<PAGE>
PANORAMA SERIES FUNDS
ANNUAL REPORT
DECEMBER 31, 1997
[LOGO]
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
OBJECTIVE
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 Panorama Series Total Return Portfolio, which is a dynamic mixture of
stocks, bonds and cash, produced an average annual total return, without
considering insurance product charges, of 18.81% for the one-year period ended
December 31, 1997.1 The Fund is considered a "flexibly managed asset allocation
fund", as opposed to a "balanced fund" which has a relatively fixed allocation
among asset classes.
Despite recurrent volatility, both the stock and bond markets were relatively
strong for much of the year. After the Federal Reserve Board increased interest
rates in March, the stock market suffered a decline from which it didn't fully
recover until early May. Starting in June, however, the stock market posted a
string of new highs, with the Dow Jones Industrial Average ultimately topping
8200 before a brief correction in August. In October, the Asian currency crisis
created turmoil in stock and bond markets around the world. The Dow suffered its
biggest one-day decline ever on October 27, 1997, but quickly regained nearly
all of its losses over the succeeding days, finally heading back close to 8000.
Financial services, technology and retail stocks were among our most successful
investments during the period. The financial services sector, including banks,
insurance companies and diversified financial services providers, has benefited
from the continuing bull market, as well as ongoing industry consolidation. In
technology, a major computer manufacturer posted surprisingly high earnings for
the period, as it increased market share and expanded the percentage of its high
end business. The retail area has benefited from a strong U.S. economy, from
industry consolidation, and from recent events in Asia which have focused
attention on companies with more domestically oriented earnings.
One disappointing area was electric utilities. The electric utility industry
continues to post sluggish earnings growth, making it unattractive to investors.
In addition, investors remain concerned about the impact of deregulation in the
electric utility industry on stock prices, because deregulation typically
pressures corporate profits.
The fixed-income portion of our portfolio posted solid results despite market
volatility. We began the year in a modestly defensive position, with a large
weighting in shorter-maturity bonds. In April, as growth moderated and inflation
remained benign, we began shifting into some longer-maturity bonds to enhance
yield. At the period's end, the Fund's fixed income holdings were predominately
intermediate term, with an average maturity of about 8 years and a AA average
credit rating. Because we believe that interest rates will continue to decline,
we have maintained a longer-than-average portfolio "duration." Longer duration
makes the portfolio more sensitive to interest rate changes.
Going forward, we are cautiously optimistic about the financial markets.
Although stocks continue to be high priced, inflation is at a 32-year low,
economic growth appears moderate and interest rates may decline further, which
could be advantageous for both the stock and bond markets. Whatever happens, we
remain committed to our proven style of selecting and allocating the Fund's
assets among stocks, bonds and money market investments. In stocks we employ a
bottom-up, quantitatively-based 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. In the
fixed-income area we seek out high quality bonds issued by companies with
stable-to-improving credit quality. We continue to 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 would have been lower if these charges were
taken into account.
2. The Fund's portfolio is subject to change.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
OBJECTIVE
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
Panorama Series Growth Portfolio had a strong year, producing an average annual
total return, without considering insurance product charges, of 26.37%(1) for
the one-year period ended December 31, 1997.
As we expected, the past year was characterized by significant volatility. The
stock market declined nearly 10% in March, rebounded in April and May, and set
new records in June. Then troubles in the Asian currency markets, which began
during the summer and helped cause a modest correction in August, escalated to
crisis dimensions in October. This created turmoil in almost all the financial
markets around the world, leading, on October 27, 1997, to the biggest one-day
decline ever in the Dow Jones Industrial Average. However, the Dow recovered
very quickly and, perhaps buoyed by a still-strong, virtually inflation-free
U.S. economy, ended the year strongly.
Our biggest successes were in the finance, technology and retail sectors. In the
financial area, for example, Travelers Group, the insurance and stock brokerage
conglomerate, has done extremely well over the past year. The company, which
already owns Smith Barney, made headlines with its purchase of Salomon, Inc.,
the Wall Street investment banking firm (a stock we also owned prior to the
acquisition). Many Wall Street analysts believe that the Travelers' CEO will
manage the combined company efficiently and improve profitability. Indeed, Mr.
Weill has a long track record of buying companies and making them more
efficient. At the same time, the fundamentals of Travelers itself have been
improving. The bull market for stocks has naturally benefited Smith Barney, and
the strong U.S. economy has strengthened the company's consumer lending and
insurance divisions.
In technology, companies involved in the personal computer industry performed
very well for most of the year. One example would be Compaq Computer, which has
been quickly increasing market share, as well as expanding the percentage of its
high-end business. Although technology as a group had a very strong year, they
lost some ground in the fourth quarter when some companies reported
disappointing earnings.(2)
In retail, stocks benefited from an unexpectedly strong U.S. economy and
continuing industry consolidation. In addition, the group was helped by a fourth
quarter investor move toward companies with primarily domestic U.S. businesses
as turmoil in Asia complicated the picture for many firms with substantial
international sales.
The most disappointing sector was utilities, though the Fund didn't have a big
weighting there. In the electric utility industry, earnings growth has been
slower than most other segments of the stock market, which has made them
unattractive. In addition to sluggish earnings, the specter of deregulation in
the electric utility industry has caused a high level of uncertainty.
Going forward, we are cautiously optimistic about the stock market. Although
stocks continue to be high priced, inflation is at a 32-year low, economic
growth appears moderate and interest rates may decline further, which could be
advantageous for the securities markets.
We remain committed to our time-tested strategy of buying undervalued stocks
with better-than-anticipated earnings. 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. By
adhering to our discipline, and not compromising our standards in response to
short-term market moves, we feel we can continue to make the investment
decisions that will benefit the Fund's shareholders over the long term.
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 insurance
product charges. Such performance would have been lower if these charges were
taken into account.
2. The Fund's portfolio is subject to change.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
OBJECTIVE
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO seeks 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.
NARRATIVE BY JERRY WEBMAN, PORTFOLIO MANAGER
Government Securities Portfolio produced an average annual total return of 8.82%
for the one-year period ended 12/31/97.(1) These results reflect changes in
share price, plus reinvested income distributions, but are calculated before
insurance product charges.
The Fund seeks conservative investments that provide an attractive, steady yield
while minimizing risks and volatility. Although during the second half of 1997
many types of bonds experienced significant degrees of volatility, the
securities held by this Fund performed well.
The Fund's stable performance has largely been a function of the economy's
continued balance between strong growth and low inflation. Strong economic
growth usually raises the specter of rising interest rates, while low inflation
is usually accompanied by falling interest rates. For 1997, the result has been
a sustained period of relatively narrow interest rate fluctuations and a
corresponding cap on volatility in the bond markets.
Within this range, however, the bond market has experienced several notable
corrections and rallies. In February and March, the bond market traded off
significantly as the economy showed stronger than expected growth. In March, the
Federal Reserve Board raised short-term interest rates a modest one quarter of
one percent to ward off inflation. The market recovered somewhat, stabilized,
and then rallied as growth appeared to slow. Many investors and analysts began
referring to a "Goldilocks economy" - neither too hot nor too cold, but "just
right." Stronger economic numbers led to a sell off in August. By September,
Federal Reserve Board Chairman Greenspan was warning of the possibility that
rates might need to be raised again. However, difficulties in the Asian
economies and a temporary sell-off in U.S., equities reduced the likelihood of a
rate rise and sparked a bond rally in the last quarter of the year.
While these events have posed challenges for the Fund, they have also created
opportunities. A relatively stable environment works well for the mixture of
securities held by the Fund. We have achieved good returns from
government-backed discount mortgage instruments, short-term Treasury bonds and a
relatively small position in high-grade corporate bonds. Mortgage instruments in
particular have outperformed during the Asian crisis.
Looking ahead, we believe the bond market will need evidence of domestic
economic weakening to continue to rally. That evidence may or may not
materialize. Currently, we do not plan to take an aggressive position either
way. The Fund's mortgage position is currently modestly underweighted since
these securities usually underperform in an environment of falling interest
rates. We may find an opportunity to add to our mortgage position in the first
quarter of 1998. However, our general view is that interest rates are likely to
remain stable to lower over the next six months. We will continue to manage the
Fund to maximize returns in a low volatility environment while avoiding interest
rate risk in more volatile situations.
As always, we appreciate the trust you have placed in us. We will continue to
pursue the Fund's stated investment objectives with discipline and tenacity so
that Panorama Series Fund, Inc. - Government Securities Portfolio remains an
effective instrument in helping you meet your financial goals...part of THE
RIGHT WAY TO INVEST.
- ----------------------------
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.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
OBJECTIVE
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, FUND MANAGER
Panorama Series Fund International Equity Portfolio performed well during 1997.
For the one-year period ended December 31, 1997, the Fund provided a total rate
of return of 8.11%.(1) These results reflect changes in share price, plus
reinvested income distributions, but are calculated before insurance product
charges are considered.
While the performance of the international markets was mixed in 1997, our
investment approach, which emphasizes individual opportunities rather than
specific international regions, worked quite well. Our approach helped us avoid
the trouble spots in the global equity markets and participate where prospects
were brightest.
With that said, we believe it is important to understand the environment in
which we operated. That's because 1997 was an extraordinarily difficult year for
some of the world's stock markets and a strong year for others. For example,
European markets provided attractive returns, the result of increased investor
confidence in the early stages of an economic recovery. Another major theme
driving Europe's markets has been the corporate restructuring taking place as
companies prepare for the debut of the European Monetary Union on January 1,
1999. In contrast, most Asian markets did very poorly. In Japan, a prolonged
economic recession kept stock prices depressed, and the emerging markets of
Southeast Asia declined sharply between July and October in the wake of currency
devaluations. And though our holdings in Hong Kong benefited the fund during the
period, we held only a few minor positions in markets such as Indonesia and
Thailand, so our exposure to the Asian sell-off was limited.(2)
In this environment, we focused primarily on companies in Europe. In fact, as of
year-end, approximately 68% of assets were allocated to Europe, the largest
component of which was 25% in the United Kingdom. In contrast, European
companies comprised just 49% of the portfolio at the start of the year.
Conversely, our investments in Asia, which represented about 46% of the Fund
when 1997 began, was reduced to approximately 25% by year-end.
One of the Fund's holdings, a German sporting goods manufacturer, refocused its
business on footwear and sporting apparel. Their stock rose when it announced a
merger with a French ski manufacturer. Another significant contributor to the
Fund's performance was Telecom Italia Mobile, the leading mobile services
provider in Italy, which is in the forefront of the fast-growing wireless
communication industry.
In Japan, some well-known international holdings have done well, including Sony.
Because this company derives much of its revenue from overseas markets, they
have been able to avoid the domestic problems plaguing many other Japanese
companies.
Looking forward, we are optimistic about Europe's prospects, but cautious
regarding the Asian markets. We're finding some particularly interesting
opportunities in small- and medium-sized companies, where we believe valuations
are very reasonable and share prices should begin to catch up to some of the
larger names.
Regardless of where attractive opportunities can be found, we plan to remain
focused on our disciplined investment approach. We seek to buy companies with
long-term track records, strong finances and talented management. By limiting
our investments to companies meeting these criteria, we also hope to reduce the
political and economic risks that affect the international stock markets.
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 insurance
product charges. Such performance would have been lower if these charges were
taken into account.
2. The Fund's portfolio is subject to change.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN PORTFOLIOS
OBJECTIVE
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO seeks
long-term capital appreciation by investing in a strategically allocated
portfolio consisting primarily of stocks. Current income is not a primary
consideration.
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO seeks a blend of
capital appreciation and income by investing in a strategically allocated
portfolio of stocks and bonds with a slightly stronger emphasis on stocks.
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO seeks high
current income, with opportunities for capital appreciation by investing in a
strategically allocated portfolio consisting primarily of bonds.
NARRATIVE BY PORTFOLIO MANAGEMENT TEAM
The U.S. securities markets entered 1997 strongly, as the economy continued its
robust growth and inflation remained almost invisible. Fearing growth was too
strong, the Federal Reserve Board raised short-term interest rates modestly in
March, generating high volatility in both the stock and bond markets. As a
result, the stock market suffered a nearly 10% decline in March. However, it
rebounded in April, fully recovered in May, and proceeded to set new record
highs in June. During a single week in June, the Dow Jones Industrial Average,
the most widely followed index, set closing records every day. That same week,
the S&P 500 Index, which tracks large, blue chip companies, the Russell 2000
Index, which tracks small company performance, and the New York Stock Exchange
all set closing highs. The positive pace continued through most of July, before
a brief correction interrupted the bullish move in August.
Trouble was brewing in Asia, though, where widespread currency troubles finally
escalated to crisis dimensions in October. This created turmoil in almost all
the financial markets around the world. On October 27, 1997, the Dow experienced
its largest one-day point decline ever. However, nearly all of the lost ground
was quickly regained over the succeeding days, and the Dow headed back above the
8000 mark first reached in the summer. The bond market also experienced wide
price swings, as investors jumped back and forth between stocks and bonds.
As the calendar and the fiscal year for the Panorama LifeSpan portfolios ended,
U.S. markets were performing strongly, encouraged by what seemed to be a
still-strong, virtually inflation-free U.S. economy. 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 over
the past year. 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, both in the U.S. and overseas - in different
proportions, the LifeSpan portfolios can help investors meet their appropriate
investment goals, whether they are aggressive, moderate or conservative.
The Capital Appreciation Portfolio finished 1997 very strongly. A relatively
large number of stocks in the financial sector did well, as the continuing bull
market benefited a wide range of financial firms. Technology industries also did
very well, especially those companies involved in the personal computer
businesses. Overall, for the one-year period, the strongest performers were the
large cap stocks in the GROWTH/INCOME and VALUE/GROWTH segments. The SMALL-CAP
EQUITY component ended the year positively, as small company stocks staged a
rally in the final months of the year. Returns from the portfolio's
INTERNATIONAL EQUITY component were moderately positive. Although the year was
difficult for overseas stocks in general, the Fund benefited because its
investments were able to almost entirely avoid the difficulties in Southeast
Asia. The HIGH YIELD segment offered good, though volatile returns, especially
in strong growth sectors such as telecommunications technology, and our
GOVERNMENT/CORPORATE BOND component performed well in the controlled,
non-inflationary growth environment in the United States.(1)
The Balanced Portfolio, with approximately 55% weighting in stocks, benefited
significantly from the advances of the stock market over the one-year period.
The largest gains were in the VALUE/GROWTH and GROWTH/INCOME components, which
benefited from the performance of financial and technology stocks. The SMALL-CAP
EQUITY and INTERNATIONAL components also made positive contributions to the
Fund's returns. The late rally in the bond markets helped boost returns from the
HIGH YIELD, SHORT TERM BOND and GOVERNMENT/CORPORATE BOND components.(1)
The Diversified Income Portfolio enjoyed favorable returns over the past year,
aided by the non-inflationary growth environment in the U.S. That's because when
inflation is low, interest rates generally stay low and bond prices remain
stable. The portfolio's strongest performer was the GROWTH/INCOME segment, which
benefited from overall superior stock market returns. The HIGH YIELD BOND
segment also was a positive contributor, fueled by favorable returns in the
telecommunications sector. The CORPORATE/GOVERNMENT BOND and SHORT-TERM BOND
components posted solid results despite the volatility in the bond market.(1)
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 Fund's portfolio is subject to change. Past performance is no guarantee
of future results.
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 48.8%
- -----------------------------------------------------------------
BASIC MATERIALS - 1.2%
- -----------------------------------------------------------------
METALS - 0.4%
Allegheny Teledyne, Inc. 185,200 $ 4,792,050
- -----------------------------------------------------------------
PAPER - 0.8%
Fort James Corp. 272,375 10,418,344
- -----------------------------------------------------------------
CONSUMER CYCLICALS - 6.3%
- -----------------------------------------------------------------
AUTOS & HOUSING - 0.9%
Goodyear Tire & Rubber Co. 86,300 5,490,837
- -----------------------------------------------------------------
Lear Corp.(1) 128,300 6,094,250
--------------
11,585,087
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LEISURE & ENTERTAINMENT - 2.2%
Alaska Air Group, Inc.(1) 147,400 5,711,750
- -----------------------------------------------------------------
America West Holdings Corp., Cl.
B(1) 238,400 4,440,200
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AMR Corp.(1) 88,500 11,372,250
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Hasbro, Inc. 106,500 3,354,750
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Outback Steakhouse, Inc.(1) 121,800 3,501,750
--------------
28,380,700
- -----------------------------------------------------------------
RETAIL: GENERAL - 2.3%
Dayton Hudson Corp. 123,800 8,356,500
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Federated Department Stores,
Inc.(1) 218,900 9,426,381
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Penney (J.C.) Co., Inc. 183,000 11,037,187
--------------
28,820,068
- -----------------------------------------------------------------
RETAIL: SPECIALTY - 0.9%
Brylane, Inc.(1) 66,900 3,294,825
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Payless ShoeSource, Inc.(1) 122,800 8,242,950
--------------
11,537,775
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CONSUMER NON-CYCLICALS - 3.8%
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FOOD - 1.6%
Kroger Co.(1) 314,700 11,624,231
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Safeway, Inc.(1) 136,100 8,608,325
--------------
20,232,556
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HEALTHCARE/SUPPLIES & SERVICES -
0.9%
Tenet Healthcare Corp.(1) 265,020 8,778,787
- -----------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 75,400 3,185,650
--------------
11,964,437
- -----------------------------------------------------------------
HOUSEHOLD GOODS - 1.3%
Dial Corp. (The) 295,200 6,143,850
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Premark International, Inc. 368,300 10,680,700
--------------
16,824,550
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
ENERGY - 5.7%
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ENERGY SERVICES & PRODUCERS - 2.3%
Diamond Offshore Drilling, Inc. 186,300 $ 8,965,687
- -----------------------------------------------------------------
Global Marine, Inc.(1) 235,700 5,774,650
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Oryx Energy Co.(1) 269,900 6,882,450
- -----------------------------------------------------------------
Tidewater, Inc. 132,700 7,315,087
--------------
28,937,874
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OIL-INTEGRATED - 3.4%
Amoco Corp. 71,200 6,060,900
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Chevron Corp. 161,700 12,450,900
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Exxon Corp. 82,500 5,047,969
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Mobil Corp. 143,600 10,366,125
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Occidental Petroleum Corp. 335,000 9,819,687
--------------
43,745,581
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FINANCIAL - 11.9%
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BANKS - 4.3%
BankAmerica Corp. 117,500 8,577,500
- -----------------------------------------------------------------
BankBoston Corp. 144,600 13,583,362
- -----------------------------------------------------------------
First Union Corp. 260,500 13,350,625
- -----------------------------------------------------------------
NationsBank Corp. 94,600 5,752,862
- -----------------------------------------------------------------
Wells Fargo & Co. 40,100 13,611,444
--------------
54,875,793
- -----------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.4%
Crescent Real Estate Equities, Inc. 214,500 8,445,938
- -----------------------------------------------------------------
Money Store, Inc. (The) 118,100 2,480,100
- -----------------------------------------------------------------
Morgan Stanley, Dean Witter,
Discover & Co. 102,600 6,066,225
- -----------------------------------------------------------------
Travelers Group, Inc. 262,646 14,150,053
--------------
31,142,316
- -----------------------------------------------------------------
INSURANCE - 5.2%
Allstate Corp. 85,000 7,724,375
- -----------------------------------------------------------------
Chubb Corp. 135,600 10,254,750
- -----------------------------------------------------------------
Conseco, Inc. 293,300 13,326,819
- -----------------------------------------------------------------
Equitable Cos., Inc. 269,000 13,382,750
- -----------------------------------------------------------------
Torchmark Corp. 239,800 10,086,588
- -----------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 270,300 11,893,200
--------------
66,668,482
- -----------------------------------------------------------------
INDUSTRIAL - 8.4%
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INDUSTRIAL SERVICES - 0.5%
Viad Corp. 297,400 5,743,538
- -----------------------------------------------------------------
MANUFACTURING - 7.4%
Aeroquip-Vickers, Inc. 109,600 5,377,250
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
MANUFACTURING (CONTINUED)
AGCO Corp. 302,900 $ 8,859,825
- -----------------------------------------------------------------
Case Corp. 173,900 10,510,081
- -----------------------------------------------------------------
Deere & Co. 251,800 14,683,088
- -----------------------------------------------------------------
Ingersoll-Rand Co. 184,100 7,456,050
- -----------------------------------------------------------------
PACCAR, Inc. 248,700 13,056,750
- -----------------------------------------------------------------
Parker-Hannifin Corp. 143,800 6,596,825
- -----------------------------------------------------------------
Textron, Inc. 231,800 14,487,500
- -----------------------------------------------------------------
U.S. Industries, Inc. 458,050 13,798,756
--------------
94,826,125
- -----------------------------------------------------------------
TRANSPORTATION - 0.5%
Burlington Northern Santa Fe Corp. 68,100 6,329,044
- -----------------------------------------------------------------
TECHNOLOGY - 6.3%
- -----------------------------------------------------------------
AEROSPACE/DEFENSE - 1.0%
General Dynamics Corp. 69,700 6,024,694
- -----------------------------------------------------------------
Lockheed Martin Corp. 69,051 6,801,524
--------------
12,826,218
- -----------------------------------------------------------------
COMPUTER HARDWARE - 3.7%
CHS Electronics, Inc.(1) 73,650 1,261,256
- -----------------------------------------------------------------
Compaq Computer Corp. 185,900 10,491,731
- -----------------------------------------------------------------
International Business Machines
Corp. 116,600 12,191,988
- -----------------------------------------------------------------
Lexmark International Group, Inc.,
Cl. A(1) 92,500 3,515,000
- -----------------------------------------------------------------
Storage Technology Corp. (New)(1) 324,300 20,086,331
--------------
47,546,306
- -----------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 0.7%
Electronic Data Systems Corp. 161,000 7,073,938
- -----------------------------------------------------------------
Symantec Corp.(1) 63,200 1,386,450
--------------
8,460,388
- -----------------------------------------------------------------
ELECTRONICS - 0.7%
National Semiconductor Corp.(1) 83,900 2,176,156
- -----------------------------------------------------------------
SCI Systems, Inc.(1) 154,400 6,726,050
--------------
8,902,206
- -----------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
0.2%
Bay Networks, Inc.(1) 66,200 1,692,238
- -----------------------------------------------------------------
Dycom Industries, Inc.(1) 56,900 1,226,906
--------------
2,919,144
- -----------------------------------------------------------------
UTILITIES - 5.2%
- -----------------------------------------------------------------
ELECTRIC UTILITIES - 0.8%
FPL Group, Inc. 171,400 10,144,738
- -----------------------------------------------------------------
GAS UTILITIES - 1.7%
Columbia Gas System, Inc. 282,700 22,209,619
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
TELEPHONE UTILITIES - 2.7%
Bell Atlantic Corp. 144,600 $ 13,158,600
- -----------------------------------------------------------------
Century Telephone Enterprises, Inc. 50,600 2,520,513
- -----------------------------------------------------------------
Frontier Corp. 140,500 3,380,781
- -----------------------------------------------------------------
U S West Communications Group 336,400 15,180,050
--------------
34,239,944
--------------
Total Common Stocks (Cost
$545,906,403) 624,072,883
PRINCIPAL
AMOUNT
- -----------------------------------------------------------------
ASSET-BACKED SECURITIES - 1.0%
- -----------------------------------------------------------------
IROQUOIS Trust, Asset-Backed
Amortizing Nts., Series 1997-2, Cl.
A, 6.752%, 6/25/07(2) $ 4,500,000 4,515,996
- -----------------------------------------------------------------
Olympic Automobile Receivables
Trust:
Receivables-Backed Nts., Series
1997-A, Cl. A5, 6.80%, 2/15/05 4,050,000 4,104,919
Series 1996-A, Cl. A4, 5.85%,
7/15/01 4,000,000 3,991,250
--------------
Total Asset-Backed Securities (Cost
$12,519,787) 12,612,165
- -----------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 7.3%
- -----------------------------------------------------------------
BankAmerica Manufactured Housing
Contract Trust Sr. Sub.
Pass-Through Certificates, Series
1996-1, Cl. A1, 6.125%, 10/10/26 846,547 846,679
- -----------------------------------------------------------------
Chase Commercial Mortgage
Securities Corp., Commercial Mtg.
Obligations, Series 1996-1, Cl. A2,
7.60%, 3/18/06 6,000,000 6,202,383
- -----------------------------------------------------------------
Contimortgage Home Equity Loan
Trust, Series 1995-2, Cl. A2,
7.95%, 4/15/10 33,936 33,916
- -----------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, Series 1711, Cl. EA,
7%, 3/15/24 3,750,000 3,810,937
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, Series 1987, Cl. K,
7.50%, 9/15/27(2) 4,000,000 3,970,000
Gtd. Multiclass Mtg. Participation
Certificates, 6%, 3/1/09 3,464,343 3,439,365
Gtd. Multiclass Mtg. Participation
Certificates, Series 1337, Cl. D,
6%, 8/15/07 3,000,000 2,940,000
Gtd. Multiclass Mtg. Participation
Certificates, Series 1574, Cl. PD,
5.55%, 3/15/13 686,854 684,918
Gtd. Multiclass Mtg. Participation
Certificates, Series 1694, Cl. PG,
5.75%, 12/15/21 5,000,000 4,925,000
Gtd. Multiclass Mtg. Participation
Certificates, Series 1820, Cl. PL,
5.75%, 7/15/06 4,880,000 4,835,738
Gtd. Multiclass Mtg. Participation
Certificates, Series 1843, Cl. VB,
7%, 4/15/03 3,578,600 3,671,393
Gtd. Multiclass Mtg. Participation
Certificates, Series 1849, Cl. VA,
6%, 12/15/10 4,538,091 4,515,401
Gtd. Multiclass Mtg. Participation
Certificates, Series 1994-43, Cl.
PE, 6%, 12/25/19 2,950,000 2,936,165
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
6.65%, 1/15/20(3) 8,345,178 1,255,037
- -----------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 2,830,995 2,814,519
6.50%, 2/1/26 263,014 260,258
6.50%, 2/1/26 241,608 239,077
6.50%, 2/1/26 343,636 340,681
6.50%, 2/1/26 136,599 135,424
6.50%, 2/1/26 1,019,881 1,009,194
6.50%, 3/1/26 451,849 447,114
6.50%, 4/1/24 544,722 540,375
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
<S> <C> <C>
- -----------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS
(CONTINUED)
- -----------------------------------------------------------------
Federal National Mortgage Assn.:
(Continued)
6.50%, 4/1/26 $ 325,537 $ 322,125
7%, 4/1/00 980,077 986,948
7.50%, 11/1/08 163,746 168,768
7.50%, 12/1/08 293,339 302,336
7.50%, 2/1/08 313,342 322,106
7.50%, 4/1/08 142,596 146,198
7.50%, 5/1/07 184,084 188,734
7.50%, 8/1/08 270,422 277,987
8%, 3/1/17 155,891 163,330
8%, 6/1/17 108,130 113,290
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, Series 1992-15, Cl.
KZ, 7%, 2/25/22 2,253,787 2,182,635
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Trust 1993-181, Cl. C, 5.40%,
10/25/02 848,466 843,690
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Trust 1993-190, Cl. Z, 5.85%,
7/25/08 1,492,065 1,481,575
Interest-Only Stripped Mtg.-Backed
Security, Trust 1993-223, Cl. PM,
7.309%, 10/25/23(3) 8,202,184 1,243,123
- -----------------------------------------------------------------
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 4,438,551
- -----------------------------------------------------------------
Government National Mortgage Assn.:
6.50%, 4/15/26 2,865,526 2,837,559
6.50%, 4/15/26 925,268 916,238
6.50%, 4/15/26 946,176 936,942
7%, 1/15/24 696,612 704,519
7%, 11/15/08 311,912 319,315
7%, 12/15/08 401,108 410,250
7%, 12/15/23 494,068 499,982
7%, 2/15/09 428,596 438,767
7%, 6/15/09 295,013 301,737
7.50%, 1/15/09 476,358 491,830
7.50%, 1/15/10 713,564 736,520
7.50%, 1/15/23 310,489 319,100
7.50%, 10/15/23 52,186 53,633
7.50%, 11/15/23 749,719 770,509
7.50%, 3/15/09 542,002 559,607
7.50%, 3/15/23 22,697 23,327
7.50%, 6/15/09 657,995 679,164
7.50%, 6/15/23 43,117 44,313
7.50%, 6/15/24 766,843 787,633
7.50%, 8/15/23 1,853,068 1,904,455
7.50%, 8/15/23 37,362 38,398
7.50%, 9/15/23 46,865 48,165
7.50%, 9/15/23 40,794 41,926
8%, 5/15/17 278,965 293,184
8%, 5/15/17 795,960 836,531
- -----------------------------------------------------------------
Green Tree Financial Corp., Series
1994-7, Cl. A3, 8%, 3/15/20 917,092 921,100
- -----------------------------------------------------------------
Housing Securities, Inc., Series
1994-3, Cl. A3, 7.25%, 9/25/12(2) 264,912 265,161
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS
(CONTINUED)
- -----------------------------------------------------------------
Norwest Asset Securities Corp.,
Mtg. Pass-Through Certificates,
Series 1997-14, Cl. A3, 6.75%,
10/25/27 $ 5,000,000 $ 5,023,438
- -----------------------------------------------------------------
PNC Mortgage Securities Corp.,
Commercial Mtg. Pass-Through
Certificates,
Series 1995-2, Cl. A3, 6.50%,
2/25/12 4,000,000 4,007,656
- -----------------------------------------------------------------
Prudential Home Mortgage Securities
Co., Sub. Fixed Rate Mtg.
Securities, Real Estate Mtg.
Investment Conduit Pass-Through
Certificates, Series 1993-L, Cl.
1B2, 6.64%, 12/25/23(2)(4) 1,900,000 1,903,191
- -----------------------------------------------------------------
Residential Accredit Loans, Inc.,
Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS9, Cl.
A2, 6.75%, 9/25/27 3,620,000 3,614,909
--------------
Total Mortgage-Backed Obligations
(Cost $92,043,834) 93,764,029
- -----------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 14.6%
- -----------------------------------------------------------------
U.S. Treasury Bonds:
10.375%, 11/15/12 3,000,000 3,989,064
6%, 2/15/26 5,000,000 4,995,315
7.50%, 11/15/16 104,700,000 122,171,917
8.75%, 5/15/17 3,000,000 3,932,814
8.875%, 8/15/17 1,000,000 1,327,188
STRIPS, 7.835%, 5/15/15(5) 2,250,000 796,446
- -----------------------------------------------------------------
U.S. Treasury Nts.:
6.50%, 8/15/05 30,560,000 31,897,031
6.75%, 6/30/99 8,000,000 8,127,504
7.50%, 11/15/01 8,775,000 9,309,731
--------------
Total U.S. Government Obligations
(Cost $177,711,247) 186,547,010
- -----------------------------------------------------------------
FOREIGN GOVERNMENT OBLIGATIONS -
0.2%
- -----------------------------------------------------------------
Colombia (Republic of) Unsub. Nts.,
7.125%, 5/11/98 600,000 601,769
- -----------------------------------------------------------------
United Mexican States Bonds, 6.97%,
8/12/00 1,750,000 1,713,906
--------------
Total Foreign Government
Obligations (Cost $2,318,005) 2,315,675
- -----------------------------------------------------------------
MUNICIPAL BONDS AND NOTES - 0.3%
- -----------------------------------------------------------------
California Infrastructure &
Economic Development Bank Special
Purpose Trust Certificates, Series
1997-1, 6.28%, 9/25/05 (Cost
$4,007,640) 4,000,000 4,021,600
- -----------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND
NOTES - 17.3%
- -----------------------------------------------------------------
BASIC MATERIALS - 1.9%
- -----------------------------------------------------------------
CHEMICALS - 0.8%
Du Pont (E.I.) De Nemours & Co.,
8.50% Debs., 2/15/03 2,320,000 2,465,629
- -----------------------------------------------------------------
FMC Corp., 8.75% Sr. Nts., 4/1/99 2,500,000 2,573,660
- -----------------------------------------------------------------
Morton International, Inc., 9.25%
Credit Sensitive Nts., 6/1/20 2,512,000 3,271,571
- -----------------------------------------------------------------
PPG Industries, Inc., 9% Debs.,
5/1/21 1,190,000 1,485,966
--------------
9,796,826
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
<S> <C> <C>
- -----------------------------------------------------------------
HOUSEHOLD GOODS - 0.4%
Fort James Corp., 6.875% Sr. Nts.,
9/15/07 $ 5,000,000 $ 5,071,500
- -----------------------------------------------------------------
METALS - 0.3%
Alcan Aluminum Ltd., 9.625% Debs.,
7/15/19 4,000,000 4,329,880
- -----------------------------------------------------------------
PAPER - 0.4%
Celulosa Arauco y Constitucion SA,
7.25% Debs., 6/11/98(2) 2,250,000 2,235,937
- -----------------------------------------------------------------
Donohue Forest Products, Inc.,
7.625% Gtd. Sr. Nts., 5/15/07 2,500,000 2,619,550
--------------
4,855,487
- -----------------------------------------------------------------
CONSUMER CYCLICALS - 2.4%
- -----------------------------------------------------------------
AUTOS & HOUSING - 0.4%
Black & Decker Corp., 6.625% Nts.,
11/15/00 2,700,000 2,726,379
- -----------------------------------------------------------------
First Industrial LP, 7.15% Bonds,
5/15/27 3,000,000 3,082,923
--------------
5,809,302
- -----------------------------------------------------------------
LEISURE & ENTERTAINMENT - 0.3%
Blockbuster Entertainment Corp.,
6.625% Sr. Nts., 2/15/98 1,750,000 1,750,632
- -----------------------------------------------------------------
Felcor Suites LP, 7.375% Sr. Nts.,
10/1/04(2) 2,000,000 2,017,042
--------------
3,767,674
- -----------------------------------------------------------------
MEDIA - 1.3%
Reed Elsevier, Inc., 6.625% Nts.,
10/15/23(6) 1,600,000 1,567,344
- -----------------------------------------------------------------
TCI Communications, Inc., 6.375%
Nts., 9/15/99 5,000,000 5,014,210
- -----------------------------------------------------------------
Tele-Communications, Inc., 7.14%
Sr. Medium-Term Nts., 2/3/98 1,500,000 1,501,228
- -----------------------------------------------------------------
Tele-Communications, Inc., 7.15%
Sr. Medium-Term Nts., 2/3/98 1,600,000 1,601,323
- -----------------------------------------------------------------
Time Warner, Inc., 7.45% Nts.,
2/1/98 3,900,000 3,903,385
- -----------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr.
