., 2/15/03 100,000 105,958
- --------------------------------------------------------------
ISP Holdings, Inc., 9.75% Sr. Nts.,
2/15/02 64,000 68,160
- --------------------------------------------------------------
LaRoche Industries, Inc., 13% Sr.
Sub. Nts., 8/15/04 125,000 139,375
- --------------------------------------------------------------
Morton International, Inc., 9.25%
Credit Sensitive Nts., 6/1/20 50,000 60,077
- --------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr.
Sec. Disc. Nts., 10/15/05(3) 175,000 166,469
- --------------------------------------------------------------
PPG Industries, Inc., 9% Debs.,
5/1/21 50,000 57,552
- --------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr.
Nts., 12/1/04 125,000 142,187
- --------------------------------------------------------------
Sterling Chemical Holdings, Inc.,
0%/13.50% Sr. Disc. Nts.,
8/15/08(3) 150,000 99,750
- --------------------------------------------------------------
Texas Petrochemical Corp., 11.125%
Sr. Sub. Nts., 7/1/06 125,000 135,625
-------------
1,060,508
- --------------------------------------------------------------
METALS - 0.5%
Alcan Aluminum Ltd., 9.625% Debs.,
7/15/19 100,000 107,440
- --------------------------------------------------------------
Gulf States Steel, Inc. (Alabama),
13.50% First Mtg. Nts., Series B,
4/15/03 125,000 125,000
- --------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts.,
12/1/04 75,000 78,000
-------------
310,440
- --------------------------------------------------------------
PAPER - 0.7%
Celulosa Arauco y Constitucion SA,
7.25% Debs., 6/11/98 85,000 85,584
- --------------------------------------------------------------
Fort Howard Corp., 9.25% Sr. Nts.,
3/15/01((1)) 50,000 53,500
- --------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr.
Sub. Disc. Debs., 5/15/05 125,000 137,812
- --------------------------------------------------------------
Stone Container Corp., 9.875% Sr.
Nts., 2/1/01 125,000 125,000
-------------
401,896
- --------------------------------------------------------------
CONSUMER CYCLICALS - 7.0%
- --------------------------------------------------------------
AUTOS & HOUSING - 0.2%
Black & Decker Corp., 6.625% Nts.,
11/15/00 85,000 84,882
- --------------------------------------------------------------
First Industrial LP, 7.15% Bonds,
5/15/27 60,000 61,266
-------------
146,148
- --------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.9%
American Skiing Corp., 12% Sr. Sub.
Nts., 7/15/06 100,000 106,000
- --------------------------------------------------------------
Blockbuster Entertainment Corp.,
6.625% Sr. Nts., 2/15/98 85,000 85,189
- --------------------------------------------------------------
Casino America, Inc., 12.50% Sr.
Nts., 8/1/03 125,000 130,625
- --------------------------------------------------------------
Casino Magic of Louisiana Corp.,
13% First Mtg. Nts., 8/15/03(4) 200,000 170,000
- --------------------------------------------------------------
Colorado Gaming & Entertainment
Co., 12% Sr. Nts., 6/1/03 125,000 123,750
- --------------------------------------------------------------
Hilton Hotels Corp., 7.375% Nts.,
6/1/02 125,000 125,816
- --------------------------------------------------------------
Mohegan Tribal Gaming Authority,
13.50% Sr. Sec. Nts., Series B,
11/15/02 125,000 164,375
- --------------------------------------------------------------
Players International, Inc.,
10.875% Sr. Nts., 4/15/05 125,000 129,687
- --------------------------------------------------------------
Prime Hospitality Corp., 9.75% Sr.
Sub. Nts., 4/1/07 125,000 132,500
- --------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625%
Sr. Sub. Nts., 7/15/05 125,000 134,687
</TABLE>
40
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
LEISURE & ENTERTAINMENT (CONTINUED)
<S> <C> <C>
Showboat, Inc., 9.25% First Mtg.
Bonds, 5/1/08 $ 100,000 $ 103,000
- --------------------------------------------------------------
Trump Atlantic City
Associates/Trump Atlantic City
Funding, Inc., 11.25% First Mtg.
Nts., 5/1/06 75,000 73,500
- --------------------------------------------------------------
Trump's Castle Funding, Inc.,
11.75% Mtg. Nts., 11/15/03 125,000 111,875
- --------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr.
Sub. Nts., 5/15/06 100,000 112,000
-------------
1,703,004
- --------------------------------------------------------------
MEDIA - 2.5%
Cablevision Systems Corp., 9.875%
Sr. Sub. Nts., 5/15/06 50,000 53,625
- --------------------------------------------------------------
Century Communications Corp., 9.75%
Sr. Nts., 2/15/02 100,000 104,000
- --------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub.
Debs., 10/15/06 125,000 131,094
- --------------------------------------------------------------
EchoStar Satellite Broadcasting
Corp., 0%/13.125% Sr. Sec. Disc.
Nts., 3/15/04(3) 100,000 71,750
- --------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr.
Sub. Nts., 9/15/03(5) 146,780 141,773
- --------------------------------------------------------------
Hollinger International Publishing,
Inc., 9.25% Gtd. Sr. Sub. Nts.,
3/15/07 100,000 102,500
- --------------------------------------------------------------
Marcus Cable Operating Co.
LP/Marcus Cable Capital Corp.,
0%/13.50% Gtd. Sr. Sub. Disc. Nts.,
Series II, 8/1/04(3) 125,000 109,062
- --------------------------------------------------------------
MDC Communications Corp., 10.50%
Sr. Sub. Nts., 12/1/06 125,000 133,437
- --------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10%
Sr. Sub. Nts., 9/30/05 125,000 129,375
- --------------------------------------------------------------
Spanish Broadcasting System, Inc.,
11% Sr. Nts., 3/15/04(4) 100,000 105,500
- --------------------------------------------------------------
TCI Satellite Entertainment, Inc.,
10.875% Sr. Sub. Nts., 2/15/07(4) 125,000 126,250
- --------------------------------------------------------------
Time Warner, Inc., 7.45% Nts.,
2/1/98 85,000 85,712
- --------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr.
Debs., 10/30/07 125,000 137,586
- --------------------------------------------------------------
United International Holdings,
Inc., Zero Coupon Sr. Sec. Disc.
Nts., 12.915%, 11/15/99(6) 100,000 77,750
-------------
1,509,414
- --------------------------------------------------------------
RETAIL: GENERAL - 0.9%
Costco Cos., Inc., 7.125% Sr. Nts.,
6/15/05 90,000 88,803
- --------------------------------------------------------------
Dayton Hudson Corp., 9.40% Debs.,
2/15/01 100,000 108,172
- --------------------------------------------------------------
Federated Department Stores, Inc.,
10% Sr. Nts., 2/15/01 35,000 38,413
- --------------------------------------------------------------
Sears Roebuck & Co., 8.39%
Medium-Term Nts., 3/23/99 175,000 180,787
- --------------------------------------------------------------
William Carter Co., 10.375% Sr.
Sub. Nts., 12/1/06 125,000 131,562
-------------
547,737
- --------------------------------------------------------------
RETAIL: SPECIALTY - 0.5%
Hills Stores Co., 12.50% Sr. Nts.,
Series B, 7/1/03 75,000 58,312
- --------------------------------------------------------------
Hines Horticulture, Inc., 11.75%
Gtd. Sr. Sub. Nts., Series B,
10/15/05 125,000 133,125
- --------------------------------------------------------------
K Mart Corp., 7.75% Debs., 10/1/12 125,000 114,375
-------------
305,812
- --------------------------------------------------------------
CONSUMER NON-CYCLICALS - 2.0%
- --------------------------------------------------------------
FOOD - 0.8%
Dole Food Co., 6.75% Nts., 7/15/00 95,000 95,131
- --------------------------------------------------------------
Fresh Del Monte Produce NV, 10% Sr.
Nts., Series B, 5/1/03 125,000 128,750
</TABLE>
41
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
FOOD (CONTINUED)
<S> <C> <C>
Great Atlantic & Pacific Tea Co.,
9.125% Debs., 1/15/98 $ 85,000 $ 86,308
- --------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub.
Nts., 9/15/05 125,000 140,000
-------------
450,189
- --------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
1.1%
Columbia/HCA Healthcare Corp.,
6.875% Nts., 7/15/01 100,000 100,162
- --------------------------------------------------------------
Dade International, Inc., 11.125%
Sr. Sub. Nts., 5/1/06 125,000 140,312
- --------------------------------------------------------------
Graphic Controls Corp., 12% Sr.
Sub. Nts., Series A, 9/15/05 125,000 140,000
- --------------------------------------------------------------
Paracelsus Healthcare Corp., 10%
Sr. Sub. Unsec. Nts., 8/15/06 100,000 102,375
- --------------------------------------------------------------
Regency Health Services, Inc.,
9.875% Gtd. Sr. Sub. Nts., 10/15/02 125,000 128,125
- --------------------------------------------------------------
Tenet Healthcare Corp., 8% Sr.
Nts., 1/15/05 75,000 75,562
-------------
686,536
- --------------------------------------------------------------
HOUSEHOLD GOODS - 0.1%
Kimberly-Clark Corp., 7.875% Debs.,
2/1/23 50,000 51,353
- --------------------------------------------------------------
ENERGY - 1.6%
- --------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 1.0%
Coastal Corp., 8.125% Sr. Nts.,
9/15/02 50,000 52,695
- --------------------------------------------------------------
Coastal Corp., 8.75% Sr. Nts.,
5/15/99 35,000 36,437
- --------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75%
Sr. Nts., Series B, 1/15/01 55,000 57,200
- --------------------------------------------------------------
Louisiana Land & Exploration Co.,
7.65% Debs., 12/1/23 50,000 50,193
- --------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts.,
11/1/03 125,000 134,687
- --------------------------------------------------------------
Petsec Energy, Inc., 9.50% Sr. Sub.
Nts., 6/15/07(4) 125,000 125,312
- --------------------------------------------------------------
Transamerican Energy Corp., 0%/13%
Sr. Disc. Nts., 6/15/02(3)(4) 125,000 90,938
- --------------------------------------------------------------
Williams Holdings of Delaware,
Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 50,000 47,276
-------------
594,738
- --------------------------------------------------------------
OIL-INTEGRATED - 0.6%
Gulf Canada Resources Ltd.:
8.25% Sr. Nts., 3/15/17 75,000 76,266
9% Debs., 8/15/99 75,000 78,447
- --------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80%
Debs., 7/2/02 50,000 50,000
- --------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50%
Nts., 3/31/07 75,000 76,020
- --------------------------------------------------------------
Standard Oil/British Petroleum Co.
plc, 9% Debs., 6/1/19 50,000 52,258
-------------
332,991
- --------------------------------------------------------------
FINANCIAL - 3.6%
- --------------------------------------------------------------
BANKS - 1.0%
Chase Manhattan Corp. (New), 6.625%
Sr. Nts., 1/15/98 35,000 35,136
- --------------------------------------------------------------
Citicorp Capital II, 8.015% Bonds,
2/15/27 75,000 75,542
- --------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 50,000 48,444
- --------------------------------------------------------------
First Fidelity Bancorporation,
8.50% Sub. Capital Nts., 4/1/98 35,000 35,589
- --------------------------------------------------------------
First Union Corp., 6.75% Sr. Nts.,
1/15/98 35,000 35,155
- --------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc.,
9.90% Sub. Nts., 6/15/01 85,000 93,806
- --------------------------------------------------------------
Integra Financial Corp., 6.50% Sub.
Nts., 4/15/00 85,000 84,822
</TABLE>
42
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
BANKS (CONTINUED)
<S> <C> <C>
Mellon Capital I, 7.72% Bonds,
12/1/26 $ 75,000 $ 72,875
- --------------------------------------------------------------
Mellon Financial Bank Corp., 6.50%
Gtd. Sr. Nts., 12/1/97 115,000 115,282
-------------
596,651
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL - 1.9%
American General Finance Corp.,
8.50% Sr. Nts., 8/15/98 40,000 41,048
- --------------------------------------------------------------
Beneficial Corp., 9.125% Debs.,
2/15/98 85,000 86,581
- --------------------------------------------------------------
Capital One Financial Corp., 6.83%
Sr. Nts., 5/17/99 45,000 45,202
- --------------------------------------------------------------
Capital One Funding Corp., 7.25%
Nts., 12/1/03 40,000 39,169
- --------------------------------------------------------------
Chelsea GCA Realty Partner, Inc.,
7.75% Gtd. Unsec. Unsub. Nts.,
1/26/01 40,000 40,466
- --------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec.
Nts., 2/15/01 85,000 81,915
- --------------------------------------------------------------
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series
D, 3/1/01 50,000 48,833
6.085% Gtd. Medium-Term Nts.,
Series B, 7/14/99 40,000 39,663
6.57% Gtd. Medium-Term Nts., Series
A, 8/4/97 40,000 40,037
- --------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub.
Nts., 2/26/98 85,000 85,358
- --------------------------------------------------------------
General Motors Acceptance Corp.,
5.625% Nts., 2/15/01 175,000 169,010
- --------------------------------------------------------------
Golden West Financial Corp., 8.625%
Sub. Nts., 8/30/98 35,000 35,951
- --------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50%
Nts., 4/1/01 85,000 84,453
- --------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr.
Nts., 11/15/97 35,000 35,086
- --------------------------------------------------------------
Olympic Financial Ltd., Units (each
unit consists of $1,000 principal
amount of 11.50% sr. nts., 3/15/07
and one warrant to purchase 6.84
shares of common stock)(7) 125,000 129,063
- --------------------------------------------------------------
Salomon, Inc., 8.69% Sr.
Medium-Term Nts., Series D, 3/1/99 100,000 103,626
-------------
1,105,461
- --------------------------------------------------------------
INSURANCE - 0.7%
Cigna Corp., 7.90% Nts., 12/14/98 100,000 102,000
- --------------------------------------------------------------
Conseco Financing Trust III, 8.796%
Bonds, 4/1/27 100,000 103,167
- --------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts.,
1/15/99 110,000 113,847
- --------------------------------------------------------------
Travelers Property Casualty Corp.,
6.75% Nts., 4/15/01 85,000 84,903
-------------
403,917
- --------------------------------------------------------------
INDUSTRIAL - 1.8%
- --------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.4%
American Standard, Inc., 10.875%
Sr. Nts., 5/15/99(1) 100,000 107,250
- --------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr.
Nts., 10/1/05 125,000 129,375
-------------
236,625
- --------------------------------------------------------------
INDUSTRIAL SERVICES - 0.3%
Sun Co., Inc., 7.95% Debs.,
12/15/01 125,000 130,323
- --------------------------------------------------------------
USI American Holdings, Inc., 7.25%
Gtd. Sr. Nts., 12/1/06 70,000 67,125
-------------
197,448
- --------------------------------------------------------------
MANUFACTURING - 0.6%
Jordan Industries, Inc., 10.375%
Sr. Nts., 8/1/03 125,000 131,250
- --------------------------------------------------------------
Mark IV Industries, Inc., 8.75%
Sub. Nts., 4/1/03(1) 25,000 25,500
</TABLE>
43
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
MANUFACTURING (CONTINUED)
<S> <C> <C>
Precise Technology, Inc., 11.125%
Sr. Sub. Nts., 6/15/07(4) $ 100,000 $ 100,250
- --------------------------------------------------------------
Titan Wheel International, Inc.,
8.75% Sr. Sub. Nts., 4/1/07 100,000 102,500
-------------
359,500
- --------------------------------------------------------------
TRANSPORTATION - 0.5%
CSX Corp., 7.05% Debs., 5/1/02 70,000 70,591
- --------------------------------------------------------------
Federal Express Corp., 6.25% Nts.,
4/15/98 90,000 90,059
- --------------------------------------------------------------
Norfolk Southern Corp., 7.35% Nts.,
5/15/07 75,000 76,744
- --------------------------------------------------------------
Union Pacific Corp., 7% Nts.,
6/15/00 85,000 86,048
-------------
323,442
- --------------------------------------------------------------
TECHNOLOGY - 3.6%
- --------------------------------------------------------------
AEROSPACE/DEFENSE - 0.2%
GPA Delaware, Inc., 8.75% Gtd.
Nts., 12/15/98 125,000 127,813
- --------------------------------------------------------------
COMPUTER HARDWARE - 0.2%
Digital Equipment Corp., 7% Nts.,
11/15/97 115,000 115,408
- --------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
3.2%
American Communications Services,
Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(3) 100,000 59,000
- --------------------------------------------------------------
Brooks Fiber Properties, Inc.,
0%/11.875% Sr. Disc. Nts.,
11/1/06(3) 125,000 81,875
- --------------------------------------------------------------
Comcast UK Cable Partner Ltd.,
0%/11.20% Sr. Disc. Debs.,
11/15/07(3) 125,000 95,313
- --------------------------------------------------------------
Diamond Cable Communications plc,
0%/10.75% Sr. Disc. Nts.,
2/15/07(3)(4) 125,000 72,500
- --------------------------------------------------------------
ICG Holdings, Inc., 0%/11.625% Sr.