Debs., 10/30/07 3,250,000 3,612,843
--------------
17,200,333
- -----------------------------------------------------------------
RETAIL: GENERAL - 0.4%
Federated Department Stores, Inc.,
10% Sr. Nts., 2/15/01 1,770,000 1,952,514
- -----------------------------------------------------------------
Price/Costco Cos., Inc., 7.125% Sr.
Nts., 6/15/05 2,000,000 2,048,966
- -----------------------------------------------------------------
Sears Roebuck & Co., 8.39%
Medium-Term Nts., 3/23/99 1,590,000 1,632,835
--------------
5,634,315
- -----------------------------------------------------------------
CONSUMER NON-CYCLICALS - 1.0%
- -----------------------------------------------------------------
FOOD - 0.6%
CPC International, Inc., 6.15%
Unsec. Nts., Series C, 1/15/06 2,000,000 1,991,316
- -----------------------------------------------------------------
Dole Food Distributing, Inc., 6.75%
Nts., 7/15/00 3,500,000 3,543,274
- -----------------------------------------------------------------
Great Atlantic & Pacific Tea Co.,
Inc., (The) 9.125% Debs., 1/15/98 2,000,000 2,001,408
--------------
7,535,998
- -----------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
0.3%
Tenet Healthcare Corp., 8% Sr.
Nts., 1/15/05 1,500,000 1,537,500
- -----------------------------------------------------------------
Tenet Healthcare Corp., 8.625% Sr.
Unsec. Nts., 12/1/03 2,000,000 2,123,046
--------------
3,660,546
- -----------------------------------------------------------------
HOUSEHOLD GOODS - 0.1%
Procter & Gamble Co., 9.36% Debs.,
Series A, 1/1/21 750,000 966,399
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
ENERGY - 3.3%
- -----------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 1.9%
Chesapeake Energy Corp., 7.875% Sr.
Nts., Series B, 3/15/04 $ 3,250,000 $ 3,225,625
- -----------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts.,
9/15/02 3,190,000 3,419,638
- -----------------------------------------------------------------
Colorado International Gas Corp.,
10% Sr. Debs., 6/15/05 455,000 549,885
- -----------------------------------------------------------------
Columbia Gas System, Inc., 6.80%
Nts., Series C, 11/28/05 2,000,000 2,042,142
- -----------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75%
Sr. Nts., Series B, 1/15/01 2,430,000 2,548,462
- -----------------------------------------------------------------
Ferrellgas LP/Ferrellgas Finance
Corp., 10% Sr. Nts., Series A,
8/1/01 2,000,000 2,112,500
- -----------------------------------------------------------------
HNG Internorth/Enron Corp., 9.625%
Debs., 3/15/06 700,000 840,338
- -----------------------------------------------------------------
Louisiana Land & Exploration Co.,
7.65% Debs., 12/1/23 4,000,000 4,373,164
- -----------------------------------------------------------------
Petroliam Nasional Berhad, 6.875%
Nts., 7/1/03(6) 2,500,000 2,377,010
- -----------------------------------------------------------------
TransCanada PipeLines Ltd., 9.875%
Debs., 1/1/21 2,250,000 2,992,500
--------------
24,481,264
- -----------------------------------------------------------------
OIL-INTEGRATED - 1.4%
Gulf Canada Resources Ltd., 8.25%
Sr. Nts., 3/15/17 2,000,000 2,206,840
- -----------------------------------------------------------------
Gulf Canada Resources Ltd., 9%
Debs., 8/15/99 1,750,000 1,831,623
- -----------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80%
Debs., 7/2/02 4,500,000 4,579,726
- -----------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50%
Nts., 3/31/07 3,600,000 3,841,337
- -----------------------------------------------------------------
Phillips Petroleum Co., 7.53%
Pass-Through Certificates, Series
1994-A1, 9/27/98 1,390,525 1,404,820
- -----------------------------------------------------------------
Standard Oil/British Petroleum Co.
plc, 9% Debs., 6/1/19 3,190,000 3,297,972
- -----------------------------------------------------------------
Texaco Capital, Inc., 8.875% Gtd.
Debs., 9/1/21 500,000 626,775
--------------
17,789,093
- -----------------------------------------------------------------
FINANCIAL - 5.4%
- -----------------------------------------------------------------
BANKS - 0.9%
BankAmerica Corp., 7.75% Sub. Nts.,
7/15/02 1,250,000 1,323,269
- -----------------------------------------------------------------
Chase Manhattan Corp. (New),
10.125% Sub. Nts., 11/1/00 1,000,000 1,103,047
- -----------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 2,135,000 2,094,935
- -----------------------------------------------------------------
First Fidelity Bancorp, 8.50% Sub.
Capital Nts., 4/1/98 1,500,000 1,507,974
- -----------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc.,
9.90% Sub. Nts., 6/15/01 750,000 834,180
- -----------------------------------------------------------------
People's Bank of Bridgeport
(Connecticut) 7.20% Sub. Nts.,
12/1/06 4,000,000 4,083,788
--------------
10,947,193
- -----------------------------------------------------------------
DIVERSIFIED FINANCIAL - 3.2%
American General Finance Corp.,
5.875% Sr. Nts., 7/1/00 1,500,000 1,491,454
- -----------------------------------------------------------------
American General Institutional
Capital B, 8.125% Bonds, Series B,
3/15/46(6) 2,750,000 3,050,501
- -----------------------------------------------------------------
Capital One Financial Corp., 6.83%
Sr. Nts., 5/17/99 2,500,000 2,518,145
- -----------------------------------------------------------------
Capital One Financial Corp., 7.25%
Nts., 12/1/03 2,300,000 2,324,270
- -----------------------------------------------------------------
Chelsea GCA Realty Partner, Inc.,
7.75% Gtd. Unsec. Unsub. Nts.,
1/26/01 4,720,000 4,842,862
- -----------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec.
Nts., 2/15/01 4,000,000 3,928,712
- -----------------------------------------------------------------
Countrywide Home Loans, Inc., 6.05%
Gtd. Medium-Term Nts., Series D,
3/1/01 1,285,000 1,279,510
- -----------------------------------------------------------------
Countrywide Home Loans, Inc.,
6.085% Gtd. Medium-Term Nts.,
Series B, 7/14/99 1,800,000 1,799,640
- -----------------------------------------------------------------
Fleet Mtg. Group, Inc., 6.50% Nts.,
9/15/99 750,000 755,475
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
Ford Motor Credit Co., 6.25% Unsub.
Nts., 2/26/98 $ 1,000,000 $ 1,003,160
- -----------------------------------------------------------------
General Motors Acceptance Corp.,
5.625% Nts., 2/15/01 1,200,000 1,182,118
- -----------------------------------------------------------------
Golden West Financial Corp., 8.625%
Sub. Nts., 8/30/98 500,000 508,717
- -----------------------------------------------------------------
Household Finance Corp., 8.95%
Debs., 9/15/99 1,200,000 1,253,971
- -----------------------------------------------------------------
Household International BV, 6% Gtd.
Sr. Nts., 3/15/99 1,500,000 1,503,084
- -----------------------------------------------------------------
Merrill Lynch & Co., Inc., 6% Nts.,
3/1/01 1,500,000 1,493,433
- -----------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50%
Nts., 4/1/01 2,500,000 2,524,110
- -----------------------------------------------------------------
Norsk Hydro AS, 8.75% Bonds,
10/23/01 1,500,000 1,616,250
- -----------------------------------------------------------------
PHH Corp., 6.50% Nts., 2/1/00 1,250,000 1,261,654
- -----------------------------------------------------------------
Salomon, Inc., 8.69% Sr.
Medium-Term Nts., Series D, 3/1/99 4,000,000 4,117,832
- -----------------------------------------------------------------
Sears Roebuck Acceptance Corp.,
5.99% Medium-Term Nts., Series 1,
12/26/00 2,000,000 1,991,144
--------------
40,446,042
- -----------------------------------------------------------------
INSURANCE - 1.3%
Cigna Corp., 7.90% Nts., 12/14/98 320,000 325,130
- -----------------------------------------------------------------
Conseco Financing Trust III, 8.796%
Bonds, 4/1/27 2,750,000 3,097,872
- -----------------------------------------------------------------
Equitable Life Assurance Society
(U.S.A.), 6.95% Surplus Nts.,
12/1/05(6) 2,000,000 2,039,432
- -----------------------------------------------------------------
GenAmerica Capital I, 8.525% Gtd.
Bonds, 6/30/27(6) 3,250,000 3,457,503
- -----------------------------------------------------------------
Life Re Capital Trust I, 8.72% Gtd.
Bonds, 6/15/27(6) 2,500,000 2,687,480
- -----------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts.,
1/15/99 1,700,000 1,745,290
- -----------------------------------------------------------------
Travelers Property Casualty Corp.,
6.75% Nts., 4/15/01 3,500,000 3,561,260
--------------
16,913,967
- -----------------------------------------------------------------
INDUSTRIAL - 1.7%
- -----------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.2%
American Standard Cos., Inc.,
10.875% Sr. Nts., 5/15/99(2) 2,750,000 2,901,250
- -----------------------------------------------------------------
INDUSTRIAL SERVICES - 0.7%
Raytheon Co., 6.45% Nts., 8/15/02 2,500,000 2,514,690
- -----------------------------------------------------------------
Sun Co., Inc., 7.95% Debs.,
12/15/01 4,000,000 4,223,876
- -----------------------------------------------------------------
USI American Holdings, Inc., 7.25%
Gtd. Sr. Nts., Series B, 12/1/06 2,860,000 2,926,220
--------------
9,664,786
- -----------------------------------------------------------------
MANUFACTURING - 0.2%
Mark IV Industries, Inc., 8.75%
Sub. Nts., 4/1/03(2) 2,200,000 2,332,000
- -----------------------------------------------------------------
TRANSPORTATION - 0.6%
Federal Express Corp., 6.25% Nts.,
4/15/98 3,485,000 3,486,474
- -----------------------------------------------------------------
Union Pacific Corp., 7% Nts.,
6/15/00 2,030,000 2,063,747
- -----------------------------------------------------------------
Union Pacific Corp., 7.60% Nts.,
5/1/05 2,000,000 2,115,228
--------------
7,665,449
- -----------------------------------------------------------------
TECHNOLOGY - 0.4%
- -----------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 0.2%
Electric Data Systems Corp., 7.125%
Nts., 5/15/05(6) 2,000,000 2,103,060
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY -
0.2%
U S West Capital Funding, Inc.,
6.85% Gtd. Nts., 1/15/02 $ 2,250,000 $ 2,289,400
- -----------------------------------------------------------------
UTILITIES - 1.2%
- -----------------------------------------------------------------
ELECTRIC UTILITIES - 0.3%
Consumers Energy Co., 8.75% First
Mtg. Nts., 2/15/98 2,000,000 2,004,774
- -----------------------------------------------------------------
El Paso Electric Co., 7.25% First
Mtg. Nts., Series A, 2/1/99(2) 2,000,000 2,020,000
--------------
4,024,774
- -----------------------------------------------------------------
GAS UTILITIES - 0.7%
Northern Illinois Gas Co., 6.45%
First Mtg. Bonds, 8/1/01 2,000,000 2,027,154
- -----------------------------------------------------------------
Southern California Gas Co., 6.38%
Medium-Term Nts., 10/29/01 2,500,000 2,515,500
- -----------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50%
Bonds, 4/1/17 3,800,000 4,079,737
--------------
8,622,391
- -----------------------------------------------------------------
TELEPHONE UTILITIES - 0.2%
GTE Corp., 8.85% Debs., 3/1/98 2,350,000 2,359,534
--------------
Total Non-Convertible Corporate
Bonds and Notes (Cost $217,623,119) 221,168,463
- -----------------------------------------------------------------
SHORT-TERM NOTES - 6.5%
- -----------------------------------------------------------------
Federal Farm Credit Bank, 5.76%,
1/16/98(7) 5,000,000 4,988,000
- -----------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.70%, 1/14/98(7) 13,088,000 13,060,682
- -----------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.73%, 1/15/98(7) 46,565,000 46,535,147
- -----------------------------------------------------------------
Federal National Mortgage Assn.,
5.78%, 1/16/98(7) 18,000,000 17,956,650
--------------
Total Short-Term Notes (Cost
$82,540,479) 82,540,479
- -----------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.8%
- -----------------------------------------------------------------
Repurchase agreement with First
Chicago Capital Markets, 6.60%,
dated 12/31/97, to be repurchased
at $48,517,783 on 1/2/98,
collateralized by U.S. Treasury
Bonds, 8%-10.625%,
8/15/15-11/15/21, with a value of
$35,948,308, and U.S. Treasury
Nts., 5.875%-7.50%,
9/30/01-12/31/01, with a value of
$13,547,857 (Cost $48,500,000) 48,500,000 48,500,000
- -----------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$1,183,170,514) 99.8% 1,275,542,304
- -----------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.2 3,181,013
------------ --------------
NET ASSETS 100.0% $1,278,723,317
------------ --------------
------------ --------------
</TABLE>
1. Non-income producing security.
2. Identifies issues considered to be illiquid or restricted - See Note 5 of
Notes to Financial Statements.
3. 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.
4. Represents the current interest rate for a variable rate security.
5. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
6. 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 $17,282,330 or 1.35% of the Fund's net
assets as of December 31, 1997.
7. Short-term notes are generally traded on a discount basis; the interest rate
is the discount rate received by the Fund at the time of purchase.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 88.1%
- -----------------------------------------------------------------
BASIC MATERIALS - 2.1%
- -----------------------------------------------------------------
METALS - 0.7%
Allegheny Teledyne, Inc. 216,600 $ 5,604,525
- -----------------------------------------------------------------
PAPER - 1.4%
Fort James Corp. 313,362 11,986,096
- -----------------------------------------------------------------
CONSUMER CYCLICALS - 11.3%
- -----------------------------------------------------------------
AUTOS & HOUSING - 1.8%
Goodyear Tire & Rubber Co. 120,300 7,654,087
- -----------------------------------------------------------------
Lear Corp.(1) 145,500 6,911,250
-------------
14,565,337
- -----------------------------------------------------------------
LEISURE & ENTERTAINMENT - 4.1%
Alaska Air Group, Inc.(1) 190,100 7,366,375
- -----------------------------------------------------------------
America West Holdings Corp., Cl.
B(1) 307,500 5,727,187
- -----------------------------------------------------------------
AMR Corp.(1) 100,300 12,888,550
- -----------------------------------------------------------------
Hasbro, Inc. 126,500 3,984,750
- -----------------------------------------------------------------
Outback Steakhouse, Inc.(1) 143,600 4,128,500
-------------
34,095,362
- -----------------------------------------------------------------
RETAIL: GENERAL - 3.7%
Dayton Hudson Corp. 168,300 11,360,250
- -----------------------------------------------------------------
Federated Department Stores,
Inc.(1) 188,000 8,095,750
- -----------------------------------------------------------------
Penney (J.C.) Co., Inc. 194,000 11,700,625
-------------
31,156,625
- -----------------------------------------------------------------
RETAIL: SPECIALTY - 1.7%
Brylane, Inc.(1) 87,900 4,329,075
- -----------------------------------------------------------------
Payless ShoeSource, Inc.(1) 139,900 9,390,787
-------------
13,719,862
- -----------------------------------------------------------------
CONSUMER NON-CYCLICALS - 6.6%
- -----------------------------------------------------------------
FOOD - 2.6%
Kroger Co.(1) 297,000 10,970,437
- -----------------------------------------------------------------
Safeway, Inc.(1) 166,200 10,512,150
-------------
21,482,587
- -----------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
1.7%
Tenet Healthcare Corp.(1) 354,230 11,733,869
- -----------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 54,200 2,289,950
-------------
14,023,819
- -----------------------------------------------------------------
HOUSEHOLD GOODS - 2.3%
Dial Corp. (The) 379,800 7,904,587
- -----------------------------------------------------------------
Premark International, Inc. 397,600 11,530,400
-------------
19,434,987
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
ENERGY - 10.3%
- -----------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 4.2%
Diamond Offshore Drilling, Inc. 201,200 $ 9,682,750
- -----------------------------------------------------------------
Global Marine, Inc.(1) 329,500 8,072,750
- -----------------------------------------------------------------
Oryx Energy Co.(1) 334,200 8,522,100
- -----------------------------------------------------------------
Tidewater, Inc. 153,700 8,472,712
-------------
34,750,312
- -----------------------------------------------------------------
OIL-INTEGRATED - 6.1%
Amoco Corp. 82,200 6,997,275
- -----------------------------------------------------------------
Chevron Corp. 187,300 14,422,100
- -----------------------------------------------------------------
Exxon Corp. 117,700 7,201,769
- -----------------------------------------------------------------
Mobil Corp. 144,400 10,423,875
- -----------------------------------------------------------------
Occidental Petroleum Corp. 400,900 11,751,381
-------------
50,796,400
- -----------------------------------------------------------------
FINANCIAL - 22.1%
- -----------------------------------------------------------------
BANKS - 7.9%
BankAmerica Corp. 159,400 11,636,200
- -----------------------------------------------------------------
BankBoston Corp. 166,500 15,640,594
- -----------------------------------------------------------------
First Union Corp. 318,700 16,333,375
- -----------------------------------------------------------------
NationsBank Corp. 92,300 5,612,994
- -----------------------------------------------------------------
Wells Fargo & Co. 47,300 16,055,394
-------------
65,278,557
- -----------------------------------------------------------------
DIVERSIFIED FINANCIAL - 4.8%
Crescent Real Estate Equities, Inc. 256,200 10,087,875
- -----------------------------------------------------------------
Money Store, Inc. (The) 157,600 3,309,600
- -----------------------------------------------------------------
Morgan Stanley, Dean Witter,
Discover & Co. 147,700 8,732,762
- -----------------------------------------------------------------
Travelers Group, Inc. 337,526 18,184,213
-------------
40,314,450
- -----------------------------------------------------------------
INSURANCE - 9.4%
Allstate Corp. 112,600 10,232,525
- -----------------------------------------------------------------
Chubb Corp. 175,500 13,272,187
- -----------------------------------------------------------------
Conseco, Inc. 296,200 13,458,588
- -----------------------------------------------------------------
Equitable Cos., Inc. 315,900 15,716,025
- -----------------------------------------------------------------
Torchmark Corp. 303,300 12,757,556
- -----------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 294,000 12,936,000
-------------
78,372,881
- -----------------------------------------------------------------
INDUSTRIAL - 14.8%
- -----------------------------------------------------------------
INDUSTRIAL SERVICES - 0.8%
Viad Corp. 336,800 6,504,450
- -----------------------------------------------------------------
MANUFACTURING - 13.1%
Aeroquip-Vickers, Inc. 138,300 6,785,344
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
MANUFACTURING (CONTINUED)
AGCO Corp. 288,800 $ 8,447,400
- -----------------------------------------------------------------
Case Corp. 198,300 11,984,756
- -----------------------------------------------------------------
Deere & Co. 309,200 18,030,225
- -----------------------------------------------------------------
Ingersoll-Rand Co. 281,500 11,400,750
- -----------------------------------------------------------------
PACCAR, Inc. 231,800 12,169,500
- -----------------------------------------------------------------
Parker-Hannifin Corp. 184,550 8,466,231
- -----------------------------------------------------------------
Textron, Inc. 236,700 14,793,750
- -----------------------------------------------------------------
U.S. Industries, Inc. 548,100 16,511,513
-------------
108,589,469
- -----------------------------------------------------------------
TRANSPORTATION - 0.9%
Burlington Northern Santa Fe Corp. 79,000 7,342,063
- -----------------------------------------------------------------
TECHNOLOGY - 11.7%
- -----------------------------------------------------------------
AEROSPACE/DEFENSE - 1.8%
General Dynamics Corp. 85,500 7,390,406
- -----------------------------------------------------------------
Lockheed Martin Corp. 76,252 7,510,822
-------------
14,901,228
- -----------------------------------------------------------------
COMPUTER HARDWARE - 6.9%
CHS Electronics, Inc.(1) 71,250 1,220,156
- -----------------------------------------------------------------
Compaq Computer Corp. 217,300 12,263,869
- -----------------------------------------------------------------
International Business Machines
Corp. 163,100 17,054,144
- -----------------------------------------------------------------
Lexmark International Group, Inc.,
Cl. A(1) 113,200 4,301,600
- -----------------------------------------------------------------
Storage Technology Corp. (New)(1) 366,600 22,706,288
-------------
57,546,057
- -----------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 1.3%
Electronic Data Systems Corp. 198,600 8,725,988
- -----------------------------------------------------------------
Symantec Corp.(1) 86,100 1,888,819
-------------
10,614,807
- -----------------------------------------------------------------
ELECTRONICS - 1.2%
National Semiconductor Corp.(1) 85,000 2,204,688
- -----------------------------------------------------------------
SCI Systems, Inc.(1) 180,600 7,867,388
-------------
10,072,076
- -----------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
0.5%
Bay Networks, Inc.(1) 82,700 2,114,019
- -----------------------------------------------------------------
Dycom Industries, Inc.(1) 79,200 1,707,750
-------------
3,821,769
- -----------------------------------------------------------------
UTILITIES - 9.2%
- -----------------------------------------------------------------
ELECTRIC UTILITIES - 1.5%
FPL Group, Inc. 216,700 12,825,931
- -----------------------------------------------------------------
GAS UTILITIES - 3.0%
Columbia Gas System, Inc. 316,900 24,896,456
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------
<S> <C> <C>
TELEPHONE UTILITIES - 4.7%
Bell Atlantic Corp. 170,300 $ 15,497,300
- -----------------------------------------------------------------
Century Telephone Enterprises, Inc. 55,900 2,784,519
- -----------------------------------------------------------------
Frontier Corp. 169,800 4,085,813
- -----------------------------------------------------------------
U S West Communications Group 368,200 16,615,025
-------------
38,982,657
-------------
Total Common Stocks (Cost
$571,738,788) 731,678,763
PRINCIPAL
AMOUNT
- -----------------------------------------------------------------
SHORT-TERM NOTES - 9.0%
- -----------------------------------------------------------------
Federal Farm Credit Bank, 5.76%,
1/16/98(2) $ 5,000,000 4,988,000
- -----------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.70%, 1/14/98(2) 20,000,000 19,958,545
5.73%, 1/7/98(2) 20,000,000 19,980,900
5.73%, 1/9/98(2) 30,000,000 29,961,711
-------------
Total Short-Term Notes (Cost
$74,889,156) 74,889,156
- -----------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.7%
- -----------------------------------------------------------------
Repurchase agreement with First
Chicago Capital Markets, 6.60%,
dated 12/31/97, to be repurchased
at $31,111,403 on 1/2/98,
collateralized by U.S. Treasury
Bonds, 8%-10.625%,
8/15/15-11/15/21, with a value of
$23,051,389, and U.S. Treasury
Nts., 5.875%-7.50%,
9/30/01-12/31/01, with a value of
$8,687,389 (Cost $31,100,000) 31,100,000 31,100,000
- -----------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$677,727,944) 100.8% 837,667,919
- -----------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS (0.8) (6,296,579)
------------ -------------
NET ASSETS 100.0% $831,371,340
------------ -------------
------------ -------------
</TABLE>
1. Non-income producing security.
2. Short-term notes are generally traded on a discount basis; the interest rate
is the discount rate received by the Fund at the time of purchase.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS - 35.5%
- ------------------------------------------------------------
Federal Farm Credit Bank
Medium-Term Nts., 6.37%, 9/1/00 $1,000,000 $1,013,120
- ------------------------------------------------------------
Federal Home Loan Bank, 5.725%,
6/15/98 1,000,000 1,000,247
- ------------------------------------------------------------
Federal Home Loan Mortgage Corp.;
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates,
10.50%, 10/1/20 183,143 204,714
Mtg.-Backed Certificates, 6.11%,
7/31/98 1,000,000 1,002,500
Mtg.-Backed Certificates, 7.125%,
7/21/99 1,000,000 1,019,757
- ------------------------------------------------------------
Federal National Mortgage Assn.;
- ------------------------------------------------------------
6.50%, 12/1/23 744,533 738,704
- ------------------------------------------------------------
6.50%, 2/1/09 198,944 200,056
- ------------------------------------------------------------
7.50%, 9/1/22 504,511 519,752
- ------------------------------------------------------------
Government National Mortgage Assn.,
7%, 10/15/23-3/15/26 2,696,309 2,724,960
-----------
Total Mortgage-Backed Obligations
(Cost $8,398,530) 8,423,810
- ------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 39.6%
- ------------------------------------------------------------
U.S. Treasury Bonds:
7.50%, 11/15/16 2,175,000 2,537,955
8.125%, 8/15/19 500,000 625,938
9.25%, 2/15/16 1,200,000 1,627,876
- ------------------------------------------------------------
U.S. Treasury Nts.:
5.75%, 8/15/03 500,000 500,625
7.25%, 8/15/04 2,700,000 2,919,378
7.50%, 11/15/01 405,000 429,680
7.50%, 2/15/05 500,000 549,531
8.50%, 2/15/00 200,000 211,188
-----------
Total U.S. Government Obligations
(Cost $8,759,875) 9,402,171
- ------------------------------------------------------------
CORPORATE BONDS AND NOTES - 6.6%
- ------------------------------------------------------------
Private Export Funding Corp.:
6.90% Nts., 1/31/03 500,000 521,737
7.30% Debs., 1/31/02 1,000,000 1,050,184
-----------
Total Corporate Bonds and Notes
(Cost $1,627,081) 1,571,921
- ------------------------------------------------------------
SHORT-TERM NOTES - 13.9%
- ------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.73%, 1/15/98 (Cost $3,297,900)(1) 3,300,000 3,297,900
- ------------------------------------------------------------
REPURCHASE AGREEMENTS - 2.6%
- ------------------------------------------------------------
Repurchase agreement with First
Chicago Capital Markets, 6.60%,
dated 12/31/97, to be repurchased
at $600,220 on 1/2/98,
collateralized by U.S. Treasury
Bonds, 8%-10.625%,
8/15/15-11/15/21, with a value of
$444,721, and U.S. Treasury Nts.,
5.875%-7.50%, 9/30/01-12/31/01,
with a value of $167,602 (Cost
$600,000) 600,000 600,000
- ------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$22,683,386) 98.2% 23,295,802
- ------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.8 423,218
---------- -----------
NET ASSETS 100.0% $23,719,020
---------- -----------
---------- -----------
</TABLE>
1. Short-term notes are generally traded on a discount basis; the interest rate
is the discount rate received by the Fund at the time of purchase.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.7%
- ---------------------------------------------------------------
BASIC MATERIALS - 3.6%
- ---------------------------------------------------------------
CHEMICALS - 2.3%
Ciba Specialty Chemicals AG(1) 10,000 $ 1,192,965
- ---------------------------------------------------------------
Fuji Photo Film Co. 19,000 730,651
------------
1,923,616
- ---------------------------------------------------------------
PAPER - 1.3%
Fletcher Challenge Forest 600,000 498,201
- ---------------------------------------------------------------
Kimberly-Clark de Mexico, SA, Cl. A 121,000 573,345
------------
1,071,546
- ---------------------------------------------------------------
CONSUMER CYCLICALS - 14.3%
- ---------------------------------------------------------------
AUTOS & HOUSING - 1.9%
Bridgestone Corp. 22,000 478,845
- ---------------------------------------------------------------
Groupe SEB SA 7,500 1,045,985
------------
1,524,830
- ---------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.1%
CDL Hotels International Ltd. 2,250,000 682,411
- ---------------------------------------------------------------
Granada Group plc 67,000 1,025,250
------------
1,707,661
- ---------------------------------------------------------------
MEDIA - 3.9%
Benpres Holdings Corp., GDR(1)(2) 19,200 57,746
- ---------------------------------------------------------------
Benpres Holdings Corp., Sponsored
GDR(1) 48,000 144,365
- ---------------------------------------------------------------
Reed International plc 88,000 883,252
- ---------------------------------------------------------------
Reuters Holdings plc 60,000 659,971
- ---------------------------------------------------------------
Television Broadcasts Ltd. 192,000 547,632
- ---------------------------------------------------------------
Wolters Kluwer NV 7,000 904,339
------------
3,197,305
- ---------------------------------------------------------------
RETAIL: GENERAL - 3.0%
adidas AG 8,000 1,058,929
- ---------------------------------------------------------------
Circle K Japan Co. Ltd. 9,300 447,043
- ---------------------------------------------------------------
Marks & Spencer plc 100,000 985,596
------------
2,491,568
- ---------------------------------------------------------------
RETAIL: SPECIALTY - 3.4%
Argos plc 66,000 596,738
- ---------------------------------------------------------------
Dickson Concepts International Ltd. 250,000 364,598
- ---------------------------------------------------------------
Hennes & Mauritz AB, B Shares 20,000 882,239
- ---------------------------------------------------------------
Koninklijke Ahold NV 35,000 913,317
------------
2,756,892
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS - 22.7%
- ---------------------------------------------------------------
BEVERAGES - 2.3%
Embotelladora Andina SA, Series A,
Sponsored ADR 12,400 $ 258,075
- ---------------------------------------------------------------
Embotelladora Andina SA, Series B,
Sponsored ADR 12,400 241,025
- ---------------------------------------------------------------
Quilmes Industrial Quinsa SA,
Sponsored ADR 25,000 342,187
- ---------------------------------------------------------------
Scottish & Newcastle plc 88,000 1,064,970
------------
1,906,257
- ---------------------------------------------------------------
FOOD - 5.1%
Colruyt SA 2,000 1,021,595
- ---------------------------------------------------------------
Groupe Danone 5,000 893,471
- ---------------------------------------------------------------
Jeronimo Martins & Filho SA 35,000 1,111,810
- ---------------------------------------------------------------
William Morrison Supermarkets plc 306,000 1,158,034
------------
4,184,910
- ---------------------------------------------------------------
HEALTHCARE/DRUGS - 11.1%
Gedeon Richter Ltd., GDR(2) 9,500 1,079,001
- ---------------------------------------------------------------
Novartis AG 550 893,695
- ---------------------------------------------------------------
Novartis AG, Bearer Shares 100 162,833
- ---------------------------------------------------------------
Novo-Nordisk AS, B Shares 10,300 1,474,177
- ---------------------------------------------------------------
Roche Holding AG 115 1,143,652
- ---------------------------------------------------------------
Sanofi SA 8,000 890,978
- ---------------------------------------------------------------
Schering AG 8,000 771,950
- ---------------------------------------------------------------
SKW Trostberg AG 32,000 1,016,216
- ---------------------------------------------------------------
Takeda Chemical Industries Ltd. 31,000 886,933
- ---------------------------------------------------------------
Zeneca Group plc 23,000 808,732
------------
9,128,167
- ---------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
2.0%
Luxottica Group SpA, Sponsored ADR 12,000 750,000
- ---------------------------------------------------------------
SmithKline Beecham plc 90,370 926,370
------------
1,676,370
- ---------------------------------------------------------------
HOUSEHOLD GOODS - 2.2%
L'OREAL 2,400 939,516
- ---------------------------------------------------------------
Reckitt & Colman plc 58,000 911,388
------------
1,850,904
- ---------------------------------------------------------------
ENERGY - 3.0%
- ---------------------------------------------------------------
OIL-INTEGRATED - 3.0%
Quinenco SA, ADR(1) 21,000 241,500
- ---------------------------------------------------------------
Shell Transport & Trading Co. plc 135,000 980,701
- ---------------------------------------------------------------
Total SA, B Shares 11,157 1,214,761
------------
2,436,962
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------
<S> <C> <C>
FINANCIAL - 18.3%
- ---------------------------------------------------------------
BANKS - 11.4%
Banco Popular Espanol SA 17,000 $ 1,187,872
- ---------------------------------------------------------------
Bank of Tokyo-Mitsubishi Ltd. 47,000 650,664
- ---------------------------------------------------------------
Bayerische Vereinsbank AG 14,600 941,913
- ---------------------------------------------------------------
Credit Suisse Group 6,700 1,038,154
- ---------------------------------------------------------------
Credito Italiano 440,000 1,357,582
- ---------------------------------------------------------------
Halifax plc(1) 70,000 870,171
- ---------------------------------------------------------------
Lloyds TSB Group plc 133,000 1,722,259
- ---------------------------------------------------------------
Mitsubishi Trust & Banking Corp. 70,000 705,270
- ---------------------------------------------------------------
Nordbanken Holding AB(1) 155,000 877,134
------------
9,351,019
- ---------------------------------------------------------------
DIVERSIFIED FINANCIAL - 6.9%
Cattles plc 125,000 828,872
- ---------------------------------------------------------------
Haw Par Brothers International Ltd. 230,000 297,578
- ---------------------------------------------------------------
ING Groep NV 20,000 842,530
- ---------------------------------------------------------------
Lend Lease Corp. Ltd. 29,000 566,863
- ---------------------------------------------------------------
Nichiei Co. Ltd. 9,000 962,152
- ---------------------------------------------------------------
Northern Rock plc(1) 86,000 843,368
- ---------------------------------------------------------------
Perlis Plantations Berhad 175,000 247,716
- ---------------------------------------------------------------
Southcorp Holdings Ltd. 110,000 364,095
- ---------------------------------------------------------------
Swire Pacific Ltd., Cl. B 700,000 709,191
------------
5,662,365
- ---------------------------------------------------------------
INDUSTRIAL - 10.7%
- ---------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.9%
Johnson Electric Holdings Ltd. 288,000 828,882
- ---------------------------------------------------------------
Siebe plc 39,000 766,840
------------
1,595,722
- ---------------------------------------------------------------
INDUSTRIAL SERVICES - 3.5%
Adecco SA 2,900 842,034
- ---------------------------------------------------------------
Guilbert SA 5,000 713,115
- ---------------------------------------------------------------
Hays plc 78,000 1,042,132
- ---------------------------------------------------------------
Kurita Water Industries Ltd. 29,000 296,644
------------
2,893,925
- ---------------------------------------------------------------
MANUFACTURING - 4.5%
Canon Sales Co., Inc. 200 2,292
- ---------------------------------------------------------------
Mannesmann AG 2,000 1,004,425
- ---------------------------------------------------------------
NSK Ltd. 61,000 152,475
- ---------------------------------------------------------------
Ricoh Co. Ltd. 81,000 1,009,221
- ---------------------------------------------------------------
SMC Corp. 8,400 742,956
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------
<S> <C> <C>
MANUFACTURING (CONTINUED)
Smiths Industries plc 57,000 $ 811,735
------------
3,723,104
- ---------------------------------------------------------------
TRANSPORTATION - 0.8%
Brambles Industries Ltd. 33,000 654,727
- ---------------------------------------------------------------
TECHNOLOGY - 18.4%
- ---------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 1.8%
SAP AG, Preference 4,500 1,462,090
- ---------------------------------------------------------------
ELECTRONICS - 11.4%
Bowthorpe plc 111,000 684,899
- ---------------------------------------------------------------
Electrocomponents plc 114,000 849,719
- ---------------------------------------------------------------
Getronics NV 28,500 908,186
- ---------------------------------------------------------------
Hirose Electric Co. 16,000 820,790
- ---------------------------------------------------------------
Keyence Corp. 4,730 702,109
- ---------------------------------------------------------------
Matsushita Electric Industrial Co. 29,000 426,008
- ---------------------------------------------------------------
Omron Corp. 41,000 643,280
- ---------------------------------------------------------------
Philips Electronics NV 14,500 869,760
- ---------------------------------------------------------------
Rohm Co. 3,000 306,873
- ---------------------------------------------------------------
Samsung Electronics Co. Ltd.,
GDR(1)(2) 298 4,232
- ---------------------------------------------------------------
Samsung Electronics, GDS(1) 18,000 101,250
- ---------------------------------------------------------------
Sony Corp. 13,000 1,159,812
- ---------------------------------------------------------------
TDK Corp. 9,000 681,120
- ---------------------------------------------------------------
VTech Holdings Ltd. 400,000 1,179,619
------------
9,337,657
- ---------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
5.2%
British Sky Broadcasting Group plc 65,000 487,697
- ---------------------------------------------------------------
Nippon Telegraph & Telephone Corp. 88 758,031
- ---------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 79,310 515,515
- ---------------------------------------------------------------
Telecom Italia Mobile SpA 240,000 1,108,373
- ---------------------------------------------------------------
Vodafone Group plc 197,000 1,437,580
------------
4,307,196
- ---------------------------------------------------------------
UTILITIES - 4.7%
- ---------------------------------------------------------------
ELECTRIC UTILITIES - 2.5%
United Utilities plc 60,000 774,985
- ---------------------------------------------------------------
Veba AG 19,200 1,308,089
------------
2,083,074
- ---------------------------------------------------------------
GAS UTILITIES - 1.3%
RWE AG, Preference 25,000 1,070,608
- ---------------------------------------------------------------
TELEPHONE UTILITIES - 0.9%
Telefonica de Espana 25,000 713,511
------------
Total Common Stocks (Cost
$67,763,237) 78,711,986
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------
<S> <C> <C>
PREFERRED STOCKS - 1.1%
- ---------------------------------------------------------------
Fresenius AG, Preferred (Cost
$896,307) 5,000 $ 909,322
UNITS
- ---------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES -
0.0%
- ---------------------------------------------------------------
Haw Par Brothers International Ltd.
Wts., Exp. 7/01 (Cost $13,861) 23,000 5,460
PRINCIPAL
AMOUNT
- ---------------------------------------------------------------
SHORT-TERM NOTES - 1.2%
- ---------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.73%, 1/9/98 (Cost $998,718)(3) $ 1,000,000 998,718
- ---------------------------------------------------------------
REPURCHASE AGREEMENTS - 2.8%
- ---------------------------------------------------------------
Repurchase agreement with First
Chicago Capital Markets, 6.60%,
dated 12/31/97, to be repurchased
at $2,300,843 on 1/2/98,
collateralized by U.S. Treasury
Bonds, 8%-10.625%,
8/15/15-11/15/21, with a value of
$1,704,765, and U.S. Treasury Nts.,
5.875%-7.50%, 9/30/01-12/31/01,
with a value of $642,476 (Cost
$2,300,000) 2,300,000 2,300,000
- ---------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$71,972,123) 100.8% 82,925,486
- ---------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS (0.8) (668,038)
----------- ------------
NET ASSETS 100.0% $82,257,448
----------- ------------
----------- ------------
</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 $1,140,979 or 1.39% of the Fund's net
assets as of December 31, 1997.
3. Short-term notes are generally traded on a discount basis; the interest rate
is the discount rate received by the Fund at the time of purchase.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
COUNTRY MARKET VALUE PERCENT
- ----------------------------------------------------------
Great Britain $21,121,260 25.5%
- ----------------------------------------------------------
Japan 12,563,170 15.1
- ----------------------------------------------------------
Germany 9,543,542 11.5
- ----------------------------------------------------------
France 5,697,826 6.9
- ----------------------------------------------------------
Switzerland 5,273,333 6.4
- ----------------------------------------------------------
The Netherlands 4,438,131 5.4
- ----------------------------------------------------------
Hong Kong 4,312,332 5.2
- ----------------------------------------------------------
United States 3,298,718 4.0
- ----------------------------------------------------------
Italy 3,215,955 3.9
- ----------------------------------------------------------
Spain 1,901,383 2.3
- ----------------------------------------------------------
Sweden 1,759,373 2.1
- ----------------------------------------------------------
Australia 1,585,685 1.9
- ----------------------------------------------------------
Denmark 1,474,177 1.8
- ----------------------------------------------------------
Portugal 1,111,810 1.3
- ----------------------------------------------------------
Hungary 1,079,001 1.3
- ----------------------------------------------------------
Belgium 1,021,595 1.2
- ----------------------------------------------------------
Chile 740,600 0.9
- ----------------------------------------------------------
Korea, Republic of (South) 620,997 0.7
- ----------------------------------------------------------
Mexico 573,345 0.7
- ----------------------------------------------------------
New Zealand 498,201 0.6
- ----------------------------------------------------------
Luxembourg 342,187 0.4
- ----------------------------------------------------------
Singapore 303,038 0.4
- ----------------------------------------------------------
Malaysia 247,716 0.3
- ----------------------------------------------------------
Philippines 202,111 0.2
- ----------------------------------------------------------
Total $82,925,486 100.0%
------------ ------
------------ ------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
ASSET-BACKED SECURITIES - 1.7%
- ------------------------------------------------------------
Dayton Hudson Credit Card Master
Trust, Asset-Backed Certificates,
Series 1997-1, Cl. A, 6.25%,
8/25/05 $ 125,000 $ 125,325
- ------------------------------------------------------------
IROQUOIS Trust, Asset-Backed
Amortizing Nts., Series 1997-2, Cl.
A, 6.752%, 6/25/07(1) 175,000 175,622
- ------------------------------------------------------------
Olympic Automobile Receivables
Trust:
Receivables-Backed Nts., Series
1997-A, Cl. A5, 6.80%, 2/15/05 150,000 152,034
Series 1996-A, Cl. A4, 5.85%,
7/15/01 125,000 124,727
-----------
Total Asset-Backed Securities (Cost
$573,759) 577,708
- ------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 8.0%
- ------------------------------------------------------------
Countrywide Funding Corp., Mtg.
Pass-Through Certificates, Series
1994-10, Cl. A3, 6%, 5/25/09 250,000 247,520
- ------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, Series 1711, Cl. EA,
7%, 3/15/24 200,000 203,250
Gtd. Multiclass Mtg. Participation
Certificates, 6%, 3/1/09 212,512 210,981
Gtd. Multiclass Mtg. Participation
Certificates, Series 1574, Cl. PD,
5.55%, 3/15/13 110,783 110,471
Gtd. Multiclass Mtg. Participation
Certificates, Series 1843, Cl. VB,
7%, 4/15/03 75,000 76,945
Gtd. Multiclass Mtg. Participation
Certificates, Series 1849, Cl. VA,
6%, 12/15/10 198,239 197,248
Interest-Only Stripped Mtg.-Backed
Security, Series 1542, Cl. QC,
7.35%, 10/15/20(2) 500,000 104,541
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
6.65%, 1/15/20(2) 500,000 75,195
Interest-Only Stripped Mtg.-Backed
Security, Series 1661, Cl. PK,
5.775%, 11/15/06(2) 801,135 66,062
- ------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 180,482 179,432
6.50%, 4/1/26 185,523 183,579
7%, 4/1/00 110,456 111,230
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Trust 1993-181, Cl. C, 5.40%,
10/25/02 163,632 162,712
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Trust 1993-190, Cl. Z, 5.85%,
7/25/08 178,537 177,282
Medium-Term Nts., 6.56%, 11/13/01 125,000 125,117
Trust 1994-13, Cl. B, 6.50%,
2/25/09 150,000 149,531
- ------------------------------------------------------------
GE Capital Mortgage Services, Inc.,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1994-7, Cl. A18, 6%, 2/25/09 174,024 164,072
- ------------------------------------------------------------
Residential Accredit Loans, Inc.,
Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS9, Cl.
A2, 6.75%, 9/25/27 175,000 174,754
-----------
Total Mortgage-Backed Obligations
(Cost $2,684,487) 2,719,922
- ------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 20.2%
- ------------------------------------------------------------
U.S. Treasury Bonds:
6%, 2/15/26 325,000 324,696
7.50%, 11/15/16 2,265,000 2,642,974
- ------------------------------------------------------------
U.S. Treasury Nts.:
5.125%, 4/30/98 250,000 249,844
6.50%, 8/15/05 1,550,000 1,617,814
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
<S> <C> <C>
- ------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS
(CONTINUED)
- ------------------------------------------------------------
U.S. Treasury Nts.: (Continued)
6.75%, 6/30/99 $1,015,000 $1,031,177
7.50%, 11/15/01 950,000 1,007,891
-----------
Total U.S. Government Obligations
(Cost $6,621,726) 6,874,396
- ------------------------------------------------------------
CORPORATE BONDS AND NOTES - 34.4%
- ------------------------------------------------------------
BASIC INDUSTRY - 3.4%
- ------------------------------------------------------------
CHEMICALS - 1.8%
Du Pont (E.I.) De Nemours & Co.,
8.50% Debs., 2/15/03 140,000 148,788
- ------------------------------------------------------------
Laroche Industries, Inc., 9.50% Sr.
Sub. Nts., 9/15/07(3) 50,000 49,500
- ------------------------------------------------------------
Morton International, Inc., 9.25%
Credit Sensitive Nts., 6/1/20 75,000 97,678
- ------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr.
Sec. Disc. Nts., 10/15/05(4) 100,000 100,000
- ------------------------------------------------------------
PPG Industries, Inc., 9% Debs.,
5/1/21 75,000 93,653
- ------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr.
Nts., 12/1/04 75,000 84,937
- ------------------------------------------------------------
Texas Petrochemical Corp., 11.125%
Sr. Sub. Nts., Series B, 7/1/06 50,000 54,000
-----------
628,556
- ------------------------------------------------------------
CONTAINERS - 0.2%
Portola Packaging, Inc., 10.75% Sr.
Nts., 10/1/05(1) 75,000 79,687
- ------------------------------------------------------------
METALS/MINING - 0.4%
Alcan Aluminum Ltd., 9.625% Debs.,
7/15/19 125,000 135,309
- ------------------------------------------------------------
PAPER - 0.8%
Celulosa Arauco y Constitucion SA,
7.25% Debs., 6/11/98(1) 125,000 124,219
- ------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr.
Sub. Disc. Debs., 5/15/05 75,000 80,625
- ------------------------------------------------------------
Stone Container Corp., 9.875% Sr.
Nts., 2/1/01 75,000 75,281
-----------
280,125
- ------------------------------------------------------------
STEEL - 0.2%
Gulf States Steel, Inc. (Alabama),
13.50% First Mtg. Nts., Series B,
4/15/03 50,000 49,750
- ------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts.,
Series B, 12/1/04 25,000 25,625
-----------
75,375
- ------------------------------------------------------------
CONSUMER RELATED - 6.1%
- ------------------------------------------------------------
CONSUMER PRODUCTS - 0.6%
Black & Decker Corp., 6.625% Nts.,
11/15/00 125,000 126,221
- ------------------------------------------------------------
Kimberly-Clark Corp., 7.875% Debs.,
2/1/23 75,000 81,805
-----------
208,026
- ------------------------------------------------------------
FOOD/BEVERAGES/TOBACCO - 0.8%
AmeriServe Food Distribution, Inc.,
8.875% Sr. Nts., 10/15/06 50,000 50,500
- ------------------------------------------------------------
Dole Food Distributing, Inc., 6.75%
Nts., 7/15/00 125,000 126,545
- ------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub.
Nts., 9/15/05(1) 75,000 83,625
-----------
260,670
- ------------------------------------------------------------
HEALTHCARE - 1.6%
Columbia/HCA Healthcare Corp.,
6.875% Nts., 7/15/01 145,000 145,338
- ------------------------------------------------------------
Dade International, Inc., 11.125%
Sr. Sub. Nts., 5/1/06 75,000 82,875
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
<S> <C> <C>
- ------------------------------------------------------------
HEALTHCARE (CONTINUED)
Graphic Controls Corp., 12% Sr.
Sub. Nts., Series A, 9/15/05 $ 75,000 $ 84,000
- ------------------------------------------------------------
Integrated Health Services, Inc.,
9.25% Sr. Sub. Nts., 1/15/08(3) 50,000 51,125
- ------------------------------------------------------------
Kinetics Concepts, Inc., 9.625% Sr.
Sub. Nts., 11/1/07(3) 75,000 76,594
- ------------------------------------------------------------
Paracelsus Healthcare Corp., 10%
Sr. Unsec. Sub. Nts., 8/15/06 50,000 51,250
- ------------------------------------------------------------
Playtex Products, Inc., 8.875% Sr.
Nts., 7/15/04 50,000 51,062
-----------
542,244
- ------------------------------------------------------------
HOTEL/GAMING - 2.6%
Casino America, Inc., 12.50% Sr.
Nts., 8/1/03 75,000 81,844
- ------------------------------------------------------------
Casino Magic of Louisiana Corp.,
13% First Mtg. Nts., Series B,
8/15/03 75,000 72,375
- ------------------------------------------------------------
Colorado Gaming & Entertainment
Co., 12% Sr. Nts., 6/1/03(1) 50,000 54,000
- ------------------------------------------------------------
Hilton Hotels Corp., 7.375% Nts.,
6/1/02 150,000 153,855
- ------------------------------------------------------------
HMH Properties, Inc., 8.875% Sr.
Nts., 7/15/07 50,000 52,875
- ------------------------------------------------------------
Hollywood Casino Corp., 12.75% Sr.
Sec. Gtd. Nts., 11/1/03 50,000 53,500
- ------------------------------------------------------------
Horseshoe Gaming LLC, 9.375% Sr.
Sub. Nts., 6/15/07 50,000 52,625
- ------------------------------------------------------------
Mohegan Tribal Gaming Authority
(Connecticut), 13.50% Sr. Sec.
Nts., Series B, 11/15/02 75,000 96,375
- ------------------------------------------------------------
Players International, Inc.,
10.875% Sr. Nts., 4/15/05 50,000 54,000
- ------------------------------------------------------------
Prime Hospitality Corp., 9.75% Sr.
Sub. Nts., 4/1/07 75,000 79,875
- ------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625%
Sr. Sub. Nts., 7/15/05 75,000 81,375
- ------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr.
Sub. Nts., 5/15/06 50,000 58,625
-----------
891,324
- ------------------------------------------------------------
LEISURE - 0.3%
Ameristar Casinos, Inc., 10.50% Sr.
Sub. Nts., 8/1/04(3) 50,000 51,250
- ------------------------------------------------------------
Bally Total Fitness Holdings,
9.875% Sr. Sub. Nts., 10/15/07(3) 50,000 50,625
-----------
101,875
- ------------------------------------------------------------
TEXTILE/APPAREL - 0.2%
William Carter Co., 10.375% Sr.
Sub. Nts., Series A, 12/1/06 50,000 52,750
- ------------------------------------------------------------
ENERGY - 2.5%
- ------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts.,
9/15/02 75,000 80,399
- ------------------------------------------------------------
Coastal Corp., 8.75% Sr. Nts.,
5/15/99 50,000 51,692
- ------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75%
Sr. Nts., Series B, 1/15/01 70,000 73,412
- ------------------------------------------------------------
Forcenergy, Inc., 8.50% Sr. Sub.
Nts., Series B, 2/15/07 50,000 50,875
- ------------------------------------------------------------
Gulf Canada Resources Ltd., 8.25%
Sr. Nts., 3/15/17 75,000 82,756
- ------------------------------------------------------------
Gulf Canada Resources Ltd., 9%
Debs., 8/15/99 75,000 78,498
- ------------------------------------------------------------
Louisiana Land & Exploration Co.,
7.65% Debs., 12/1/23 75,000 81,997
- ------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80%
Debs., 7/2/02 50,000 50,886
- ------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50%
Nts., 3/31/07 75,000 80,028
- ------------------------------------------------------------
Southwest Royalties, Inc., 10.50%
Sr. Gtd. Nts., 10/15/04(3) 50,000 50,000
- ------------------------------------------------------------
Standard Oil/British Petroleum Co.
plc, 9% Debs., 6/1/19 75,000 77,539
- ------------------------------------------------------------
Transamerican Energy Corp., 11.50%
Sr. Nts., 6/15/02(3) 25,000 24,625
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
ENERGY (CONTINUED)
- ------------------------------------------------------------
Williams Holdings of Delaware,
Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 $ 75,000 $ 73,623
-----------
856,330
- ------------------------------------------------------------
FINANCIAL SERVICES - 7.4%
- ------------------------------------------------------------
BANKS & THRIFTS - 1.6%
Barnett Banks, Inc., 8.50% Sub.
Exchangeable Nts., 3/1/99 55,000 56,509
- ------------------------------------------------------------
Chase Manhattan Corp. (New), 6.625%
Sr. Nts., 1/15/98 50,000 50,008
- ------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 75,000 73,593
- ------------------------------------------------------------
First Fidelity Bancorp, 8.50% Sub.
Capital Nts., 4/1/98 50,000 50,266
- ------------------------------------------------------------
First Union Corp., 6.75% Sr. Nts.,
1/15/98 50,000 50,010
- ------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc.,
9.90% Sub. Nts., 6/15/01 125,000 139,030
- ------------------------------------------------------------
Integra Financial Corp., 6.50% Sub.
Nts., 4/15/00 125,000 126,163
-----------
545,579
- ------------------------------------------------------------
DIVERSIFIED FINANCIAL - 4.3%
American General Finance Corp.,
8.50% Sr. Nts., 8/15/98 55,000 55,850
- ------------------------------------------------------------
American General Institutional
Capital B, 8.125% Bonds, Series B,
3/15/46(3) 75,000 83,195
- ------------------------------------------------------------
Beneficial Corp., 9.125% Debs.,
2/15/98 125,000 125,418
- ------------------------------------------------------------
Capital One Financial Corp., 6.83%
Sr. Nts., 5/17/99 60,000 60,435
- ------------------------------------------------------------
Capital One Financial Corp., 7.25%
Nts., 12/1/03 50,000 50,528
- ------------------------------------------------------------
Chelsea GCA Realty Partner, Inc.,
7.75% Gtd. Unsec. Unsub. Nts.,
1/26/01 60,000 61,562
- ------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec.
Nts., 2/15/01 125,000 122,772
- ------------------------------------------------------------
Countrywide Home Loans, Inc., 6.05%
Gtd. Medium-Term Nts., Series D,
3/1/01 75,000 74,680
- ------------------------------------------------------------
Countrywide Home Loans, Inc.,
6.085% Gtd. Medium-Term Nts.,
Series B, 7/14/99 55,000 54,989
- ------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub.
Nts., 2/26/98 125,000 125,395
- ------------------------------------------------------------
General Motors Acceptance Corp.,
5.625% Nts., 2/15/01 250,000 246,274
- ------------------------------------------------------------
Golden West Financial Corp., 8.625%
Sub. Nts., 8/30/98 50,000 50,872
- ------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50%
Nts., 4/1/01 125,000 126,205
- ------------------------------------------------------------
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 49,750
- ------------------------------------------------------------
Salomon, Inc., 8.69% Sr.
Medium-Term Nts., Series D, 3/1/99 130,000 133,830
- ------------------------------------------------------------
Wilshire Financial Services Group,
Inc., 13% Nts., Series A,
8/15/04(3) 50,000 51,125
-----------
1,472,880
- ------------------------------------------------------------
INSURANCE - 1.5%
Cigna Corp., 7.90% Nts., 12/14/98 140,000 142,244
- ------------------------------------------------------------
Conseco Financing Trust III, 8.796%
Bonds, 4/1/27 100,000 112,650
- ------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts.,
1/15/99 135,000 138,597
- ------------------------------------------------------------
Travelers Property Casualty Corp.,
6.75% Nts., 4/15/01 125,000 127,188
-----------
520,679
- ------------------------------------------------------------
HOUSING RELATED - 0.6%
- ------------------------------------------------------------
BUILDING MATERIALS - 0.4%
American Standard Cos., Inc.,
10.875% Sr. Nts., 5/15/99(1) 140,000 147,700
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
HOMEBUILDERS/REAL ESTATE - 0.2%
First Industrial LP, 7.15% Bonds,
5/15/27 $ 75,000 $ 77,073
- ------------------------------------------------------------
MANUFACTURING - 0.8%
- ------------------------------------------------------------
AEROSPACE - 0.2%
GPA Delaware, Inc., 8.75% Gtd.
Nts., 12/15/98 50,000 51,000
- ------------------------------------------------------------
AUTOMOTIVE - 0.2%
Cambridge Industries, Inc., 10.25%
Sr. Sub. Nts., 7/15/07(3) 50,000 52,500
- ------------------------------------------------------------
CAPITAL GOODS - 0.4%
Jordan Industries, Inc., 10.375%
Sr. Nts., Series B, 8/1/07 50,000 50,750
- ------------------------------------------------------------
Mark IV Industries, Inc., 8.75%
Sub. Nts., 4/1/03(1) 35,000 37,100
- ------------------------------------------------------------
Titan Wheel International, Inc.,
8.75% Sr. Sub. Nts., 4/1/07 50,000 52,625
-----------
140,475
- ------------------------------------------------------------
MEDIA - 3.7%
- ------------------------------------------------------------
BROADCASTING - 0.5%
Argyle Television, Inc., 9.75% Sr.
Sub. Nts., 11/1/05 45,000 50,400
- ------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10%
Sr. Sub. Nts., 9/30/05 75,000 79,312
- ------------------------------------------------------------
Spanish Broadcasting Systems, Inc.,
11% Sr. Nts., 3/15/04 50,000 55,250
-----------
184,962
- ------------------------------------------------------------
CABLE TELEVISION - 1.8%
Adelphia Communications Corp.,
10.50% Sr. Unsec. Nts., Series B,
7/15/04 50,000 54,125
- ------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub.
Debs., 10/15/06 75,000 80,063
- ------------------------------------------------------------
EchoStar Communications Corp.,
0%/12.875% Sr. Disc. Nts.,
6/1/04(4) 25,000 23,000
- ------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr.
Sub. Nts., 9/15/03(6) 92,911 97,089
- ------------------------------------------------------------
Marcus Cable Operating Co.
LP/Marcus Cable Capital Corp.,
0%/13.50% Gtd. Sr. Sub. Disc. Nts.,
Series II, 8/1/04(4) 50,000 46,500
- ------------------------------------------------------------
TCI Satellite Entertainment, Inc.,
10.875% Sr. Sub. Nts., 2/15/07(3) 50,000 52,625
- ------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr.
Debs., 10/30/07 135,000 150,072
- ------------------------------------------------------------
United International Holdings,
Inc., Zero Coupon Sr. Sec. Disc.
Nts., Series B, 11.657%,
11/15/99(7) 50,000 41,750
- ------------------------------------------------------------
United International Holdings,
Inc., Zero Coupon Sr. Sec. Disc.
Nts., 14%, 11/15/99(7) 100,000 83,500
-----------
628,724
- ------------------------------------------------------------
DIVERSIFIED MEDIA - 0.8%
Fox/Liberty Networks LLC, 8.875%
Sr. Nts., 8/15/07(3) 25,000 25,125
- ------------------------------------------------------------
Lamar Advertising Co., 8.625% Sr.
Sub. Nts., 9/15/07 50,000 51,625
- ------------------------------------------------------------
MDC Communications Corp., 10.50%
Sr. Sub. Nts., 12/1/06 50,000 53,125
- ------------------------------------------------------------
Time Warner, Inc., 7.45% Nts.,
2/1/98 125,000 125,109
-----------
254,984
- ------------------------------------------------------------
ENTERTAINMENT/FILM - 0.6%
American Skiing Corp., 12% Sr. Sub.
Nts., Series B, 7/15/06(1) 50,000 55,750
- ------------------------------------------------------------
Ascent Entertainment Group, Inc.,
0%/11.875% Sr. Sec. Disc. Nts.,
12/15/04(3)(4) 50,000 28,875
- ------------------------------------------------------------
Blockbuster Entertainment Corp.,
6.625% Sr. Nts., 2/15/98 125,000 125,045
-----------
209,670
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
OTHER - 1.0%
- ------------------------------------------------------------
SERVICES - 1.0%
Employee Solutions, Inc., 10% Sr.
Nts., 10/15/04(1) $ 50,000 $ 48,250
- ------------------------------------------------------------
KSL Recreation Group, Inc., 10.25%
Sr. Sub. Nts., 5/1/07 50,000 53,375
- ------------------------------------------------------------
Maxim Group, Inc. (The), 9.25% Sr.
Sub. Nts., 10/15/07(3) 50,000 49,875
- ------------------------------------------------------------
Production Resource Group, 11.50%
Sr. Sub. Nts., 1/15/08(3) 50,000 50,375
- ------------------------------------------------------------
Sun Co., Inc., 7.95% Debs.,
12/15/01 75,000 79,198
- ------------------------------------------------------------
USI American Holdings, Inc., 7.25%
Gtd. Sr. Nts., Series B, 12/1/06 70,000 71,621
-----------
352,694
- ------------------------------------------------------------
RETAIL - 2.0%
- ------------------------------------------------------------
DEPARTMENT STORES - 1.2%
Federated Department Stores, Inc.,
10% Sr. Nts., 2/15/01 50,000 55,156
- ------------------------------------------------------------
Price/Costco Cos., Inc., 7.125% Sr.
Nts., 6/15/05 100,000 102,448
- ------------------------------------------------------------
Sears Roebuck & Co., 8.39%
Medium-Term Nts., 3/23/99 255,000 261,870
-----------
419,474
- ------------------------------------------------------------
SPECIALTY RETAILING - 0.3%
K Mart Corp., 7.75% Debs., 10/1/12 50,000 48,250
- ------------------------------------------------------------
Pantry, Inc. (The), 10.25% Sr. Sub.
Nts., 10/15/07(1) 50,000 51,250
-----------
99,500
- ------------------------------------------------------------
SUPERMARKETS - 0.5%
Great Atlantic & Pacific Tea Co.,
Inc., (The) 9.125% Debs., 1/15/98 125,000 125,088
- ------------------------------------------------------------
Jitney-Jungle Stores of America,
Inc., 10.375% Sr. Sub. Nts.,
9/15/07 50,000 52,125
-----------
177,213
- ------------------------------------------------------------
TECHNOLOGY - 3.8%
- ------------------------------------------------------------
INFORMATION TECHNOLOGY - 1.4%
DecisionOne Corp., 9.75% Sr. Sub.
Nts., 8/1/07 50,000 51,625
- ------------------------------------------------------------
Geotek Communications, Inc., 12%
Cv. Sr. Sub. Nts., 2/15/01(1) 50,000 40,000
- ------------------------------------------------------------
Iridium LLC/Iridium Capital Corp.,
11.25% Sr. Nts., 7/15/05(3) 50,000 49,250
- ------------------------------------------------------------
Microcell Telecommunications, Inc.,
0%/14% Sr. Disc. Nts., Series B,
6/1/06(4) 50,000 33,750
- ------------------------------------------------------------
Nextel Communications, Inc.,
0%/9.75% Sr. Disc. Nts., 8/15/04(4) 50,000 44,625
- ------------------------------------------------------------
Price Communications Cellular
Holdings, Inc., 0%/13.50% Sr. Disc.
Nts., Series A, 8/1/07(1)(4) 75,000 47,625
- ------------------------------------------------------------
PriCellular Wireless Corp.,
0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03(4) 100,000 103,000
- ------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum
Finance Corp., 11% Sr. Nts.,
8/15/06 50,000 56,500
- ------------------------------------------------------------
Western Wireless Corp., 10.50% Sr.