Disc. Nts., 3/15/07(3)(4) 125,000 73,750
- --------------------------------------------------------------
International CableTel, Inc.,
0%/11.50% Sr. Deferred Coupon Nts.,
Series B, 2/1/06(3) 200,000 139,500
- --------------------------------------------------------------
IXC Communications, Inc., 12.50%
Nts., Series B, 10/1/05 125,000 142,500
- --------------------------------------------------------------
MFS Communications Co., Inc.,
0%/9.375% Sr. Disc. Nts.,
1/15/04(3) 175,000 163,625
- --------------------------------------------------------------
Nextel Communications, Inc.,
0%/9.75% Sr. Disc. Nts., 8/15/04(3) 150,000 116,250
- --------------------------------------------------------------
PriCellular Wireless Corp.,
0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03(3) 175,000 165,375
- --------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum
Finance Corp., 11% Sr. Nts.,
8/15/06 100,000 111,000
- --------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr.
Unsec. Bonds, 6/30/07(4) 125,000 126,250
- --------------------------------------------------------------
Teleport Communications Group,
Inc.:
0%/11.125% Sr. Disc. Nts.,
7/1/07(3) 50,000 36,188
9.875% Sr. Nts., 7/1/06 50,000 53,500
- --------------------------------------------------------------
Telewest Communications plc:
0%/11% Sr. Disc. Debs., 10/1/07(3) 75,000 54,375
9.625% Sr. Debs., 10/1/06 75,000 78,750
- --------------------------------------------------------------
U.S. West Capital Funding, Inc.,
6.85% Gtd. Nts., 1/15/02 175,000 175,037
- --------------------------------------------------------------
UNIFI Communications, Inc., Units
(each unit consists of $1,000
principal amount of 14% sr. nts.,
3/1/04 and one warrant to purchase
27.52 ordinary shares)(4)(7) 125,000 124,375
- --------------------------------------------------------------
Western Wireless Corp., 10.50% Sr.
Sub. Nts., 2/1/07 50,000 52,188
-------------
1,921,351
- --------------------------------------------------------------
UTILITIES - 0.8%
- --------------------------------------------------------------
ELECTRIC UTILITIES - 0.3%
Consumers Energy Co., 8.75% First
Mtg. Nts., 2/15/98 85,000 86,147
</TABLE>
44
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
ELECTRIC UTILITIES (CONTINUED)
<S> <C> <C>
El Paso Electric Co., 7.25% First
Mtg. Nts., Series A, 2/1/99(1) $ 40,000 $ 40,300
- --------------------------------------------------------------
Panda Global Energy Co., 12.50% Sr.
Nts., 4/15/04(4) 50,000 49,000
-------------
175,447
- --------------------------------------------------------------
GAS UTILITIES - 0.4%
Northern Illinois Gas Co., 6.45%
First Mtg. Bonds, 8/1/01 170,000 168,879
- --------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50%
Bonds, 4/1/17 75,000 75,306
-------------
244,185
- --------------------------------------------------------------
TELEPHONE UTILITIES - 0.1%
GTE Corp., 8.85% Debs., 3/1/98 40,000 40,725
-------------
Total Non-Convertible Corporate
Bonds and Notes (Cost $13,607,616) 13,948,739
- --------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND
NOTES - 0.1%
- --------------------------------------------------------------
Barnett Banks, Inc., 8.50% Sub.
Exchangeable Nts., 3/1/99 (Cost
$37,251) 35,000 36,180
SHARES
- --------------------------------------------------------------
COMMON STOCKS - 56.4%
- --------------------------------------------------------------
BASIC MATERIALS - 2.8%
- --------------------------------------------------------------
CHEMICALS - 1.2%
Ciba Specialty Chemicals AG(8) 1,000 92,602
- --------------------------------------------------------------
Dexter Corp. 4,300 137,600
- --------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co. 3,800 238,925
- --------------------------------------------------------------
Ethyl Corp. 14,400 133,200
- --------------------------------------------------------------
IMC Global, Inc. 2,834 99,190
-------------
701,517
- --------------------------------------------------------------
METALS - 1.2%
Allegheny Teledyne, Inc. 2,400 64,800
- --------------------------------------------------------------
Aluminum Co. of America 2,200 165,825
- --------------------------------------------------------------
Carpenter Technology Corp. 3,300 150,975
- --------------------------------------------------------------
Oregon Steel Mills, Inc. 6,900 137,569
- --------------------------------------------------------------
RMI Titanium Co.(8) 3,600 98,100
- --------------------------------------------------------------
UNR Industries, Inc. 12,000 82,500
- --------------------------------------------------------------
WMC Ltd. 7,000 44,065
-------------
743,834
- --------------------------------------------------------------
PAPER - 0.4%
Fort Howard Corp.(8) 4,800 243,000
- --------------------------------------------------------------
CONSUMER CYCLICALS - 9.8%
- --------------------------------------------------------------
AUTOS & HOUSING - 2.7%
Bridgestone Corp. 5,000 116,228
- --------------------------------------------------------------
Camden Property Trust 5,000 158,125
- --------------------------------------------------------------
Capstone Capital Corp. 5,800 142,100
- --------------------------------------------------------------
Cheung Kong (Holdings) Ltd. 8,000 78,995
- --------------------------------------------------------------
Cornerstone Properties, Inc. 8,800 135,300
</TABLE>
45
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
AUTOS & HOUSING (CONTINUED)
<S> <C> <C>
Crescent Real Estate Equities, Inc. 7,800 $ 247,650
- --------------------------------------------------------------
Goodyear Tire & Rubber Co. 2,500 158,281
- --------------------------------------------------------------
Groupe SEB SA 600 105,264
- --------------------------------------------------------------
Health & Retirement Properties
Trust 6,700 126,044
- --------------------------------------------------------------
Lear Seating Corp.(8) 1,200 53,250
- --------------------------------------------------------------
Meditrust Corp. 3,300 131,587
- --------------------------------------------------------------
Miller Industries, Inc.(8) 6,300 100,800
- --------------------------------------------------------------
Rinnai Corp. 4,000 85,991
-------------
1,639,615
- --------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.2%
AMR Corp.(8) 1,500 138,750
- --------------------------------------------------------------
CapStar Hotel Co.(8) 2,200 70,400
- --------------------------------------------------------------
CDL Hotels International Ltd. 164,000 66,681
- --------------------------------------------------------------
Delta Air Lines, Inc. 1,100 90,200
- --------------------------------------------------------------
Dover Downs Entertainment, Inc. 4,200 75,600
- --------------------------------------------------------------
Einstein/Noah Bagel Corp.(8) 4,900 58,494
- --------------------------------------------------------------
Galoob Toys, Inc.(8) 500 9,437
- --------------------------------------------------------------
Granada Group plc 8,000 105,184
- --------------------------------------------------------------
Landry's Seafood Restaurants,
Inc.(8) 4,900 112,700
- --------------------------------------------------------------
Papa John's International, Inc.(8) 1,475 54,206
- --------------------------------------------------------------
Piccadilly Cafeterias, Inc. 7,400 78,625
- --------------------------------------------------------------
Regal Cinemas, Inc.(8) 4,750 156,750
- --------------------------------------------------------------
VideoServer, Inc.(8) 2,900 38,425
- --------------------------------------------------------------
Vistana, Inc.(8) 7,800 120,900
- --------------------------------------------------------------
Wyndham Hotel Corp.(8) 4,500 146,812
-------------
1,323,164
- --------------------------------------------------------------
MEDIA - 1.1%
Applied Graphics Technologies,
Inc.(8) 2,500 99,375
- --------------------------------------------------------------
Benpres Holdings Corp., Sponsored
GDR(8) 5,000 34,110
- --------------------------------------------------------------
Heftel Broadcasting Corp., A
Shares(8) 2,500 138,125
- --------------------------------------------------------------
Reed International plc 10,000 96,529
- --------------------------------------------------------------
Reuters Holdings plc 8,000 84,280
- --------------------------------------------------------------
Television Broadcasts Ltd. 21,000 94,330
- --------------------------------------------------------------
Wolters Kluwer NV 750 91,486
-------------
638,235
- --------------------------------------------------------------
RETAIL: GENERAL - 1.4%
adidas AG 750 83,929
- --------------------------------------------------------------
Dayton Hudson Corp. 1,200 63,825
- --------------------------------------------------------------
Dollar Tree Stores, Inc.(8) 2,600 130,975
- --------------------------------------------------------------
Federated Department Stores,
Inc.(8) 1,200 41,700
</TABLE>
46
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
RETAIL: GENERAL (CONTINUED)
<S> <C> <C>
Marks & Spencer plc 12,000 $ 99,459
- --------------------------------------------------------------
Nautica Enterprises, Inc.(8) 2,500 66,094
- --------------------------------------------------------------
North Face, Inc. (The)(8) 4,400 80,300
- --------------------------------------------------------------
Sears Roebuck & Co. 300 16,125
- --------------------------------------------------------------
St. John Knits, Inc. 2,000 108,000
- --------------------------------------------------------------
Wolverine World Wide, Inc. 3,950 119,981
-------------
810,388
- --------------------------------------------------------------
RETAIL: SPECIALTY - 2.4%
Argos plc 10,000 90,704
- --------------------------------------------------------------
Brown Group, Inc. 7,300 136,419
- --------------------------------------------------------------
CDW Computer Centers, Inc.(8) 2,400 127,350
- --------------------------------------------------------------
Cifra SA de CV, Unsponsored ADR, B
Shares 36,000 66,074
- --------------------------------------------------------------
Costco Cos., Inc.(8) 2,300 75,612
- --------------------------------------------------------------
Dickson Concepts International Ltd. 22,000 80,080
- --------------------------------------------------------------
Eagle Hardware & Garden, Inc.(8) 3,300 75,487
- --------------------------------------------------------------
Finish Line, Inc., Cl. A(8) 6,900 100,912
- --------------------------------------------------------------
Guitar Center, Inc.(8) 2,300 38,812
- --------------------------------------------------------------
Hennes & Mauritz AB, B Shares(8) 3,750 134,338
- --------------------------------------------------------------
Jusco Co. 4,000 135,279
- --------------------------------------------------------------
Koninklijke Ahold NV 1,733 146,471
- --------------------------------------------------------------
New England Business Service, Inc. 4,900 128,931
- --------------------------------------------------------------
Payless ShoeSource, Inc.(8) 700 38,281
- --------------------------------------------------------------
Shimamura Co. Ltd. 2,000 71,310
-------------
1,446,060
- --------------------------------------------------------------
CONSUMER NON-CYCLICALS - 8.8%
- --------------------------------------------------------------
BEVERAGES - 0.7%
Anheuser-Busch Cos., Inc. 5,500 230,656
- --------------------------------------------------------------
Embotelladora Andina SA, Sponsored
ADR, Series A 2,450 52,522
- --------------------------------------------------------------
Embotelladora Andina SA, Sponsored
ADR, Series B 2,450 51,144
- --------------------------------------------------------------
Quilmes Industrial Quinsa SA,
Sponsored ADR 7,500 87,187
-------------
421,509
- --------------------------------------------------------------
EDUCATION - 0.4%
ITT Educational Services, Inc.(8) 3,400 84,362
- --------------------------------------------------------------
Learning Tree International,
Inc.(8) 3,050 135,344
-------------
219,706
- --------------------------------------------------------------
FOOD - 1.4%
American Stores Co. 3,900 192,562
- --------------------------------------------------------------
Carrefour Supermarche SA 172 125,039
- --------------------------------------------------------------
Colruyt SA 200 97,636
- --------------------------------------------------------------
JP Foodservice, Inc.(8) 2,900 83,194
</TABLE>
47
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
FOOD (CONTINUED)
<S> <C> <C>
Kroger Co.(8) 5,500 $ 159,500
- --------------------------------------------------------------
PT Indofood Sukses Makmur 8,800 20,267
- --------------------------------------------------------------
Safeway, Inc.(8) 1,000 46,125
- --------------------------------------------------------------
William Morrison Supermarkets plc 33,000 86,227
-------------
810,550
- --------------------------------------------------------------
HEALTHCARE/DRUGS - 2.7%
Dura Pharmaceuticals, Inc.(8) 4,100 163,487
- --------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR 3,700 154,706
- --------------------------------------------------------------
Jones Medical Industries, Inc. 4,850 230,375
- --------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl.