Sub. Nts., 2/1/07 50,000 54,250
-----------
480,625
- ------------------------------------------------------------
TELECOMMUNICATIONS/TECHNOLOGY -
2.4%
American Communications Services,
Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(4) 50,000 40,250
- ------------------------------------------------------------
Brooks Fiber Properties, Inc.,
0%/11.875% Sr. Disc. Nts.,
11/1/06(4) 75,000 60,375
- ------------------------------------------------------------
Comcast UK Cable Partner Ltd.,
0%/11.20% Sr. Disc. Debs.,
11/15/07(4) 75,000 61,125
- ------------------------------------------------------------
Diamond Cable Communications plc,
0%/10.75% Sr. Disc. Nts.,
2/15/07(4) 50,000 34,250
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS/TECHNOLOGY
(CONTINUED)
ICG Holdings, Inc., 0%/11.625% Sr.
Disc. Nts., 3/15/07(4) $ 75,000 $ 51,375
- ------------------------------------------------------------
International CableTel, Inc.,
0%/11.50% Sr. Deferred Coupon Nts.,
Series B, 2/1/06(4) 100,000 78,125
- ------------------------------------------------------------
IXC Communications, Inc., 12.50%
Sr. Nts., Series B, 10/1/05 50,000 57,875
- ------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr.
Unsec. Bonds, 6/30/07(3) 50,000 54,500
- ------------------------------------------------------------
Teleport Communications Group,
Inc., 0%/11.125% Sr. Disc. Nts.,
7/1/07(4) 50,000 40,875
- ------------------------------------------------------------
Teleport Communications Group,
Inc., 9.875% Sr. Nts., 7/1/06 50,000 56,250
- ------------------------------------------------------------
Telewest Communications plc, 0%/11%
Sr. Disc. Debs., 10/1/07(4) 50,000 39,063
- ------------------------------------------------------------
Telewest Communications plc, 9.625%
Sr. Debs., 10/1/06 50,000 52,125
- ------------------------------------------------------------
U S West Capital Funding, Inc.,
6.85% Gtd. Nts., 1/15/02 150,000 152,627
- ------------------------------------------------------------
UNIFI Communications, Inc., 14% Sr.
Nts., 3/1/04 50,000 39,500
-----------
818,315
- ------------------------------------------------------------
TRANSPORTATION - 1.2%
- ------------------------------------------------------------
RAILROADS - 0.8%
CSX Corp., 7.05% Debs., 5/1/02 85,000 87,027
- ------------------------------------------------------------
Norfolk Southern Corp., 7.35% Nts.,
5/15/07 75,000 79,400
- ------------------------------------------------------------
Union Pacific Corp., 7% Nts.,
6/15/00 95,000 96,579
-----------
263,006
- ------------------------------------------------------------
SHIPPING - 0.4%
Federal Express Corp., 6.25% Nts.,
4/15/98 135,000 135,057
- ------------------------------------------------------------
UTILITIES - 1.9%
- ------------------------------------------------------------
ELECTRIC UTILITIES - 0.6%
Consumers Energy Co., 8.75% First
Mtg. Nts., 2/15/98 125,000 125,298
- ------------------------------------------------------------
El Paso Electric Co., 7.25% First
Mtg. Nts., Series A, 2/1/99(1) 65,000 65,650
-----------
190,948
- ------------------------------------------------------------
GAS UTILITIES - 1.1%
AES Corp., 8.50% Sr. Sub. Nts.,
11/1/07(3) 50,000 50,250
- ------------------------------------------------------------
Northern Illinois Gas Co., 6.45%
First Mtg. Bonds, 8/1/01 200,000 202,715
- ------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50%
Bonds, 4/1/17 100,000 107,362
-----------
360,327
- ------------------------------------------------------------
TELEPHONE UTILITIES - 0.2%
GTE Corp., 8.85% Debs., 3/1/98 55,000 55,223
-----------
Total Corporate Bonds and Notes
(Cost $11,423,484) 11,750,879
SHARES
- ------------------------------------------------------------
COMMON STOCKS - 21.2%
- ------------------------------------------------------------
BASIC INDUSTRY - 1.9%
- ------------------------------------------------------------
CHEMICALS - 1.0%
Dexter Corp. 3,900 168,431
- ------------------------------------------------------------
Ethyl Corp. 12,200 93,787
- ------------------------------------------------------------
IMC Global, Inc. 2,834 92,813
-----------
355,031
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
<S> <C> <C>
- ------------------------------------------------------------
PAPER - 0.3%
Unisource Worldwide, Inc. 6,800 $ 96,900
- ------------------------------------------------------------
STEEL - 0.6%
Carpenter Technology Corp. 3,100 148,994
- ------------------------------------------------------------
ROHN Industries, Inc. 12,000 61,875
-----------
210,869
- ------------------------------------------------------------
CONSUMER RELATED - 0.8%
- ------------------------------------------------------------
HEALTHCARE - 0.5%
Glaxo Wellcome plc, Sponsored ADR 3,500 167,562
- ------------------------------------------------------------
RESTAURANTS - 0.3%
Piccadilly Cafeterias, Inc. 7,000 91,875
- ------------------------------------------------------------
ENERGY - 3.0%
- ------------------------------------------------------------
Amoco Corp. 1,300 110,662
- ------------------------------------------------------------
Atlantic Richfield Co. 2,500 200,312
- ------------------------------------------------------------
Chevron Corp. 2,500 192,500
- ------------------------------------------------------------
Exxon Corp. 3,100 189,681
- ------------------------------------------------------------
Mobil Corp. 2,500 180,469
- ------------------------------------------------------------
Occidental Petroleum Corp. 4,700 137,769
-----------
1,011,393
- ------------------------------------------------------------
FINANCIAL SERVICES - 4.2%
- ------------------------------------------------------------
BANKS & THRIFTS - 2.1%
BankAmerica Corp. 1,300 94,900
- ------------------------------------------------------------
BankBoston Corp. 1,800 169,087
- ------------------------------------------------------------
First Union Corp. 3,000 153,750
- ------------------------------------------------------------
NationsBank Corp. 1,800 109,462
- ------------------------------------------------------------
Wells Fargo & Co. 500 169,719
-----------
696,918
- ------------------------------------------------------------
DIVERSIFIED FINANCIAL - 1.7%
Camden Property Trust 4,800 148,800
- ------------------------------------------------------------
Capstone Capital Corp. 5,500 140,937
- ------------------------------------------------------------
Crescent Real Estate Equities, Inc. 4,100 161,438
- ------------------------------------------------------------
Health & Retirement Properties
Trust 6,400 128,000
-----------
579,175
- ------------------------------------------------------------
INSURANCE - 0.4%
HSB Group, Inc. 2,500 137,969
- ------------------------------------------------------------
HOUSING RELATED - 1.2%
- ------------------------------------------------------------
HOMEBUILDERS/REAL ESTATE - 1.2%
Cornerstone Properties, Inc. 8,400 161,175
- ------------------------------------------------------------
Meditrust Corp., Paired Stock 3,724 136,392
- ------------------------------------------------------------
Tower Realty Trust, Inc. 5,000 123,125
-----------
420,692
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
MANUFACTURING - 1.7%
- ------------------------------------------------------------
AEROSPACE - 1.0%
General Dynamics Corp. 2,500 $ 216,094
- ------------------------------------------------------------
Lockheed Martin Corp. 1,200 118,200
-----------
334,294
- ------------------------------------------------------------
CAPITAL GOODS - 0.7%
PACCAR, Inc. 4,700 246,750
- ------------------------------------------------------------
RETAIL - 1.1%
- ------------------------------------------------------------
DEPARTMENT STORES - 0.4%
Penney (J.C.) Co., Inc. 2,300 138,719
- ------------------------------------------------------------
SPECIALTY RETAILING - 0.7%
Brown Group, Inc. 6,400 85,200
- ------------------------------------------------------------
New England Business Service, Inc. 4,700 158,625
-----------
243,825
- ------------------------------------------------------------
TRANSPORTATION - 0.6%
- ------------------------------------------------------------
RAILROADS - 0.6%
GATX Corp. 3,000 217,688
- ------------------------------------------------------------
UTILITIES - 6.7%
- ------------------------------------------------------------
ELECTRIC UTILITIES - 2.4%
Duke Energy Corp. 3,686 204,112
- ------------------------------------------------------------
FPL Group, Inc. 3,500 207,156
- ------------------------------------------------------------
Illinova Corp. 3,800 102,363
- ------------------------------------------------------------
Kansas City Power & Light Co. 5,000 147,813
- ------------------------------------------------------------
Western Resources, Inc. 3,900 167,700
-----------
829,144
- ------------------------------------------------------------
GAS UTILITIES - 2.2%
El Paso Natural Gas Co. 3,800 252,700
- ------------------------------------------------------------
MCN Energy Group, Inc. 3,800 153,425
- ------------------------------------------------------------
National Fuel Gas Co. 3,700 180,144
- ------------------------------------------------------------
Questar Corp. 3,500 156,188
-----------
742,457
- ------------------------------------------------------------
TELEPHONE UTILITIES - 2.1%
Ameritech Corp. 2,200 177,100
- ------------------------------------------------------------
Bell Atlantic Corp. 2,166 197,106
- ------------------------------------------------------------
Frontier Corp. 5,700 137,156
- ------------------------------------------------------------
Nextel Communications, Inc., Cl.
A(8) 77 2,002
- ------------------------------------------------------------
U S West Communications Group 4,300 194,038
-----------
707,402
-----------
Total Common Stocks (Cost
$5,570,938) 7,228,663
- ------------------------------------------------------------
PREFERRED STOCKS - 0.6%
- ------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series
A, Non-Vtg. 1,100 157,987
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
<S> <C> <C>
- ------------------------------------------------------------
PREFERRED STOCKS (CONTINUED)
- ------------------------------------------------------------
PRIMEDIA, Inc., 10% Preferred
Stock, Series D(1) 500 $ 52,750
-----------
Total Preferred Stocks (Cost
$155,325) 210,737
UNITS
- ------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES -
0.0%
- ------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp.
8/02 75 --
- ------------------------------------------------------------
Microcell Telecommunications, Inc.
Conditional Wts., Exp. 6/06(1) 200 125
- ------------------------------------------------------------
Microcell Telecommunications, Inc.
Wts., Exp. 6/06(1) 200 2,600
- ------------------------------------------------------------
Price Communications Corp. Wts.,
Exp. 8/07(1) 258 --
- ------------------------------------------------------------
UNIFI Communications, Inc. Wts.,
Exp. 3/07(1) 50 77
-----------
Total Rights, Warrants and
Certificates (Cost $2,950) 2,802
PRINCIPAL
AMOUNT
- ------------------------------------------------------------
REPURCHASE AGREEMENTS - 12.5%
- ------------------------------------------------------------
Repurchase agreement with Zion
First National Bank, 6.60%, dated
12/31/97, to be repurchased at
$4,274,567 on 1/2/98,
collateralized by U.S. Treasury
Nts., 8.25%, 7/15/98, with a value
of $4,363,573 (Cost $4,273,000) $4,273,000 4,273,000
- ------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$31,305,669) 98.6% 33,638,107
- ------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.4 477,708
---------- -----------
NET ASSETS 100.0% $34,115,815
---------- -----------
---------- -----------
</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. 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 $901,414 or 2.64% of the Fund's net assets
as of December 31, 1997.
4. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 54.4%
- ------------------------------------------------------------
BASIC MATERIALS - 2.0%
- ------------------------------------------------------------
CHEMICALS - 0.9%
Ciba Specialty Chemicals AG(1) 1,200 $ 143,156
- ------------------------------------------------------------
Dexter Corp. 4,700 202,981
- ------------------------------------------------------------
Ethyl Corp. 14,400 110,700
- ------------------------------------------------------------
Fuji Photo Film Co. 2,000 76,911
- ------------------------------------------------------------
IMC Global, Inc. 2,834 92,813
-----------
626,561
- ------------------------------------------------------------
METALS - 0.5%
Allegheny Teledyne, Inc. 2,900 75,037
- ------------------------------------------------------------
Carpenter Technology Corp. 3,600 173,025
- ------------------------------------------------------------
ROHN Industries, Inc. 12,000 61,875
-----------
309,937
- ------------------------------------------------------------
PAPER - 0.6%
Fletcher Challenge Forest 70,000 58,123
- ------------------------------------------------------------
Fort James Corp. 4,950 189,337
- ------------------------------------------------------------
Kimberly-Clark de Mexico, SA, Cl. A 15,000 71,076
- ------------------------------------------------------------
Unisource Worldwide, Inc. 7,900 112,575
-----------
431,111
- ------------------------------------------------------------
CONSUMER CYCLICALS - 7.2%
- ------------------------------------------------------------
AUTOS & HOUSING - 1.3%
Bridgestone Corp. 5,000 108,828
- ------------------------------------------------------------
Cornerstone Properties, Inc. 9,500 182,281
- ------------------------------------------------------------
Goodyear Tire & Rubber Co. 1,700 108,162
- ------------------------------------------------------------
Groupe SEB SA 800 111,572
- ------------------------------------------------------------
Lear Corp.(1) 2,000 95,000
- ------------------------------------------------------------
Meditrust Corp., Paired Stock 4,325 158,403
- ------------------------------------------------------------
Tower Realty Trust, Inc. 5,700 140,362
-----------
904,608
- ------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.9%
Alaska Air Group, Inc.(1) 2,900 112,375
- ------------------------------------------------------------
America West Holdings Corp., Cl.
B(1) 4,500 83,812
- ------------------------------------------------------------
American Skiing Corp.(1) 5,600 83,300
- ------------------------------------------------------------
AMR Corp.(1) 1,500 192,750
- ------------------------------------------------------------
CDL Hotels International Ltd. 270,000 81,889
- ------------------------------------------------------------
Granada Group plc 8,000 122,418
- ------------------------------------------------------------
Hasbro, Inc. 1,600 50,400
- ------------------------------------------------------------
Outback Steakhouse, Inc.(1) 1,900 54,625
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
LEISURE & ENTERTAINMENT (CONTINUED)
Piccadilly Cafeterias, Inc. 8,000 $ 105,000
- ------------------------------------------------------------
Prime Hospitality Corp.(1) 2,600 52,975
- ------------------------------------------------------------
Regal Cinemas, Inc.(1) 6,050 168,644
- ------------------------------------------------------------
Vistana, Inc.(1) 10,000 230,000
-----------
1,338,188
- ------------------------------------------------------------
MEDIA - 0.9%
Applied Graphics Technologies,
Inc.(1) 4,300 228,975
- ------------------------------------------------------------
Benpres Holdings Corp., GDR(1)(2) 2,400 7,218
- ------------------------------------------------------------
Benpres Holdings Corp., Sponsored
GDR(1) 6,000 18,046
- ------------------------------------------------------------
Reed International plc 10,000 100,370
- ------------------------------------------------------------
Reuters Holdings plc 8,000 87,996
- ------------------------------------------------------------
Television Broadcasts Ltd. 23,000 65,602
- ------------------------------------------------------------
Wolters Kluwer NV 750 96,893
-----------
605,100
- ------------------------------------------------------------
RETAIL: GENERAL - 1.7%
adidas AG 750 99,275
- ------------------------------------------------------------
Circle K Japan Co. Ltd. 1,200 57,683
- ------------------------------------------------------------
Dayton Hudson Corp. 2,300 155,250
- ------------------------------------------------------------
Federated Department Stores,
Inc.(1) 2,400 103,350
- ------------------------------------------------------------
Marks & Spencer plc 12,000 118,272
- ------------------------------------------------------------
North Face, Inc. (The)(1) 5,100 112,200
- ------------------------------------------------------------
Penney (J.C.) Co., Inc. 5,300 319,656
- ------------------------------------------------------------
Wolverine World Wide, Inc. 7,950 179,869
-----------
1,145,555
- ------------------------------------------------------------
RETAIL: SPECIALTY - 1.4%
Argos plc 10,000 90,415
- ------------------------------------------------------------
Brown Group, Inc. 7,900 105,169
- ------------------------------------------------------------
Brylane, Inc.(1) 1,100 54,175
- ------------------------------------------------------------
Dickson Concepts International Ltd. 32,000 46,668
- ------------------------------------------------------------
Guitar Center, Inc.(1) 4,200 96,600
- ------------------------------------------------------------
Hennes & Mauritz AB, B Shares 2,400 105,869
- ------------------------------------------------------------
Koninklijke Ahold NV 3,600 93,941
- ------------------------------------------------------------
New England Business Service, Inc. 5,300 178,875
- ------------------------------------------------------------
Payless ShoeSource, Inc.(1) 1,700 114,112
- ------------------------------------------------------------
Stage Stores, Inc.(1) 2,800 104,650
-----------
990,474
- ------------------------------------------------------------
CONSUMER NON-CYCLICALS - 7.7%
- ------------------------------------------------------------
BEVERAGES - 0.3%
Embotelladora Andina SA, Series B,
Sponsored ADR 2,450 47,622
- ------------------------------------------------------------
Quilmes Industrial Quinsa SA,
Sponsored ADR 3,750 51,328
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
BEVERAGES (CONTINUED)
Scottish & Newcastle plc 9,000 $ 108,917
-----------
207,867
- ------------------------------------------------------------
FOOD - 1.4%
Colruyt SA 200 102,160
- ------------------------------------------------------------
Groupe Danone 600 107,217
- ------------------------------------------------------------
Jeronimo Martins & Filho SA 3,375 107,210
- ------------------------------------------------------------
Kroger Co.(1) 4,100 151,444
- ------------------------------------------------------------
Safeway, Inc.(1) 2,400 151,800
- ------------------------------------------------------------
Suiza Foods Corp.(1) 2,650 157,841
- ------------------------------------------------------------
United Natural Foods, Inc.(1) 1,200 31,200
- ------------------------------------------------------------
William Morrison Supermarkets plc 33,000 124,886
-----------
933,758
- ------------------------------------------------------------
HEALTHCARE/DRUGS - 2.7%
Dura Pharmaceuticals, Inc.(1) 2,600 119,275
- ------------------------------------------------------------
Gedeon Richter Ltd., GDR(2) 900 102,221
- ------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR 4,000 191,500
- ------------------------------------------------------------
Incyte Pharmaceuticals, Inc.(1) 2,700 121,500
- ------------------------------------------------------------
Jones Medical Industries, Inc. 1,000 38,250
- ------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl.
A(1) 4,200 214,725
- ------------------------------------------------------------
Novartis AG 100 162,490
- ------------------------------------------------------------
Novo-Nordisk AS, B Shares 1,000 143,124
- ------------------------------------------------------------
PharMerica, Inc.(1) 2,400 24,900
- ------------------------------------------------------------
Roche Holding AG 13 129,282
- ------------------------------------------------------------
Sanofi SA 1,000 111,372
- ------------------------------------------------------------
Schering AG 1,000 96,494
- ------------------------------------------------------------
SKW Trostberg AG 4,000 127,027
- ------------------------------------------------------------
Takeda Chemical Industries Ltd. 5,000 143,054
- ------------------------------------------------------------
Zeneca Group plc 4,000 140,649
-----------
1,865,863
- ------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
2.4%
Alternative Living Services,
Inc.(1) 4,800 141,900
- ------------------------------------------------------------
Concentra Managed Care, Inc.(1) 3,700 124,875
- ------------------------------------------------------------
FPA Medical Management, Inc.(1) 6,500 121,062
- ------------------------------------------------------------
HealthCare Financial Partners,
Inc.(1) 2,500 88,750
- ------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR 1,500 93,750
- ------------------------------------------------------------
National Surgery Centers, Inc.(1) 8,300 217,875
- ------------------------------------------------------------
Pediatrix Medical Group, Inc.(1) 4,400 188,100
- ------------------------------------------------------------
Renal Treatment Centers, Inc.(1) 2,200 79,475
- ------------------------------------------------------------
Rural/Metro Corp.(1) 6,100 203,587
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES
(CONTINUED)
SmithKline Beecham plc 14,592 $ 149,581
- ------------------------------------------------------------
Tenet Healthcare Corp.(1) 4,490 148,731
- ------------------------------------------------------------
Total Renal Care Holdings, Inc.(1) 3,066 84,315
- ------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 700 29,575
-----------
1,671,576
- ------------------------------------------------------------
HOUSEHOLD GOODS - 0.9%
Blyth Industries, Inc.(1) 3,400 101,787
- ------------------------------------------------------------
Dial Corp. (The) 5,500 114,469
- ------------------------------------------------------------
L'OREAL 300 117,440
- ------------------------------------------------------------
Premark International, Inc. 4,600 133,400
- ------------------------------------------------------------
Reckitt & Colman plc 8,000 125,709
-----------
592,805
- ------------------------------------------------------------
ENERGY - 4.4%
- ------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.9%
Diamond Offshore Drilling, Inc. 3,200 154,000
- ------------------------------------------------------------
Global Marine, Inc.(1) 4,700 115,150
- ------------------------------------------------------------
Gulf Island Fabrication, Inc.(1) 2,800 56,000
- ------------------------------------------------------------
Oryx Energy Co.(1) 3,800 96,900
- ------------------------------------------------------------
Pool Energy Services Co.(1) 2,600 57,850
- ------------------------------------------------------------
Tidewater, Inc. 2,200 121,275
-----------
601,175
- ------------------------------------------------------------
OIL-INTEGRATED - 3.5%
Amoco Corp. 2,600 221,325
- ------------------------------------------------------------
Atlantic Richfield Co. 2,800 224,350
- ------------------------------------------------------------
Chevron Corp. 5,500 423,500
- ------------------------------------------------------------
Cliffs Drilling Co.(1) 1,700 84,787
- ------------------------------------------------------------
Exxon Corp. 5,100 312,056
- ------------------------------------------------------------
Mobil Corp. 4,600 332,062
- ------------------------------------------------------------
Occidental Petroleum Corp. 11,200 328,300
- ------------------------------------------------------------
Patterson Energy, Inc.(1) 2,500 96,719
- ------------------------------------------------------------
Quinenco SA, ADR(1) 2,500 28,750
- ------------------------------------------------------------
Shell Transport & Trading Co. plc 19,000 138,025
- ------------------------------------------------------------
Total SA, B Shares 1,200 130,655
- ------------------------------------------------------------
UTI Energy Corp.(1) 2,500 64,687
-----------
2,385,216
- ------------------------------------------------------------
FINANCIAL - 9.3%
- ------------------------------------------------------------
BANKS - 4.1%
Banco Popular Espanol SA 1,600 111,800
- ------------------------------------------------------------
Bank of Tokyo-Mitsubishi Ltd. 6,000 83,063
- ------------------------------------------------------------
BankAmerica Corp. 3,800 277,400
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
BANKS (CONTINUED)
BankBoston Corp. 4,400 $ 413,325
- ------------------------------------------------------------
Bayerische Vereinsbank AG 1,750 112,901
- ------------------------------------------------------------
Credit Suisse Group 670 103,815
- ------------------------------------------------------------
Credito Italiano 48,000 148,100
- ------------------------------------------------------------
First Union Corp. 8,000 410,000
- ------------------------------------------------------------
Halifax plc(1) 8,000 99,448
- ------------------------------------------------------------
Lloyds TSB Group plc 14,000 181,290
- ------------------------------------------------------------
Mitsubishi Trust & Banking Corp. 10,000 100,753
- ------------------------------------------------------------
NationsBank Corp. 3,300 200,681
- ------------------------------------------------------------
Nordbanken Holding AB(1) 19,000 107,520
- ------------------------------------------------------------
Wells Fargo & Co. 1,300 441,269
-----------
2,791,365
- ------------------------------------------------------------
DIVERSIFIED FINANCIAL - 3.3%
Amresco, Inc. 8,100 245,025
- ------------------------------------------------------------
Camden Property Trust 5,400 167,400
- ------------------------------------------------------------
Capstone Capital Corp. 6,300 161,437
- ------------------------------------------------------------
Cattles plc 15,000 99,465
- ------------------------------------------------------------
Crescent Real Estate Equities, Inc. 8,200 322,875
- ------------------------------------------------------------
Franchise Mortgage Acceptance Co.
LLC(1) 3,200 58,800
- ------------------------------------------------------------
Haw Par Brothers International Ltd. 25,000 32,345
- ------------------------------------------------------------
Health & Retirement Properties
Trust 7,300 146,000
- ------------------------------------------------------------
ING Groep NV 2,500 105,316
- ------------------------------------------------------------
Lend Lease Corp. Ltd. 3,500 68,414
- ------------------------------------------------------------
Money Store, Inc. (The) 2,400 50,400
- ------------------------------------------------------------
Morgan Stanley, Dean Witter,
Discover & Co. 1,700 100,512
- ------------------------------------------------------------
Nichiei Co. Ltd. 1,000 106,906
- ------------------------------------------------------------
Northern Rock plc(1) 11,000 107,873
- ------------------------------------------------------------
Perlis Plantations Berhad 17,500 24,772
- ------------------------------------------------------------
Sirrom Capital Corp. 2,600 135,525
- ------------------------------------------------------------
Southcorp Holdings Ltd. 13,000 43,029
- ------------------------------------------------------------
Swire Pacific Ltd., Cl. B 78,500 79,531
- ------------------------------------------------------------
Travelers Group, Inc. 4,492 242,006
-----------
2,297,631
- ------------------------------------------------------------
INSURANCE - 1.9%
Allstate Corp. 1,500 136,312
- ------------------------------------------------------------
Chubb Corp. 2,100 158,812
- ------------------------------------------------------------
Conseco, Inc. 5,100 231,731
- ------------------------------------------------------------
Equitable Cos., Inc. 4,100 203,975
- ------------------------------------------------------------
HSB Group, Inc. 2,500 137,969
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
Pre-Paid Legal Services, Inc.(1) 4,500 $ 153,844
- ------------------------------------------------------------
Torchmark Corp. 3,500 147,219
- ------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 3,800 167,200
-----------
1,337,062
- ------------------------------------------------------------
INDUSTRIAL - 7.4%
- ------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.3%
Johnson Electric Holdings Ltd. 26,400 75,981
- ------------------------------------------------------------
Siebe plc 5,000 98,313
-----------
174,294
- ------------------------------------------------------------
INDUSTRIAL SERVICES - 3.1%
Adecco SA 250 72,589
- ------------------------------------------------------------
American Disposal Services, Inc.(1) 4,600 167,900
- ------------------------------------------------------------
Caribiner International, Inc.(1) 2,100 93,450
- ------------------------------------------------------------
Central Parking Corp. 2,300 104,219
- ------------------------------------------------------------
Computer Horizons Corp.(1) 6,000 270,000
- ------------------------------------------------------------
Computer Task Group, Inc. 7,800 277,387
- ------------------------------------------------------------
Corestaff, Inc.(1) 5,750 152,375
- ------------------------------------------------------------
Eastern Environmental Services,
Inc.(1) 6,600 145,200
- ------------------------------------------------------------
Guilbert SA 625 89,139
- ------------------------------------------------------------
Hays plc 9,000 120,246
- ------------------------------------------------------------
Helix Technology Corp. 4,000 78,000
- ------------------------------------------------------------
Kurita Water Industries Ltd. 5,000 51,146
- ------------------------------------------------------------
Lamar Advertising Co., Cl. A(1) 3,500 139,125
- ------------------------------------------------------------
Tetra Tech, Inc.(1) 6,218 124,375
- ------------------------------------------------------------
Transaction Systems Architects,
Inc., Cl. A(1) 4,700 178,600
- ------------------------------------------------------------
Viad Corp. 4,700 90,769
-----------
2,154,520
- ------------------------------------------------------------
MANUFACTURING - 3.2%
Aeroquip-Vickers, Inc. 1,800 88,312
- ------------------------------------------------------------
AGCO Corp. 4,400 128,700
- ------------------------------------------------------------
Canon Sales Co., Inc. 300 3,438
- ------------------------------------------------------------
Case Corp. 2,700 163,181
- ------------------------------------------------------------
Deere & Co. 3,600 209,925
- ------------------------------------------------------------
Halter Marine Group, Inc.(1) 2,450 70,744
- ------------------------------------------------------------
Ingersoll-Rand Co. 3,300 133,650
- ------------------------------------------------------------
Mannesmann AG 195 97,931
- ------------------------------------------------------------
NSK Ltd. 3,000 7,499
- ------------------------------------------------------------
PACCAR, Inc. 8,900 467,250
- ------------------------------------------------------------
Parker-Hannifin Corp. 2,450 112,394
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
MANUFACTURING (CONTINUED)
Ricoh Co. Ltd. 9,000 $ 112,136
- ------------------------------------------------------------
SMC Corp. 100 8,845
- ------------------------------------------------------------
Smiths Industries plc 7,000 99,687
- ------------------------------------------------------------
Textron, Inc. 4,300 268,750
- ------------------------------------------------------------
U.S. Industries, Inc. 7,350 221,419
-----------
2,193,861
- ------------------------------------------------------------
TRANSPORTATION - 0.8%
Brambles Industries Ltd. 4,000 79,361
- ------------------------------------------------------------
Burlington Northern Santa Fe Corp. 1,100 102,231
- ------------------------------------------------------------
GATX Corp. 3,500 253,969
- ------------------------------------------------------------
Gulfmark Offshore, Inc.(1) 2,200 72,600
- ------------------------------------------------------------
MotivePower Industries, Inc.(1) 2,400 55,800
-----------
563,961
- ------------------------------------------------------------
TECHNOLOGY - 10.5%
- ------------------------------------------------------------
AEROSPACE/DEFENSE - 0.9%
General Dynamics Corp. 4,100 354,394
- ------------------------------------------------------------
Lockheed Martin Corp. 2,400 236,400
-----------
590,794
- ------------------------------------------------------------
COMPUTER HARDWARE - 1.9%
Apex PC Solutions, Inc.(1) 3,200 70,800
- ------------------------------------------------------------
CHS Electronics, Inc.(1) 1,050 17,981
- ------------------------------------------------------------
Compaq Computer Corp. 3,100 174,956
- ------------------------------------------------------------
Digital Lightwave, Inc.(1) 3,500 45,937
- ------------------------------------------------------------
Insight Enterprises, Inc.(1) 4,750 174,562
- ------------------------------------------------------------
International Business Machines
Corp. 1,900 198,669
- ------------------------------------------------------------
Lexmark International Group, Inc.,
Cl. A(1) 1,600 60,800
- ------------------------------------------------------------
Network Appliance, Inc.(1) 5,400 191,700
- ------------------------------------------------------------
Semtech Corp.(1) 2,100 82,162
- ------------------------------------------------------------
Storage Technology Corp. (New)(1) 4,400 272,525
-----------
1,290,092
- ------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 2.8%
BEA Systems, Inc.(1) 7,200 124,650
- ------------------------------------------------------------
Electronic Data Systems Corp. 2,800 123,025
- ------------------------------------------------------------
HNC Software, Inc.(1) 2,900 124,700
- ------------------------------------------------------------
JDA Software Group, Inc.(1) 3,600 126,000
- ------------------------------------------------------------
Pegasystems, Inc.(1) 5,700 115,069
- ------------------------------------------------------------
Remedy Corp.(1) 2,000 42,000
- ------------------------------------------------------------
SAP AG, Preference 550 178,700
- ------------------------------------------------------------
Sapient Corp.(1) 2,600 159,250
- ------------------------------------------------------------
Security Dynamics Technologies,
Inc.(1) 3,900 139,425
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE/SERVICES
(CONTINUED)
Summit Design, Inc.(1) 5,100 $ 52,912
- ------------------------------------------------------------
Sykes Enterprises, Inc.(1) 3,850 75,075
- ------------------------------------------------------------
Symantec Corp.(1) 1,200 26,325
- ------------------------------------------------------------
Technology Solutions Co.(1) 5,350 141,106
- ------------------------------------------------------------
Veritas Software Corp.(1) 3,425 174,675
- ------------------------------------------------------------
Viasoft, Inc.(1) 2,900 122,525
- ------------------------------------------------------------
Visio Corp.(1) 2,800 107,450
- ------------------------------------------------------------
Wind River Systems, Inc.(1) 2,950 117,078
-----------
1,949,965
- ------------------------------------------------------------
ELECTRONICS - 2.6%
Bowthorpe plc 18,000 111,065
- ------------------------------------------------------------
Electrocomponents plc 13,000 96,898
- ------------------------------------------------------------
Getronics NV 2,900 92,412
- ------------------------------------------------------------
Hirose Electric Co. 2,000 102,599
- ------------------------------------------------------------
Keyence Corp. 660 97,969
- ------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 58,760
- ------------------------------------------------------------
National Semiconductor Corp.(1) 1,000 25,937
- ------------------------------------------------------------
Omron Corp. 3,000 47,069
- ------------------------------------------------------------
Philips Electronics NV 2,000 119,967
- ------------------------------------------------------------
Rohm Co. 1,000 102,291
- ------------------------------------------------------------
Samsung Electronics Co. Ltd.,
GDR(1)(2) 32 454
- ------------------------------------------------------------
Samsung Electronics, GDS(1) 1,950 10,969
- ------------------------------------------------------------
Sawtek, Inc.(1) 2,500 65,937
- ------------------------------------------------------------
SCI Systems, Inc.(1) 2,400 104,550
- ------------------------------------------------------------
Sony Corp. 1,400 124,903
- ------------------------------------------------------------
TDK Corp. 1,000 75,680
- ------------------------------------------------------------
Vitesse Semiconductor Corp.(1) 4,150 156,662
- ------------------------------------------------------------
VTech Holdings Ltd. 65,000 191,688
- ------------------------------------------------------------
Waters Corp.(1) 5,700 214,463
-----------
1,800,273
- ------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
2.3%
Bay Networks, Inc.(1) 1,200 30,675
- ------------------------------------------------------------
British Sky Broadcasting Group plc 8,500 63,776
- ------------------------------------------------------------
Comverse Technology, Inc.(1) 3,800 148,200
- ------------------------------------------------------------
DSP Communications, Inc.(1) 3,800 45,600
- ------------------------------------------------------------
Dycom Industries, Inc.(1) 1,100 23,719
- ------------------------------------------------------------
Inter-Tel, Inc. 4,700 91,063
- ------------------------------------------------------------
Nextel Communications, Inc., Cl.