A(8) 3,800 189,525
- --------------------------------------------------------------
Novartis AG 100 160,099
- --------------------------------------------------------------
Novo-Nordisk AS, B Shares 1,000 109,189
- --------------------------------------------------------------
Roche Holding AG 13 117,752
- --------------------------------------------------------------
Schering AG 1,000 107,200
- --------------------------------------------------------------
SKW Trostberg AG 3,000 100,371
- --------------------------------------------------------------
Takeda Chemical Industries Ltd. 5,000 140,697
- --------------------------------------------------------------
Zeneca Group plc 4,000 132,212
-------------
1,605,613
- --------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
2.3%
Acuson Corp.(8) 3,800 87,400
- --------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR 1,500 101,719
- --------------------------------------------------------------
National Surgery Centers, Inc.(8) 3,700 130,887
- --------------------------------------------------------------
Orthodontic Centers of America,
Inc.(8) 3,800 69,112
- --------------------------------------------------------------
Pediatrix Medical Group, Inc.(8) 3,600 164,925
- --------------------------------------------------------------
Renal Treatment Centers, Inc.(8) 4,600 123,625
- --------------------------------------------------------------
Rural/Metro Corp.(8) 4,700 136,447
- --------------------------------------------------------------
SmithKline Beecham plc 7,296 134,238
- --------------------------------------------------------------
Tenet Healthcare Corp.(8) 5,290 156,386
- --------------------------------------------------------------
Theragenics Corp.(8) 3,300 75,900
- --------------------------------------------------------------
Total Renal Care Holdings, Inc.(8) 3,100 124,581
- --------------------------------------------------------------
WellPoint Health Networks, Inc.(8) 2,100 96,337
-------------
1,401,557
- --------------------------------------------------------------
HOUSEHOLD GOODS - 0.9%
Blyth Industries, Inc.(8) 5,400 182,250
- --------------------------------------------------------------
L'OREAL 300 126,522
- --------------------------------------------------------------
Premark International, Inc. 4,600 123,050
- --------------------------------------------------------------
Reckitt & Colman plc 8,000 119,430
-------------
551,252
- --------------------------------------------------------------
TOBACCO - 0.4%
RJR Nabisco Holdings Corp. 7,000 231,000
</TABLE>
48
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
ENERGY - 3.7%
- --------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.7%
Diamond Offshore Drilling, Inc.(8) 2,000 $ 156,250
- --------------------------------------------------------------
Global Marine, Inc.(8) 3,100 72,075
- --------------------------------------------------------------
Oryx Energy Co.(8) 3,300 69,712
- --------------------------------------------------------------
Tidewater, Inc. 1,500 66,000
- --------------------------------------------------------------
Varco International, Inc.(8) 2,600 83,850
-------------
447,887
- --------------------------------------------------------------
OIL-INTEGRATED - 3.0%
Amoco Corp. 2,900 252,119
- --------------------------------------------------------------
Atlantic Richfield Co. 2,600 183,300
- --------------------------------------------------------------
Chesapeake Energy Corp. 3,600 35,325
- --------------------------------------------------------------
Chevron Corp. 5,000 369,687
- --------------------------------------------------------------
Exxon Corp. 5,600 344,400
- --------------------------------------------------------------
Global Industries Ltd.(8) 3,500 81,758
- --------------------------------------------------------------
Mobil Corp. 4,400 307,450
- --------------------------------------------------------------
Swift Energy Co.(8) 3,200 76,400
- --------------------------------------------------------------
Total SA, B Shares 1,200 121,412
-------------
1,771,851
- --------------------------------------------------------------
FINANCIAL - 6.7%
- --------------------------------------------------------------
BANKS - 2.6%
Banco Popular Espanol SA 400 98,184
- --------------------------------------------------------------
Bank of Tokyo-Mitsubishi Ltd. 6,000 120,598
- --------------------------------------------------------------
BankAmerica Corp. 2,800 180,775
- --------------------------------------------------------------
BankBoston Corp. 4,400 317,075
- --------------------------------------------------------------
HSBC Holdings plc 4,000 120,300
- --------------------------------------------------------------
Lloyds TSB Group plc 14,000 143,762
- --------------------------------------------------------------
Mitsubishi Trust & Banking Corp. 10,000 158,175
- --------------------------------------------------------------
NationsBank Corp. 3,600 232,200
- --------------------------------------------------------------
PNC Bank Corp. 4,000 166,500
-------------
1,537,569
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.7%
Amresco, Inc.(8) 6,500 139,750
- --------------------------------------------------------------
Crescent Operating, Inc.(8) 780 9,360
- --------------------------------------------------------------
First Pacific Co. Ltd. 42,000 53,670
- --------------------------------------------------------------
Haw Par Brothers International Ltd. 25,000 56,300
- --------------------------------------------------------------
ING Groep NV 2,500 115,474
- --------------------------------------------------------------
Lend Lease Corp. Ltd. 3,500 73,882
- --------------------------------------------------------------
Morgan Stanley, Dean Witter,
Discover & Co. 4,500 193,781
- --------------------------------------------------------------
Nichiei Co. Ltd. 1,000 116,228
</TABLE>
49
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL (CONTINUED)
<S> <C> <C>
Peregrine Investments Holdings Ltd. 50,000 $ 102,939
- --------------------------------------------------------------
Perlis Plantations Berhad 17,500 51,307
- --------------------------------------------------------------
Salomon, Inc. 2,600 144,625
- --------------------------------------------------------------
Sirrom Capital Corp. 3,100 106,950
- --------------------------------------------------------------
Southcorp Holdings Ltd. 24,000 89,744
- --------------------------------------------------------------
Swire Pacific Ltd., Cl. B 78,500 119,058
- --------------------------------------------------------------
Travelers Group, Inc. 3,400 214,412
- --------------------------------------------------------------
United Industrial Corp. Ltd. 70,000 52,873
-------------
1,640,353
- --------------------------------------------------------------
INSURANCE - 1.4%
AFLAC, Inc. 1,400 66,150
- --------------------------------------------------------------
Allstate Corp. 1,000 73,000
- --------------------------------------------------------------
Chubb Corp. 2,100 140,438
- --------------------------------------------------------------
Conseco, Inc. 4,600 170,200
- --------------------------------------------------------------
Equitable Cos., Inc. 3,200 106,400
- --------------------------------------------------------------
HSB Group, Inc. 2,500 133,438
- --------------------------------------------------------------
Torchmark Corp. 600 42,750
- --------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 3,000 119,625
-------------
852,001
- --------------------------------------------------------------
INDUSTRIAL - 8.4%
- --------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.4%
ABB AG 65 98,536
- --------------------------------------------------------------
Johnson Electric Holdings Ltd. 27,000 80,506
- --------------------------------------------------------------
Power Technologies, Inc.(8) 1,900 42,750
-------------
221,792
- --------------------------------------------------------------
INDUSTRIAL SERVICES - 3.0%
American Disposal Services, Inc.(8) 2,900 65,250
- --------------------------------------------------------------
Computer Horizons Corp.(8) 5,300 181,525
- --------------------------------------------------------------
Computer Task Group, Inc. 4,500 167,625
- --------------------------------------------------------------
Corestaff, Inc.(8) 4,150 112,050
- --------------------------------------------------------------
Corrections Corp. of America(8) 5,300 210,675
- --------------------------------------------------------------
DT Industries, Inc. 1,900 67,925
- --------------------------------------------------------------
Guilbert SA 625 88,572
- --------------------------------------------------------------
Hays plc 9,000 85,379
- --------------------------------------------------------------
Kurita Water Industries Ltd. 5,000 133,269
- --------------------------------------------------------------
NGK Spark Plug Co. 8,000 87,390
- --------------------------------------------------------------
Precision Response Corp.(8) 3,900 64,350
- --------------------------------------------------------------
SGS Societe Generale de
Surveillance Holding SA, Series B 50 107,007
- --------------------------------------------------------------
SITEL Corp.(8) 7,400 152,625
- --------------------------------------------------------------
Tetra Tech, Inc.(8) 4,875 117,609
</TABLE>
50
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
INDUSTRIAL SERVICES (CONTINUED)
<S> <C> <C>
Transaction Systems Architects,
Inc., Cl. A(8) 3,600 $ 124,200
- --------------------------------------------------------------
Viad Corp. 2,200 42,350
-------------
1,807,801
- --------------------------------------------------------------
MANUFACTURING - 4.3%
AGCO Corp. 6,100 219,219
- --------------------------------------------------------------
Bic Corp. 600 98,213
- --------------------------------------------------------------
Canon Sales Co., Inc. 3,300 76,999
- --------------------------------------------------------------
Case Corp. 3,200 220,400
- --------------------------------------------------------------
Caterpillar, Inc. 1,700 182,538
- --------------------------------------------------------------
Deere & Co. 3,600 197,550
- --------------------------------------------------------------
Ingersoll-Rand Co. 3,500 216,125
- --------------------------------------------------------------
Mannesmann AG 195 87,175
- --------------------------------------------------------------
Mark IV Industries, Inc. 2,094 50,256
- --------------------------------------------------------------
NSK Ltd. 3,000 19,322
- --------------------------------------------------------------
PACCAR, Inc. 8,500 394,719
- --------------------------------------------------------------
Parker-Hannifin Corp. 300 18,206
- --------------------------------------------------------------
Ricoh Co. Ltd. 9,000 117,976
- --------------------------------------------------------------
Sidel SA 1,100 85,250
- --------------------------------------------------------------
SMC Corp. 100 8,459
- --------------------------------------------------------------
Textron, Inc. 4,300 285,413
- --------------------------------------------------------------
U.S. Industries, Inc.(8) 4,900 174,563
- --------------------------------------------------------------
Zygo Corp.(8) 3,000 92,250
-------------
2,544,633
- --------------------------------------------------------------
TRANSPORTATION - 0.7%
Brambles Industries Ltd. 4,000 78,982
- --------------------------------------------------------------
GATX Corp. 3,200 184,800
- --------------------------------------------------------------
Union Pacific Corp. 2,100 148,050
-------------
411,832
- --------------------------------------------------------------
TECHNOLOGY - 10.6%
- --------------------------------------------------------------
AEROSPACE/DEFENSE - 1.4%
General Dynamics Corp. 3,900 292,500
- --------------------------------------------------------------
Lockheed Martin Corp. 2,600 269,263
- --------------------------------------------------------------
TRW, Inc. 4,700 267,019
-------------
828,782
- --------------------------------------------------------------
COMPUTER HARDWARE - 1.5%
Compaq Computer Corp.(8) 2,400 238,200
- --------------------------------------------------------------
Henry (Jack) & Associates, Inc. 5,100 123,675
- --------------------------------------------------------------
Insight Enterprises, Inc.(8) 2,700 81,169
- --------------------------------------------------------------
Network Appliance, Inc.(8) 2,400 91,200
</TABLE>
51
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
COMPUTER HARDWARE (CONTINUED)
<S> <C> <C>
Quantum Corp.(8) 3,200 $ 65,000
- --------------------------------------------------------------
Storage Technology Corp. (New)(8) 4,900 218,050
- --------------------------------------------------------------
Sun Microsystems, Inc.(8) 1,600 59,550
-------------
876,844
- --------------------------------------------------------------
COMPUTER SOFTWARE - 2.5%
Cambridge Technology Partners,
Inc.(8) 3,300 105,600
- --------------------------------------------------------------
Inso Corp.(8) 2,200 45,238
- --------------------------------------------------------------
JDA Software Group, Inc.(8) 2,900 98,963
- --------------------------------------------------------------
Pegasystems, Inc.(8) 3,400 106,675
- --------------------------------------------------------------
Rational Software Corp.(8) 4,200 70,613
- --------------------------------------------------------------
Remedy Corp.(8) 2,500 100,000
- --------------------------------------------------------------
SAP AG, Preference 550 113,470
- --------------------------------------------------------------
Sapient Corp.(8) 1,700 84,150
- --------------------------------------------------------------
Scopus Technology, Inc.(8) 3,550 79,431
- --------------------------------------------------------------
Security Dynamics Technologies,
Inc.(8) 3,200 118,000
- --------------------------------------------------------------
Sykes Enterprises, Inc.(8) 4,650 120,900
- --------------------------------------------------------------
Technology Solutions Co.(8) 3,100 122,450
- --------------------------------------------------------------
Veritas Software Corp.(8) 950 47,738
- --------------------------------------------------------------
Viasoft, Inc.(8) 1,300 65,975
- --------------------------------------------------------------
Visio Corp.(8) 1,300 91,650
- --------------------------------------------------------------
Wind River Systems(8) 2,750 105,188
-------------
1,476,041
- --------------------------------------------------------------
ELECTRONICS - 2.5%
Bowthorpe plc 9,000 48,381
- --------------------------------------------------------------
Electro Scientific Industries,
Inc.(8) 700 29,313
- --------------------------------------------------------------
Electrocomponents plc 13,000 96,713
- --------------------------------------------------------------
Getronics NV 2,400 77,660
- --------------------------------------------------------------
Hirose Electric Co. 2,000 137,377
- --------------------------------------------------------------
Keyence Corp. 660 98,051
- --------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 80,748
- --------------------------------------------------------------
Matsushita Electric Works Ltd. 5,000 56,803
- --------------------------------------------------------------
Omron Corp. 3,000 63,707
- --------------------------------------------------------------
Philips Electronics NV, ADR 800 57,500
- --------------------------------------------------------------
Samsung Electronics Co., Sponsored
GDR(4) 1,950 52,650
- --------------------------------------------------------------
SCI Systems, Inc.(8) 1,200 76,500
- --------------------------------------------------------------
Sony Corp. 1,400 122,223
- --------------------------------------------------------------
TDK Corp. 1,000 73,495
- --------------------------------------------------------------
Vitesse Semiconductor Corp.(8) 4,350 142,191
- --------------------------------------------------------------
VTech Holdings Ltd. 65,000 122,495
</TABLE>
52
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
ELECTRONICS (CONTINUED)
<S> <C> <C>
Waters Corp.(8) 4,300 $ 154,263
-------------
1,490,070
- --------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
2.7%
Advanced Fibre Communications,
Inc.(8) 2,000 120,750
- --------------------------------------------------------------
Allen Telecom, Inc.(8) 3,900 80,925
- --------------------------------------------------------------
Aspect Telecommunications Corp.(8) 2,700 60,075
- --------------------------------------------------------------
British Sky Broadcasting Group plc 8,500 61,962
- --------------------------------------------------------------
Cable Design Technologies Corp.(8) 1,450 42,684
- --------------------------------------------------------------
Comverse Technology, Inc.(8) 4,500 234,000
- --------------------------------------------------------------
DSP Communications, Inc.(8) 7,400 81,400
- --------------------------------------------------------------
Ericsson LM, B Shares 3,520 138,617
- --------------------------------------------------------------
LCI International, Inc.(8) 3,500 76,563
- --------------------------------------------------------------
MasTec, Inc.(8) 1,200 56,775
- --------------------------------------------------------------
Nippon Telegraph & Telephone
Corp.(8) 12 115,354
- --------------------------------------------------------------
P-COM, Inc.(8) 1,600 52,800
- --------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 8,800 88,550
- --------------------------------------------------------------
Tel-Save Holdings, Inc.(8) 2,900 44,225
- --------------------------------------------------------------
Telecom Italia Mobile SpA 40,000 129,298
- --------------------------------------------------------------
Uniphase Corp.(8) 2,200 128,150
- --------------------------------------------------------------
Vodafone Group plc 21,000 102,230
-------------
1,614,358
- --------------------------------------------------------------
UTILITIES - 5.6%
- --------------------------------------------------------------
ELECTRIC UTILITIES - 2.2%
CalEnergy, Inc.(8) 2,100 79,800
- --------------------------------------------------------------
Duke Energy Corp. 6,197 297,069
- --------------------------------------------------------------
Entergy Corp. 7,800 213,525
- --------------------------------------------------------------
FPL Group, Inc. 5,400 248,738
- --------------------------------------------------------------
Illinova Corp. 3,900 85,800
- --------------------------------------------------------------
Kansas City Power & Light Co. 5,200 148,525
- --------------------------------------------------------------
Veba AG 2,000 113,054
- --------------------------------------------------------------
Western Resources, Inc. 4,100 132,994
-------------
1,319,505
- --------------------------------------------------------------
GAS UTILITIES - 1.7%
Columbia Gas System, Inc. 2,500 163,125
- --------------------------------------------------------------
El Paso Natural Gas Co. 3,900 214,500
- --------------------------------------------------------------
MCN Energy Group, Inc. 4,000 122,500
- --------------------------------------------------------------
National Fuel Gas Co. 4,100 171,944
- --------------------------------------------------------------
Questar Corp. 6,800 274,550
- --------------------------------------------------------------
RWE AG, Preference 2,500 87,301
-------------
1,033,920
</TABLE>
53
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
TELEPHONE UTILITIES - 1.7%
Ameritech Corp. 2,300 $ 156,256
- --------------------------------------------------------------
GTE Corp. 5,300 232,538
- --------------------------------------------------------------
NYNEX Corp. 2,700 155,588
- --------------------------------------------------------------
Telefonica de Espana 3,000 86,897
- --------------------------------------------------------------
U S West Communications Group 9,900 373,106
-------------
1,004,385
-------------
Total Common Stocks (Cost
$27,182,774) 33,666,624
- --------------------------------------------------------------
PREFERRED STOCKS - 0.7%
- --------------------------------------------------------------
California Federal Preferred
Capital Corp., 9.125% Non-Cum.
Exchangeable Preferred, Series A,
Non-Vtg. 5,000 129,063
- --------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series
A, Non-Vtg. 1,100 173,525
- --------------------------------------------------------------
K-III Communications Corp., 10%
Exchangeable Preferred Stock,
Series D(1) 1,000 102,000
-------------
Total Preferred Stocks (Cost
$330,325) 404,588
UNITS
- --------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES -
0.0%
- --------------------------------------------------------------
Haw Par Brothers International Ltd.
Wts., Exp. 7/01 2,500 2,133
- --------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp.
8/02 125 --
-------------
Total Rights, Warrants and
Certificates (Cost $1,507) 2,133
PRINCIPAL
AMOUNT
- --------------------------------------------------------------
REPURCHASE AGREEMENTS - 5.0%
- --------------------------------------------------------------
Repurchase agreement with
PaineWebber, Inc., 5.90%, dated
6/30/97, to be repurchased at
$3,000,492 on 7/1/97,
collateralized by U.S. Treasury
Bonds, 11.25%, 2/15/15, with a
value of $3,065,993 (Cost
$3,000,000) $3,000,000 3,000,000
- --------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$50,721,994) 96.6% 57,644,289
- --------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 3.4 2,011,901
---------- -------------
NET ASSETS 100.0% $ 59,656,190
---------- -------------
---------- -------------
</TABLE>
1. Identifies issues considered to be illiquid or restricted - See Note 5 of
Notes to Financial Statements.
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. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
4. 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 $1,216,775 or 2.04% of the Fund's net
assets, at June 30, 1997.
54
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
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. Units may be comprised of several components, such as debt and equity and/or
warrants to purchase equity at some point in the future. For units which
represent debt securities, principal amount disclosed represents total
underlying principal.
8. Non-income producing security.
See accompanying Notes to Financial Statements.
55
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
ASSET-BACKED SECURITIES - 0.1%
- --------------------------------------------------------------
Olympic Automobile Receivables
Trust:
Receivables-Backed Nts., Series
1997-A, Cl. A5, 6.80%, 2/15/05 $ 50,000 $ 50,074
Series 1996-A, Cl. A4, 5.85%,
7/15/01 15,000 14,916
-------------
Total Asset-Backed Securities (Cost
$64,784) 64,990
- --------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 1.8%
- --------------------------------------------------------------
Countrywide Funding Corp., Mtg.
Pass-Through Certificates, Series
1994-10, Cl. A3, 6%, 5/25/09 100,000 96,594
- --------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Gtd. Multiclass Mtg. Participation
Certificates, 6%, 3/1/09 17,577 17,136
Gtd. Multiclass Mtg. Participation
Certificates, Series 1574, Cl. PD,
5.55%, 3/15/13 75,000 74,625
Interest-Only Stripped Mtg.-Backed
Security, Series 1542, Cl. QC,
9.151%, 10/15/20(1) 300,000 72,539
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
9.04%, 1/15/20(1) 250,000 45,273
Series 1843, Cl. VB, 7%, 4/15/03 15,000 15,051
Series 1849, Cl. VA, 6%, 12/15/10 25,814 25,193
- --------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 49,777 48,974
6.50%, 4/1/26 48,003 45,969
7%, 4/1/00 63,352 63,808
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1993-181, Cl. C, 5.40%,
10/25/02 54,615 54,222
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1993-190, Cl. Z, 5.85%,
7/25/08 37,157 36,569
Medium-Term Nts., 6.56%, 11/13/01 75,000 74,309
Series 1994-13, Cl. B, 6.50%,
2/25/09 75,000 71,953
- --------------------------------------------------------------
GE Capital Mortgage Services, Inc.:
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1994-7, Cl. A18, 6%, 2/25/09 99,442 88,721
Series HE2, Cl. A3, 7.30%, 3/25/12 35,000 35,377
- --------------------------------------------------------------
PNC Mortgage Securities Corp.,
Commercial Mtg. Pass-Through
Certificates, Series 1995-2, Cl.