A(1) 232 6,032
- ------------------------------------------------------------
Nippon Telegraph & Telephone Corp. 12 103,368
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY
(CONTINUED)
P-COM, Inc.(1) 7,500 $ 129,375
- ------------------------------------------------------------
Pacific Gateway Exchange, Inc.(1) 3,400 182,963
- ------------------------------------------------------------
REMEC, Inc.(1) 2,600 58,500
- ------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 6,077 39,501
- ------------------------------------------------------------
Tekelec(1) 3,300 100,650
- ------------------------------------------------------------
Tel-Save Holdings, Inc.(1) 2,300 45,713
- ------------------------------------------------------------
Telecom Italia Mobile SpA 30,000 138,547
- ------------------------------------------------------------
Uniphase Corp.(1) 3,600 148,950
- ------------------------------------------------------------
Vodafone Group plc 21,000 153,245
- ------------------------------------------------------------
Yurie Systems, Inc.(1) 2,600 52,488
-----------
1,562,365
- ------------------------------------------------------------
UTILITIES - 5.9%
- ------------------------------------------------------------
ELECTRIC UTILITIES - 1.9%
Duke Energy Corp. 4,117 227,979
- ------------------------------------------------------------
FPL Group, Inc. 7,000 414,313
- ------------------------------------------------------------
Illinova Corp. 4,200 113,138
- ------------------------------------------------------------
Kansas City Power & Light Co. 5,600 165,550
- ------------------------------------------------------------
Veba AG 2,500 170,324
- ------------------------------------------------------------
Western Resources, Inc. 4,400 189,200
-----------
1,280,504
- ------------------------------------------------------------
GAS UTILITIES - 1.9%
Columbia Gas System, Inc. 4,500 353,531
- ------------------------------------------------------------
El Paso Natural Gas Co. 4,200 279,300
- ------------------------------------------------------------
MCN Energy Group, Inc. 4,300 173,613
- ------------------------------------------------------------
National Fuel Gas Co. 4,400 214,225
- ------------------------------------------------------------
Questar Corp. 4,100 182,963
- ------------------------------------------------------------
RWE AG, Preference 2,500 107,061
-----------
1,310,693
- ------------------------------------------------------------
TELEPHONE UTILITIES - 2.1%
Ameritech Corp. 2,500 201,250
- ------------------------------------------------------------
Bell Atlantic Corp. 4,973 452,543
- ------------------------------------------------------------
Century Telephone Enterprises, Inc. 800 39,850
- ------------------------------------------------------------
Frontier Corp. 9,100 218,969
- ------------------------------------------------------------
Telefonica de Espana 3,500 99,891
- ------------------------------------------------------------
U S West Communications Group 10,300 464,788
-----------
1,477,291
-----------
Total Common Stocks (Cost
$30,775,366) 37,384,465
- ------------------------------------------------------------
PREFERRED STOCKS - 0.5%
- ------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series
A, Non-Vtg. 1,100 157,987
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
PREFERRED STOCKS (CONTINUED)
- ------------------------------------------------------------
Fresenius AG, Preferred 600 $ 109,119
- ------------------------------------------------------------
PRIMEDIA, Inc., 10% Preferred
Stock, Series D(3) 1,000 105,500
-----------
Total Preferred Stocks (Cost
$315,456) 372,606
UNITS
- ------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES -
0.0%
- ------------------------------------------------------------
Haw Par Brothers International Ltd.
Wts., Exp. 7/01 2,500 593
- ------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp.
8/02 125 --
- ------------------------------------------------------------
Microcell Telecommunications, Inc.
Conditional Wts., Exp. 6/06(3) 500 313
- ------------------------------------------------------------
Microcell Telecommunications, Inc.
Wts., Exp. 6/06(3) 500 6,500
- ------------------------------------------------------------
Price Communications Corp. Wts.,
Exp. 8/07(3) 516 5
- ------------------------------------------------------------
UNIFI Communications, Inc. Wts.,
Exp. 3/07(3) 125 188
-----------
Total Rights, Warrants and
Certificates (Cost $8,882) 7,599
PRINCIPAL
AMOUNT
- ------------------------------------------------------------
ASSET-BACKED SECURITIES - 0.8%
- ------------------------------------------------------------
Dayton Hudson Credit Card Master
Trust, Asset-Backed Certificates,
Series 1997-1, Cl. A, 6.25%,
8/25/05 $ 125,000 125,325
- ------------------------------------------------------------
Olympic Automobile Receivables
Trust:
Receivables-Backed Nts., Series
1997-A, Cl. A5, 6.80%, 2/15/05 150,000 152,034
Series 1996-A, Cl. A4, 5.85%,
7/15/01 90,000 89,803
- ------------------------------------------------------------
IROQUOIS Trust, Asset-Backed
Amortizing Nts., Series 1997-2, Cl.
A, 6.752%, 6/25/07(3) 175,000 175,622
-----------
Total Asset-Backed Securities (Cost
$538,963) 542,784
- ------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 3.9%
- ------------------------------------------------------------
Countrywide Funding Corp., Mtg.
Pass-Through Certificates, Series
1994-10, Cl. A3, 6%, 5/25/09 250,000 247,520
- ------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates,
Series 1711, Cl. EA, 7%, 3/15/24 200,000 203,250
Gtd. Multiclass Mtg. Participation
Certificates, 6%, 3/1/09 166,146 164,948
Gtd. Multiclass Mtg. Participation
Certificates, Series 1574, Cl. PD,
5.55%, 3/15/13 88,626 88,377
Gtd. Multiclass Mtg. Participation
Certificates, Series 1843, Cl. VB,
7%, 4/15/03 50,000 51,297
Gtd. Multiclass Mtg. Participation
Certificates, Series 1849, Cl. VA,
6%, 12/15/10 134,802 134,129
Interest-Only Stripped Mtg.-Backed
Security, Series 1542, Cl. QC,
7.35%, 10/15/20(4) 900,000 188,174
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
6.65%, 1/15/20(4) 750,000 112,792
Interest-Only Stripped Mtg.-Backed
Security, Series 1661, Cl. PK,
5.775%, 11/15/06(4) 801,135 66,062
- ------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 128,916 128,166
6.50%, 4/1/26 139,142 137,684
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
<S> <C> <C>
- ------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS
(CONTINUED)
- ------------------------------------------------------------
Federal National Mortgage Assn.:
(Continued)
7%, 4/1/00 $ 147,274 $ 148,307
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Trust 1993-181, Cl. C, 5.40%,
10/25/02 121,209 120,527
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Trust 1993-190, Cl. Z, 5.85%,
7/25/08 127,526 126,630
Medium-Term Nts., 6.56%, 11/13/01 225,000 225,212
Trust 1994-13, Cl. B, 6.50%,
2/25/09 100,000 99,687
- ------------------------------------------------------------
GE Capital Mortgage Services, Inc.,
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
Series 1994-7, Cl. A18, 6%, 2/25/09 149,164 140,634
- ------------------------------------------------------------
PNC Mortgage Securities Corp.,
Commercial Mtg. Pass-Through
Certificates,
Series 1995-2, Cl. A3, 6.50%,
2/25/12 125,000 125,239
- ------------------------------------------------------------
Residential Accredit Loans, Inc.,
Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS9, Cl.
A2, 6.75%, 9/25/27 175,000 174,754
-----------
Total Mortgage-Backed Obligations
(Cost $2,655,002) 2,683,389
- ------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 8.1%
- ------------------------------------------------------------
U.S. Treasury Bonds:
6%, 2/15/26 200,000 199,813
7.50%, 11/15/16 1,835,000 2,141,217
- ------------------------------------------------------------
U.S. Treasury Nts.:
5.125%, 4/30/98 550,000 549,657
6.50%, 8/15/05 1,120,000 1,169,001
6.75%, 6/30/99 745,000 756,874
7.50%, 11/15/01 700,000 742,656
-----------
Total U.S. Government Obligations
(Cost $5,355,558) 5,559,218
- ------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND
NOTES - 21.8%
- ------------------------------------------------------------
BASIC MATERIALS - 2.3%
- ------------------------------------------------------------
CHEMICALS - 1.3%
Du Pont (E.I.) De Nemours & Co.,
8.50% Debs., 2/15/03 100,000 106,277
- ------------------------------------------------------------
Laroche Industries, Inc., 9.50% Sr.
Sub. Nts., 9/15/07(2) 125,000 123,750
- ------------------------------------------------------------
Morton International, Inc., 9.25%
Credit Sensitive Nts., 6/1/20 50,000 65,119
- ------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr.
Sec. Disc. Nts., 10/15/05(5) 175,000 175,000
- ------------------------------------------------------------
PPG Industries, Inc., 9% Debs.,
5/1/21 50,000 62,436
- ------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr.
Nts., 12/1/04 125,000 141,562
- ------------------------------------------------------------
Sterling Chemicals Holdings, Inc.,
0%/13.50% Sr. Disc. Nts.,
8/15/08(5) 125,000 76,875
- ------------------------------------------------------------
Texas Petrochemical Corp., 11.125%
Sr. Sub. Nts., Series B, 7/1/06 125,000 135,000
-----------
886,019
- ------------------------------------------------------------
METALS - 0.5%
Alcan Aluminum Ltd., 9.625% Debs.,
7/15/19 100,000 108,247
- ------------------------------------------------------------
Gulf States Steel, Inc. (Alabama),
13.50% First Mtg. Nts., Series B,
4/15/03 125,000 124,375
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
METALS (CONTINUED)
WCI Steel, Inc., 10% Sr. Nts.,
Series B, 12/1/04 $ 75,000 $ 76,875
-----------
309,497
- ------------------------------------------------------------
PAPER - 0.5%
Celulosa Arauco y Constitucion SA,
7.25% Debs., 6/11/98(3) 85,000 84,469
- ------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr.
Sub. Disc. Debs., 5/15/05 125,000 134,375
- ------------------------------------------------------------
Stone Container Corp., 9.875% Sr.
Nts., 2/1/01 125,000 125,469
-----------
344,313
- ------------------------------------------------------------
CONSUMER CYCLICALS - 7.2%
- ------------------------------------------------------------
AUTOS & HOUSING - 0.4%
Black & Decker Corp., 6.625% Nts.,
11/15/00 85,000 85,830
- ------------------------------------------------------------
Cambridge Industries, Inc., 10.25%
Sr. Sub. Nts., 7/15/07(2) 125,000 131,250
- ------------------------------------------------------------
First Industrial LP, 7.15% Bonds,
5/15/27 60,000 61,658
-----------
278,738
- ------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.1%
American Skiing Corp., 12% Sr. Sub.
Nts., Series B, 7/15/06(3) 100,000 111,500
- ------------------------------------------------------------
Ameristar Casinos, Inc., 10.50% Sr.
Sub. Nts., 8/1/04(2) 50,000 51,250
- ------------------------------------------------------------
Ascent Entertainment Group, Inc.,
0%/11.875% Sr. Sec. Disc. Nts.,
12/15/04(2)(5) 125,000 72,187
- ------------------------------------------------------------
Bally Total Fitness Holdings,
9.875% Sr. Sub. Nts., 10/15/07(2) 125,000 126,562
- ------------------------------------------------------------
Blockbuster Entertainment Corp.,
6.625% Sr. Nts., 2/15/98 85,000 85,031
- ------------------------------------------------------------
Casino America, Inc., 12.50% Sr.
Nts., 8/1/03 125,000 136,406
- ------------------------------------------------------------
Casino Magic of Louisiana Corp.,
13% First Mtg. Nts., Series B,
8/15/03 200,000 193,000
- ------------------------------------------------------------
Colorado Gaming & Entertainment
Co., 12% Sr. Nts., 6/1/03(3) 125,000 135,000
- ------------------------------------------------------------
Hilton Hotels Corp., 7.375% Nts.,
6/1/02 125,000 128,212
- ------------------------------------------------------------
HMH Properties, Inc., 8.875% Sr.
Nts., 7/15/07 125,000 132,187
- ------------------------------------------------------------
Hollywood Casino Corp., 12.75% Sr.
Sec. Gtd. Nts., 11/1/03 125,000 133,750
- ------------------------------------------------------------
Horseshoe Gaming LLC, 9.375% Sr.
Sub. Nts., 6/15/07 50,000 52,625
- ------------------------------------------------------------
Mohegan Tribal Gaming Authority
(Connecticut), 13.50% Sr. Sec.
Nts., Series B, 11/15/02 125,000 160,625
- ------------------------------------------------------------
Players International, Inc.,
10.875% Sr. Nts., 4/15/05 125,000 135,000
- ------------------------------------------------------------
Prime Hospitality Corp., 9.75% Sr.
Sub. Nts., 4/1/07 125,000 133,125
- ------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625%
Sr. Sub. Nts., 7/15/05 125,000 135,625
- ------------------------------------------------------------
Showboat, Inc., 9.25% First Mtg.
Bonds, 5/1/08 100,000 107,000
- ------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr.
Sub. Nts., 5/15/06 100,000 117,250
-----------
2,146,335
- ------------------------------------------------------------
MEDIA - 2.7%
Adelphia Communications Corp.,
10.50% Sr. Unsec. Nts., Series B,
7/15/04 125,000 135,312
- ------------------------------------------------------------
Cablevision Systems Corp., 9.875%
Sr. Sub. Nts., 5/15/06 50,000 55,125
- ------------------------------------------------------------
Century Communications Corp., 9.75%
Sr. Nts., 2/15/02 100,000 106,750
- ------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub.
Debs., 10/15/06 125,000 133,437
- ------------------------------------------------------------
EchoStar Satellite Broadcasting
Corp., 0%/13.125% Sr. Sec. Disc.
Nts., 3/15/04(5) 100,000 85,500
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
MEDIA (CONTINUED)
Falcon Holdings Group LP, 11% Sr.
Sub. Nts., 9/15/03(6) $ 154,852 $ 161,816
- ------------------------------------------------------------
Fox/Liberty Networks LLC, 8.875%
Sr. Nts., 8/15/07(2) 50,000 50,250
- ------------------------------------------------------------
Hollinger International Publishing,
Inc., 9.25% Gtd. Sr. Sub. Nts.,
3/15/07 100,000 105,500
- ------------------------------------------------------------
Lamar Advertising Co., 8.625% Sr.
Sub. Nts., 9/15/07 100,000 103,250
- ------------------------------------------------------------
Marcus Cable Operating Co.
LP/Marcus Cable Capital Corp.,
0%/13.50% Gtd. Sr. Sub. Disc. Nts.,
Series II, 8/1/04(5) 125,000 116,250
- ------------------------------------------------------------
MDC Communications Corp., 10.50%
Sr. Sub. Nts., 12/1/06 125,000 132,812
- ------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10%
Sr. Sub. Nts., 9/30/05 125,000 132,187
- ------------------------------------------------------------
Spanish Broadcasting Systems, Inc.,
11% Sr. Nts., 3/15/04 100,000 110,500
- ------------------------------------------------------------
TCI Satellite Entertainment, Inc.,
10.875% Sr. Sub. Nts., 2/15/07(2) 125,000 131,562
- ------------------------------------------------------------
Time Warner, Inc., 7.45% Nts.,
2/1/98 85,000 85,074
- ------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr.
Debs., 10/30/07 125,000 138,955
- ------------------------------------------------------------
United International Holdings,
Inc., Zero Coupon Sr. Sec. Disc.
Nts., 12.915%, 11/15/99(7) 100,000 83,500
-----------
1,867,780
- ------------------------------------------------------------
RETAIL: GENERAL - 0.6%
Federated Department Stores, Inc.,
10% Sr. Nts., 2/15/01 35,000 38,609
- ------------------------------------------------------------
Price/Costco Cos., Inc., 7.125% Sr.
Nts., 6/15/05 90,000 92,203
- ------------------------------------------------------------
Sears Roebuck & Co., 8.39%
Medium-Term Nts., 3/23/99 175,000 179,715
- ------------------------------------------------------------
William Carter Co., 10.375% Sr.
Sub. Nts., Series A, 12/1/06 125,000 131,875
-----------
442,402
- ------------------------------------------------------------
RETAIL: SPECIALTY - 0.4%
K Mart Corp., 7.75% Debs., 10/1/12 125,000 120,625
- ------------------------------------------------------------
Pantry, Inc. (The), 10.25% Sr. Sub.
Nts., 10/15/07(3) 150,000 153,750
-----------
274,375
- ------------------------------------------------------------
CONSUMER NON-CYCLICALS - 2.0%
- ------------------------------------------------------------
FOOD - 0.8%
AmeriServe Food Distribution, Inc.,
8.875% Sr. Nts., 10/15/06 125,000 126,250
- ------------------------------------------------------------
Dole Food Distributing, Inc., 6.75%
Nts., 7/15/00 95,000 96,175
- ------------------------------------------------------------
Fresh Del Monte Produce NV, 10% Sr.
Nts., Series B, 5/1/03 71,000 74,195
- ------------------------------------------------------------
Great Atlantic & Pacific Tea Co.,
Inc., (The), 9.125% Debs., 1/15/98 85,000 85,060
- ------------------------------------------------------------
Jitney-Jungle Stores of America,
Inc., 10.375% Sr. Sub. Nts.,
9/15/07 50,000 52,125
- ------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub.
Nts., 9/15/05(3) 125,000 139,375
-----------
573,180
- ------------------------------------------------------------
HEALTHCARE/DRUGS - 0.1%
Integrated Health Services, Inc.,
9.25% Sr. Sub. Nts., 1/15/08(2) 50,000 51,125
- ------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
1.0%
Columbia/HCA Healthcare Corp.,
6.875% Nts., 7/15/01 100,000 100,233
- ------------------------------------------------------------
Dade International, Inc., 11.125%
Sr. Sub. Nts., 5/1/06 125,000 138,125
- ------------------------------------------------------------
Graphic Controls Corp., 12% Sr.
Sub. Nts., Series A, 9/15/05 125,000 140,000
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES
(CONTINUED)
Kinetics Concepts, Inc., 9.625% Sr.
Sub. Nts., 11/1/07(2) $ 50,000 $ 51,063
- ------------------------------------------------------------
Paracelsus Healthcare Corp., 10%
Sr. Unsec. Sub. Nts., 8/15/06 100,000 102,500
- ------------------------------------------------------------
Playtex Products, Inc., 8.875% Sr.
Nts., 7/15/04 75,000 76,594
- ------------------------------------------------------------
Tenet Healthcare Corp., 8% Sr.
Nts., 1/15/05 75,000 76,875
-----------
685,390
- ------------------------------------------------------------
HOUSEHOLD GOODS - 0.1%
Kimberly-Clark Corp., 7.875% Debs.,
2/1/23 50,000 54,537
- ------------------------------------------------------------
ENERGY - 1.2%
- ------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.7%
Coastal Corp., 8.125% Sr. Nts.,
9/15/02 50,000 53,599
- ------------------------------------------------------------
Coastal Corp., 8.75% Sr. Nts.,
5/15/99 35,000 36,184
- ------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75%
Sr. Nts., Series B, 1/15/01 55,000 57,681
- ------------------------------------------------------------
Forcenergy, Inc., 8.50% Sr. Sub.
Nts., Series B, 2/15/07 50,000 50,875
- ------------------------------------------------------------
Louisiana Land & Exploration Co.,
7.65% Debs., 12/1/23 50,000 54,665
- ------------------------------------------------------------
Southwest Royalties, Inc., 10.50%
Sr. Gtd. Nts., 10/15/04(2) 125,000 125,000
- ------------------------------------------------------------
Transamerican Energy Corp., 11.50%
Sr. Nts., 6/15/02(2) 50,000 49,250
- ------------------------------------------------------------
Williams Holdings of Delaware,
Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 50,000 49,082
-----------
476,336
- ------------------------------------------------------------
OIL-INTEGRATED - 0.5%
Gulf Canada Resources Ltd., 8.25%
Sr. Nts., 3/15/17 75,000 82,757
- ------------------------------------------------------------
Gulf Canada Resources Ltd., 9%
Debs., 8/15/99 75,000 78,498
- ------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80%
Debs., 7/2/02 50,000 50,886
- ------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50%
Nts., 3/31/07 75,000 80,028
- ------------------------------------------------------------
Standard Oil/British Petroleum Co.
plc, 9% Debs., 6/1/19 50,000 51,692
-----------
343,861
- ------------------------------------------------------------
FINANCIAL - 2.9%
- ------------------------------------------------------------
BANKS - 0.5%
Chase Manhattan Corp. (New), 6.625%
Sr. Nts., 1/15/98 35,000 35,006
- ------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 50,000 49,062
- ------------------------------------------------------------
First Fidelity Bancorp, 8.50% Sub.
Capital Nts., 4/1/98 35,000 35,186
- ------------------------------------------------------------
First Union Corp., 6.75% Sr. Nts.,
1/15/98 35,000 35,007
- ------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc.,
9.90% Sub. Nts., 6/15/01 85,000 94,540
- ------------------------------------------------------------
Integra Financial Corp., 6.50% Sub.
Nts., 4/15/00 85,000 85,791
-----------
334,592
- ------------------------------------------------------------
DIVERSIFIED FINANCIAL - 1.8%
American General Finance Corp.,
8.50% Sr. Nts., 8/15/98 40,000 40,618
- ------------------------------------------------------------
American General Institutional
Capital B, 8.125% Bonds, Series B,
3/15/46(2) 75,000 83,195
- ------------------------------------------------------------
Beneficial Corp., 9.125% Debs.,
2/15/98 85,000 85,284
- ------------------------------------------------------------
Capital One Financial Corp., 6.83%
Sr. Nts., 5/17/99 45,000 45,327
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
Capital One Financial Corp., 7.25%
Nts., 12/1/03 $ 40,000 $ 40,422
- ------------------------------------------------------------
Chelsea GCA Realty Partner, Inc.,
7.75% Gtd. Unsec. Unsub. Nts.,
1/26/01 40,000 41,041
- ------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec.
Nts., 2/15/01 85,000 83,485
- ------------------------------------------------------------
Countrywide Home Loans, Inc., 6.05%
Gtd. Medium-Term Nts., Series D,
3/1/01 50,000 49,786
- ------------------------------------------------------------
Countrywide Home Loans, Inc.,
6.085% Gtd. Medium-Term Nts.,
Series B, 7/14/99 40,000 39,992
- ------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub.
Nts., 2/26/98 85,000 85,269
- ------------------------------------------------------------
General Motors Acceptance Corp.,
5.625% Nts., 2/15/01 175,000 172,392
- ------------------------------------------------------------
Golden West Financial Corp., 8.625%
Sub. Nts., 8/30/98 35,000 35,610
- ------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50%
Nts., 4/1/01 85,000 85,820
- ------------------------------------------------------------
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)(8) 125,000 124,375
- ------------------------------------------------------------
Salomon, Inc., 8.69% Sr.
Medium-Term Nts., Series D, 3/1/99 100,000 102,946
- ------------------------------------------------------------
Wilshire Financial Services Group,
Inc., 13% Nts., Series A,
8/15/04(2) 125,000 127,813
-----------
1,243,375
- ------------------------------------------------------------
INSURANCE - 0.6%
Cigna Corp., 7.90% Nts., 12/14/98 100,000 101,603
- ------------------------------------------------------------
Conseco Financing Trust III, 8.796%
Bonds, 4/1/27 100,000 112,650
- ------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts.,
1/15/99 110,000 112,931
- ------------------------------------------------------------
Travelers Property Casualty Corp.,
6.75% Nts., 4/15/01 85,000 86,488
-----------
413,672
- ------------------------------------------------------------
INDUSTRIAL - 2.1%
- ------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.3%
American Standard Cos., Inc.,
10.875% Sr. Nts., 5/15/99(3) 100,000 105,500
- ------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr.
Nts., 10/1/05(3) 125,000 132,813
-----------
238,313
- ------------------------------------------------------------
INDUSTRIAL SERVICES - 0.9%
Armco, Inc., 9% Unsec. Sr. Nts.,
9/15/07 50,000 48,875
- ------------------------------------------------------------
Employee Solutions, Inc., 10% Sr.
Nts., 10/15/04(3) 125,000 120,625
- ------------------------------------------------------------
Jordan Telecommunication Products,
Inc., 9.875% Sr. Nts., 8/1/07(2) 50,000 51,375
- ------------------------------------------------------------
KSL Recreation Group, Inc., 10.25%
Sr. Sub. Nts., 5/1/07 100,000 106,750
- ------------------------------------------------------------
Production Resource Group, 11.50%
Sr. Sub. Nts., 1/15/08(2) 75,000 75,563
- ------------------------------------------------------------
Sun Co., Inc., 7.95% Debs.,
12/15/01 125,000 131,996
- ------------------------------------------------------------
USI American Holdings, Inc., 7.25%
Gtd. Sr. Nts., Series B, 12/1/06 70,000 71,621
-----------
606,805
- ------------------------------------------------------------
MANUFACTURING - 0.4%
Jordan Industries, Inc., 10.375%
Sr. Nts., Series B, 8/1/07 125,000 126,875
- ------------------------------------------------------------
Mark IV Industries, Inc., 8.75%
Sub. Nts., 4/1/03(3) 25,000 26,500
- ------------------------------------------------------------
Titan Wheel International, Inc.,
8.75% Sr. Sub. Nts., 4/1/07 100,000 105,250
-----------
258,625
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION - 0.5%
CSX Corp., 7.05% Debs., 5/1/02 $ 70,000 $ 71,669
- ------------------------------------------------------------
Federal Express Corp., 6.25% Nts.,
4/15/98 90,000 90,038
- ------------------------------------------------------------
Norfolk Southern Corp., 7.35% Nts.,
5/15/07 75,000 79,400
- ------------------------------------------------------------
Union Pacific Corp., 7% Nts.,
6/15/00 85,000 86,413
-----------
327,520
- ------------------------------------------------------------
TECHNOLOGY - 3.4%
- ------------------------------------------------------------
AEROSPACE/DEFENSE - 0.1%
GPA Delaware, Inc., 8.75% Gtd.
Nts., 12/15/98 100,000 102,000
- ------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 0.1%
DecisionOne Corp., 9.75% Sr. Sub.
Nts., 8/1/07 75,000 77,438
- ------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
3.2%
American Communications Services,
Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(5) 100,000 80,500
- ------------------------------------------------------------
Brooks Fiber Properties, Inc.,
0%/11.875% Sr. Disc. Nts.,
11/1/06(5) 125,000 100,625
- ------------------------------------------------------------
Comcast UK Cable Partner Ltd.,
0%/11.20% Sr. Disc. Debs.,
11/15/07(5) 125,000 101,875
- ------------------------------------------------------------
Diamond Cable Communications plc,
0%/10.75% Sr. Disc. Nts.,
2/15/07(5) 125,000 85,625
- ------------------------------------------------------------
ICG Holdings, Inc., 0%/11.625% Sr.
Disc. Nts., 3/15/07(5) 125,000 85,625
- ------------------------------------------------------------
International CableTel, Inc.,
0%/11.50% Sr. Deferred Coupon Nts.,
Series B, 2/1/06(5) 200,000 156,250
- ------------------------------------------------------------
Iridium LLC/Iridium Capital Corp.,
11.25% Sr. Nts., 7/15/05(2) 125,000 123,125
- ------------------------------------------------------------
IXC Communications, Inc., 12.50%
Sr. Nts., Series B, 10/1/05 125,000 144,688
- ------------------------------------------------------------
Microcell Telecommunications, Inc.,
0%/14% Sr. Disc. Nts., Series B,
6/1/06(5) 125,000 84,375
- ------------------------------------------------------------
Nextel Communications, Inc.,
0%/9.75% Sr. Disc. Nts., 8/15/04(5) 150,000 133,875
- ------------------------------------------------------------
Price Communications Cellular
Holdings, Inc., 0%/13.50% Sr. Disc.
Nts., Series A, 8/1/07(3)(5) 150,000 95,250
- ------------------------------------------------------------
PriCellular Wireless Corp.,
0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03(5) 175,000 180,250
- ------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum
Finance Corp., 11% Sr. Nts.,
8/15/06 100,000 113,000
- ------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr.
Unsec. Bonds, 6/30/07(2) 125,000 136,250
- ------------------------------------------------------------
Teleport Communications Group,
Inc., 0%/11.125% Sr. Disc. Nts.,
7/1/07(5) 50,000 40,875
- ------------------------------------------------------------
Teleport Communications Group,
Inc., 9.875% Sr. Nts., 7/1/06 50,000 56,250
- ------------------------------------------------------------
Telewest Communications plc, 0%/11%
Sr. Disc. Debs., 10/1/07(5) 75,000 58,594
- ------------------------------------------------------------
Telewest Communications plc, 9.625%
Sr. Debs., 10/1/06 75,000 78,188
- ------------------------------------------------------------
U S West Capital Funding, Inc.,
6.85% Gtd. Nts., 1/15/02 175,000 178,064
- ------------------------------------------------------------
UNIFI Communications, Inc., 14% Sr.
Nts., 3/1/04 125,000 98,750
- ------------------------------------------------------------
Western Wireless Corp., 10.50% Sr.
Sub. Nts., 2/1/07 50,000 54,250
-----------
2,186,284
- ------------------------------------------------------------
UTILITIES - 0.7%
- ------------------------------------------------------------
ELECTRIC UTILITIES - 0.2%
Consumers Energy Co., 8.75% First
Mtg. Nts., 2/15/98 85,000 85,203
- ------------------------------------------------------------
El Paso Electric Co., 7.25% First
Mtg. Nts., Series A, 2/1/99(3) 40,000 40,400
-----------
125,603
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- ------------------------------------------------------------
<S> <C> <C>
GAS UTILITIES - 0.4%
Northern Illinois Gas Co., 6.45%
First Mtg. Bonds, 8/1/01 $ 170,000 $ 172,308
- ------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50%
Bonds, 4/1/17 75,000 80,521
-----------
252,829
- ------------------------------------------------------------
TELEPHONE UTILITIES - 0.1%
GTE Corp., 8.85% Debs., 3/1/98 40,000 40,162
-----------
Total Non-Convertible Corporate
Bonds and Notes (Cost $14,358,002) 14,941,106
- ------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND
NOTES - 0.2%
- ------------------------------------------------------------
Barnett Banks, Inc., 8.50% Sub.
Exchangeable Nts., 3/1/99 35,000 35,960
- ------------------------------------------------------------
Geotek Communications, Inc., 12%
Cv. Sr. Sub. Nts., 2/15/01(3) 100,000 80,000
-----------
Total Convertible Corporate Bonds
and Notes (Cost $128,557) 115,960
- ------------------------------------------------------------
REPURCHASE AGREEMENTS - 9.8%
- ------------------------------------------------------------
Repurchase agreement with Zion
First National Bank, 6.60%, dated
12/31/97, to be repurchased at
$6,717,462 on 1/2/98,
collateralized by U.S. Treasury
Nts., 8.25%, 7/15/98, with a value
of $6,857,336 (Cost $6,715,000) 6,715,000 6,715,000
- ------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$60,850,786) 99.5% 68,322,127
- ------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.5 370,656
---------- -----------
NET ASSETS 100.0% $68,692,783
---------- -----------
---------- -----------
</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 $1,670,463 or 2.43% of the Fund's net
assets as of December 31, 1997.
3. Identifies issues considered to be illiquid or restricted - See Note 5 of
Notes to Financial Statements.
4. 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.
5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
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. 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.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 70.2%
- ----------------------------------------------------------------------
BASIC MATERIALS - 2.5%
- ----------------------------------------------------------------------
CHEMICALS - 1.2%
Ciba Specialty Chemicals AG(1) 1,400 $ 167,015
- ----------------------------------------------------------------------
Dexter Corp. 6,000 259,125
- ----------------------------------------------------------------------
Ethyl Corp. 16,200 124,537
- ----------------------------------------------------------------------
Fuji Photo Film Co. 2,000 76,911
- ----------------------------------------------------------------------
IMC Global, Inc. 2,834 92,813
---------------
720,401
- ----------------------------------------------------------------------
METALS - 0.6%
Allegheny Teledyne, Inc. 3,100 80,212
- ----------------------------------------------------------------------
Carpenter Technology Corp. 4,300 206,669
- ----------------------------------------------------------------------
ROHN Industries, Inc. 12,000 61,875
---------------
348,756
- ----------------------------------------------------------------------
PAPER - 0.7%
Fletcher Challenge Forest 80,000 66,427
- ----------------------------------------------------------------------
Fort James Corp. 5,087 194,578
- ----------------------------------------------------------------------
Kimberly-Clark de Mexico, SA, Cl. A 16,000 75,814
- ----------------------------------------------------------------------
Unisource Worldwide, Inc. 9,000 128,250
---------------
465,069
- ----------------------------------------------------------------------
CONSUMER CYCLICALS - 9.3%
- ----------------------------------------------------------------------
AUTOS & HOUSING - 1.7%
Bridgestone Corp. 5,000 108,828
- ----------------------------------------------------------------------
Cornerstone Properties, Inc. 11,400 218,737
- ----------------------------------------------------------------------
Goodyear Tire & Rubber Co. 1,800 114,525
- ----------------------------------------------------------------------
Groupe SEB SA 850 118,545
- ----------------------------------------------------------------------
Lear Corp.(1) 2,300 109,250
- ----------------------------------------------------------------------
Meditrust Corp., Paired Stock 5,407 198,031
- ----------------------------------------------------------------------
Tower Realty Trust, Inc. 6,500 160,062
---------------
1,027,978
- ----------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.5%
Alaska Air Group, Inc.(1) 3,100 120,125
- ----------------------------------------------------------------------
America West Holdings Corp., Cl.
B(1) 4,900 91,262
- ----------------------------------------------------------------------
American Skiing Corp.(1) 6,700 99,662
- ----------------------------------------------------------------------
AMR Corp.(1) 1,600 205,600
- ----------------------------------------------------------------------
CDL Hotels International Ltd. 300,000 90,988
- ----------------------------------------------------------------------
Granada Group plc 9,000 137,720
- ----------------------------------------------------------------------
Hasbro, Inc. 1,900 59,850
- ----------------------------------------------------------------------
Outback Steakhouse, Inc.(1) 2,400 69,000
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
LEISURE & ENTERTAINMENT (CONTINUED)
Piccadilly Cafeterias, Inc. 9,300 $ 122,062
- ----------------------------------------------------------------------
Prime Hospitality Corp.(1) 3,100 63,162
- ----------------------------------------------------------------------
Regal Cinemas, Inc.(1) 7,325 204,184
- ----------------------------------------------------------------------
Vistana, Inc.(1) 12,000 276,000
---------------
1,539,615
- ----------------------------------------------------------------------
MEDIA - 1.1%
Applied Graphics Technologies,
Inc.(1) 5,100 271,575
- ----------------------------------------------------------------------
Benpres Holdings Corp., GDR(1)(2) 2,400 7,218
- ----------------------------------------------------------------------
Benpres Holdings Corp., Sponsored
GDR(1) 6,000 18,046
- ----------------------------------------------------------------------
Reed International plc 10,000 100,370
- ----------------------------------------------------------------------
Reuters Holdings plc 8,000 87,996
- ----------------------------------------------------------------------
Television Broadcasts Ltd. 23,000 65,602
- ----------------------------------------------------------------------
Wolters Kluwer NV 900 116,272
---------------
667,079
- ----------------------------------------------------------------------
RETAIL: GENERAL - 2.1%
adidas AG 1,000 132,366
- ----------------------------------------------------------------------
Circle K Japan Co. Ltd. 1,200 57,683
- ----------------------------------------------------------------------
Dayton Hudson Corp. 2,600 175,500
- ----------------------------------------------------------------------
Federated Department Stores,
Inc.(1) 2,400 103,350
- ----------------------------------------------------------------------
Marks & Spencer plc 12,000 118,272
- ----------------------------------------------------------------------
North Face, Inc. (The)(1) 6,000 132,000
- ----------------------------------------------------------------------
Penney (J.C.) Co., Inc. 6,000 361,875
- ----------------------------------------------------------------------
Wolverine World Wide, Inc. 9,475 214,372
---------------
1,295,418
- ----------------------------------------------------------------------
RETAIL: SPECIALTY - 1.9%
Argos plc 15,000 135,622
- ----------------------------------------------------------------------
Brown Group, Inc. 9,700 129,131
- ----------------------------------------------------------------------
Brylane, Inc.(1) 1,400 68,950
- ----------------------------------------------------------------------
Dickson Concepts International Ltd. 32,000 46,668
- ----------------------------------------------------------------------
Guitar Center, Inc.(1) 5,000 115,000
- ----------------------------------------------------------------------
Hennes & Mauritz AB, B Shares 2,700 119,102
- ----------------------------------------------------------------------
Koninklijke Ahold NV 3,600 93,941
- ----------------------------------------------------------------------
New England Business Service, Inc. 6,300 212,625
- ----------------------------------------------------------------------
Payless ShoeSource, Inc.(1) 1,800 120,825
- ----------------------------------------------------------------------
Stage Stores, Inc.(1) 3,400 127,075
---------------
1,168,939
- ----------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 9.9%
- ----------------------------------------------------------------------
BEVERAGES - 0.4%
Embotelladora Andina SA, Series B,
Sponsored ADR 2,800 54,425
- ----------------------------------------------------------------------
Quilmes Industrial Quinsa SA,
Sponsored ADR 3,750 51,328
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
BEVERAGES (CONTINUED)
Scottish & Newcastle plc 12,000 $ 145,223
---------------
250,976
- ----------------------------------------------------------------------
FOOD - 1.8%
Colruyt SA 250 127,699
- ----------------------------------------------------------------------
Groupe Danone 650 116,151
- ----------------------------------------------------------------------
Jeronimo Martins & Filho SA 5,000 158,830
- ----------------------------------------------------------------------
Kroger Co.(1) 3,700 136,669
- ----------------------------------------------------------------------
Safeway, Inc.(1) 2,700 170,775
- ----------------------------------------------------------------------
Suiza Foods Corp.(1) 3,175 189,111
- ----------------------------------------------------------------------
United Natural Foods, Inc.(1) 1,500 39,000
- ----------------------------------------------------------------------
William Morrison Supermarkets plc 46,000 174,084
---------------
1,112,319
- ----------------------------------------------------------------------
HEALTHCARE/DRUGS - 3.5%
Dura Pharmaceuticals, Inc.(1) 3,100 142,212
- ----------------------------------------------------------------------
Gedeon Richter Ltd., GDR(2) 1,000 113,579
- ----------------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR 5,300 253,737
- ----------------------------------------------------------------------
Incyte Pharmaceuticals, Inc.(1) 3,200 144,000
- ----------------------------------------------------------------------
Jones Medical Industries, Inc. 1,200 45,900
- ----------------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl.
A(1) 5,000 255,625
- ----------------------------------------------------------------------
Novartis AG 100 162,490
- ----------------------------------------------------------------------
Novo-Nordisk AS, B Shares 1,200 171,749
- ----------------------------------------------------------------------
PharMerica, Inc.(1) 2,900 30,087
- ----------------------------------------------------------------------
Roche Holding AG 15 149,172
- ----------------------------------------------------------------------
Sanofi SA 1,100 122,509
- ----------------------------------------------------------------------
Schering AG 1,200 115,793
- ----------------------------------------------------------------------
SKW Trostberg AG 4,000 127,027
- ----------------------------------------------------------------------
Takeda Chemical Industries Ltd. 5,000 143,054
- ----------------------------------------------------------------------
Zeneca Group plc 4,000 140,649
---------------
2,117,583
- ----------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
3.1%
Alternative Living Services,
Inc.(1) 5,700 168,506
- ----------------------------------------------------------------------
Concentra Managed Care, Inc.(1) 4,400 148,500
- ----------------------------------------------------------------------
FPA Medical Management, Inc.(1) 7,800 145,275
- ----------------------------------------------------------------------
HealthCare Financial Partners,
Inc.(1) 2,900 102,950
- ----------------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR 1,600 100,000
- ----------------------------------------------------------------------
National Surgery Centers, Inc.(1) 9,900 259,875
- ----------------------------------------------------------------------
Pediatrix Medical Group, Inc.(1) 5,200 222,300
- ----------------------------------------------------------------------
Renal Treatment Centers, Inc.(1) 2,600 93,925
- ----------------------------------------------------------------------
Rural/Metro Corp.(1) 7,300 243,637
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES
(CONTINUED)
SmithKline Beecham plc 14,592 $ 149,581
- ----------------------------------------------------------------------
Tenet Healthcare Corp.(1) 4,390 145,419
- ----------------------------------------------------------------------
Total Renal Care Holdings, Inc.(1) 3,700 101,750
- ----------------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 500 21,125
---------------
1,902,843
- ----------------------------------------------------------------------
HOUSEHOLD GOODS - 1.1%
Blyth Industries, Inc.(1) 4,100 122,744
- ----------------------------------------------------------------------
Dial Corp. (The) 6,000 124,875
- ----------------------------------------------------------------------
L'OREAL 350 137,013
- ----------------------------------------------------------------------
Premark International, Inc. 5,600 162,400
- ----------------------------------------------------------------------
Reckitt & Colman plc 8,000 125,709
---------------
672,741
- ----------------------------------------------------------------------
ENERGY - 5.6%
- ----------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 1.1%
Diamond Offshore Drilling, Inc. 3,700 178,062
- ----------------------------------------------------------------------
Global Marine, Inc.(1) 5,000 122,500
- ----------------------------------------------------------------------
Gulf Island Fabrication, Inc.(1) 3,400 68,000
- ----------------------------------------------------------------------
Oryx Energy Co.(1) 4,100 104,550
- ----------------------------------------------------------------------
Pool Energy Services Co.(1) 3,200 71,200
- ----------------------------------------------------------------------
Tidewater, Inc. 2,400 132,300
---------------
676,612
- ----------------------------------------------------------------------
OIL-INTEGRATED - 4.5%
Amoco Corp. 3,100 263,887
- ----------------------------------------------------------------------
Atlantic Richfield Co. 3,700 296,462
- ----------------------------------------------------------------------
Chevron Corp. 6,300 485,100
- ----------------------------------------------------------------------
Cliffs Drilling Co.(1) 2,000 99,750
- ----------------------------------------------------------------------
Exxon Corp. 5,600 342,650
- ----------------------------------------------------------------------
Mobil Corp. 5,300 382,594
- ----------------------------------------------------------------------
Occidental Petroleum Corp. 12,600 369,337
- ----------------------------------------------------------------------
Patterson Energy, Inc.(1) 3,000 116,062
- ----------------------------------------------------------------------
Quinenco SA, ADR(1) 2,800 32,200
- ----------------------------------------------------------------------
Shell Transport & Trading Co. plc 19,000 138,025
- ----------------------------------------------------------------------
Total SA, B Shares 1,400 152,430
- ----------------------------------------------------------------------
UTI Energy Corp.(1) 3,000 77,625
---------------
2,756,122
- ----------------------------------------------------------------------
FINANCIAL - 12.0%
- ----------------------------------------------------------------------
BANKS - 5.2%
Banco Popular Espanol SA 2,200 153,725
- ----------------------------------------------------------------------
Bank of Tokyo-Mitsubishi Ltd. 6,000 83,063
- ----------------------------------------------------------------------
BankAmerica Corp. 4,800 350,400
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
BANKS (CONTINUED)
BankBoston Corp. 4,600 $ 432,112
- ----------------------------------------------------------------------
Bayerische Vereinsbank AG 1,950 125,803
- ----------------------------------------------------------------------
Credit Suisse Group 1,000 154,948
- ----------------------------------------------------------------------
Credito Italiano 48,000 148,100
- ----------------------------------------------------------------------
First Union Corp. 8,800 451,000
- ----------------------------------------------------------------------
Halifax plc(1) 10,000 124,310
- ----------------------------------------------------------------------
Lloyds TSB Group plc 18,000 233,088
- ----------------------------------------------------------------------
Mitsubishi Trust & Banking Corp. 10,000 100,753
- ----------------------------------------------------------------------
NationsBank Corp. 4,000 243,250
- ----------------------------------------------------------------------
Nordbanken Holding AB(1) 21,600 122,233
- ----------------------------------------------------------------------
Wells Fargo & Co. 1,400 475,212
---------------
3,197,997
- ----------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 4.4%
Amresco, Inc. 9,700 293,425
- ----------------------------------------------------------------------
Camden Property Trust 7,200 223,200
- ----------------------------------------------------------------------
Capstone Capital Corp. 8,000 205,000
- ----------------------------------------------------------------------
Cattles plc 20,000 132,619
- ----------------------------------------------------------------------
Crescent Real Estate Equities, Inc. 9,800 385,875
- ----------------------------------------------------------------------
Franchise Mortgage Acceptance Co.
LLC(1) 3,800 69,825
- ----------------------------------------------------------------------
Haw Par Brothers International Ltd. 36,000 46,577
- ----------------------------------------------------------------------
Health & Retirement Properties
Trust 9,200 184,000
- ----------------------------------------------------------------------
ING Groep NV 3,000 126,380
- ----------------------------------------------------------------------
Lend Lease Corp. Ltd. 4,000 78,188
- ----------------------------------------------------------------------
Money Store, Inc. (The) 2,500 52,500
- ----------------------------------------------------------------------
Morgan Stanley, Dean Witter,
Discover & Co. 1,600 94,600
- ----------------------------------------------------------------------
Nichiei Co. Ltd. 1,000 106,906
- ----------------------------------------------------------------------
Northern Rock plc(1) 12,000 117,679
- ----------------------------------------------------------------------
Perlis Plantations Berhad 25,500 36,096
- ----------------------------------------------------------------------
Sirrom Capital Corp. 3,100 161,587
- ----------------------------------------------------------------------
Southcorp Holdings Ltd. 15,000 49,649
- ----------------------------------------------------------------------
Swire Pacific Ltd., Cl. B 89,500 90,675
- ----------------------------------------------------------------------
Travelers Group, Inc. 4,751 255,960
---------------
2,710,741
- ----------------------------------------------------------------------
INSURANCE - 2.4%
Allstate Corp. 1,800 163,575
- ----------------------------------------------------------------------
Chubb Corp. 2,400 181,500
- ----------------------------------------------------------------------
Conseco, Inc. 5,400 245,363
- ----------------------------------------------------------------------
Equitable Cos., Inc. 4,300 213,925
- ----------------------------------------------------------------------
HSB Group, Inc. 2,500 137,969
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
Pre-Paid Legal Services, Inc.(1) 5,400 $ 184,613
- ----------------------------------------------------------------------
Torchmark Corp. 3,900 164,044
- ----------------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 4,300 189,200
---------------
1,480,189
- ----------------------------------------------------------------------
INDUSTRIAL - 9.6%
- ----------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.4%
Johnson Electric Holdings Ltd. 29,000 83,464
- ----------------------------------------------------------------------
Siebe plc 8,000 157,300
---------------
240,764
- ----------------------------------------------------------------------
INDUSTRIAL SERVICES - 4.2%
Adecco SA 300 87,107
- ----------------------------------------------------------------------
American Disposal Services, Inc.(1) 5,500 200,750
- ----------------------------------------------------------------------
Caribiner International, Inc.(1) 2,600 115,700
- ----------------------------------------------------------------------
Central Parking Corp. 2,700 122,344
- ----------------------------------------------------------------------
Computer Horizons Corp.(1) 7,050 317,250
- ----------------------------------------------------------------------
Computer Task Group, Inc. 9,200 327,175
- ----------------------------------------------------------------------
Corestaff, Inc.(1) 6,900 182,850
- ----------------------------------------------------------------------
Eastern Environmental Services,
Inc.(1) 7,900 173,800
- ----------------------------------------------------------------------
Guilbert SA 900 128,361
- ----------------------------------------------------------------------
Hays plc 9,000 120,246
- ----------------------------------------------------------------------
Helix Technology Corp. 4,900 95,550
- ----------------------------------------------------------------------
Kurita Water Industries Ltd. 5,000 51,146
- ----------------------------------------------------------------------
Lamar Advertising Co., Cl. A(1) 4,100 162,975
- ----------------------------------------------------------------------
Tetra Tech, Inc.(1) 7,500 150,000
- ----------------------------------------------------------------------
Transaction Systems Architects,
Inc., Cl. A(1) 5,600 212,800
- ----------------------------------------------------------------------
Viad Corp. 5,300 102,356
---------------
2,550,410
- ----------------------------------------------------------------------
MANUFACTURING - 3.9%
Aeroquip-Vickers, Inc. 2,200 107,938
- ----------------------------------------------------------------------
AGCO Corp. 4,100 119,925
- ----------------------------------------------------------------------
Canon Sales Co., Inc. 300 3,438
- ----------------------------------------------------------------------
Case Corp. 2,800 169,225
- ----------------------------------------------------------------------
Deere & Co. 4,100 239,081
- ----------------------------------------------------------------------
Halter Marine Group, Inc.(1) 2,950 85,181
- ----------------------------------------------------------------------
Ingersoll-Rand Co. 3,200 129,600
- ----------------------------------------------------------------------
Mannesmann AG 250 125,553
- ----------------------------------------------------------------------
NSK Ltd. 3,000 7,499
- ----------------------------------------------------------------------
PACCAR, Inc. 9,800 514,500
- ----------------------------------------------------------------------
Parker-Hannifin Corp. 2,750 126,156
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
MANUFACTURING (CONTINUED)
Ricoh Co. Ltd. 11,000 $ 137,055
- ----------------------------------------------------------------------
SMC Corp. 100 8,845
- ----------------------------------------------------------------------
Smiths Industries plc 8,000 113,928
- ----------------------------------------------------------------------
Textron, Inc. 4,600 287,500
- ----------------------------------------------------------------------
U.S. Industries, Inc. 7,650 230,456
---------------
2,405,880
- ----------------------------------------------------------------------
TRANSPORTATION - 1.1%
Brambles Industries Ltd. 5,000 99,201
- ----------------------------------------------------------------------
Burlington Northern Santa Fe Corp. 1,300 120,819
- ----------------------------------------------------------------------
GATX Corp. 4,200 304,763
- ----------------------------------------------------------------------
Gulfmark Offshore, Inc.(1) 2,700 89,100
- ----------------------------------------------------------------------
MotivePower Industries, Inc.(1) 2,900 67,425
---------------
681,308
- ----------------------------------------------------------------------
TECHNOLOGY - 13.6%
- ----------------------------------------------------------------------
AEROSPACE/DEFENSE - 1.1%
General Dynamics Corp. 4,600 397,613
- ----------------------------------------------------------------------
Lockheed Martin Corp. 2,700 265,950
---------------
663,563
- ----------------------------------------------------------------------
COMPUTER HARDWARE - 2.4%
Apex PC Solutions, Inc.(1) 3,700 81,863
- ----------------------------------------------------------------------
CHS Electronics, Inc.(1) 1,050 17,981
- ----------------------------------------------------------------------
Compaq Computer Corp. 3,300 186,244
- ----------------------------------------------------------------------
Digital Lightwave, Inc.(1) 4,200 55,125
- ----------------------------------------------------------------------
Insight Enterprises, Inc.(1) 5,700 209,475
- ----------------------------------------------------------------------
International Business Machines
Corp. 2,300 240,494
- ----------------------------------------------------------------------
Lexmark International Group, Inc.,
Cl. A(1) 1,800 68,400
- ----------------------------------------------------------------------
Network Appliance, Inc.(1) 6,400 227,200
- ----------------------------------------------------------------------
Semtech Corp.(1) 2,500 97,813
- ----------------------------------------------------------------------
Storage Technology Corp. (New)(1) 4,700 291,106
---------------
1,475,701
- ----------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 3.7%
BEA Systems, Inc.(1) 8,600 148,888
- ----------------------------------------------------------------------
Electronic Data Systems Corp. 3,100 136,206
- ----------------------------------------------------------------------
HNC Software, Inc.(1) 3,500 150,500
- ----------------------------------------------------------------------
JDA Software Group, Inc.(1) 4,200 147,000
- ----------------------------------------------------------------------
Pegasystems, Inc.(1) 6,800 137,275
- ----------------------------------------------------------------------
Remedy Corp.(1) 2,300 48,300
- ----------------------------------------------------------------------
SAP AG, Preference 600 194,945
- ----------------------------------------------------------------------
Sapient Corp.(1) 3,100 189,875
- ----------------------------------------------------------------------
Security Dynamics Technologies,
Inc.(1) 4,700 168,025
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE/SERVICES
(CONTINUED)
Summit Design, Inc.(1) 6,100 $ 63,288
- ----------------------------------------------------------------------
Sykes Enterprises, Inc.(1) 4,400 85,800
- ----------------------------------------------------------------------
Symantec Corp.(1) 1,400 30,713
- ----------------------------------------------------------------------
Technology Solutions Co.(1) 6,350 167,481
- ----------------------------------------------------------------------
Veritas Software Corp.(1) 4,075 207,825
- ----------------------------------------------------------------------
Viasoft, Inc.(1) 3,400 143,650
- ----------------------------------------------------------------------
Visio Corp.(1) 3,200 122,800
- ----------------------------------------------------------------------
Wind River Systems, Inc.(1) 3,450 136,922
---------------
2,279,493
- ----------------------------------------------------------------------
ELECTRONICS - 3.4%
Bowthorpe plc 18,000 111,065
- ----------------------------------------------------------------------
Electrocomponents plc 17,000 126,712
- ----------------------------------------------------------------------
Getronics NV 3,300 105,158
- ----------------------------------------------------------------------
Hirose Electric Co. 2,000 102,599
- ----------------------------------------------------------------------
Keyence Corp. 660 97,969
- ----------------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 58,760
- ----------------------------------------------------------------------
National Semiconductor Corp.(1) 1,200 31,125
- ----------------------------------------------------------------------
Omron Corp. 5,000 78,449
- ----------------------------------------------------------------------
Philips Electronics NV 2,000 119,967
- ----------------------------------------------------------------------
Rohm Co. 1,000 102,291
- ----------------------------------------------------------------------
Samsung Electronics Co. Ltd.,
GDR(1)(2) 32 454
- ----------------------------------------------------------------------
Samsung Electronics, GDS(1) 1,950 10,969
- ----------------------------------------------------------------------
Sawtek, Inc.(1) 2,900 76,488
- ----------------------------------------------------------------------
SCI Systems, Inc.(1) 2,400 104,550
- ----------------------------------------------------------------------
Sony Corp. 1,600 142,746
- ----------------------------------------------------------------------
TDK Corp. 2,000 151,360
- ----------------------------------------------------------------------
Vitesse Semiconductor Corp.(1) 4,950 186,863
- ----------------------------------------------------------------------
VTech Holdings Ltd. 75,000 221,178
- ----------------------------------------------------------------------
Waters Corp.(1) 6,800 255,850
---------------
2,084,553
- ----------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
3.0%
Bay Networks, Inc.(1) 1,500 38,344
- ----------------------------------------------------------------------
British Sky Broadcasting Group plc 10,500 78,782
- ----------------------------------------------------------------------
Comverse Technology, Inc.(1) 4,900 191,100
- ----------------------------------------------------------------------
DSP Communications, Inc.(1) 4,500 54,000
- ----------------------------------------------------------------------
Dycom Industries, Inc.(1) 1,300 28,031
- ----------------------------------------------------------------------
Inter-Tel, Inc. 5,500 106,563
- ----------------------------------------------------------------------
Nextel Communications, Inc., Cl.
A(1) 77 2,002
- ----------------------------------------------------------------------
Nippon Telegraph & Telephone Corp. 17 146,438
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY
(CONTINUED)
P-COM, Inc.(1) 8,900 $ 153,525
- ----------------------------------------------------------------------
Pacific Gateway Exchange, Inc.(1) 4,000 215,250
- ----------------------------------------------------------------------
REMEC, Inc.(1) 3,100 69,750
- ----------------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 6,798 44,187
- ----------------------------------------------------------------------
Tekelec(1) 4,000 122,000
- ----------------------------------------------------------------------
Tel-Save Holdings, Inc.(1) 2,800 55,650
- ----------------------------------------------------------------------
Telecom Italia Mobile SpA 30,000 138,547
- ----------------------------------------------------------------------
Uniphase Corp.(1) 4,300 177,913
- ----------------------------------------------------------------------
Vodafone Group plc 22,000 160,542
- ----------------------------------------------------------------------
Yurie Systems, Inc.(1) 3,100 62,581
---------------
1,845,205
- ----------------------------------------------------------------------
UTILITIES - 7.7%
- ----------------------------------------------------------------------
ELECTRIC UTILITIES - 2.4%
Duke Energy Corp. 4,848 268,458
- ----------------------------------------------------------------------
FPL Group, Inc. 8,100 479,419
- ----------------------------------------------------------------------
Illinova Corp. 5,000 134,688
- ----------------------------------------------------------------------
Kansas City Power & Light Co. 6,600 195,113
- ----------------------------------------------------------------------
Veba AG 2,600 177,137
- ----------------------------------------------------------------------
Western Resources, Inc. 5,200 223,600
---------------
1,478,415
- ----------------------------------------------------------------------
GAS UTILITIES - 2.5%
Columbia Gas System, Inc. 5,000 392,813
- ----------------------------------------------------------------------
El Paso Natural Gas Co. 5,200 345,800
- ----------------------------------------------------------------------
MCN Energy Group, Inc. 5,000 201,875
- ----------------------------------------------------------------------
National Fuel Gas Co. 5,600 272,650
- ----------------------------------------------------------------------
Questar Corp. 5,400 240,975
- ----------------------------------------------------------------------
RWE AG, Preference 2,500 107,061
---------------
1,561,174
- ----------------------------------------------------------------------
TELEPHONE UTILITIES - 2.8%
Ameritech Corp. 3,000 241,500
- ----------------------------------------------------------------------
Bell Atlantic Corp. 5,680 516,880
- ----------------------------------------------------------------------
Century Telephone Enterprises, Inc. 1,000 49,813
- ----------------------------------------------------------------------
Frontier Corp. 10,000 240,625
- ----------------------------------------------------------------------
Telefonica de Espana 4,500 128,432
- ----------------------------------------------------------------------
U S West Communications Group 11,700 527,963
---------------
1,705,213
---------------
Total Common Stocks (Cost
$35,818,272) 43,083,057
- ----------------------------------------------------------------------
PREFERRED STOCKS - 0.6%
- ----------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series
A, Non-Vtg. 1,100 157,988
- ----------------------------------------------------------------------
Fresenius AG, Preferred 700 127,305
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
<S> <C> <C>
- ----------------------------------------------------------------------
PREFERRED STOCKS (CONTINUED)
- ----------------------------------------------------------------------
PRIMEDIA, Inc., 10% Preferred
Stock, Series D(3) 500 $ 52,750
---------------
Total Preferred Stocks (Cost
$283,556) 338,043
UNITS
- ----------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES -
0.0%
- ----------------------------------------------------------------------
American Communications Services,
Inc. Wts., Exp. 11/05(3) 100 9,550
- ----------------------------------------------------------------------
Australis Media Ltd. Wts., Exp.
10/01(3) 100 --
- ----------------------------------------------------------------------
Haw Par Brothers International Ltd.
Wts., Exp. 7/01 2,500 593
- ----------------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp.
8/02 50 --
- ----------------------------------------------------------------------
Microcell Telecommunications, Inc.
Conditional Wts., Exp. 6/06(3) 200 125
- ----------------------------------------------------------------------
Microcell Telecommunications, Inc.
Wts., Exp. 6/06(3) 200 2,600
- ----------------------------------------------------------------------
Price Communications Corp. Wts.,
Exp. 8/07(3) 344 --
- ----------------------------------------------------------------------
UNIFI Communications, Inc. Wts.,
Exp. 3/07(3) 75 117
---------------
Total Rights, Warrants and
Certificates (Cost $4,457) 12,985
PRINCIPAL
AMOUNT
- ----------------------------------------------------------------------
ASSET-BACKED SECURITIES - 0.2%
- ----------------------------------------------------------------------
IROQUOIS Trust, Asset-Backed
Amortizing Nts., Series 1997-2, Cl.
A, 6.752%, 6/25/07(3) $ 50,000 50,178
- ----------------------------------------------------------------------
Olympic Automobile Receivables
Trust:
Receivables-Backed Nts., Series
1997-A, Cl. A5, 6.80%, 2/15/05 50,000 50,678
Series 1996-A, Cl. A4, 5.85%,
7/15/01 15,000 14,967
---------------
Total Asset-Backed Securities (Cost
$114,827) 115,823
- ----------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 1.6%
- ----------------------------------------------------------------------
Countrywide Funding Corp., Mtg.
Pass-Through Certificates, Series
1994-10, Cl. A3, 6%, 5/25/09 100,000 99,008
- ----------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations,
Gtd. Multiclass Mtg. Participation
Certificates, Series 1711, Cl. EA,
7%, 3/15/24 100,000 101,625
Gtd. Multiclass Mtg. Participation
Certificates, 6%, 3/1/09 16,228 16,111
Gtd. Multiclass Mtg. Participation
Certificates, Series 1574, Cl. PD,
5.55%, 3/15/13 66,469 66,282
Gtd. Multiclass Mtg. Participation
Certificates, Series 1843, Cl. VB,
7%, 4/15/03 15,000 15,389
Gtd. Multiclass Mtg. Participation
Certificates, Series 1849, Cl. VA,
6%, 12/15/10 23,788 23,670
Interest-Only Stripped Mtg.-Backed
Security, Series 1542, Cl. QC,
7.35%, 10/15/20(4) 300,000 62,724
Interest-Only Stripped Mtg.-Backed
Security, Series 1583, Cl. IC,
6.65%, 1/15/20(4) 250,000 37,598
- ----------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 43,831 43,576
6.50%, 4/1/26 46,380 45,895
7%, 4/1/00 56,104 56,498
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit
Pass-Through Certificates, Trust
1993-181, Cl. C, 5.40%, 10/25/02 36,362 36,158
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
<S> <C> <C>
- ----------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS
(CONTINUED)
- ----------------------------------------------------------------------
Federal National Mortgage Assn.:
(Continued)
Collateralized Mtg. Obligations,
Gtd. Real Estate Mtg. Investment
Conduit
Pass-Through Certificates, Trust
1993-190, Cl. Z, 5.85%, 7/25/08 $ 38,258 $ 37,989
Medium-Term Nts., 6.56%, 11/13/01 75,000 75,070
Trust 1994-13, Cl. B, 6.50%,
2/25/09 75,000 74,765
- ----------------------------------------------------------------------
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 93,756
- ----------------------------------------------------------------------
PNC Mortgage Securities Corp.,
Commercial Mtg. Pass-Through
Certificates, Series 1995-2, Cl.
A3, 6.50%, 2/25/12 50,000 50,096
- ----------------------------------------------------------------------
Residential Accredit Loans, Inc.,
Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS9, Cl.
A2, 6.75%, 9/25/27 50,000 49,930
---------------
Total Mortgage-Backed Obligations
(Cost $973,649) 986,140
- ----------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 3.9%
U.S. Treasury Bonds:
6%, 2/15/26 175,000 174,836
7.50%, 11/15/16 960,000 1,120,201
- ----------------------------------------------------------------------
U.S. Treasury Nts.:
6.50%, 8/15/05 875,000 913,282
6.75%, 6/30/99 100,000 101,594
7.50%, 11/15/01 100,000 106,094
---------------
Total U.S. Government Obligations
(Cost $2,303,220) 2,416,007
- ----------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND
NOTES - 11.8%
- ----------------------------------------------------------------------
BASIC MATERIALS - 1.2%
- ----------------------------------------------------------------------
CHEMICALS - 0.7%
Du Pont (E.I.) De Nemours & Co.,
8.50% Debs., 2/15/03 30,000 31,883
- ----------------------------------------------------------------------
Laroche Industries, Inc., 9.50% Sr.