A3, 6.50%, 2/25/12 50,000 49,785
-------------
124,098
-------------
Total Mortgage-Backed Obligations
(Cost $916,233) 916,098
- --------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 2.7%
- --------------------------------------------------------------
U.S. Treasury Bonds, 7.50%,
11/15/16 810,000 865,941
- --------------------------------------------------------------
U.S. Treasury Nts.:
6.50%, 8/15/05 350,000 349,235
6.75%, 6/30/99 100,000 101,250
7.50%, 11/15/01 100,000 104,250
-------------
Total U.S. Government Obligations
(Cost $1,411,723) 1,420,676
</TABLE>
56
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
NON-CONVERTIBLE CORPORATE BONDS AND
NOTES - 12.3%
- --------------------------------------------------------------
BASIC MATERIALS - 1.6%
- --------------------------------------------------------------
CHEMICALS - 0.9%
Burmah Castrol plc, 7% Gtd.
Medium-Term Nts., 12/15/97 $ 15,000 $ 15,063
- --------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co.,
8.50% Debs., 2/15/03 30,000 31,787
- --------------------------------------------------------------
ISP Holdings, Inc., 9.75% Sr. Nts.,
2/15/02 31,000 33,015
- --------------------------------------------------------------
LaRoche Industries, Inc., 13% Sr.
Sub. Nts., 8/15/04 75,000 83,625
- --------------------------------------------------------------
Morton International, Inc., 9.25%
Credit Sensitive Nts., 6/1/20 15,000 18,023
- --------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr.
Sec. Disc. Nts., 10/15/05(2) 75,000 71,344
- --------------------------------------------------------------
PPG Industries, Inc., 9% Debs.,
5/1/21 15,000 17,266
- --------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr.
Nts., 12/1/04 50,000 56,875
- --------------------------------------------------------------
Sterling Chemical Holdings, Inc.,
0%/13.50% Sr. Disc. Nts.,
8/15/08(2) 100,000 66,500
- --------------------------------------------------------------
Texas Petrochemical Corp., 11.125%
Sr. Sub. Nts., 7/1/06 75,000 81,375
-------------
474,873
- --------------------------------------------------------------
METALS - 0.4%
Alcan Aluminum Ltd., 9.625% Debs.,
7/15/19 35,000 37,604
- --------------------------------------------------------------
Gulf States Steel, Inc. (Alabama),
13.50% First Mtg. Nts., Series B,
4/15/03 75,000 75,000
- --------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts.,
12/1/04 75,000 78,000
-------------
190,604
- --------------------------------------------------------------
PAPER - 0.3%
Celulosa Arauco y Constitucion SA,
7.25% Debs., 6/11/98 15,000 15,103
- --------------------------------------------------------------
Fort Howard Corp., 9.25% Sr. Nts.,
3/15/01(3) 20,000 21,400
- --------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr.
Sub. Disc. Debs., 5/15/05 50,000 55,125
- --------------------------------------------------------------
Stone Container Corp., 9.875% Sr.
Nts., 2/1/01 50,000 50,000
-------------
141,628
- --------------------------------------------------------------
CONSUMER CYCLICALS - 4.0%
- --------------------------------------------------------------
AUTOS & HOUSING - 0.1%
Black & Decker Corp., 6.625% Nts.,
11/15/00 15,000 14,979
- --------------------------------------------------------------
First Industrial LP, 7.15% Bonds,
5/15/27 50,000 51,055
-------------
66,034
- --------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.4%
American Skiing Corp., 12% Sr. Sub.
Nts., 7/15/06 50,000 53,000
- --------------------------------------------------------------
Blockbuster Entertainment Corp.,
6.625% Sr. Nts., 2/15/98 15,000 15,033
- --------------------------------------------------------------
Casino America, Inc., 12.50% Sr.
Nts., 8/1/03 50,000 52,250
- --------------------------------------------------------------
Casino Magic of Louisiana Corp.,
13% First Mtg. Nts., 8/15/03(4) 50,000 42,500
- --------------------------------------------------------------
Colorado Gaming & Entertainment
Co., 12% Sr. Nts., 6/1/03 75,000 74,250
- --------------------------------------------------------------
Hilton Hotels Corp., 7.375% Nts.,
6/1/02 50,000 50,326
- --------------------------------------------------------------
Mohegan Tribal Gaming Authority,
13.50% Sr. Sec. Nts., Series B,
11/15/02 50,000 65,750
- --------------------------------------------------------------
Players International, Inc.,
10.875% Sr. Nts., 4/15/05 75,000 77,812
- --------------------------------------------------------------
Prime Hospitality Corp., 9.25%
First Mtg. Bonds, 1/15/06 75,000 77,625
- --------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625%
Sr. Sub. Nts., 7/15/05 50,000 53,875
</TABLE>
57
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
LEISURE & ENTERTAINMENT (CONTINUED)
<S> <C> <C>
Showboat, Inc., 9.25% First Mtg.
Bonds, 5/1/08 $ 50,000 $ 51,500
- --------------------------------------------------------------
Trump Atlantic City
Associates/Trump Atlantic City
Funding, Inc., 11.25% First Mtg.
Nts., 5/1/06 50,000 49,000
- --------------------------------------------------------------
Trump's Castle Funding, Inc.,
11.75% Mtg. Nts., 11/15/03 50,000 44,750
- --------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr.
Sub. Nts., 5/15/06 50,000 56,000
-------------
763,671
- --------------------------------------------------------------
MEDIA - 1.8%
Argyle Television, Inc., 9.75% Sr.
Sub. Nts., 11/1/05 50,000 52,500
- --------------------------------------------------------------
Australis Holdings PTY Ltd., 0%/15%
Sr. Sec. Disc. Nts., 11/1/02(2)(3) 100,000 73,500
- --------------------------------------------------------------
Cablevision Systems Corp., 9.875%
Sr. Sub. Nts., 5/15/06 50,000 53,625
- --------------------------------------------------------------
Century Communications Corp., 9.75%
Sr. Nts., 2/15/02 50,000 52,000
- --------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub.
Debs., 10/15/06 50,000 52,437
- --------------------------------------------------------------
EchoStar Satellite Broadcasting
Corp., 0%/13.125% Sr. Sec. Disc.
Nts., 3/15/04(2) 50,000 35,875
- --------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr.
Sub. Nts., 9/15/03(5) 58,711 56,708
- --------------------------------------------------------------
Hollinger International Publishing,
Inc., 9.25% Gtd. Sr. Sub. Nts.,
3/15/07 50,000 51,250
- --------------------------------------------------------------
Marcus Cable Operating Co.
LP/Marcus Cable Capital Corp.,
0%/13.50% Gtd. Sr. Sub. Disc. Nts.,
Series II, 8/1/04(2) 75,000 65,437
- --------------------------------------------------------------
MDC Communications Corp., 10.50%
Sr. Sub. Nts., 12/1/06 75,000 80,062
- --------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10%
Sr. Sub. Nts., 9/30/05 50,000 51,750
- --------------------------------------------------------------
Spanish Broadcasting System, Inc.,
11% Sr. Nts., 3/15/04(4) 50,000 52,750
- --------------------------------------------------------------
TCI Satellite Entertainment, Inc.,
10.875% Sr. Sub. Nts., 2/15/07(4) 50,000 50,500
- --------------------------------------------------------------
Time Warner, Inc., 7.45% Nts.,
2/1/98 15,000 15,126
- --------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr.
Debs., 10/30/07 40,000 44,027
- --------------------------------------------------------------
United International Holdings,
Inc., Zero Coupon Sr. Sec. Disc.
Nts.:
Series B, 14%, 11/15/99(6) 100,000 77,750
11.66%, 11/15/99(6) 100,000 77,750
-------------
943,047
- --------------------------------------------------------------
RETAIL: GENERAL - 0.4%
Costco Cos., Inc., 7.125% Sr. Nts.,
6/15/05 40,000 39,468
- --------------------------------------------------------------
Dayton Hudson Corp., 9.40% Debs.,
2/15/01 30,000 32,452
- --------------------------------------------------------------
Federated Department Stores, Inc.,
10% Sr. Nts., 2/15/01 5,000 5,488
- --------------------------------------------------------------
Sears Roebuck & Co., 8.39%
Medium-Term Nts., 3/23/99 30,000 30,992
- --------------------------------------------------------------
William Carter Co., 10.375% Sr.
Sub. Nts., 12/1/06 75,000 78,937
-------------
187,337
- --------------------------------------------------------------
RETAIL: SPECIALTY - 0.3%
Hills Stores Co., 12.50% Sr. Nts.,
Series B, 7/1/03 75,000 58,312
- --------------------------------------------------------------
Hines Horticulture, Inc., 11.75%
Gtd. Sr. Sub. Nts., Series B,
10/15/05 50,000 53,250
- --------------------------------------------------------------
K Mart Corp., 7.75% Debs., 10/1/12 50,000 45,750
-------------
157,312
</TABLE>
58
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS - 0.9%
- --------------------------------------------------------------
FOOD - 0.3%
Dole Food Co., 6.75% Nts., 7/15/00 $ 40,000 $ 40,055
- --------------------------------------------------------------
Fresh Del Monte Produce NV, 10% Sr.
Nts., Series B, 5/1/03 50,000 51,500
- --------------------------------------------------------------
Great Atlantic & Pacific Tea Co.,
9.125% Debs., 1/15/98 15,000 15,231
- --------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub.
Nts., 9/15/05 50,000 56,000
-------------
162,786
- --------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
0.6%
Columbia/HCA Healthcare Corp.,
6.875% Nts., 7/15/01 30,000 30,049
- --------------------------------------------------------------
Dade International, Inc., 11.125%
Sr. Sub. Nts., 5/1/06 50,000 56,125
- --------------------------------------------------------------
Graphic Controls Corp., 12% Sr.
Sub. Nts., Series A, 9/15/05 50,000 56,000
- --------------------------------------------------------------
Paracelsus Healthcare Corp., 10%
Sr. Sub. Unsec. Nts., 8/15/06 50,000 51,187
- --------------------------------------------------------------
Regency Health Services, Inc.,
9.875% Gtd. Sr. Sub. Nts., 10/15/02 50,000 51,250
- --------------------------------------------------------------
Tenet Healthcare Corp., 8% Sr.
Nts., 1/15/05 50,000 50,375
-------------
294,986
- --------------------------------------------------------------
HOUSEHOLD GOODS - 0.0%
Kimberly-Clark Corp., 7.875% Debs.,
2/1/23 15,000 15,406
- --------------------------------------------------------------
ENERGY - 0.9%
- --------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.6%
Coastal Corp., 8.125% Sr. Nts.,
9/15/02 15,000 15,809
- --------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75%
Sr. Nts., Series B, 1/15/01 25,000 26,000
- --------------------------------------------------------------
Forcenergy, Inc., 8.50% Sr. Sub.
Nts., 2/15/07 75,000 73,688
- --------------------------------------------------------------
Louisiana Land & Exploration Co.,
7.65% Debs., 12/1/23 15,000 15,058
- --------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts.,
11/1/03 50,000 53,875
- --------------------------------------------------------------
Petsec Energy, Inc., 9.50% Sr. Sub.
Nts., 6/15/07(4) 75,000 75,188
- --------------------------------------------------------------
Transamerican Energy Corp., 0%/13%
Sr. Disc. Nts., 6/15/02(3)(4) 75,000 54,563
- --------------------------------------------------------------
Williams Holdings of Delaware,
Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 25,000 23,638
-------------
337,819
- --------------------------------------------------------------
OIL-INTEGRATED - 0.3%
Gulf Canada Resources Ltd., 8.25%
Sr. Nts., 3/15/17 50,000 50,844
- --------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80%
Debs., 7/2/02 50,000 50,000
- --------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50%
Nts., 3/31/07 50,000 50,680
- --------------------------------------------------------------
Standard Oil/British Petroleum Co.
plc, 9% Debs., 6/1/19 15,000 15,677
-------------
167,201
- --------------------------------------------------------------
FINANCIAL - 1.1%
- --------------------------------------------------------------
BANKS - 0.3%
Citicorp Capital II, 8.015% Bonds,
2/15/27 50,000 50,361
- --------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 15,000 14,533
- --------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc.,
9.90% Sub. Nts., 6/15/01 15,000 16,554
- --------------------------------------------------------------
Integra Financial Corp., 6.50% Sub.
Nts., 4/15/00 15,000 14,969
- --------------------------------------------------------------
Mellon Capital I, 7.72% Bonds,
12/1/26 50,000 48,584
</TABLE>
59
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
BANKS (CONTINUED)
<S> <C> <C>
Mellon Financial Bank Corp., 6.50%
Gtd. Sr. Nts., 12/1/97 $ 25,000 $ 25,061
-------------
170,062
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL - 0.6%
Beneficial Corp., 9.125% Debs.,
2/15/98 15,000 15,279
- --------------------------------------------------------------
Capital One Financial Corp., 6.83%
Sr. Nts., 5/17/99 10,000 10,045
- --------------------------------------------------------------
Capital One Funding Corp., 7.25%
Nts., 12/1/03 40,000 39,169
- --------------------------------------------------------------
Chelsea GCA Realty Partner, Inc.,
7.75% Gtd. Unsec. Unsub. Nts.,
1/26/01 30,000 30,349
- --------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec.
Nts., 2/15/01 15,000 14,456
- --------------------------------------------------------------
Countrywide Funding Corp., 6.05%
Gtd. Medium-Term Nts., Series D,
3/1/01 15,000 14,650
- --------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub.
Nts., 2/26/98 15,000 15,063
- --------------------------------------------------------------
General Motors Acceptance Corp.,
5.625% Nts., 2/15/01 25,000 24,144
- --------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50%
Nts., 4/1/01 20,000 19,871
- --------------------------------------------------------------
Olympic Financial Ltd., Units (each
unit consists of $1,000 principal
amount of 11.50% sr. nts., 3/15/07
and one warrant to purchase 6.84
shares of common stock)(7) 75,000 77,438
- --------------------------------------------------------------
Salomon, Inc., 8.69% Sr.
Medium-Term Nts., Series D, 3/1/99 35,000 36,269
-------------
296,733
- --------------------------------------------------------------
INSURANCE - 0.2%
Cigna Corp., 7.90% Nts., 12/14/98 30,000 30,600
- --------------------------------------------------------------
Conseco Financing Trust III, 8.796%
Bonds, 4/1/27 50,000 51,583
- --------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts.,
1/15/99 35,000 36,224
- --------------------------------------------------------------
Travelers Property Casualty Corp.,
6.75% Nts., 4/15/01 15,000 14,983
-------------
133,390
- --------------------------------------------------------------
INDUSTRIAL - 1.1%
- --------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.2%
American Standard, Inc., 10.875%
Sr. Nts., 5/15/99(3) 43,000 46,118
- --------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr.
Nts., 10/1/05 50,000 51,750
-------------
97,868
- --------------------------------------------------------------
INDUSTRIAL SERVICES - 0.2%
Sun Co., Inc., 7.95% Debs.,
12/15/01 50,000 52,129
- --------------------------------------------------------------
USI American Holdings, Inc., 7.25%
Gtd. Sr. Nts., 12/1/06 40,000 38,357
-------------
90,486
- --------------------------------------------------------------
MANUFACTURING - 0.4%
Jordan Industries, Inc., 10.375%
Sr. Nts., 8/1/03 50,000 52,500
- --------------------------------------------------------------
Mark IV Industries, Inc., 8.75%
Sub. Nts., 4/1/03(3) 10,000 10,200
- --------------------------------------------------------------
Precise Technology, Inc., 11.125%
Sr. Sub. Nts., 6/15/07(4) 75,000 75,188
- --------------------------------------------------------------
Titan Wheel International, Inc.,
8.75% Sr. Sub. Nts., 4/1/07 50,000 51,250
-------------
189,138
- --------------------------------------------------------------
TRANSPORTATION - 0.3%
CSX Corp., 7.05% Debs., 5/1/02 75,000 75,633
- --------------------------------------------------------------
Federal Express Corp., 6.25% Nts.,
4/15/98 15,000 15,010
</TABLE>
60
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
TRANSPORTATION (CONTINUED)
<S> <C> <C>
Norfolk Southern Corp., 7.35% Nts.,
5/15/07 $ 50,000 $ 51,162
- --------------------------------------------------------------
Union Pacific Corp., 7% Nts.,
6/15/00 15,000 15,185
-------------
156,990
- --------------------------------------------------------------
TECHNOLOGY - 2.3%
- --------------------------------------------------------------
AEROSPACE/DEFENSE - 0.1%
GPA Delaware, Inc., 8.75% Gtd.