Sub. Nts., 9/15/07(2) 75,000 74,250
- ----------------------------------------------------------------------
Morton International, Inc., 9.25%
Credit Sensitive Nts., 6/1/20 15,000 19,536
- ----------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr.
Sec. Disc. Nts., 10/15/05(5) 75,000 75,000
- ----------------------------------------------------------------------
PPG Industries, Inc., 9% Debs.,
5/1/21 15,000 18,731
- ----------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr.
Nts., 12/1/04 50,000 56,625
- ----------------------------------------------------------------------
Sterling Chemicals Holdings, Inc.,
0%/13.50% Sr. Disc. Nts.,
8/15/08(5) 75,000 46,125
- ----------------------------------------------------------------------
Texas Petrochemical Corp., 11.125%
Sr. Sub. Nts., Series B, 7/1/06 75,000 81,000
---------------
403,150
- ----------------------------------------------------------------------
METALS - 0.3%
Alcan Aluminum Ltd., 9.625% Debs.,
7/15/19 35,000 37,886
- ----------------------------------------------------------------------
Gulf States Steel, Inc. (Alabama),
13.50% First Mtg. Nts., Series B,
4/15/03 75,000 74,625
- ----------------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts.,
Series B, 12/1/04 75,000 76,875
---------------
189,386
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
<S> <C> <C>
- ----------------------------------------------------------------------
PAPER - 0.2%
Celulosa Arauco y Constitucion SA,
7.25% Debs., 6/11/98(3) $ 15,000 $ 14,906
- ----------------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr.
Sub. Disc. Debs., 5/15/05 50,000 53,750
- ----------------------------------------------------------------------
Stone Container Corp., 9.875% Sr.
Nts., 2/1/01 50,000 50,187
---------------
118,843
- ----------------------------------------------------------------------
CONSUMER CYCLICALS - 4.2%
- ----------------------------------------------------------------------
AUTOS & HOUSING - 0.2%
Black & Decker Corp., 6.625% Nts.,
11/15/00 15,000 15,147
- ----------------------------------------------------------------------
Cambridge Industries, Inc., 10.25%
Sr. Sub. Nts., 7/15/07(2) 75,000 78,750
- ----------------------------------------------------------------------
First Industrial LP, 7.15% Bonds,
5/15/27 50,000 51,382
---------------
145,279
- ----------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.7%
American Skiing Corp., 12% Sr. Sub.
Nts., Series B, 7/15/06(3) 50,000 55,750
- ----------------------------------------------------------------------
Ameristar Casinos, Inc., 10.50% Sr.
Sub. Nts., 8/1/04(2) 50,000 51,250
- ----------------------------------------------------------------------
Ascent Entertainment Group, Inc.,
0%/11.875% Sr. Sec. Disc. Nts.,
12/15/04(2)(5) 75,000 43,312
- ----------------------------------------------------------------------
Bally Total Fitness Holdings,
9.875% Sr. Sub. Nts., 10/15/07(2) 75,000 75,937
- ----------------------------------------------------------------------
Blockbuster Entertainment Corp.,
6.625% Sr. Nts., 2/15/98 15,000 15,005
- ----------------------------------------------------------------------
Casino America, Inc., 12.50% Sr.
Nts., 8/1/03 50,000 54,562
- ----------------------------------------------------------------------
Casino Magic of Louisiana Corp.,
13% First Mtg. Nts., Series B,
8/15/03 50,000 48,250
- ----------------------------------------------------------------------
Colorado Gaming & Entertainment
Co., 12% Sr. Nts., 6/1/03(3) 75,000 81,000
- ----------------------------------------------------------------------
Hilton Hotels Corp., 7.375% Nts.,
6/1/02 50,000 51,285
- ----------------------------------------------------------------------
HMH Properties, Inc., 8.875% Sr.
Nts., 7/15/07 50,000 52,875
- ----------------------------------------------------------------------
Hollywood Casino Corp., 12.75% Sr.
Sec. Gtd. Nts., 11/1/03 75,000 80,250
- ----------------------------------------------------------------------
Horseshoe Gaming LLC, 9.375% Sr.
Sub. Nts., 6/15/07 50,000 52,625
- ----------------------------------------------------------------------
Mohegan Tribal Gaming Authority
(Connecticut), 13.50% Sr. Sec.
Nts., Series B, 11/15/02 50,000 64,250
- ----------------------------------------------------------------------
Players International, Inc.,
10.875% Sr. Nts., 4/15/05 75,000 81,000
- ----------------------------------------------------------------------
Prime Hospitality Corp., 9.25%
First Mtg. Bonds, 1/15/06 75,000 79,125
- ----------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625%
Sr. Sub. Nts., 7/15/05 50,000 54,250
- ----------------------------------------------------------------------
Showboat, Inc., 9.25% First Mtg.
Bonds, 5/1/08 50,000 53,500
- ----------------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr.
Sub. Nts., 5/15/06 50,000 58,625
---------------
1,052,851
- ----------------------------------------------------------------------
MEDIA - 1.9%
Adelphia Communications Corp.,
10.50% Sr. Unsec. Nts., Series B,
7/15/04 75,000 81,187
- ----------------------------------------------------------------------
Argyle Television, Inc., 9.75% Sr.
Sub. Nts., 11/1/05 37,000 41,440
- ----------------------------------------------------------------------
Australis Holdings PTY Ltd., 0%/15%
Sr. Sec. Disc. Nts., 11/1/02(5) 100,000 58,000
- ----------------------------------------------------------------------
Cablevision Systems Corp., 9.875%
Sr. Sub. Nts., 5/15/06 50,000 55,125
- ----------------------------------------------------------------------
Century Communications Corp., 9.75%
Sr. Nts., 2/15/02 50,000 53,375
- ----------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub.
Debs., 10/15/06 50,000 53,375
- ----------------------------------------------------------------------
EchoStar Satellite Broadcasting
Corp., 0%/13.125% Sr. Sec. Disc.
Nts., 3/15/04(5) 50,000 42,750
- ----------------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr.
Sub. Nts., 9/15/03(6) 61,941 64,727
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
MEDIA (CONTINUED)
Fox/Liberty Networks LLC, 8.875%
Sr. Nts., 8/15/07(2) $ 25,000 $ 25,125
- ----------------------------------------------------------------------
Hollinger International Publishing,
Inc., 9.25% Gtd. Sr. Sub. Nts.,
3/15/07 50,000 52,750
- ----------------------------------------------------------------------
Lamar Advertising Co., 8.625% Sr.
Sub. Nts., 9/15/07 75,000 77,437
- ----------------------------------------------------------------------
Marcus Cable Operating Co.
LP/Marcus Cable Capital Corp.,
0%/13.50% Gtd. Sr. Sub. Disc. Nts.,
Series II, 8/1/04(5) 75,000 69,750
- ----------------------------------------------------------------------
MDC Communications Corp., 10.50%
Sr. Sub. Nts., 12/1/06 75,000 79,687
- ----------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10%
Sr. Sub. Nts., 9/30/05 50,000 52,875
- ----------------------------------------------------------------------
Spanish Broadcasting Systems, Inc.,
11% Sr. Nts., 3/15/04 50,000 55,250
- ----------------------------------------------------------------------
TCI Satellite Entertainment, Inc.,
10.875% Sr. Sub. Nts., 2/15/07(2) 50,000 52,625
- ----------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts.,
2/1/98 15,000 15,013
- ----------------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr.
Debs., 10/30/07 40,000 44,466
- ----------------------------------------------------------------------
United International Holdings,
Inc., Zero Coupon Sr. Sec. Disc.
Nts., Series B, 16.362%,
11/15/99(7) 100,000 83,500
- ----------------------------------------------------------------------
United International Holdings,
Inc., Zero Coupon Sr. Sec. Disc.
Nts., 11.657%, 11/15/99(7) 100,000 83,500
---------------
1,141,957
- ----------------------------------------------------------------------
RETAIL: GENERAL - 0.2%
Federated Department Stores, Inc.,
10% Sr. Nts., 2/15/01 5,000 5,516
- ----------------------------------------------------------------------
Price/Costco Cos., Inc., 7.125% Sr.
Nts., 6/15/05 40,000 40,979
- ----------------------------------------------------------------------
Sears Roebuck & Co., 8.39%
Medium-Term Nts., 3/23/99 30,000 30,808
- ----------------------------------------------------------------------
William Carter Co., 10.375% Sr.
Sub. Nts., Series A, 12/1/06 75,000 79,125
---------------
156,428
- ----------------------------------------------------------------------
RETAIL: SPECIALTY - 0.2%
K Mart Corp., 7.75% Debs., 10/1/12 50,000 48,250
- ----------------------------------------------------------------------
Pantry, Inc. (The), 10.25% Sr. Sub.
Nts., 10/15/07(3) 75,000 76,875
---------------
125,125
- ----------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 1.1%
- ----------------------------------------------------------------------
FOOD - 0.4%
AmeriServe Food Distribution, Inc.,
8.875% Sr. Nts., 10/15/06 75,000 75,750
- ----------------------------------------------------------------------
Dole Food Distributing, Inc., 6.75%
Nts., 7/15/00 40,000 40,495
- ----------------------------------------------------------------------
Fresh Del Monte Produce NV, 10% Sr.
Nts., Series B, 5/1/03 28,000 29,260
- ----------------------------------------------------------------------
Great Atlantic & Pacific Tea Co.,
Inc., (The) 9.125% Debs., 1/15/98 15,000 15,011
- ----------------------------------------------------------------------
Jitney-Jungle Stores of America,
Inc., 10.375% Sr. Sub. Nts.,
9/15/07 50,000 52,125
- ----------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub.
Nts., 9/15/05(3) 50,000 55,750
---------------
268,391
- ----------------------------------------------------------------------
HEALTHCARE/DRUGS - 0.1%
Integrated Health Services, Inc.,
9.25% Sr. Sub. Nts., 1/15/08(2) 50,000 51,125
- ----------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
0.6%
Columbia/HCA Healthcare Corp.,
6.875% Nts., 7/15/01 30,000 30,070
- ----------------------------------------------------------------------
Dade International, Inc., 11.125%
Sr. Sub. Nts., 5/1/06 50,000 55,250
- ----------------------------------------------------------------------
Graphic Controls Corp., 12% Sr.
Sub. Nts., Series A, 9/15/05 50,000 56,000
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES
(CONTINUED)
Kinetics Concepts, Inc., 9.625% Sr.
Sub. Nts., 11/1/07(2) $ 75,000 $ 76,594
- ----------------------------------------------------------------------
Paracelsus Healthcare Corp., 10%
Sr. Unsec. Sub. Nts., 8/15/06 50,000 51,250
- ----------------------------------------------------------------------
Playtex Products, Inc., 8.875% Sr.
Nts., 7/15/04 50,000 51,062
- ----------------------------------------------------------------------
Tenet Healthcare Corp., 8% Sr.
Nts., 1/15/05 50,000 51,250
---------------
371,476
- ----------------------------------------------------------------------
HOUSEHOLD GOODS - 0.0%
Kimberly-Clark Corp., 7.875% Debs.,
2/1/23 15,000 16,361
- ----------------------------------------------------------------------
ENERGY - 0.8%
- ----------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.5%
Coastal Corp., 8.125% Sr. Nts.,
9/15/02 15,000 16,080
- ----------------------------------------------------------------------
Falcon Drilling Co., Inc., 9.75%
Sr. Nts., Series B, 1/15/01 25,000 26,219
- ----------------------------------------------------------------------
Forcenergy, Inc., 8.50% Sr. Sub.
Nts., Series B, 2/15/07 75,000 76,312
- ----------------------------------------------------------------------
Louisiana Land & Exploration Co.,
7.65% Debs., 12/1/23 15,000 16,399
- ----------------------------------------------------------------------
Southwest Royalties, Inc., 10.50%
Sr. Gtd. Nts., 10/15/04(2) 75,000 75,000
- ----------------------------------------------------------------------
Transamerican Energy Corp., 11.50%
Sr. Nts., 6/15/02(2) 50,000 49,250
- ----------------------------------------------------------------------
Williams Holdings of Delaware,
Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 25,000 24,541
---------------
283,801
- ----------------------------------------------------------------------
OIL-INTEGRATED - 0.3%
Gulf Canada Resources Ltd., 8.25%
Sr. Nts., 3/15/17 50,000 55,171
- ----------------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80%
Debs., 7/2/02 50,000 50,886
- ----------------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50%
Nts., 3/31/07 50,000 53,352
- ----------------------------------------------------------------------
Standard Oil/British Petroleum Co.
plc, 9% Debs., 6/1/19 15,000 15,508
---------------
174,917
- ----------------------------------------------------------------------
FINANCIAL - 1.0%
- ----------------------------------------------------------------------
BANKS - 0.1%
Citicorp, 5.625% Sr. Nts., 2/15/01 15,000 14,719
- ----------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc.,
9.90% Sub. Nts., 6/15/01 15,000 16,684
- ----------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub.
Nts., 4/15/00 15,000 15,140
---------------
46,543
- ----------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 0.7%
American General Institutional
Capital B, 8.125% Bonds, Series B,
3/15/46(2) 50,000 55,464
- ----------------------------------------------------------------------
Beneficial Corp., 9.125% Debs.,
2/15/98 15,000 15,050
- ----------------------------------------------------------------------
Capital One Financial Corp., 6.83%
Sr. Nts., 5/17/99 10,000 10,073
- ----------------------------------------------------------------------
Capital One Financial Corp., 7.25%
Nts., 12/1/03 40,000 40,422
- ----------------------------------------------------------------------
Chelsea GCA Realty Partner, Inc.,
7.75% Gtd. Unsec. Unsub. Nts.,
1/26/01 30,000 30,781
- ----------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec.
Nts., 2/15/01 15,000 14,733
- ----------------------------------------------------------------------
Countrywide Home Loans, Inc., 6.05%
Gtd. Medium-Term Nts., Series D,
3/1/01 15,000 14,936
- ----------------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub.
Nts., 2/26/98 15,000 15,047
- ----------------------------------------------------------------------
General Motors Acceptance Corp.,
5.625% Nts., 2/15/01 25,000 24,627
- ----------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50%
Nts., 4/1/01 20,000 20,193
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
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)(8) $ 75,000 $ 74,625
- ----------------------------------------------------------------------
Salomon, Inc., 8.69% Sr.
Medium-Term Nts., Series D, 3/1/99 35,000 36,031
- ----------------------------------------------------------------------
Wilshire Financial Services Group,
Inc., 13% Nts., Series A,
8/15/04(2) 75,000 76,687
---------------
428,669
- ----------------------------------------------------------------------
INSURANCE - 0.2%
Cigna Corp., 7.90% Nts., 12/14/98 30,000 30,481
- ----------------------------------------------------------------------
Conseco Financing Trust III, 8.796%
Bonds, 4/1/27 50,000 56,325
- ----------------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts.,
1/15/99 35,000 35,932
- ----------------------------------------------------------------------
Travelers Property Casualty Corp.,
6.75% Nts., 4/15/01 15,000 15,263
---------------
138,001
- ----------------------------------------------------------------------
INDUSTRIAL - 1.2%
- ----------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.2%
American Standard Cos., Inc.,
10.875% Sr. Nts., 5/15/99(3) 43,000 45,365
- ----------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr.
Nts., 10/1/05(3) 50,000 53,125
---------------
98,490
- ----------------------------------------------------------------------
INDUSTRIAL SERVICES - 0.5%
Employee Solutions, Inc., 10% Sr.
Nts., 10/15/04(3) 75,000 72,375
- ----------------------------------------------------------------------
KSL Recreation Group, Inc., 10.25%
Sr. Sub. Nts., 5/1/07 50,000 53,375
- ----------------------------------------------------------------------
Production Resource Group, 11.50%
Sr. Sub. Nts., 1/15/08(2) 75,000 75,562
- ----------------------------------------------------------------------
Sun Co., Inc., 7.95% Debs.,
12/15/01 50,000 52,798
- ----------------------------------------------------------------------
USI American Holdings, Inc., 7.25%
Gtd. Sr. Nts., Series B, 12/1/06 40,000 40,926
---------------
295,036
- ----------------------------------------------------------------------
MANUFACTURING - 0.2%
Jordan Industries, Inc., 10.375%
Sr. Nts., Series B, 8/1/07 75,000 76,125
- ----------------------------------------------------------------------
Mark IV Industries, Inc., 8.75%
Sub. Nts., 4/1/03(3) 10,000 10,600
- ----------------------------------------------------------------------
Titan Wheel International, Inc.,
8.75% Sr. Sub. Nts., 4/1/07 50,000 52,625
---------------
139,350
- ----------------------------------------------------------------------
TRANSPORTATION - 0.3%
CSX Corp., 7.05% Debs., 5/1/02 75,000 76,789
- ----------------------------------------------------------------------
Federal Express Corp., 6.25% Nts.,
4/15/98 15,000 15,006
- ----------------------------------------------------------------------
Norfolk Southern Corp., 7.35% Nts.,
5/15/07 50,000 52,933
- ----------------------------------------------------------------------
Union Pacific Corp., 7% Nts.,
6/15/00 15,000 15,249
---------------
159,977
- ----------------------------------------------------------------------
TECHNOLOGY - 2.1%
- ----------------------------------------------------------------------
AEROSPACE/DEFENSE - 0.0%
GPA Delaware, Inc., 8.75% Gtd.
Nts., 12/15/98 25,000 25,500
- ----------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 0.1%
Celestica International, Inc.,
10.50% Gtd. Sr. Sub. Nts., 12/31/06 75,000 79,500
- ----------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY -
2.0%
American Communications Services,
Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(5) 100,000 80,500
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY
(CONTINUED)
Brooks Fiber Properties, Inc.,
0%/11.875% Sr. Disc. Nts.,
11/1/06(5) $ 50,000 $ 40,250
- ----------------------------------------------------------------------
Comcast UK Cable Partner Ltd.,
0%/11.20% Sr. Disc. Debs.,
11/15/07(5) 50,000 40,750
- ----------------------------------------------------------------------
Diamond Cable Communications plc,
0%/10.75% Sr. Disc. Nts.,
2/15/07(5) 75,000 51,375
- ----------------------------------------------------------------------
ICG Holdings, Inc., 0%/11.625% Sr.
Disc. Nts., 3/15/07(5) 100,000 68,500
- ----------------------------------------------------------------------
International CableTel, Inc.,
0%/11.50% Sr. Deferred Coupon Nts.,
Series B, 2/1/06(5) 150,000 117,187
- ----------------------------------------------------------------------
Iridium LLC/Iridium Capital Corp.,
11.25% Sr. Nts., 7/15/05(2) 75,000 73,875
- ----------------------------------------------------------------------
IXC Communications, Inc., 12.50%
Sr. Nts., Series B, 10/1/05 75,000 86,813
- ----------------------------------------------------------------------
Microcell Telecommunications, Inc.,
0%/14% Sr. Disc. Nts., Series B,
6/1/06(5) 50,000 33,750
- ----------------------------------------------------------------------
Nextel Communications, Inc.,
0%/9.75% Sr. Disc. Nts., 8/15/04(5) 50,000 44,625
- ----------------------------------------------------------------------
Price Communications Cellular
Holdings, Inc., 0%/13.50% Sr. Disc.
Nts., Series A, 8/1/07(3)(5) 100,000 63,500
- ----------------------------------------------------------------------
PriCellular Wireless Corp.,
0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03(5) 75,000 77,250
- ----------------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum
Finance Corp., 11% Sr. Nts.,
8/15/06 75,000 84,750
- ----------------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr.
Unsec. Bonds, 6/30/07(2) 75,000 81,750
- ----------------------------------------------------------------------
Teleport Communications Group,
Inc., 0%/11.125% Sr. Disc. Nts.,
7/1/07(5) 25,000 20,438
- ----------------------------------------------------------------------
Teleport Communications Group,
Inc., 9.875% Sr. Nts., 7/1/06 25,000 28,125
- ----------------------------------------------------------------------
Telewest Communications plc, 0%/11%
Sr. Disc. Debs., 10/1/07(5) 25,000 19,531
- ----------------------------------------------------------------------
Telewest Communications plc, 9.625%
Sr. Debs., 10/1/06 25,000 26,063
- ----------------------------------------------------------------------
U S West Capital Funding, Inc.,
6.85% Gtd. Nts., 1/15/02 50,000 50,876
- ----------------------------------------------------------------------
UNIFI Communications, Inc., 14% Sr.
Nts., 3/1/04 75,000 59,250
- ----------------------------------------------------------------------
Western Wireless Corp., 10.50% Sr.
Sub. Nts., 2/1/07 50,000 54,250
---------------
1,203,408
- ----------------------------------------------------------------------
UTILITIES - 0.2%
- ----------------------------------------------------------------------
ELECTRIC UTILITIES - 0.0%
Consumers Energy Co., 8.75% First
Mtg. Nts., 2/15/98 15,000 15,036
- ----------------------------------------------------------------------
El Paso Electric Co., 7.25% First
Mtg. Nts., Series A, 2/1/99(3) 10,000 10,100
---------------
25,136
- ----------------------------------------------------------------------
GAS UTILITIES - 0.2%
Northern Illinois Gas Co., 6.45%
First Mtg. Bonds, 8/1/01 50,000 50,679
- ----------------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50%
Bonds, 4/1/17 50,000 53,681
---------------
104,360
---------------
Total Non-Convertible Corporate
Bonds and Notes (Cost $6,925,054) 7,243,060
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ----------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS - 11.3%
- ----------------------------------------------------------------------
Repurchase agreement with Zion
First National Bank, 6.60%, dated
12/31/97, to be repurchased at
$6,945,546 on 1/2/98,
collateralized by U.S. Treasury
Nts., 8.25%, 7/15/98, with a value
of $7,090,169 (Cost $6,943,000) $ 6,943,000 $ 6,943,000
- ----------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$53,366,035) 99.6% 61,138,115
- ----------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.4 241,367
--------------- ---------------
NET ASSETS 100.0% $ 61,379,482
--------------- ---------------
--------------- ---------------
</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 $1,137,807 or 1.85% of the Fund's net
assets as of December 31, 1997.
3. Identifies issues considered to be illiquid or restricted - See Note 5 of
Notes to Financial Statements.
4. 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.
5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
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. 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.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
<TABLE>
<CAPTION>
TOTAL GOVERNMENT
RETURN GROWTH SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
- --------------------------------------------------------------------------------------
ASSETS:
Investments, at value (cost *)
(including repurchase agreements
**) - see accompanying statements $ 1,275,542,304 $ 837,667,919 $ 23,295,802
- --------------------------------------------------------------------------------------
Cash -- 52,883 90,721
- --------------------------------------------------------------------------------------
Receivables:
Dividends, interest and principal
paydowns 8,040,786 887,672 345,875
Shares of capital stock sold 340,785 227,569 233
Investments sold 978,945 1,271,194 --
- --------------------------------------------------------------------------------------
Other 18,663 7,375 1,515
---------------- -------------- -------------
Total assets 1,284,921,483 840,114,612 23,734,146
- --------------------------------------------------------------------------------------
LIABILITIES:
Bank overdraft 181,431 -- --
- --------------------------------------------------------------------------------------
Unrealized depreciation on forward
foreign currency exchange contracts
- -see applicable note -- -- --
- --------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 5,159,278 8,599,768 --
Shares of capital stock redeemed 785,461 75,635 2,983
Custodian fees 19,990 9,030 1,180
Legal and auditing fees 20,910 15,193 7,569
Shareholder reports 5,303 3,845 3,379
Registration and filing fees 25,793 39,801 --
Other -- -- 15
---------------- -------------- -------------
Total liabilities 6,198,166 8,743,272 15,126
- --------------------------------------------------------------------------------------
NET ASSETS $ 1,278,723,317 $ 831,371,340 $ 23,719,020
---------------- -------------- -------------
---------------- -------------- -------------
- --------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS:
Par value of shares of capital
stock $ 640,876 $ 240,667 $ 21,322
- --------------------------------------------------------------------------------------
Additional paid-in capital 999,878,481 553,844,604 22,206,033
- --------------------------------------------------------------------------------------
Undistributed net investment income 42,609,690 9,770,088 1,356,173
- --------------------------------------------------------------------------------------
Accumulated net realized gain
(loss) from investments and foreign
currency transactions 143,222,480 107,576,006 (476,924)
- --------------------------------------------------------------------------------------
Net unrealized appreciation on
investments and translation of
assets and liabilities denominated
in foreign currencies 92,371,790 159,939,975 612,416
---------------- -------------- -------------
Net Assets $ 1,278,723,317 $ 831,371,340 $ 23,719,020
---------------- -------------- -------------
---------------- -------------- -------------
- --------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK OUTSTANDING 640,875,962 240,666,941 21,321,672
- --------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE
AND OFFERING PRICE PER SHARE $ 2.00 $ 3.45 $ 1.11
* Cost $ 1,183,170,514 $ 677,727,944 $ 22,683,386
** Repurchase agreements $ 48,500,000 $ 31,100,000 $ 600,000
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997 (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 *)
(including repurchase agreements
**) - see accompanying statements $ 82,925,486 $ 33,638,107 $ 68,322,127 $ 61,138,115
- --------------------------------------------------------------------------------------------------
Cash 92,896 38,915 211,675 346,371
- --------------------------------------------------------------------------------------------------
Receivables:
Dividends, interest and principal
paydowns 117,386 383,381 484,119 258,904
Shares of capital stock sold 14,463 6,656 6,094 16,851
Investments sold -- 82,475 169,801 197,075
- --------------------------------------------------------------------------------------------------
Other 3,386 2,406 3,048 3,087
------------- ------------- ------------- -------------
Total assets 83,153,617 34,151,940 69,196,864 61,960,403
- --------------------------------------------------------------------------------------------------
LIABILITIES:
Bank overdraft -- -- -- --
- --------------------------------------------------------------------------------------------------
Unrealized depreciation on forward
foreign currency exchange contracts
- -see applicable note 11,298 -- 2,800 2,949
- --------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 822,616 -- 435,179 539,656
Shares of capital stock redeemed 26,933 1,296 29,674 --
Custodian fees 18,168 20,666 18,044 20,127
Legal and auditing fees 7,975 7,468 9,086 9,257
Shareholder reports 4,477 4,677 4,601 4,619
Registration and filing fees 4,562 2,018 3,676 4,290
Other 140 -- 1,021 23
------------- ------------- ------------- -------------
Total liabilities 896,169 36,125 504,081 580,921
- --------------------------------------------------------------------------------------------------
NET ASSETS $ 82,257,448 $ 34,115,815 $ 68,692,783 $ 61,379,482
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
- --------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS:
Par value of shares of capital
stock $ 60,378 $ 28,988 $ 53,491 $ 45,351
- --------------------------------------------------------------------------------------------------
Additional paid-in capital 68,239,720 29,823,374 56,785,059 49,938,747
- --------------------------------------------------------------------------------------------------
Undistributed net investment income 390,416 1,650,130 1,955,234 1,170,826
- --------------------------------------------------------------------------------------------------
Accumulated net realized gain
(loss) from investments and foreign
currency transactions 2,612,989 280,885 2,427,542 2,452,404
- --------------------------------------------------------------------------------------------------
Net unrealized appreciation on
investments and translation of
assets and liabilities denominated
in foreign currencies 10,953,945 2,332,438 7,471,457 7,772,154
------------- ------------- ------------- -------------
Net Assets $ 82,257,448 $ 34,115,815 $ 68,692,783 $ 61,379,482
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
- --------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK OUTSTANDING 60,378,390 28,987,734 53,490,749 45,351,184
- --------------------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE
AND OFFERING PRICE PER SHARE $ 1.36 $ 1.18 $ 1.28 $ 1.35
* Cost $ 71,972,123 $ 31,305,669 $ 60,850,786 $ 53,366,035
** Repurchase agreements $ 2,300,000 $ 4,273,000 $ 6,715,000 $ 6,943,000
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
TOTAL GOVERNMENT
RETURN GROWTH SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 40,056,780 $ 3,967,500 $ 1,524,193
- -----------------------------------------------------------------------------------
Dividends (net of withholding taxes
of *) 9,669,636 9,925,750 --
-------------- -------------- ------------
Total income 49,726,416 13,893,250 1,524,193
- -----------------------------------------------------------------------------------
EXPENSES:
Management fees - see applicable
note 6,482,637 3,818,977 120,922
- -----------------------------------------------------------------------------------
Custodian fees and expenses 1,499 -- 4,142
- -----------------------------------------------------------------------------------
Shareholder reports 6,904 5,100 3,814
- -----------------------------------------------------------------------------------
Accounting service fees - see
applicable note 15,000 15,000 15,000
- -----------------------------------------------------------------------------------
Legal and auditing fees 41,410 17,130 5,866
- -----------------------------------------------------------------------------------
Insurance expenses 17,475 6,088 1,860
- -----------------------------------------------------------------------------------
Directors' fees and expenses 30,256 2,809 608
- -----------------------------------------------------------------------------------
Registration and filing fees 26,587 39,355 --
- -----------------------------------------------------------------------------------
Other 648 164 1,373
-------------- -------------- ------------
Total expenses 6,622,416 3,904,623 153,585
Less expenses paid indirectly - see
applicable note -- -- (3,048)
-------------- -------------- ------------
Net expenses 6,622,416 3,904,623 150,537
- -----------------------------------------------------------------------------------
NET INVESTMENT INCOME 43,104,000 9,988,627 1,373,656
- -----------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) on:
Investments 144,786,846 108,263,083 (69,942)
Foreign currency transactions -- -- --
- -----------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation on:
Investments 14,497,050 45,697,012 644,731
Translation of assets and
liabilities denominated in foreign
currencies -- -- --
-------------- -------------- ------------
Net realized and unrealized gain 159,283,896 153,960,095 574,789
- -----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 202,387,896 $ 163,948,722 $ 1,948,445
-------------- -------------- ------------
-------------- -------------- ------------
* Dividends $ 5,171 $ 5,022 $ --
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997 (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 $ 181,159 $ 1,669,274 $ 2,057,462 $ 1,094,102
- --------------------------------------------------------------------------------------------------
Dividends (net of withholding taxes
of *) 1,165,091 246,215 566,852 627,954
------------- ------------- ------------- -------------
Total income 1,346,250 1,915,489 2,624,314 1,722,056
- --------------------------------------------------------------------------------------------------
EXPENSES:
Management fees - see applicable
note 732,642 213,594 504,390 437,070
- --------------------------------------------------------------------------------------------------
Custodian fees and expenses 47,818 6,908 34,115 31,357
- --------------------------------------------------------------------------------------------------
Shareholder reports 6,104 2,059 5,683 5,701
- --------------------------------------------------------------------------------------------------
Accounting service fees - see
applicable note 15,000 15,000 15,000 15,000
- --------------------------------------------------------------------------------------------------
Legal and auditing fees 7,535 1,784 11,066 9,582
- --------------------------------------------------------------------------------------------------
Insurance expenses 3,010 2,145 2,783 2,660
- --------------------------------------------------------------------------------------------------
Directors' fees and expenses 2,231 1,695 2,350 2,067
- --------------------------------------------------------------------------------------------------
Registration and filing fees 4,416 1,985 3,569 4,236
- --------------------------------------------------------------------------------------------------
Other 63 118 45 15
------------- ------------- ------------- -------------
Total expenses 818,819 245,288 579,001 507,688
Less expenses paid indirectly - see
applicable note -- (5,572) -- --
------------- ------------- ------------- -------------
Net expenses 818,819 239,716 579,001 507,688
- --------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 527,431 1,675,773 2,045,313 1,214,368
- --------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) on:
Investments 4,668,966 298,037 2,750,989 2,791,426
Foreign currency transactions (2,006,332) -- (235,863) (258,131)
- --------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation on:
Investments 5,127,249 1,310,516 2,766,401 3,036,784
Translation of assets and
liabilities denominated in foreign
currencies (2,536,134) -- (331,929) (371,086)
------------- ------------- ------------- -------------
Net realized and unrealized gain 5,253,749 1,608,553 4,949,598 5,198,993
- --------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 5,781,180 $ 3,284,326 $ 6,994,911 $ 6,413,361
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
* Dividends $ 97,568 $ 591 $ 11,604 $ 15,252
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
<TABLE>
<CAPTION>
TOTAL
RETURN GROWTH
PORTFOLIO PORTFOLIO
1997 1996 1997 1996
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 43,104,000 $ 43,541,038 $ 9,988,627 $ 8,053,037
- -----------------------------------------------------------------------------------------------
Net realized gain (loss) 144,786,846 94,961,143 108,263,083 45,460,285
- -----------------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 14,497,050 (35,958,926) 45,697,012 34,820,597
-------------- -------------- ------------ ------------
Net increase in net assets
resulting from operations 202,387,896 102,543,255 163,948,722 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 88,432,903 34,935,466 133,829,865 96,464,501
- -----------------------------------------------------------------------------------------------
NET ASSETS:
Total increase (decrease) 156,647,649 128,149,517 245,149,062 180,287,156
- -----------------------------------------------------------------------------------------------
Beginning of period 1,122,075,668 993,926,151 586,222,278 405,935,122
-------------- -------------- ------------ ------------
End of period $1,278,723,317 $1,122,075,668 $831,371,340 $586,222,278
-------------- -------------- ------------ ------------
-------------- -------------- ------------ ------------
Undistributed net investment income $ 42,609,690 $ 38,224,047 $ 9,770,088 $ 6,282,780
</TABLE>
<TABLE>
<CAPTION>
GOVERNMENT INTERNATIONAL
SECURITIES EQUITY
PORTFOLIO PORTFOLIO
1997 1996 1997 1996
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 1,373,656 $ 1,459,438 $ 527,431 $ 430,957
- ---------------------------------------------------------------------------------------
Net realized gain (loss) (69,942) 45,633 2,662,634 2,365,382
- ---------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 644,731 (990,673) 2,591,115 3,976,250
----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations 1,948,445 514,398 5,781,180 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 (1,670) (1,573,635) 15,468,927 10,593,270
- ---------------------------------------------------------------------------------------
NET ASSETS:
Total increase (decrease) 483,442 (1,073,030) 19,671,987 16,810,942
- ---------------------------------------------------------------------------------------
Beginning of period 23,235,578 24,308,608 62,585,461 45,774,519
----------- ----------- ----------- -----------
End of period $23,719,020 $23,235,578 $82,257,448 $62,585,461
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Undistributed net investment income $ 1,356,173 $ 1,450,831 $ 390,416 $ 356,464
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
<TABLE>
<CAPTION>
LIFESPAN LIFESPAN
DIVERSIFIED BALANCED
INCOME PORTFOLIO
PORTFOLIO PORTFOLIO
1997 1996 1997 1996
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 1,675,773 $ 1,334,058 $ 2,045,313 $ 1,395,888
- ---------------------------------------------------------------------------------------
Net realized gain (loss) 298,037 34,119 2,515,126 713,856
- ---------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 1,310,516 218,964 2,434,472 3,132,282
----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations 3,284,326 1,587,141 6,994,911 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 6,754,828 2,760,428 12,108,631 10,991,482
- ---------------------------------------------------------------------------------------
NET ASSETS:
Total increase (decrease) 8,841,716 4,098,184 17,356,460 15,869,094
- ---------------------------------------------------------------------------------------
Beginning of period 25,274,099 21,175,915 51,336,323 35,467,229
----------- ----------- ----------- -----------
End of period $34,115,815 $25,274,099 $68,692,783 $51,336,323
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Undistributed net investment income $ 1,650,130 $ 1,127,966 $ 1,955,234 $ 1,053,055
</TABLE>
<TABLE>
<CAPTION>
LIFESPAN
CAPITAL
APPRECIATION
1997 1996
<S> <C> <C>
- -------------------------------------------------------------
OPERATIONS:
Net investment income $ 1,214,368 $ 635,909
- -------------------------------------------------------------
Net realized gain (loss) 2,533,295 1,155,841
- -------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 2,665,698 3,269,866
----------- -----------
Net increase in net assets
resulting from operations 6,413,361 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 14,398,598 10,442,654
- -------------------------------------------------------------
NET ASSETS:
Total increase (decrease) 19,385,288 15,225,710
- -------------------------------------------------------------
Beginning of period 41,994,194 26,768,484
----------- -----------
End of period $61,379,482 $41,994,194
----------- -----------
----------- -----------
Undistributed net investment income $ 1,170,826 $ 371,899
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
----------------------------------------------------
1997 1996((1)) 1995 1994 1993
<S> <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
- -----------------------------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income .07 .07 .07 .06 .06
Net realized and unrealized gain
(loss) .25 .11 .30 (.09) .20
- -----------------------------------------------------------------------------------------
Total income (loss) from investment
operations .32 .18 .37 (.03) .26
- -----------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.07) (.01) (.07) (.06) (.06)
Distributions from net realized
gain (.16) (.01) (.06) (.05) (.11)
- -----------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.23) (.02) (.13) (.11) (.17)
- -----------------------------------------------------------------------------------------
Net asset value, end of period $2.00 $1.91 $1.75 $1.51 $1.65
-------- -------- ------ ------ ------
-------- -------- ------ ------ ------
- -----------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE((2)) 18.81% 10.14% 24.66% (1.97)% 16.28%
- -----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
millions) $1,279 $1,122 $994 $742 $610
- -----------------------------------------------------------------------------------------
Average net assets (in millions) $1,208 $1,058 $864((3)) $687((3)) $502((3))
- -----------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.57% 4.12% 4.48% 4.21% 3.90%
Expenses 0.55% 0.55% 0.59% 0.56% 0.60%
- -----------------------------------------------------------------------------------------
Portfolio turnover rate((4)) 103.5% 104.3% 62.3% 88.3% 161.6%
Average brokerage commission
rate((5)) $0.0699 $0.0641 -- -- --
</TABLE>
1. On March 1, 1996, OppenheimerFunds, Inc. became the investment advisor 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 the auditors' opinion.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended December 31, 1997 were $1,162,940,441 and $1,139,011,104, respectively.
5. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period, divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------------------------------
1997 1996(1) 1995 1994 1993
<S> <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
- ---------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .04 .04 .04 .03 .04
Net realized and unrealized gain
(loss) .69 .43 .71 (.04) .36
- ---------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .73 .47 .75 (.01) .40
- ---------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.03) (.01) (.04) (.03) (.04)
Distributions from net realized
gain (.23) (.01) (.15) (.07) (.19)
- ---------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.26) (.02) (.19) (.10) (.23)
- ---------------------------------------------------------------------------------------------
Net asset value, end of period $3.45 $2.98 $2.53 $1.97 $2.08
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
- ---------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 26.37% 18.87% 38.06% (0.51)% 21.22%
- ---------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $831,371 $586,222 $405,935 $230,195 $165,775
- ---------------------------------------------------------------------------------------------
Average net assets (in thousands) $721,555 $494,281 $303,193(3) $198,879(3) $131,292(3)
- ---------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.38% 1.63% 2.01% 1.87% 2.30%
Expenses 0.54% 0.58% 0.66% 0.67% 0.69%
- ---------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 91.8% 82.5% 69.3% 97.3% 97.6%
Average brokerage commission
rate(5) $ 0.0699 $ 0.0697 -- -- --
</TABLE>
1. On March 1, 1996, OppenheimerFunds, Inc. became the investment advisor 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 the auditors' opinion.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended December 31, 1997 were $637,953,389 and $589,720,974, respectively.
5. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period, divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
---------------------------------------------------
1997 1996(1) 1995 1994 1993
<S> <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
- -----------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .07 .07 .06 .06 .04
Net realized and unrealized gain
(loss) .02 (.05) .12 (.11) .07
- -----------------------------------------------------------------------------------------
Total income (loss) from investment
operations .09 .02 .18 (.05) .11
- -----------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.07) --(2) (.06) (.06) (.04)
Distributions from net realized
gain -- -- -- -- (.02)
- -----------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.07) -- (.06) (.06) (.06)
- -----------------------------------------------------------------------------------------
Net asset value, end of period $ 1.11 $ 1.09 $ 1.07 $ 0.95 $ 1.06
------- ------- ------- ------- -------
------- ------- ------- ------- -------
- -----------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 8.82% 1.93% 18.91% (4.89)% 10.98%
- -----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $23,719 $23,236 $24,309 $18,784 $15,687
- -----------------------------------------------------------------------------------------
Average net assets (in thousands) $23,034 $23,880 $23,157(4) $17,589(4) $11,421(4)
- -----------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.96% 6.11% 6.08% 6.04% 5.13%
Expenses 0.67%(5) 0.62% 0.71% 0.85% 0.93%
- -----------------------------------------------------------------------------------------
Portfolio turnover rate(6) 0.0% 6.0% 54.7% 102.3% 178.2%
</TABLE>
1. On March 1, 1996, OppenheimerFunds, Inc. became the investment advisor to the
Fund.
2. Less than $0.005 per share.
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 the auditors' opinion.
5. The expense ratio reflects the effect of expenses paid indirectly by the
Fund.
6. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended December 31, 1997 were $0 and $2,350,000, respectively.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
----------------------------------------------------------
1997 1996(1) 1995 1994 1993
<S> <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
- -----------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) .01 .02 .03 (.01) .00
Net realized and unrealized gain
(loss) .09 .13 .08 .03 .20
- -----------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .10 .15 .11 .02 .20
- -----------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.01) (.01) (.04) -- (.02)
Distributions from net realized
gain (.02) -- (.01) (.02) (.01)
- -----------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.03) (.01) (.05) (.02) (.03)
- -----------------------------------------------------------------------------------------------
Net asset value, end of period $1.36 $1.29 $1.15 $1.09 $1.09
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
- -----------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 8.11% 13.26% 10.30% 1.44% 21.80%
- -----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $82,257 $62,585 $45,775 $31,603 $18,315
- -----------------------------------------------------------------------------------------------
Average net assets (in thousands) $73,318 $56,893 $37,474(3) $29,133(3) $13,328(3)
- -----------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 0.72% 0.76% 1.61% (1.85)% (0.31)%
Expenses 1.12% 1.21% 1.26% 1.28% 1.50%
- -----------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 48.6% 53.7% 85.1% 76.5% 57.4%
Average brokerage commission
rate(5) $ 0.0232 $ 0.0019 -- -- --
</TABLE>
1. On March 1, 1996, OppenheimerFunds, Inc. became the investment advisor 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 the auditors' opinion.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended December 31, 1997 were $47,527,468 and $34,015,226, respectively.
5. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period, divided by the total number of related
shares purchased and sold. Generally, non-U.S. commissions are lower than U.S.
commissions when expressed as cents per share but higher when expressed as a
percentage of transactions because of the lower per-share prices of many
non-U.S. securities.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------
1997 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 .06 .06 .02
Net realized and unrealized gain .07 .01 .04
- -------------------------------------------------------------------
Total income from investment
operations .13 .07 .06
- -------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.05) (.01) (.02)
Distributions from net realized
gain --(9) -- --
- -------------------------------------------------------------------
Total dividends and distributions
to shareholders (.05) (.01) (.02)
- -------------------------------------------------------------------
Net asset value, end of period $ 1.18 $ 1.10 $ 1.04
------- ------- -------
------- ------- -------
- -------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 12.51% 6.93% 5.69%
- -------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $34,116 $25,274 $21,176
- -------------------------------------------------------------------
Average net assets (in thousands) $28,503 $22,854 $20,364(4)
- -------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.88% 5.84% 5.11%(5)
Expenses 0.86%(6) 1.07% 1.50%(5)
- -------------------------------------------------------------------
Portfolio turnover rate(7) 34.0% 80.4% 41.2%(5)
Average brokerage commission
rate(8) $0.0690 $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 advisor 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 the auditors' opinion.
5. Annualized.
6. The expense ratio reflects the effect of expenses paid indirectly by the
Fund.
7. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended December 31, 1997 were $13,442,623 and $8,641,643, respectively.
8. 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.
9. Less than $0.005 per share.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
------------------------------
1997 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 .04 .03 .01
Net realized and unrealized gain .10 .11 .05
- -------------------------------------------------------------------
Total income from investment
operations .14 .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 $1.28 $1.18 $1.05
-------- -------- --------
-------- -------- --------
- -------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 12.20% 13.38% 6.08%
- -------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $ 68,693 $ 51,336 $ 35,467
- -------------------------------------------------------------------
Average net assets (in thousands) $ 59,388 $ 41,847 $ 33,925(4)
- -------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.44% 3.34% 3.08%(5)
Expenses 0.97% 1.17% 1.50%(5)
- -------------------------------------------------------------------
Portfolio turnover rate(6) 57.3% 69.7% 39.7%(5)
Average brokerage commission
rate(7) $ 0.0367 $ 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 advisor 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 the auditors' opinion.
5. Annualized.
6. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended December 31, 1997 were $42,727,285 and $30,915,461, 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. Generally, non-U.S. commissions are lower than U.S.
commissions when expressed as cents per share but higher when expressed as a
percentage of transactions because of the per-share prices of many non-U.S.
securities.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
FINANCIAL HIGHLIGHTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
---------------------------
1997 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 .03 .02 .01
Net realized and unrealized gain .12 .17 .06
- -----------------------------------------------------------------
Total income from investment
operations .15 .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 $ 1.35 $ 1.24 $ 1.06
------- ------- -------
------- ------- -------
- -----------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 12.53% 17.97% 6.65%
- -----------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $61,379 $41,994 $26,768
- -----------------------------------------------------------------
Average net assets (in thousands) $51,473 $33,109 $25,460(4)
- -----------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.36% 1.92% 1.73%(5)
Expenses 0.99% 1.30% 1.50%(5)
- -----------------------------------------------------------------
Portfolio turnover rate(6) 65.8% 70.7% 38.7%(5)
Average brokerage commission
rate(7) $0.0372 $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 advisor 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 the auditors' opinion.
5. Annualized.
6. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended December 31, 1997 were $42,328,007 and $30,095,785, 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. Generally, non-U.S. commissions are lower than U.S.
commissions when expressed as cents per share but higher when expressed as a
percentage of transactions because of the lower per-share prices of many
non-U.S. securities.
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Total Return Portfolio (the Fund) is a series of Panorama Series Fund, Inc. (the
Company) which is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek maximum total investment return (including both
capital appreciation and income) by allocating its assets among stocks, bonds
(including corporate debt securities, U.S. government and U.S.
government-related securities) and money market instruments according to
changing market conditions. The Fund's investment advisor 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 Co., an affiliate of the
investment advisor. 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.
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. 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.
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1997, amounts have been reclassified to reflect an increase in
undistributed net investment income of $113,613, an increase in paid-in capital
of $350,756, and a decrease in accumulated net realized gain on investments at
$464,369.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 950 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996
--------------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Sold 71,391,082 $ 135,657,386 93,916,426 $ 168,995,348
Dividends and
distributions reinvested 78,007,645 134,173,150 5,232,785 9,329,203
Redeemed (95,125,453) (181,397,633) (79,306,418) (143,389,085)
-------------- ---------------- -------------- -------------
Net increase 54,273,274 $ 88,432,903 19,842,793 $ 34,935,466
-------------- ---------------- -------------- -------------
-------------- ---------------- -------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1997, net unrealized appreciation on investments of $92,371,790
was composed of gross appreciation of $101,063,618, and gross depreciation of
$8,691,828.
- --------------------------------------------------------------------------------
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 daily net assets and 0.45% of average daily 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.
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At December 31, 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 December 31, 1997 was $22,160,577, which
represents 1.73% of the Fund's net assets.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Growth Portfolio (the Fund) is a series of Panorama Series Fund, Inc. (the
Company) which is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek long-term growth of capital by investing
primarily in common stocks with low price-earnings ratios and
better-than-anticipated earnings. The Fund's investment advisor 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 Co., an
affiliate of the investment advisor. 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.
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1997, amounts have been reclassified to reflect an increase in
undistributed net investment income of $1,171, a decrease in accumulated net
realized gain on investments of $372,018, and an increase in paid-in capital of
$370,847.
- --------------------------------------------------------------------------------
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.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (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 350 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996
--------------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Sold 52,419,265 $ 167,124,059 55,608,996 $ 149,864,357
Dividends and
distributions reinvested 18,597,005 52,629,524 1,696,733 4,511,263
Redeemed (26,936,806) (85,923,718) (21,454,970) (57,911,119)
-------------- ---------------- -------------- -------------
Net increase 44,079,464 $ 133,829,865 35,850,759 $ 96,464,501
-------------- ---------------- -------------- -------------
-------------- ---------------- -------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1997, net unrealized appreciation on investments of $159,939,975
was composed of gross appreciation of $164,736,754, and gross depreciation of
$4,796,779.
- --------------------------------------------------------------------------------
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 daily net assets, 0.50% of the next $100 million and 0.45% of
average daily 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.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Government Securities Portfolio (the Fund) is a series of Panorama Series Fund,
Inc. (the Company) which is registered under the Investment Company Act of 1940,
as amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek a high level of current income with a high
degree of safety of principal by investing primarily (at least 65% of its total
assets under normal market conditions) in U.S. Government securities and U.S.
Government related securities. The Fund's investment advisor 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 Co., an
affiliate of the investment advisor. 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.
At December 31, 1997, the Fund had available for federal income tax purposes an
unused capital loss carryover of approximately $464,000, which expires between
2002 and 2005.
- --------------------------------------------------------------------------------
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.
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1997, amounts have been reclassified to reflect an increase in
paid-in capital of $4,984, a decrease in undistributed net investment income of
$4,981, and an increase in accumulated net realized loss on investments of $3.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date). Discount on securities purchased is amortized
over the life of the respective securities, in accordance with federal income
tax requirements. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis, which
is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996
------------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
Sold 2,834,687 $ 3,050,414 3,228,090 $ 3,411,359
Dividends and
distributions reinvested 1,434,641 1,463,333 13,298 13,793
Redeemed (4,214,703) (4,515,417) (4,728,604) (4,998,787)
-------------- -------------- -------------- -----------
Net increase (decrease) 54,625 $ (1,670) (1,487,216) $(1,573,635)
-------------- -------------- -------------- -----------
-------------- -------------- -------------- -----------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1997, net unrealized appreciation on investments of $612,416 was
composed of gross appreciation of $710,698, and gross depreciation of $98,282.
- --------------------------------------------------------------------------------
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 daily net assets, 0.50% of the next $100 million and 0.45% of
average daily 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.
Expenses paid indirectly represent a reduction of custodian fees for earnings on
cash balances maintained by the Fund.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
International Equity Portfolio (the Fund) is a series of Panorama Series Fund,
Inc. (the Company) which is registered under the Investment Company Act of 1940,
as amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek long-term growth of capital by investing
primarily in equity securities of companies wherever located, the primary stock
market of which is outside the United States. The Funds investment advisor 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 Co., an
affiliate of the investment advisor. 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 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. 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.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS (CONTINUED). The Fund adjusts
the classification of distributions to shareholders to reflect the differences
between financial statement amounts and distributions determined in accordance
with income tax regulations. Accordingly, during the year ended December 31,
1997, amounts have been reclassified to reflect a decrease in undistributed net
investment income of $86,222. Accumulated net realized gain was increased by the
same amount.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996
------------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
Sold 17,133,067 $ 22,813,653 17,318,472 $ 21,135,395
Dividends and
distributions reinvested 1,293,541 1,578,120 447,471 554,916
Redeemed (6,693,102) (8,922,846) (8,899,447) (11,097,041)
-------------- -------------- -------------- ------------
Net increase 11,733,506 $ 15,468,927 8,866,496 $ 10,593,270
-------------- -------------- -------------- ------------
-------------- -------------- -------------- ------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1997, net unrealized appreciation on investments of $10,953,363
was composed of gross appreciation of $16,794,611, and gross depreciation of
$5,841,248.
- --------------------------------------------------------------------------------
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 1.00% of the first $250
million of average daily net assets and 0.90% of average daily 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 a sub-advisory agreement with Babson-Stewart Ivory International
(the Sub-Advisor) to assist in the selection of portfolio investments for the
components of the Fund. 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.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS (CONTINUED)
The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.
Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss upon
the closing or settlement of the forward transaction.
Securities held in designated 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 December 31, 1997, the Fund had outstanding forward contracts as follows:
<TABLE>
<CAPTION>
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED
DATE (000S) DECEMBER 31, 1997 DEPRECIATION
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
CONTRACTS TO BUY
- -------------------------------------------
British Pound Sterling (GBP) 1/2/98 500 GBP $822,616 $11,298
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Diversified Income Portfolio (the Fund) is a series of Panorama Series
Fund, Inc. (the Company) which is registered under the Investment Company Act of
1940, as amended, as a diversified, open-end management investment company. The
Fund's investment objective is to seek high current income, with opportunities
for capital appreciation by investing in a strategically allocated portfolio
consisting primarily of bonds. The Fund's investment advisor 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 Co., an
affiliate of the investment advisor. 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.
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1997, amounts have been reclassified to reflect an increase in
undistributed net investment income of $2,219. Accumulated net realized gain was
decreased by the same amount.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (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 of capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996
------------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
Sold 5,816,319 $ 6,566,303 2,767,203 $ 2,918,049
Dividends and
distributions reinvested 1,129,658 1,197,438 239,497 249,385
Redeemed (905,515) (1,008,913) (383,462) (407,006)
-------------- -------------- -------------- -----------
Net increase 6,040,462 $ 6,754,828 2,623,238 $ 2,760,428
-------------- -------------- -------------- -----------
-------------- -------------- -------------- -----------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1997, net unrealized appreciation on investments of $2,332,438
was composed of gross appreciation of $2,596,062, and gross depreciation of
$263,624.
- --------------------------------------------------------------------------------
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 a sub-advisory agreement with BEA Associates (the Sub-Advisor)
to assist in the selection of portfolio investments for the components of the
Fund. For these services, the Manager pays BEA Associates negotiated fees.
Expenses paid indirectly represent a reduction of custodian fees for earnings on
cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At December 31, 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 December 31, 1997 was $1,066,030, which represents
3.12% of the Fund's net assets.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Balanced Portfolio (the Fund) is a series of Panorama Series Fund, Inc.
(the Company) which is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek a blend of capital appreciation and income by
investing in a strategically allocated portfolio of stocks and bonds with a
slightly stronger emphasis on stocks. The Fund's investment advisor 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 Co., an
affiliate of the investment advisor. 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 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. 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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1997, amounts have been reclassified to reflect an increase in
accumulated net realized gain on investments of $8,665. Undistributed net
investment income was decreased by the same amount.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 200 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996
------------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
Sold 11,659,128 $ 14,199,763 11,771,412 $13,270,683
Dividends and
distributions reinvested 1,559,895 1,747,083 324,756 364,414
Redeemed (3,199,617) (3,838,215) (2,368,019) (2,643,615)
-------------- -------------- -------------- -----------
Net increase 10,019,406 $ 12,108,631 9,728,149 $10,991,482
-------------- -------------- -------------- -----------
-------------- -------------- -------------- -----------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1997, net unrealized appreciation on investments of $7,471,341
was composed of gross appreciation of $8,999,645, and gross depreciation of
$1,528,304.
- --------------------------------------------------------------------------------
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 sub-advisory agreements with three Sub-Advisors 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-Advisors) negotiated fees.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At December 31, 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 December 31, 1997 was $1,513,310, which represents
2.20% of the Fund's net assets.
- --------------------------------------------------------------------------------
6. FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.
Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss upon
the closing or settlement of the forward transaction.
Securities held in designated 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 December 31, 1997, the Fund had outstanding forward contracts as follows:
<TABLE>
<CAPTION>
CONTRACT
EXPIRATION AMOUNT VALUATION AS OF UNREALIZED
DATE (000S) DECEMBER 31, 1997 DEPRECIATION
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
CONTRACTS TO BUY
- -------------------------------------------------
British Pound Sterling (GBP) 1/2/98 124 GBP $203,888 $2,800
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Capital Appreciation Portfolio (the Fund) is a series of Panorama
Series Fund, Inc. (the Company) which is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment objective is to seek long-term capital
appreciation by investing in a strategically allocated portfolio consisting
primarily of stocks. The Fund's investment advisor 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 Co., an affiliate of the investment advisor.
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 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. 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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1997, amounts have been reclassified to reflect an increase in
accumulated net realized gain on investments of $13,047. Undistributed net
investment income was decreased by the same amount.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. 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>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996
------------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
Sold 11,969,510 $ 15,271,181 12,599,280 $14,877,614
Dividends and
distributions reinvested 1,229,889 1,426,671 236,570 278,563
Redeemed (1,803,689) (2,299,254) (4,035,039) (4,713,523)
-------------- -------------- -------------- -----------
Net increase 11,395,710 $ 14,398,598 8,800,811 $10,442,654
-------------- -------------- -------------- -----------
-------------- -------------- -------------- -----------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At December 31, 1997, net unrealized appreciation on investments of $7,772,080
was composed of gross appreciation of $9,413,843, and gross depreciation of
$1,641,763.
- --------------------------------------------------------------------------------
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 sub-advisory agreements with three Sub-Advisors 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-Advisors) negotiated fees.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At December 31, 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 December 31, 1997 was $654,666, which represents
1.07% of the Fund's net assets.
- --------------------------------------------------------------------------------
6. FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.
Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss upon
the closing or settlement of the forward transaction.
Securities held in designated 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 December 31, 1997, the Fund had outstanding forward contracts as follows:
<TABLE>
<CAPTION>
EXPIRATION CONTRACT VALUATION AS OF UNREALIZED
DATE AMOUNT (000S) DECEMBER 31, 1997 DEPRECIATION
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------
CONTRACTS TO BUY
British Pound Sterling (GBP) 1/2/98 130 GBP $214,722 $2,949
</TABLE>
<PAGE>
PANORAMA SERIES FUND, INC.
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
The Board of Directors and Shareholders of Panorama Series Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Total Return Portfolio, Growth Portfolio,
Government Securities Portfolio, International Equity Portfolio, LifeSpan
Diversified Income Portfolio, LifeSpan Balanced Portfolio and LifeSpan Capital
Appreciation Portfolio (all of which are series of Panorama Series Fund, Inc.)
as of December 31, 1997, the related statements of operations for the year then
ended, the statements of changes in net assets and the financial highlights for
the years ended December 31, 1997 and 1996. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for the
period January 1, 1993 to December 31, 1995 were audited by other auditors whose
report dated February 15, 1996, expressed an unqualified opinion on this
information.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at December
31, 1997 by correspondence with the custodian and brokers; where replies were
not received from brokers, we performed other auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Total Return
Portfolio, Growth Portfolio, Government Securities Portfolio, International
Equity Portfolio, LifeSpan Diversified Income Portfolio, LifeSpan Balanced
Portfolio and LifeSpan Capital Appreciation Portfolio at December 31, 1997, the
results of their operations, the changes in their net assets, and the financial
highlights for the respective stated periods, in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
January 23, 1998
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
In early 1998, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1997. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Certain distributions paid on March 24, 1997, were designated as a capital gain
distribution in the "28% Rate Group" for federal income tax purposes as shown in
the table below. Whether received in stock or cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets.
Dividends paid by the Fund during the fiscal year ended December 31, 1997 which
are not designated as capital gain distributions should be multiplied by the
percentage listed below to arrive at the net amount eligible for the corporate
dividend-received deduction.
<TABLE>
<CAPTION>
LONG-TERM CAPITAL CORPORATE DIVIDEND-
GAIN DISTRIBUTION RECEIVED DEDUCTION
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------
Total Return Portfolio $ 0.132 8.35%
</TABLE>
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in the state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
In early 1998, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1997. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Certain distributions paid on March 24, 1997, were designated as a capital gain
distribution in the "28% Rate Group" for federal income tax purposes as shown in
the table below. Whether received in stock or cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets.
Dividends paid by the Fund during the fiscal year ended December 31, 1997 which
are not designated as capital gain distributions should be multiplied by the
percentage listed below to arrive at the net amount eligible for the corporate
dividend-received deduction.
<TABLE>
<CAPTION>
LONG-TERM CAPITAL CORPORATE DIVIDEND-
GAIN DISTRIBUTION RECEIVED DEDUCTION
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------
Growth Portfolio $ 0.189 21.98%
</TABLE>
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in the state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
In early 1998, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1997. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Certain distributions paid on March 24, 1997, were designated as a capital gain
distribution in the "28% Rate Group" for federal income tax purposes as shown in
the table below. Whether received in stock or cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets.
Dividends paid by the Fund during the fiscal year ended December 31, 1997 which
are not designated as capital gain distributions should be multiplied by the
percentage listed below to arrive at the net amount eligible for the corporate
dividend-received deduction.
<TABLE>
<CAPTION>
CORPORATE
LONG-TERM CAPITAL DIVIDEND-RECEIVED
GAIN DISTRIBUTION DEDUCTION
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------
Government Securities Portfolio N/A N/A
</TABLE>
The foregoing information is presented to assist shareholders in reporting
distributions received from the Funds to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in the state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
In early 1998, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1997. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Certain distributions paid on March 24, 1997, were designated as a capital gain
distribution in the "28% Rate Group" for federal income tax purposes as shown in
the table below. Whether received in stock or cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets.
Dividends paid by the Fund during the fiscal year ended December 31, 1997 which
are not designated as capital gain distributions should be multiplied by the
percentage listed below to arrive at the net amount eligible for the corporate
dividend-received deduction.
<TABLE>
<CAPTION>
LONG-TERM CAPITAL CORPORATE DIVIDEND-
GAIN DISTRIBUTION RECEIVED DEDUCTION
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------
International Equity Portfolio $ 0.023 N/A
</TABLE>
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in the state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
In early 1998, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1997. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Certain distributions paid on March 24, 1997, were designated as a capital gain
distribution in the "28% Rate Group" for federal income tax purposes as shown in
the table below. Whether received in stock or cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets.
Dividends paid by the Fund during the fiscal year ended December 31, 1997 which
are not designated as capital gain distributions should be multiplied by the
percentages listed below to arrive at the net amount eligible for the corporate
dividend-received deduction.
<TABLE>
<CAPTION>
LONG-TERM CAPITAL CORPORATE DIVIDEND-
GAIN DISTRIBUTION RECEIVED DEDUCTION
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------
LifeSpan Diversified Income Portfolio $ 0.001 12.76%
</TABLE>
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in the state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
In early 1998, shareholders will receive information regarding all dividends and
distributions paid to them by the Funds during calendar year 1997. Regulations
of the U.S. Treasury Department require the Fund to report this information to
the Internal Revenue Service.
Certain distributions paid on March 24, 1997, were designated as a capital gain
distribution in the "28% Rate Group" for federal income tax purposes as shown in
the table below. Whether received in stock or cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets.
Dividends paid by the Fund during the fiscal year ended December 31, 1997 which
are not designated as capital gain distributions should be multiplied by the
percentage listed below to arrive at the net amount eligible for the corporate
dividend-received deduction.
<TABLE>
<CAPTION>
LONG-TERM CAPITAL CORPORATE DIVIDEND-
GAIN DISTRIBUTION RECEIVED DEDUCTION
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------
LifeSpan Balanced Portfolio $ 0.012 17.57%
</TABLE>
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in the state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
In early 1998, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1997. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Certain distributions paid on March 24, 1997, were designated as a capital gain
distribution in the "28% Rate Group" for federal income tax purposes as shown in
the table below. Whether received in stock or cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets.
Dividends paid by the Fund during the fiscal year ended December 31, 1997 which
are not designated as capital gain distributions should be multiplied by the
percentage listed below to arrive at the net amount eligible for the corporate
dividend-received deduction.
<TABLE>
<CAPTION>
LONG-TERM CAPITAL CORPORATE DIVIDEND-
GAIN DISTRIBUTION RECEIVED DEDUCTION
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------
LifeSpan Capital Appreciation Portfolio $ 0.012 32.51%
</TABLE>
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in the state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
<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 ADVISOR OppenheimerFunds, Inc.
- ------------------------------------------------------------------------------------------------------
SUB-ADVISORS Babson-Stewart Ivory International
BEA Associates
Pilgrim Baxter & Associates
- ------------------------------------------------------------------------------------------------------
TRANSFER AGENT OppenheimerFunds Services
- ------------------------------------------------------------------------------------------------------
CUSTODIAN OF PORTFOLIO Bank of New York
SECURITIES
- ------------------------------------------------------------------------------------------------------
INDEPENDENT AUDITORS Deloitte & Touche LLP
- ------------------------------------------------------------------------------------------------------
LEGAL COUNSEL Myer, Swanson, Adams & Wolf, P.C.
This is a copy of a report to shareholders of Panorama Series Fund, Inc.
This report must be preceded or accompanied by a Prospectus of Panorama
Series Fund, Inc. For material information concerning the Funds, see the
Prospectus.
Shares of OppenheimerFunds 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>