Nts., 12/15/98 50,000 51,125
- --------------------------------------------------------------
COMPUTER HARDWARE - 0.1%
Digital Equipment Corp., 7% Nts.,
11/15/97 45,000 45,160
- --------------------------------------------------------------
COMPUTER SOFTWARE - 0.1%
Celestica International, Inc.,
10.50% Gtd. Sr. Sub. Nts., 12/31/06 75,000 81,000
- --------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
2.0%
American Communications Services,
Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(2) 100,000 59,000
- --------------------------------------------------------------
Brooks Fiber Properties, Inc.,
0%/11.875% Sr. Disc. Nts.,
11/1/06(2) 50,000 32,750
- --------------------------------------------------------------
Comcast UK Cable Partner Ltd.,
0%/11.20% Sr. Disc. Debs.,
11/15/07(2) 50,000 38,125
- --------------------------------------------------------------
Diamond Cable Communications plc,
0%/10.75% Sr. Disc. Nts.,
2/15/07(2)(4) 75,000 43,500
- --------------------------------------------------------------
ICG Holdings, Inc., 0%/11.625% Sr.
Disc. Nts., 3/15/07(2)(4) 100,000 59,000
- --------------------------------------------------------------
International CableTel, Inc.,
0%/11.50% Sr. Deferred Coupon Nts.,
Series B, 2/1/06(2) 150,000 104,625
- --------------------------------------------------------------
IXC Communications, Inc., 12.50%
Nts., Series B, 10/1/05 75,000 85,500
- --------------------------------------------------------------
MFS Communications Co., Inc.,
0%/9.375% Sr. Disc. Nts.,
1/15/04(2) 75,000 70,125
- --------------------------------------------------------------
Nextel Communications, Inc.,
0%/9.75% Sr. Disc. Nts., 8/15/04(2) 50,000 38,750
- --------------------------------------------------------------
PriCellular Wireless Corp.,
0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03(2) 75,000 70,875
- --------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum
Finance Corp., 11% Sr. Nts.,
8/15/06 75,000 83,250
- --------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr.
Unsec. Bonds, 6/30/07(4) 75,000 75,750
- --------------------------------------------------------------
Teleport Communications Group,
Inc.:
0%/11.125% Sr. Disc. Nts.,
7/1/07(2) 25,000 18,094
9.875% Sr. Nts., 7/1/06 25,000 26,750
- --------------------------------------------------------------
Telewest Communications plc:
0%/11% Sr. Disc. Debs., 10/1/07(2) 25,000 18,125
9.625% Sr. Debs., 10/1/06 25,000 26,250
- --------------------------------------------------------------
U.S. West Capital Funding, Inc.,
6.85% Gtd. Nts., 1/15/02 50,000 50,011
- --------------------------------------------------------------
UNIFI Communications, Inc., Units
(each unit consists of $1,000
principal amount of 14% sr. nts.,
3/1/04 and one warrant to purchase
27.52 ordinary shares)(4)(7) 75,000 74,625
- --------------------------------------------------------------
Western Wireless Corp., 10.50% Sr.
Sub. Nts., 2/1/07 50,000 52,188
-------------
1,027,293
- --------------------------------------------------------------
UTILITIES - 0.4%
- --------------------------------------------------------------
ELECTRIC UTILITIES - 0.2%
Consumers Energy Co., 8.75% First
Mtg. Nts., 2/15/98 15,000 15,202
- --------------------------------------------------------------
El Paso Electric Co., 7.25% First
Mtg. Nts., Series A, 2/1/99(3) 10,000 10,075
- --------------------------------------------------------------
Panda Global Energy Co., 12.50% Sr.
Nts., 4/15/04(4) 75,000 73,500
-------------
98,777
</TABLE>
61
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
GAS UTILITIES - 0.2%
Northern Illinois Gas Co., 6.45%
First Mtg. Bonds, 8/1/01 $ 50,000 $ 49,670
- --------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50%
Bonds, 4/1/17 50,000 50,204
-------------
99,874
-------------
Total Non-Convertible Corporate
Bonds and Notes (Cost $6,243,875) 6,440,600
SHARES
- --------------------------------------------------------------
COMMON STOCKS - 71.9%
- --------------------------------------------------------------
BASIC MATERIALS - 3.6%
- --------------------------------------------------------------
CHEMICALS - 1.5%
Ciba Specialty Chemicals AG(8) 1,000 92,602
- --------------------------------------------------------------
Dexter Corp. 5,500 176,000
- --------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co. 4,000 251,500
- --------------------------------------------------------------
Ethyl Corp. 16,200 149,850
- --------------------------------------------------------------
IMC Global, Inc. 2,834 99,190
-------------
769,142
- --------------------------------------------------------------
METALS - 1.6%
Allegheny Teledyne, Inc. 2,600 70,200
- --------------------------------------------------------------
Aluminum Co. of America 2,200 165,825
- --------------------------------------------------------------
Carpenter Technology Corp. 3,900 178,425
- --------------------------------------------------------------
Oregon Steel Mills, Inc. 8,200 163,487
- --------------------------------------------------------------
RMI Titanium Co.(8) 4,200 114,450
- --------------------------------------------------------------
UNR Industries, Inc. 12,000 82,500
- --------------------------------------------------------------
WMC Ltd. 9,000 56,656
-------------
831,543
- --------------------------------------------------------------
PAPER - 0.5%
Fort Howard Corp.(8) 5,000 253,125
- --------------------------------------------------------------
CONSUMER CYCLICALS - 12.5%
- --------------------------------------------------------------
AUTOS & HOUSING - 3.6%
Bridgestone Corp. 5,000 116,228
- --------------------------------------------------------------
Camden Property Trust 6,600 208,725
- --------------------------------------------------------------
Capstone Capital Corp. 7,300 178,850
- --------------------------------------------------------------
Cheung Kong (Holdings) Ltd. 9,000 88,870
- --------------------------------------------------------------
Cornerstone Properties, Inc. 10,400 159,900
- --------------------------------------------------------------
Crescent Real Estate Equities, Inc. 9,200 292,100
- --------------------------------------------------------------
Goodyear Tire & Rubber Co. 2,600 164,612
- --------------------------------------------------------------
Groupe SEB SA 650 114,036
- --------------------------------------------------------------
Health & Retirement Properties
Trust 8,400 158,025
- --------------------------------------------------------------
Lear Seating Corp.(8) 1,400 62,125
- --------------------------------------------------------------
Meditrust Corp. 4,100 163,487
- --------------------------------------------------------------
Miller Industries, Inc.(8) 7,300 116,800
</TABLE>
62
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
AUTOS & HOUSING (CONTINUED)
<S> <C> <C>
Rinnai Corp. 2,000 $ 42,996
-------------
1,866,754
- --------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.9%
AMR Corp.(8) 1,600 148,000
- --------------------------------------------------------------
CapStar Hotel Co.(8) 2,600 83,200
- --------------------------------------------------------------
CDL Hotels International Ltd. 164,000 66,681
- --------------------------------------------------------------
Delta Air Lines, Inc. 1,200 98,400
- --------------------------------------------------------------
Dover Downs Entertainment, Inc. 4,900 88,200
- --------------------------------------------------------------
Einstein/Noah Bagel Corp.(8) 5,800 69,237
- --------------------------------------------------------------
Galoob Toys, Inc.(8) 500 9,437
- --------------------------------------------------------------
Granada Group plc 9,000 118,332
- --------------------------------------------------------------
Landry's Seafood Restaurants,
Inc.(8) 5,700 131,100
- --------------------------------------------------------------
Papa John's International, Inc.(8) 1,725 63,394
- --------------------------------------------------------------
Piccadilly Cafeterias, Inc. 8,500 90,312
- --------------------------------------------------------------
Regal Cinemas, Inc.(8) 5,425 179,025
- --------------------------------------------------------------
VideoServer, Inc.(8) 3,200 42,400
- --------------------------------------------------------------
Vistana, Inc.(8) 9,100 141,050
- --------------------------------------------------------------
Wyndham Hotel Corp.(8) 5,300 172,912
-------------
1,501,680
- --------------------------------------------------------------
MEDIA - 1.3%
Applied Graphics Technologies,
Inc.(8) 2,900 115,275
- --------------------------------------------------------------
Benpres Holdings Corp., Sponsored
GDR(8) 5,000 34,110
- --------------------------------------------------------------
Heftel Broadcasting Corp., A
Shares(8) 2,900 160,225
- --------------------------------------------------------------
Reed International plc 10,000 96,529
- --------------------------------------------------------------
Reuters Holdings plc 8,000 84,280
- --------------------------------------------------------------
Television Broadcasts Ltd. 21,000 94,330
- --------------------------------------------------------------
Wolters Kluwer NV 900 109,783
-------------
694,532
- --------------------------------------------------------------
RETAIL: GENERAL - 1.8%
adidas AG 1,000 111,906
- --------------------------------------------------------------
Dayton Hudson Corp. 1,300 69,144
- --------------------------------------------------------------
Dollar Tree Stores, Inc.(8) 3,000 151,125
- --------------------------------------------------------------
Federated Department Stores,
Inc.(8) 1,000 34,750
- --------------------------------------------------------------
Marks & Spencer plc 12,000 99,459
- --------------------------------------------------------------
Nautica Enterprises, Inc.(8) 2,900 76,669
- --------------------------------------------------------------
North Face, Inc. (The)(8) 5,100 93,075
- --------------------------------------------------------------
Sears Roebuck & Co. 300 16,125
- --------------------------------------------------------------
St. John Knits, Inc. 2,400 129,600
</TABLE>
63
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
RETAIL: GENERAL (CONTINUED)
<S> <C> <C>
Wolverine World Wide, Inc. 4,575 $ 138,966
-------------
920,819
- --------------------------------------------------------------
RETAIL: SPECIALTY - 2.9%
Argos plc 10,000 90,704
- --------------------------------------------------------------
Brown Group, Inc. 8,800 164,450
- --------------------------------------------------------------
CDW Computer Centers, Inc.(8) 2,550 135,309
- --------------------------------------------------------------
Cifra SA de CV, Unsponsored ADR, B
Shares 38,000 69,745
- --------------------------------------------------------------
Costco Cos., Inc.(8) 1,800 59,175
- --------------------------------------------------------------
Dickson Concepts International Ltd. 22,000 80,080
- --------------------------------------------------------------
Eagle Hardware & Garden, Inc.(8) 3,800 86,925
- --------------------------------------------------------------
Finish Line, Inc., Cl. A(8) 8,000 117,000
- --------------------------------------------------------------
Guitar Center, Inc.(8) 2,700 45,562
- --------------------------------------------------------------
Hennes & Mauritz AB, B Shares(8) 4,250 152,249
- --------------------------------------------------------------
Jusco Co. 4,000 135,279
- --------------------------------------------------------------
Koninklijke Ahold NV 1,733 146,471
- --------------------------------------------------------------
New England Business Service, Inc. 5,700 149,981
- --------------------------------------------------------------
Payless ShoeSource, Inc.(8) 800 43,750
- --------------------------------------------------------------
Shimamura Co. Ltd. 2,000 71,310
-------------
1,547,990
- --------------------------------------------------------------
CONSUMER NON-CYCLICALS - 11.2%
- --------------------------------------------------------------
BEVERAGES - 0.9%
Anheuser-Busch Cos., Inc. 6,200 260,012
- --------------------------------------------------------------
Embotelladora Andina SA, Sponsored
ADR, Series A 2,800 60,025
- --------------------------------------------------------------
Embotelladora Andina SA, Sponsored
ADR, Series B 2,800 58,450
- --------------------------------------------------------------
Quilmes Industrial Quinsa SA,
Sponsored ADR 7,500 87,187
-------------
465,674
- --------------------------------------------------------------
EDUCATION - 0.5%
ITT Educational Services, Inc.(8) 3,900 96,769
- --------------------------------------------------------------
Learning Tree International,
Inc.(8) 3,500 155,312
-------------
252,081
- --------------------------------------------------------------
FOOD - 1.7%
American Stores Co. 3,900 192,562
- --------------------------------------------------------------
Carrefour Supermarche SA 172 125,039
- --------------------------------------------------------------
Colruyt SA 250 122,044
- --------------------------------------------------------------
JP Foodservice, Inc.(8) 3,400 97,537
- --------------------------------------------------------------
Kroger Co.(8) 5,200 150,800
- --------------------------------------------------------------
PT Indofood Sukses Makmur 9,400 21,649
- --------------------------------------------------------------
Safeway, Inc.(8) 1,200 55,350
- --------------------------------------------------------------
William Morrison Supermarkets plc 46,000 120,196
-------------
885,177
</TABLE>
64
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/DRUGS - 3.4%
Dura Pharmaceuticals, Inc.(8) 4,700 $ 187,412
- --------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR 4,800 200,700
- --------------------------------------------------------------
Jones Medical Industries, Inc. 5,700 270,750
- --------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl.
A(8) 4,400 219,450
- --------------------------------------------------------------
Novartis AG 100 160,099
- --------------------------------------------------------------
Novo-Nordisk AS, B Shares 1,000 109,189
- --------------------------------------------------------------
Roche Holding AG 15 135,868
- --------------------------------------------------------------
Schering AG 1,000 107,200
- --------------------------------------------------------------
SKW Trostberg AG 3,250 108,735
- --------------------------------------------------------------
Takeda Chemical Industries Ltd. 5,000 140,697
- --------------------------------------------------------------
Zeneca Group plc 4,000 132,212
-------------
1,772,312
- --------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
3.0%
Acuson Corp.(8) 4,400 101,200
- --------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR 1,600 108,500
- --------------------------------------------------------------
National Surgery Centers, Inc.(8) 4,300 152,112
- --------------------------------------------------------------
Orthodontic Centers of America,
Inc.(8) 4,400 80,025
- --------------------------------------------------------------
Pediatrix Medical Group, Inc.(8) 4,100 187,831
- --------------------------------------------------------------
Renal Treatment Centers, Inc.(8) 5,400 145,125
- --------------------------------------------------------------
Rural/Metro Corp.(8) 5,500 159,672
- --------------------------------------------------------------
SmithKline Beecham plc 7,296 134,238
- --------------------------------------------------------------
Tenet Healthcare Corp.(8) 5,290 156,386
- --------------------------------------------------------------
Theragenics Corp.(8) 3,800 87,400
- --------------------------------------------------------------
Total Renal Care Holdings, Inc.(8) 3,600 144,675
- --------------------------------------------------------------
WellPoint Health Networks, Inc.(8) 2,100 96,337
-------------
1,553,501
- --------------------------------------------------------------
HOUSEHOLD GOODS - 1.2%
Blyth Industries, Inc.(8) 6,000 202,500
- --------------------------------------------------------------
L'OREAL 350 147,608
- --------------------------------------------------------------
Premark International, Inc. 5,600 149,800
- --------------------------------------------------------------
Reckitt & Colman plc 8,000 119,430
-------------
619,338
- --------------------------------------------------------------
TOBACCO - 0.5%
RJR Nabisco Holdings Corp. 8,300 273,900
- --------------------------------------------------------------
ENERGY - 4.7%
- --------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.9%
Diamond Offshore Drilling, Inc.(8) 2,300 179,688
- --------------------------------------------------------------
Global Marine, Inc.(8) 3,300 76,725
- --------------------------------------------------------------
Oryx Energy Co.(8) 3,600 76,050
- --------------------------------------------------------------
Tidewater, Inc. 1,500 66,000
</TABLE>
65
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
ENERGY SERVICES & PRODUCERS
(CONTINUED)
<S> <C> <C>
Varco International, Inc.(8) 3,000 $ 96,750
-------------
495,213
- --------------------------------------------------------------
OIL-INTEGRATED - 3.8%
Amoco Corp. 3,300 286,894
- --------------------------------------------------------------
Atlantic Richfield Co. 3,400 239,700
- --------------------------------------------------------------
Chesapeake Energy Corp. 4,100 40,231
- --------------------------------------------------------------
Chevron Corp. 5,400 399,263
- --------------------------------------------------------------
Exxon Corp. 6,100 375,150
- --------------------------------------------------------------
Global Industries Ltd.(8) 4,100 95,773
- --------------------------------------------------------------
Mobil Corp. 5,000 349,375
- --------------------------------------------------------------
Swift Energy Co.(8) 3,700 88,338
- --------------------------------------------------------------
Total SA, B Shares 1,400 141,647
-------------
2,016,371
- --------------------------------------------------------------
FINANCIAL - 8.5%
- --------------------------------------------------------------
BANKS - 3.3%
Banco Popular Espanol SA 550 135,004
- --------------------------------------------------------------
Bank of Tokyo-Mitsubishi Ltd. 6,000 120,598
- --------------------------------------------------------------
BankAmerica Corp. 3,600 232,425
- --------------------------------------------------------------
BankBoston Corp. 4,600 331,488
- --------------------------------------------------------------
HSBC Holdings plc 4,000 120,300
- --------------------------------------------------------------
Lloyds TSB Group plc 18,000 184,837
- --------------------------------------------------------------
Mitsubishi Trust & Banking Corp. 10,000 158,175
- --------------------------------------------------------------
NationsBank Corp. 4,300 277,350
- --------------------------------------------------------------
PNC Bank Corp. 4,700 195,638
-------------
1,755,815
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL - 3.5%
Amresco, Inc.(8) 7,500 161,250
- --------------------------------------------------------------
Crescent Operating, Inc.(8) 920 11,040
- --------------------------------------------------------------
First Pacific Co. Ltd. 42,000 53,670
- --------------------------------------------------------------
Haw Par Brothers International Ltd. 36,000 81,071
- --------------------------------------------------------------
ING Groep NV 3,000 138,568
- --------------------------------------------------------------
Lend Lease Corp. Ltd. 4,000 84,437
- --------------------------------------------------------------
Morgan Stanley, Dean Witter,
Discover & Co. 4,700 202,394
- --------------------------------------------------------------
Nichiei Co. Ltd. 1,000 116,228
- --------------------------------------------------------------
Peregrine Investments Holdings Ltd. 60,000 123,527
- --------------------------------------------------------------
Perlis Plantations Berhad 25,500 74,762
- --------------------------------------------------------------
Salomon, Inc. 2,700 150,188
- --------------------------------------------------------------
Sirrom Capital Corp. 3,600 124,200
- --------------------------------------------------------------
Southcorp Holdings Ltd. 25,000 93,484
</TABLE>
66
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL (CONTINUED)
<S> <C> <C>
Swire Pacific Ltd., Cl. B 89,500 $ 135,741
- --------------------------------------------------------------
Travelers Group, Inc. 3,300 208,106
- --------------------------------------------------------------
United Industrial Corp. Ltd. 100,000 75,532
-------------
1,834,198
- --------------------------------------------------------------
INSURANCE - 1.7%
AFLAC, Inc. 1,500 70,875
- --------------------------------------------------------------
Allstate Corp. 1,200 87,600
- --------------------------------------------------------------
Chubb Corp. 2,400 160,500
- --------------------------------------------------------------
Conseco, Inc. 4,900 181,300
- --------------------------------------------------------------
Equitable Cos., Inc. 3,500 116,375
- --------------------------------------------------------------
HSB Group, Inc. 2,500 133,438
- --------------------------------------------------------------
Torchmark Corp. 700 49,875
- --------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 2,600 103,675
-------------
903,638
- --------------------------------------------------------------
INDUSTRIAL - 10.4%
- --------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.4%
ABB AG 65 98,536
- --------------------------------------------------------------
Johnson Electric Holdings Ltd. 30,000 89,451
- --------------------------------------------------------------
Power Technologies, Inc.(8) 2,200 49,500
-------------
237,487
- --------------------------------------------------------------
INDUSTRIAL SERVICES - 3.8%
American Disposal Services, Inc.(8) 3,600 81,000
- --------------------------------------------------------------
Computer Horizons Corp.(8) 5,950 203,788
- --------------------------------------------------------------
Computer Task Group, Inc. 5,300 197,425
- --------------------------------------------------------------
Corestaff, Inc.(8) 4,700 126,900
- --------------------------------------------------------------
Corrections Corp. of America(8) 6,100 242,475
- --------------------------------------------------------------
DT Industries, Inc. 1,800 64,350
- --------------------------------------------------------------
Guilbert SA 625 88,572
- --------------------------------------------------------------
Hays plc 9,000 85,379
- --------------------------------------------------------------
Kurita Water Industries Ltd. 5,000 133,269
- --------------------------------------------------------------
NGK Spark Plug Co. 10,000 109,237
- --------------------------------------------------------------
Precision Response Corp.(8) 4,500 74,250
- --------------------------------------------------------------
SGS Societe Generale de
Surveillance Holding SA, Series B 50 107,007
- --------------------------------------------------------------
SITEL Corp.(8) 8,500 175,313
- --------------------------------------------------------------
Tetra Tech, Inc.(8) 5,700 137,513
- --------------------------------------------------------------
Transaction Systems Architects,
Inc., Cl. A(8) 4,000 138,000
- --------------------------------------------------------------
Viad Corp. 2,400 46,200
-------------
2,010,678
- --------------------------------------------------------------
MANUFACTURING - 5.3%
AGCO Corp. 6,000 215,625
</TABLE>
67
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
MANUFACTURING (CONTINUED)
<S> <C> <C>
Bic Corp. 700 $ 114,581
- --------------------------------------------------------------
Canon Sales Co., Inc. 5,300 123,665
- --------------------------------------------------------------
Case Corp. 3,400 234,175
- --------------------------------------------------------------
Caterpillar, Inc. 1,900 204,013
- --------------------------------------------------------------
Deere & Co. 4,100 224,988
- --------------------------------------------------------------
Ingersoll-Rand Co. 3,600 222,300
- --------------------------------------------------------------
Mannesmann AG 250 111,763
- --------------------------------------------------------------
Mark IV Industries, Inc. 2,094 50,256
- --------------------------------------------------------------
NSK Ltd. 3,000 19,322
- --------------------------------------------------------------
PACCAR, Inc. 9,300 431,869
- --------------------------------------------------------------
Parker-Hannifin Corp. 400 24,275
- --------------------------------------------------------------
Ricoh Co. Ltd. 9,000 117,976
- --------------------------------------------------------------
Sidel SA 1,100 85,250
- --------------------------------------------------------------
SMC Corp. 100 8,459
- --------------------------------------------------------------
Textron, Inc. 4,600 305,325
- --------------------------------------------------------------
U.S. Industries, Inc.(8) 5,100 181,688
- --------------------------------------------------------------
Zygo Corp.(8) 3,500 107,625
-------------
2,783,155
- --------------------------------------------------------------
TRANSPORTATION - 0.9%
Brambles Industries Ltd. 4,000 78,982
- --------------------------------------------------------------
GATX Corp. 3,800 219,450
- --------------------------------------------------------------
Union Pacific Corp. 2,400 169,200
-------------
467,632
- --------------------------------------------------------------
TECHNOLOGY - 13.8%
- --------------------------------------------------------------
AEROSPACE/DEFENSE - 1.8%
General Dynamics Corp. 4,300 322,500
- --------------------------------------------------------------
Lockheed Martin Corp. 3,100 321,044
- --------------------------------------------------------------
TRW, Inc. 5,400 306,788
-------------
950,332
- --------------------------------------------------------------
COMPUTER HARDWARE - 1.8%
Compaq Computer Corp.(8) 2,400 238,200
- --------------------------------------------------------------
Henry (Jack) & Associates, Inc. 5,900 143,075
- --------------------------------------------------------------
Insight Enterprises, Inc.(8) 3,200 96,200
- --------------------------------------------------------------
Network Appliance, Inc.(8) 2,800 106,400
- --------------------------------------------------------------
Quantum Corp.(8) 3,100 62,969
- --------------------------------------------------------------
Storage Technology Corp. (New)(8) 5,300 235,850
- --------------------------------------------------------------
Sun Microsystems, Inc.(8) 1,800 66,994
-------------
949,688
- --------------------------------------------------------------
COMPUTER SOFTWARE - 3.3%
Cambridge Technology Partners,
Inc.(8) 3,800 121,600
</TABLE>
68
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
COMPUTER SOFTWARE (CONTINUED)
<S> <C> <C>
Inso Corp.(8) 2,600 $ 53,463
- --------------------------------------------------------------
JDA Software Group, Inc.(8) 3,400 116,025
- --------------------------------------------------------------
Pegasystems, Inc.(8) 4,000 125,500
- --------------------------------------------------------------
Rational Software Corp.(8) 4,900 82,381
- --------------------------------------------------------------
Remedy Corp.(8) 2,900 116,000
- --------------------------------------------------------------
SAP AG, Preference 600 123,785
- --------------------------------------------------------------
Sapient Corp.(8) 2,000 99,000
- --------------------------------------------------------------
Scopus Technology, Inc.(8) 4,150 92,856
- --------------------------------------------------------------
Security Dynamics Technologies,
Inc.(8) 3,600 132,750
- --------------------------------------------------------------
Sykes Enterprises, Inc.(8) 5,400 140,400
- --------------------------------------------------------------
Technology Solutions Co.(8) 4,100 161,950
- --------------------------------------------------------------
Veritas Software Corp.(8) 1,150 57,788
- --------------------------------------------------------------
Viasoft, Inc.(8) 1,500 76,125
- --------------------------------------------------------------
Visio Corp.(8) 1,500 105,750
- --------------------------------------------------------------
Wind River Systems(8) 3,150 120,488
-------------
1,725,861
- --------------------------------------------------------------
ELECTRONICS - 3.4%
Bowthorpe plc 18,000 96,762
- --------------------------------------------------------------
Electro Scientific Industries,
Inc.(8) 800 33,500
- --------------------------------------------------------------
Electrocomponents plc 13,000 96,713
- --------------------------------------------------------------
Getronics NV 3,300 106,782
- --------------------------------------------------------------
Hirose Electric Co. 2,000 137,377
- --------------------------------------------------------------
Keyence Corp. 660 98,051
- --------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 80,748
- --------------------------------------------------------------
Matsushita Electric Works Ltd. 6,000 68,164
- --------------------------------------------------------------
Omron Corp. 5,000 106,178
- --------------------------------------------------------------
Philips Electronics NV, ADR 900 64,688
- --------------------------------------------------------------
Samsung Electronics Co., Sponsored
GDR(4) 1,950 52,650
- --------------------------------------------------------------
SCI Systems, Inc.(8) 1,200 76,500
- --------------------------------------------------------------
Sony Corp. 1,400 122,223
- --------------------------------------------------------------
TDK Corp. 2,000 146,989
- --------------------------------------------------------------
Vitesse Semiconductor Corp.(8) 5,050 165,072
- --------------------------------------------------------------
VTech Holdings Ltd. 75,000 141,340
- --------------------------------------------------------------
Waters Corp.(8) 5,000 179,375
-------------
1,773,112
- --------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
3.5%
Advanced Fibre Communications,
Inc.(8) 2,300 138,863
- --------------------------------------------------------------
Allen Telecom, Inc.(8) 4,500 93,375
- --------------------------------------------------------------
Aspect Telecommunications Corp.(8) 3,100 68,975
</TABLE>
69
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY
(CONTINUED)
<S> <C> <C>
British Sky Broadcasting Group plc 10,500 $ 76,541
- --------------------------------------------------------------
Cable Design Technologies Corp.(8) 1,750 51,516
- --------------------------------------------------------------
Comverse Technology, Inc.(8) 5,200 270,400
- --------------------------------------------------------------
DSP Communications, Inc.(8) 8,500 93,500
- --------------------------------------------------------------
Ericsson LM, B Shares 3,520 138,617
- --------------------------------------------------------------
LCI International, Inc.(8) 4,100 89,688
- --------------------------------------------------------------
MasTec, Inc.(8) 1,500 70,969
- --------------------------------------------------------------
Nippon Telegraph & Telephone
Corp.(8) 17 163,419
- --------------------------------------------------------------
P-COM, Inc.(8) 1,900 62,700
- --------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 9,900 99,619
- --------------------------------------------------------------
Tel-Save Holdings, Inc.(8) 3,400 51,850
- --------------------------------------------------------------
Telecom Italia Mobile SpA 40,000 129,298
- --------------------------------------------------------------
Uniphase Corp.(8) 2,500 145,625
- --------------------------------------------------------------
Vodafone Group plc 22,000 107,098
-------------
1,852,053
- --------------------------------------------------------------
UTILITIES - 7.2%
- --------------------------------------------------------------
ELECTRIC UTILITIES - 2.8%
CalEnergy, Inc.(8) 2,100 79,800
- --------------------------------------------------------------
Duke Energy Corp. 6,928 332,111
- --------------------------------------------------------------
Entergy Corp. 8,600 235,425
- --------------------------------------------------------------
FPL Group, Inc. 6,000 276,375
- --------------------------------------------------------------
Illinova Corp. 4,600 101,200
- --------------------------------------------------------------
Kansas City Power & Light Co. 6,000 171,375
- --------------------------------------------------------------
Veba AG 2,000 113,054
- --------------------------------------------------------------
Western Resources, Inc. 4,700 152,456
-------------
1,461,796
- --------------------------------------------------------------
GAS UTILITIES - 2.3%
Columbia Gas System, Inc. 2,700 176,175
- --------------------------------------------------------------
El Paso Natural Gas Co. 4,700 258,500
- --------------------------------------------------------------
MCN Energy Group, Inc. 4,600 140,875
- --------------------------------------------------------------
National Fuel Gas Co. 5,100 213,881
- --------------------------------------------------------------
Questar Corp. 7,800 314,925
- --------------------------------------------------------------
RWE AG, Preference 2,500 87,301
-------------
1,191,657
- --------------------------------------------------------------
TELEPHONE UTILITIES - 2.1%
Ameritech Corp. 2,700 183,431
- --------------------------------------------------------------
GTE Corp. 6,000 263,250
- --------------------------------------------------------------
NYNEX Corp. 3,100 178,638
- --------------------------------------------------------------
Telefonica de Espana 3,000 86,897
</TABLE>
70
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
TELEPHONE UTILITIES (CONTINUED)
<S> <C> <C>
U S West Communications Group 11,100 $ 418,331
-------------
1,130,547
-------------
Total Common Stocks (Cost
$30,785,918) 37,746,801
- --------------------------------------------------------------
PREFERRED STOCKS - 0.6%
- --------------------------------------------------------------
California Federal Preferred
Capital Corp., 9.125% Non-Cum.
Exchangeable Preferred, Series A,
Non-Vtg. 3,000 77,438
- --------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series
A, Non-Vtg. 1,100 173,525
- --------------------------------------------------------------
K-III Communications Corp., 10%
Exchangeable Preferred Stock,
Series D(3) 500 51,000
-------------
Total Preferred Stocks (Cost
$230,325) 301,963
UNITS
- --------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES -
0.0%
- --------------------------------------------------------------
American Communications Services,
Inc. Wts., Exp. 11/05(3) 100 5,000
- --------------------------------------------------------------
Haw Par Brothers International Ltd.
Wts., Exp. 7/01 2,500 2,133
- --------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp.
8/02 50 --
-------------
Total Rights, Warrants and
Certificates (Cost $1,507) 7,133
PRINCIPAL
AMOUNT
- --------------------------------------------------------------
REPURCHASE AGREEMENTS - 7.8%
- --------------------------------------------------------------
Repurchase agreement with
PaineWebber, Inc., 5.90%, dated
6/30/97, to be repurchased at
$4,100,672 on 7/1/97,
collateralized by U.S. Treasury
Bonds, 11.25%, 2/15/15, with a
value of $4,190,190 (Cost
$4,100,000) $4,100,000 4,100,000
- --------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$43,754,365) 97.2% 50,998,261
- --------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 2.8 1,483,785
---------- -------------
NET ASSETS 100.0% $ 52,482,046
---------- -------------
---------- -------------
</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. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
3. Identifies issues considered to be illiquid or restricted - See Note 5 of
Notes to Financial Statements.
4. 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 $729,714 or 1.39% of the Fund's net
assets, at June 30, 1997.
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.
71
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
7. Units may be comprised of several components, such as debt and equity and/or
warrants to purchase equity at some point in the future. For units which
represent debt securities, principal amount disclosed represents total
underlying principal.
8. Non-income producing security.
See accompanying Notes to Financial Statements.
72
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
TOTAL GOVERNMENT
RETURN GROWTH SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------
ASSETS
Investments, at value (cost *) -
see accompanying statements $1,200,049,660 $723,309,199 $ 22,257,951
- ---------------------------------------------------------------------------------
Cash 6,618,351 -- 222,277
- ---------------------------------------------------------------------------------
Unrealized appreciation on forward
foreign currency
contracts - see applicable note -- -- --
- ---------------------------------------------------------------------------------
Receivables:
Dividends, interest and principal
paydowns 7,344,498 741,905 391,981
Shares of capital stock sold -- 461,615 --
Investments sold 11,607,950 6,189,543 --
- ---------------------------------------------------------------------------------
Other 14,973 4,552 1,421
-------------- ------------ -------------
Total assets 1,225,635,432 730,706,814 22,873,630
- ---------------------------------------------------------------------------------
LIABILITIES
Bank overdraft -- 838,578 --
- ---------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 19,370,856 11,751,038 --
Shares of capital stock redeemed 201,370 234,103 66,114
Custodian fees 9,993 6,662 1,996
Legal and auditing fees -- -- 10,262
Shareholder reports -- -- 918
Directors' fees -- -- --
Registration and filing fees -- -- --
Other 7,089 23,706 680
-------------- ------------ -------------
Total liabilities 19,589,308 12,854,087 79,970
- ---------------------------------------------------------------------------------
NET ASSETS $1,206,046,124 $717,852,727 $ 22,793,660
-------------- ------------ -------------
-------------- ------------ -------------
- ---------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Par value of shares of capital
stock $ 655,380 $ 229,594 $ 21,744
- ---------------------------------------------------------------------------------
Additional paid-in capital 1,027,738,109 515,888,057 22,657,705
- ---------------------------------------------------------------------------------
Undistributed net investment income 21,089,155 4,468,860 673,760
- ---------------------------------------------------------------------------------
Accumulated net realized gain
(loss) from investments and foreign
currency transactions 40,696,083 59,411,882 (474,773)
- ---------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities denominated in foreign
currencies 115,867,397 137,854,334 (84,776)
-------------- ------------ -------------
Net assets $1,206,046,124 $717,852,727 $ 22,793,660
-------------- ------------ -------------
-------------- ------------ -------------
- ---------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK OUTSTANDING 655,379,793 229,594,122 21,744,053
- ---------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE
AND OFFERING PRICE PER SHARE $ 1.84 $ 3.13 $ 1.05
* Cost $1,084,182,263 $585,454,865 $ 22,342,727
</TABLE>
See accompanying Notes to Financial Statements.
73
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
LIFESPAN LIFESPAN
INTERNATIONAL DIVERSIFIED LIFESPAN CAPITAL
EQUITY INCOME BALANCED APPRECIATION
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost *) -
see accompanying statements $75,067,745 $26,601,758 $57,644,289 $50,998,261
- -------------------------------------------------------------------------------------------
Cash 260,986 924,597 1,739,480 1,373,955
- -------------------------------------------------------------------------------------------
Unrealized appreciation on forward
foreign currency contracts - see
applicable note 1,230 -- -- --
- -------------------------------------------------------------------------------------------
Receivables:
Dividends, interest and principal
paydowns 268,928 327,550 416,062 223,021
Shares of capital stock sold 26,612 13,744 90,216 68,785
Investments sold 666,359 121,699 231,914 237,296
- -------------------------------------------------------------------------------------------
Other 2,124 1,544 2,232 2,063
------------- ----------- ----------- ------------
Total assets 76,293,984 27,990,892 60,124,193 52,903,381
- -------------------------------------------------------------------------------------------
LIABILITIES
Bank overdraft -- -- -- --
- -------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased -- 49,904 447,527 399,119
Shares of capital stock redeemed -- 22,994 -- --
Custodian fees 15,773 26,094 -- 13,063
Legal and auditing fees 6,659 4,895 -- --
Shareholder reports -- -- -- --
Directors' fees -- 532 -- --
Registration and filing fees 2,157 -- -- --
Other 985 958 20,476 9,153
------------- ----------- ----------- ------------
Total liabilities 25,574 105,377 468,003 421,335
- -------------------------------------------------------------------------------------------
NET ASSETS $76,268,410 $27,885,515 $59,656,190 $52,482,046
------------- ----------- ----------- ------------
------------- ----------- ----------- ------------
- -------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Par value of shares of capital
stock $ 55,015 $ 25,264 $ 48,919 $ 40,776
- -------------------------------------------------------------------------------------------
Additional paid-in capital 60,841,789 25,564,075 50,973,763 43,779,056
- -------------------------------------------------------------------------------------------
Undistributed net investment income 363,594 753,837 895,788 550,819
- -------------------------------------------------------------------------------------------
Accumulated net realized gain
(loss) from investments and foreign
currency transactions 1,109,431 115,804 815,818 867,846
- -------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities denominated in foreign
currencies 13,898,581 1,426,535 6,921,902 7,243,549
------------- ----------- ----------- ------------
Net assets $76,268,410 $27,885,515 $59,656,190 $52,482,046
------------- ----------- ----------- ------------
------------- ----------- ----------- ------------
- -------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK OUTSTANDING 55,014,502 25,263,848 48,919,184 40,776,390
- -------------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE
AND OFFERING PRICE PER SHARE $ 1.39 $ 1.10 $ 1.22 $ 1.29
* Cost $61,167,003 $25,175,223 $50,721,994 $43,754,365
</TABLE>
See accompanying Notes to Financial Statements.
74
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
TOTAL GOVERNMENT
RETURN GROWTH SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 20,169,909 $ 1,705,834 $ 765,020
- ------------------------------------------------------------------------------------------
Dividends (net of withholding taxes
of *) 4,628,886 4,722,751 --
---------------- --------------- -------------
Total income 24,798,795 6,428,585 765,020
- ------------------------------------------------------------------------------------------
EXPENSES
Management fees - see applicable
note 3,080,609 1,716,975 59,452
- ------------------------------------------------------------------------------------------
Custodian fees and expenses -- -- 674
- ------------------------------------------------------------------------------------------
Shareholder reports 1,087 760 918
- ------------------------------------------------------------------------------------------
Accounting services fees 7,500 7,500 7,500
- ------------------------------------------------------------------------------------------
Legal and auditing fees 174 226 5,638
- ------------------------------------------------------------------------------------------
Insurance expenses -- -- 666
- ------------------------------------------------------------------------------------------
Directors' fees and expenses 12,347 1,407 --
- ------------------------------------------------------------------------------------------
Registration and filing fees -- 13,147 --
- ------------------------------------------------------------------------------------------
Other -- -- 3,910
---------------- --------------- -------------
Total expenses 3,101,717 1,740,015 78,758
- ------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 21,697,078 4,688,570 686,262
- ------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments 41,796,080 59,726,941 (67,794)
Foreign currency transactions -- -- --
- ------------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation on:
Investments 37,992,657 23,611,371 (52,461)
Translation of assets and
liabilities denominated in
foreign currencies -- -- --
---------------- --------------- -------------
Net realized and unrealized gain
(loss) 79,788,737 83,338,312 (120,255)
- ------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 101,485,815 $ 88,026,882 $ 566,007
---------------- --------------- -------------
---------------- --------------- -------------
* Dividends $ 5,171 $ 5,022 $ --
</TABLE>
See accompanying Notes to Financial Statements.
75
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
LIFESPAN LIFESPAN
INTERNATIONAL DIVERSIFIED LIFESPAN CAPITAL
EQUITY INCOME BALANCED APPRECIATION
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 71,428 $ 770,830 $ 943,823 $ 483,798
- ------------------------------------------------------------------------------------------------------
Dividends (net of withholding taxes
of *) 706,277 116,804 286,978 310,235
------------- ------------- ------------- -------------
Total income 777,705 887,634 1,230,801 794,033
- ------------------------------------------------------------------------------------------------------
EXPENSES
Management fees - see applicable
note 331,355 97,182 227,326 192,028
- ------------------------------------------------------------------------------------------------------
Custodian fees and expenses 14,433 -- 8,604 3,059
- ------------------------------------------------------------------------------------------------------
Shareholder reports 1,217 865 1,008 1,077
- ------------------------------------------------------------------------------------------------------
Accounting services fees 7,500 7,500 7,500 7,500
- ------------------------------------------------------------------------------------------------------
Legal and auditing fees 4,603 -- 5,963 4,401
- ------------------------------------------------------------------------------------------------------
Insurance expenses 1,385 -- -- --
- ------------------------------------------------------------------------------------------------------
Directors' fees and expenses 766 -- 1,565 1,354
- ------------------------------------------------------------------------------------------------------
Registration and filing fees 2,011 388 1,379 2,036
- ------------------------------------------------------------------------------------------------------
Other 48 -- 254 1,264
------------- ------------- ------------- -------------
Total expenses 363,318 105,935 253,599 212,719
- ------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 414,387 781,699 977,202 581,314
- ------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments 2,115,631 130,737 1,021,332 1,087,637
Foreign currency transactions (870,333) -- (109,265) (125,853)
- ------------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation on:
Investments 6,534,187 404,613 2,016,821 2,260,269
Translation of assets and
liabilities denominated in
foreign currencies (998,436) -- (131,904) (123,176)
------------- ------------- ------------- -------------
Net realized and unrealized gain
(loss) 6,781,049 535,350 2,796,984 3,098,877
- ------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 7,195,436 $ 1,317,049 $ 3,774,186 $ 3,680,191
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
* Dividends $ 58,766 $ 282 $ 6,950 $ 8,142
</TABLE>
See accompanying Notes to Financial Statements.
76
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED) AND THE YEAR ENDED DECEMBER
31, 1996
<TABLE>
<CAPTION>
TOTAL RETURN GROWTH
PORTFOLIO PORTFOLIO
1997 1996 1997 1996
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 21,697,078 $ 43,541,038 $ 4,688,570 $ 8,053,037
- -----------------------------------------------------------------------------------------------
Net realized gain (loss) 41,796,080 94,961,143 59,726,941 45,460,285
- -----------------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 37,992,657 (35,958,926) 23,611,371 34,820,597
-------------- -------------- ------------ ------------
Net increase in net assets
resulting from operations 101,485,815 102,543,255 88,026,882 88,333,919
- -----------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment
income (38,831,970) (5,852,700) (6,502,490) (1,827,903)
- -----------------------------------------------------------------------------------------------
Distributions from net realized
gain (95,341,180) (3,476,504) (46,127,035) (2,683,361)
- -----------------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) in net
assets resulting from capital stock
transactions - Note 2 116,657,791 34,935,466 96,233,092 96,464,501
- -----------------------------------------------------------------------------------------------
NET ASSETS
Total increase (decrease) 83,970,456 128,149,517 131,630,449 180,287,156
- -----------------------------------------------------------------------------------------------
Beginning of period 1,122,075,668 993,926,151 586,222,278 405,935,122
-------------- -------------- ------------ ------------
End of period $1,206,046,124 $1,122,075,668 $717,852,727 $586,222,278
-------------- -------------- ------------ ------------
-------------- -------------- ------------ ------------
Undistributed net investment income $ 21,089,155 $ 38,224,047 $ 4,468,860 $ 6,282,780
</TABLE>
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES INTERNATIONAL EQUITY
PORTFOLIO PORTFOLIO
1997 1996 1997 1996
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 686,262 $ 1,459,438 $ 414,387 $ 430,957
- ---------------------------------------------------------------------------------------
Net realized gain (loss) (67,794) 45,633 1,245,298 2,365,382
- ---------------------------------------------------------------------------------------
Net change in unrealized
appreciation or
depreciation (52,461) (990,673) 5,535,751 3,976,250
----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations 566,007 514,398 7,195,436 6,772,589
- ---------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment
income (1,463,333) (13,793) (407,257) (554,917)
- ---------------------------------------------------------------------------------------
Distributions from net realized
gain -- -- (1,170,863) --
- ---------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) in net
assets resulting from capital stock
transactions - Note 2 455,408 (1,573,635) 8,065,633 10,593,270
- ---------------------------------------------------------------------------------------
NET ASSETS
Total increase (decrease) (441,918) (1,073,030) 13,682,949 16,810,942
- ---------------------------------------------------------------------------------------
Beginning of period 23,235,578 24,308,608 62,585,461 45,774,519
----------- ----------- ----------- -----------
End of period $22,793,660 $23,235,578 $76,268,410 $62,585,461
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Undistributed net investment income $ 673,760 $ 1,450,831 $ 363,594 $ 356,464
</TABLE>
See accompanying Notes to Financial Statements.
77
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED) AND THE YEAR ENDED DECEMBER
31, 1996 (CONTINUED)
<TABLE>
<CAPTION>
LIFESPAN DIVERSIFIED LIFESPAN BALANCED
PORTFOLIO PORTFOLIO
1997 1996 1997 1996
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 781,699 $ 1,334,058 $ 977,202 $ 1,395,888
- ---------------------------------------------------------------------------------------
Net realized gain (loss) 130,737 34,119 912,067 713,856
- ---------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 404,613 218,964 1,884,917 3,132,282
----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations 1,317,049 1,587,141 3,774,186 5,242,026
- ---------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment
income (1,155,828) (218,759) (1,134,469) (364,414)
- ---------------------------------------------------------------------------------------
Distributions from net realized
gain (41,610) (30,626) (612,613) --
- ---------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) in net
assets resulting from capital stock
transactions - Note 2 2,491,805 2,760,428 6,292,763 10,991,482
- ---------------------------------------------------------------------------------------
NET ASSETS
Total increase (decrease) 2,611,416 4,098,184 8,319,867 15,869,094
- ---------------------------------------------------------------------------------------
Beginning of period 25,274,099 21,175,915 51,336,323 35,467,229
----------- ----------- ----------- -----------
End of period $27,885,515 $25,274,099 $59,656,190 $51,336,323
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Undistributed net investment income $ 753,837 $ 1,127,966 $ 895,788 $ 1,053,055
</TABLE>
<TABLE>
<CAPTION>
LIFESPAN CAPITAL
APPRECIATION PORTFOLIO
1997 1996
<S> <C> <C>
- -------------------------------------------------------------
OPERATIONS
Net investment income $ 581,314 $ 635,909
- -------------------------------------------------------------
Net realized gain (loss) 961,784 1,155,841
- -------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 2,137,093 3,269,866
----------- -----------
Net increase in net assets
resulting from operations 3,680,191 5,061,616
- -------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment
income (402,394) (278,560)
- -------------------------------------------------------------
Distributions from net realized
gain (1,024,277) --
- -------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) in net
assets resulting from capital stock
transactions - Note 2 8,234,332 10,442,654
- -------------------------------------------------------------
NET ASSETS
Total increase (decrease) 10,487,852 15,225,710
- -------------------------------------------------------------
Beginning of period 41,994,194 26,768,484
----------- -----------
End of period $52,482,046 $41,994,194
----------- -----------
----------- -----------
Undistributed net investment income $ 550,819 $ 371,899
</TABLE>
See accompanying Notes to Financial Statements.
78
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1997 ------------------------------------------
(UNAUDITED) 1996(1) 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of
period $ 1.91 $ 1.75 $1.51 $1.65 $1.56 $1.57
- -----------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .03 .07 .07 .06 .06 .07
Net realized and unrealized gain
(loss) .13 .11 .30 (.09) .20 .10
- -----------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .16 .18 .37 (.03) .26 .17
- -----------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.07) (.01) (.07) (.06) (.06) (.07)
Distributions from net realized
gain (.16) (.01) (.06) (.05) (.11) (.11)
- -----------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.23) (.02) (.13) (.11) (.17) (.18)
- -----------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.84 $ 1.91 $1.75 $1.51 $1.65 $1.56
------------- ------- ------ ------ ------ ------
------------- ------- ------ ------ ------ ------
- -----------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 9.30% 10.14% 24.66% (1.97)% 16.28% 10.21%
- -----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
millions) $ 1,206 $ 1,122 $ 994 $ 742 $ 610 $ 402
- -----------------------------------------------------------------------------------------------
Average net assets (in millions) $ 1,148 $ 1,058 $ 864(3) $ 687(3) $ 502(3) $ 345(3)
- -----------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.81%(4) 4.12% 4.48% 4.21% 3.90% 4.27%
Expenses 0.54%(4) 0.55% 0.59% 0.56% 0.60% 0.68%
- -----------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 41.4% 104.3% 62.3% 88.3% 161.6% 182.1%
Average brokerage commission
rate(6) $0.0699 $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. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1997 were $547,748,010 and $425,389,731, respectively.
6. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period, divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
79
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1997 ----------------------------------------------------------------------
(UNAUDITED) 1996(1) 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of
period $ 2.98 $ 2.53 $ 1.97 $ 2.08 $ 1.91 $ 1.87
- ------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .02 .04 .04 .03 .04 .04
Net realized and unrealized gain
(loss) .39 .43 .71 (.04) .36 .19
- ------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .41 .47 .75 (.01) .40 .23
- ------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.03) (.01) (.04) (.03) (.04) (.04)
Distributions from net realized
gain (.23) (.01) (.15) (.07) (.19) (.15)
- ------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.26) (.02) (.19) (.10) (.23) (.19)
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.13 $ 2.98 $ 2.53 $ 1.97 $ 2.08 $ 1.91
---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ----------
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 14.65% 18.87% 38.06% (0.51)% 21.22% 12.36%
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $ 717,853 $ 586,222 $ 405,935 $ 230,195 $ 165,775 $ 101,215
- ------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 642,372 $ 494,281 $ 303,193(3) $ 198,879(3) $ 131,292(3) $ 85,003(3)
- ------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.47%(4) 1.63% 2.01% 1.87% 2.30% 2.19%
Expenses 0.55%(4) 0.58% 0.66% 0.67% 0.69% 0.76%
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 47.2% 82.5% 69.3% 97.3% 97.6% 136.1%
Average brokerage commission
rate(6) $ 0.0698 $ 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. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1997 were $319,427,848 and $271,776,506, respectively.
6. 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.
80
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1997 -----------------------------------------------------------------
(UNAUDITED) 1996(2) 1995 1994 1993 1992(1)
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of
period $ 1.09 $ 1.07 $ 0.95 $ 1.06 $ 1.01 $ 1.00
- ------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .03 .07 .06 .06 .04 .02
Net realized and unrealized gain
(loss) -- (.05) .12 (.11) .07 .04
- ------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .03 .02 .18 (.05) .11 .06
- ------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.07) --(3) (.06) (.06) (.04) (.02)
Distributions from net realized
gain -- -- -- -- (.02) (.03)
- ------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.07) -- (.06) (.06) (.06) (.05)
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.05 $ 1.09 $ 1.07 $ 0.95 $ 1.06 $ 1.01
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(4) 2.94% 1.93% 18.91% (4.89)% 10.98% 6.61%
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $ 22,794 $ 23,236 $ 24,309 $ 18,784 $ 15,687 $ 7,634
- ------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 22,836 $ 23,880 $ 23,157(5) $ 17,589(5) $ 11,421(5) $ 3,780(5)
- ------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 6.06%(6) 6.11% 6.08% 6.04% 5.13% 4.64%(6)
Expenses 0.70%(6) 0.62% 0.71% 0.85% 0.93% 1.20%(6)
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 0.0% 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.
See accompanying Notes to Financial Statements.
81
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1997 ---------------------------------------------------------------------
(UNAUDITED) 1996(2) 1995 1994 1993 1992(1)
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of
period $ 1.29 $ 1.15 $ 1.09 $ 1.09 $ 0.92 $ 1.00
- ------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) .01 .02 .03 (.01) .00 .01
Net realized and unrealized gain
(loss) .12 .13 .08 .03 .20 (.06)
- ------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .13 .15 .11 .02 .20 (.05)
- ------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.01) (.01) (.04) -- (.02) (.02)
Distributions from net realized
gain (.02) -- (.01) (.02) (.01) (.01)
- ------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.03) (.01) (.05) (.02) (.03) (.03)
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.39 $ 1.29 $ 1.15 $ 1.09 $ 1.09 $ 0.92
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 10.49% 13.26% 10.30% 1.44% 21.80% (4.32)%
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $ 76,268 $ 62,585 $ 45,775 $ 31,603 $ 18,315 $ 10,493
- ------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 66,895 $ 56,893 $ 37,474(4) $ 29,133(4) $ 13,328(4) $ 9,973(4)
- ------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.25%(5) 0.76% 1.61% (1.85)% (0.31)% 1.63%(5)
Expenses 1.10%(5) 1.21% 1.26% 1.28% 1.50% 1.50%(5)
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 27.9% 53.7% 85.1% 76.5% 57.4% 206.7%(5)
Average brokerage commission
rate(7) $ 0.0272 $ 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 June 30, 1997 were $22,881,443 and $18,009,342, 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.
82
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30,
1997 -----------------------
(UNAUDITED) 1996(2) 1995(1)
<S> <C> <C> <C>
- ----------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of
period $ 1.10 $ 1.04 $ 1.00
- ----------------------------------------------------------------------------
Income from investment operations:
Net investment income .03 .06 .02
Net realized and unrealized gain .02 .01 .04
- ----------------------------------------------------------------------------
Total income from investment
operations .05 .07 .06
- ----------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.05) (.01) (.02)
Distributions from net realized
gain -- -- --
- ----------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.05) (.01) (.02)
- ----------------------------------------------------------------------------
Net asset value, end of period $ 1.10 $ 1.10 $ 1.04
--------- --------- ---------
--------- --------- ---------
- ----------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 4.89% 6.93% 5.69%
- ----------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $ 27,886 $ 25,274 $ 21,176
- ----------------------------------------------------------------------------
Average net assets (in thousands) $ 26,146 $ 22,854 $ 20,364(4)
- ----------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 6.03%(5) 5.84% 5.11%(5)
Expenses 0.82%(5) 1.07% 1.50%(5)
- ----------------------------------------------------------------------------
Portfolio turnover rate(6) 20.8% 80.4% 41.2%(5)
Average brokerage commission
rate(7) $ 0.0692 $ 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 June 30, 1997 were $6,085,842 and $4,944,653, 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.
83
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30,
1997 -----------------------
(UNAUDITED) 1996(2) 1995(1)
<S> <C> <C> <C>
- ----------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of
period $ 1.18 $ 1.05 $ 1.00
- ----------------------------------------------------------------------------
Income from investment operations:
Net investment income .02 .03 .01
Net realized and unrealized gain .06 .11 .05
- ----------------------------------------------------------------------------
Total income from investment
operations .08 .14 .06
- ----------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.03) (.01) (.01)
Distributions from net realized
gain (.01) -- --
- ----------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.04) (.01) (.01)
- ----------------------------------------------------------------------------
Net asset value, end of period $ 1.22 $ 1.18 $ 1.05
--------- --------- ---------
--------- --------- ---------
- ----------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 6.94% 13.38% 6.08%
- ----------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $ 59,656 $ 51,336 $ 35,467
- ----------------------------------------------------------------------------
Average net assets (in thousands) $ 53,979 $ 41,847 $ 33,925(4)
- ----------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.65%(5) 3.34% 3.08%(5)
Expenses 0.95%(5) 1.17% 1.50%(5)
- ----------------------------------------------------------------------------
Portfolio turnover rate(6) 28.6% 69.7% 39.7%(5)
Average brokerage commission
rate(7) $ 0.0378 $ 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 June 30, 1997 were $20,971,528 and $14,048,408, 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.
84
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30,
1997 -----------------------
(UNAUDITED) 1996(2) 1995(1)
<S> <C> <C> <C>
- ----------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of
period $ 1.24 $ 1.06 $ 1.00
- ----------------------------------------------------------------------------
Income from investment operations:
Net investment income .01 .02 .01
Net realized and unrealized gain .08 .17 .06
- ----------------------------------------------------------------------------
Total income from investment
operations .09 .19 .07
- ----------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.01) (.01) (.01)
Distributions from net realized
gain (.03) -- --
- ----------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.04) (.01) (.01)
- ----------------------------------------------------------------------------
Net asset value, end of period $ 1.29 $ 1.24 $ 1.06
--------- --------- ---------
--------- --------- ---------
- ----------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 7.53% 17.97% 6.65%
- ----------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $ 52,482 $ 41,994 $ 26,768
- ----------------------------------------------------------------------------
Average net assets (in thousands) $ 45,622 $ 33,109 $ 25,460(4)
- ----------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.57%(5) 1.92% 1.73%(5)
Expenses 0.94%(5) 1.30% 1.50%(5)
- ----------------------------------------------------------------------------
Portfolio turnover rate(6) 32.0% 70.7% 38.7%(5)
Average brokerage commission
rate(7) $ 0.0387 $ 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 June 30, 1997 were $20,132,821 and $13,050,261, 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.
85
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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. The Fund's investment adviser is
OppenheimerFunds, Inc. (the Manager). 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 Massachusetts Mutual Life Insurance Company, 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 an
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 (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from its 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 fiscal year in which the income or realized gain
was recorded by the Fund.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
86
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
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:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, 1996
------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------
Sold 28,682,662 $ 52,982,918 93,916,426 $ 168,995,348
Dividends and distributions reinvested 78,007,645 134,173,150 5,232,785 9,329,203
Redeemed (37,913,202) (70,498,277) (79,306,418) (143,389,085)
----------- ------------ ----------- -------------
Net increase 68,777,105 $116,657,791 19,842,793 $ 34,935,466
----------- ------------ ----------- -------------
----------- ------------ ----------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1997, net unrealized appreciation on investments of $115,867,397 was
composed of gross appreciation of $121,735,645, and gross depreciation of
$5,868,248.
- --------------------------------------------------------------------------------
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 average annual net assets and 0.45% of average annual net assets in
excess of $600 million. 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.
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1997, investments in securities included issues that are illiquid or
restricted. Restricted securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Directors as reflecting fair value. A security may be considered
illiquid if it lacks a readily-available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or restricted securities
subject to this limitation at June 30, 1997 was $17,050,216, which represents
1.41% of the Fund's net assets.
87
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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. The Fund's investment adviser is OppenheimerFunds,
Inc. (the Manager). 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 Massachusetts Mutual Life Insurance Company, 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 an
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 its 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 fiscal year in which the
income or realized gain 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.
88
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (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:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, 1996
------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------
Sold 24,645,499 $ 73,922,072 55,608,996 $149,864,357
Dividends and distributions reinvested 18,597,005 52,629,524 1,696,733 4,511,263
Redeemed (10,235,859) (30,318,504) (21,454,970) (57,911,119)
----------- ------------ ----------- ------------
Net increase 33,006,645 $ 96,233,092 35,850,759 $ 96,464,501
----------- ------------ ----------- ------------
----------- ------------ ----------- ------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1997, net unrealized appreciation on investments of $137,854,334 was
composed of gross appreciation of $140,187,180, and gross depreciation of
$2,332,846.
- --------------------------------------------------------------------------------
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 average annual net assets, 0.50% of the next $100 million and 0.45%
of average annual net assets in excess of $400 million. 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.
89
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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. The Fund's investment adviser
is OppenheimerFunds, Inc. (the Manager). 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 Massachusetts Mutual Life Insurance Company, 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 an
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 (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 its 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 fiscal year in which the income or realized gain was recorded by
the Fund.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date). Discount on securities purchased is amortized
over the life of the respective securities, in accordance with federal income
tax requirements. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis, which
is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
90
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, 1996
---------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
Sold 922,601 $ 988,118 3,228,090 $ 3,411,359
Dividends and distributions reinvested 1,434,641 1,463,333 13,298 13,793
Redeemed (1,880,236) (1,996,043) (4,728,604) (4,998,787)
---------- ---------- ---------- -----------
Net increase (decrease) 477,006 $ 455,408 (1,487,216) $(1,573,635)
---------- ---------- ---------- -----------
---------- ---------- ---------- -----------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1997, net unrealized depreciation on investments of $84,776 was
composed of gross appreciation of $209,146, and gross depreciation of $293,922.
- --------------------------------------------------------------------------------
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 average annual net assets, 0.50% of the next $100 million and 0.45%
of average annual net assets in excess of $400 million. 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.
91
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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. The Fund's investment adviser is
OppenheimerFunds, Inc. (the Manager). 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 Massachusetts Mutual Life Insurance Company, 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 an
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
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from its 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 fiscal year in which the income or realized gain
was recorded by the Fund.
92
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, 1996
----------------------- ------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------
Sold 7,378,619 $ 9,403,466 17,318,472 $ 21,135,395
Dividends and distributions reinvested 1,293,541 1,578,120 447,471 554,916
Redeemed (2,302,542) (2,915,953) (8,899,447) (11,097,041)
---------- ----------- ---------- ------------
Net increase 6,369,618 $ 8,065,633 8,866,496 $ 10,593,270
---------- ----------- ---------- ------------
---------- ----------- ---------- ------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1997, net unrealized appreciation on investments of $13,900,742 was
composed of gross appreciation of $15,342,167, and gross depreciation of
$1,441,425.
- --------------------------------------------------------------------------------
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 average annual net assets and 0.90% of average annual net assets in
excess of $250 million. 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.
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.
Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss upon
the closing or settlement of the forward transaction.
93
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS (CONTINUED)
Securities held in segregated accounts to cover net exposure on outstanding
forward contracts are noted in the Statement of Investments where applicable.
Unrealized appreciation or depreciation on forward contracts is reported in the
Statement of Assets and Liabilities. Realized gains and losses are reported with
all other foreign currency gains and losses in the Fund's Statement of
Operations.
Risks include the potential inability of the counterparty to meet the terms of
the contract and unanticipated movements in the value of a foreign currency
relative to the U.S. dollar.
At June 30, 1997, the Fund had outstanding forward contracts to sell foreign
currencies as follows:
<TABLE>
<CAPTION>
CONTRACT VALUATION AS
EXPIRATION AMOUNT OF UNREALIZED
CONTRACTS DATES (000'S) JUNE 30, 1997 APPRECIATION
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------
Danish Krone (DKK) 7/1/97-7/2/97 4,418 DKK $666,359 $1,230
</TABLE>
94
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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. The Fund's investment adviser is
OppenheimerFunds, Inc. (the Manager). 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 Massachusetts Mutual Life Insurance Company, 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 an
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.
- --------------------------------------------------------------------------------
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
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from its 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 fiscal year in which the income or realized gain
was recorded by the Fund.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
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.
95
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
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:
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE YEAR ENDED
30, 1997 DECEMBER 31, 1996
--------------------- ----------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
Sold 1,763,532 $1,930,433 2,767,203 $2,918,049
Dividends and distributions reinvested 1,129,658 1,197,438 239,497 249,385
Redeemed (576,614) (636,066) (383,462) (407,006)
--------- ---------- ---------- ----------
Net increase 2,316,576 $2,491,805 2,623,238 $2,760,428
--------- ---------- ---------- ----------
--------- ---------- ---------- ----------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1997, net unrealized appreciation on investments of $1,426,535 was
composed of gross appreciation of $1,614,621, and gross depreciation of
$188,086.
- --------------------------------------------------------------------------------
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 average annual net assets and 0.65% of average annual net assets in
excess of $250 million. 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.
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1997, investments in securities included issues that are illiquid or
restricted. Restricted securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Directors as reflecting fair value. A security may be considered
illiquid if it lacks a readily-available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or restricted securities
subject to this limitation at June 30, 1997 was $391,210, which represents 1.40%
of the Fund's net assets.
96
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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. The Fund's investment adviser is
OppenheimerFunds, Inc. (the Manager). 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 Massachusetts Mutual Life Insurance Company, 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 an
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 foreign 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
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from its 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 fiscal year in which the income or realized gain
was recorded by the Fund.
97
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 200 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, 1996
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
Sold 5,544,987 $ 6,441,116 11,771,412 $13,270,683
Dividends and distributions reinvested 1,559,895 1,747,083 324,756 364,414
Redeemed (1,657,041) (1,895,436) (2,368,019) (2,643,615)
---------- ----------- ---------- -----------
Net increase 5,447,841 $ 6,292,763 9,728,149 $10,991,482
---------- ----------- ---------- -----------
---------- ----------- ---------- -----------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1997, net unrealized appreciation on investments of $6,922,295 was
composed of gross appreciation of $7,634,437, and gross depreciation of
$712,142.
- --------------------------------------------------------------------------------
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 average annual net assets and 0.75% of average annual net assets in
excess of $250 million. 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.
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1997, investments in securities included issues that are illiquid or
restricted. Restricted securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Directors as reflecting fair value. A security may be considered
illiquid if it lacks a readily-available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or restricted securities
subject to this limitation at June 30, 1997 was $331,388, which represents 0.56%
of the Fund's net assets.
98
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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. The Fund's investment adviser is OppenheimerFunds, Inc.
(the Manager). 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
Massachusetts Mutual Life Insurance Company, 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 an
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 foreign 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
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from its 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 fiscal year in which the income or realized gain
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.
99
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 200 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE YEAR ENDED
30, 1997 DECEMBER 31, 1996
--------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------
Sold 6,261,673 $7,604,851 12,599,280 $14,877,614
Dividends and distributions reinvested 1,229,889 1,426,671 236,570 278,563
Redeemed (670,646) (797,190) (4,035,039) (4,713,523)
--------- ---------- ---------- -----------
Net increase 6,820,916 $8,234,332 8,800,811 $10,442,654
--------- ---------- ---------- -----------
--------- ---------- ---------- -----------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1997, net unrealized appreciation on investments of $7,243,896 was
composed of gross appreciation of $7,939,476, and gross depreciation of
$695,580.
- --------------------------------------------------------------------------------
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 average annual net assets and 0.75% of average annual net assets in
excess of $250 million. 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.
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1997, investments in securities included issues that are illiquid or
restricted. Restricted securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Directors as reflecting fair value. A security may be considered
illiquid if it lacks a readily-available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or restricted securities
subject to this limitation at June 30, 1997 was $217,293, which represents 0.41%
of the Fund's net assets.
100
<PAGE>
PANORAMA SERIES FUND, INC.
<TABLE>
<S> <C>
- ------------------------------------------------------------------------------------------------------
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 State Street Bank and Trust Company
SECURITIES
- ------------------------------------------------------------------------------------------------------
INDEPENDENT AUDITORS Deloitte & Touche LLP
- ------------------------------------------------------------------------------------------------------
LEGAL COUNSEL Myer, Swanson, Adams & Wolf, P. C.
The financial statements included herein have been taken from the records
of the Fund without examination by the independent auditors.
This is a copy of a report to shareholders of Panorama Series Fund, Inc.
This report must be preceded or accompanied by a Prospectus of Panorama
Series Fund, Inc. For material information concerning the Funds, see the
Prospectus.
Shares of Oppenheimer funds are not deposits or obligations of any bank,
are not guaranteed by any bank, and are not insured by the FDIC or any
other agency, and involve investment risks, including possible loss of the
principal amount invested.
</TABLE>
101
