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<PAGE> PAGE 10
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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056 000900 N
057 000900 N
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070 A020900 Y
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070 D020900 N
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070 E020900 N
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070 F020900 N
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070 G020900 N
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070 H020900 N
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<PAGE> PAGE 25
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070 K020900 Y
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070 P020900 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of
Panorama Series Fund, Inc.:
In planning and performing our audit of the financial statements of Panorama
Series Fund, Inc. (the "Company") (including the Total Return, Growth,
Government Securities, International Equity, LifeSpan Diversified Income,
LifeSpan Balanced, and LifeSpan Capital Appreciation Portfolios) for the year
ended December 31, 1997 (on which we have issued our report dated January 23,
1998), we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the Company's
internal control.
The management of the Company is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the Company's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Company's
internal control, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission.
January 23, 1998
Panorama Growth Portfolio
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.
Panorama Total Return Portfolio
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.
Panorama Government Securities Portfolio
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.
Panorama International Equity Portfolio
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.
Panorama Lifespan Diversified Income Portfolio
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.
Panorama Lifespan Balanced Portfolio
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.
Panorama Lifespan Capital Appreciation Portfolio
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.
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<NAME> TOTAL RETURN PORTFOLIO
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<NAME> Government Securities Portfolio
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<NAME> Panorama Series Fund, Inc.
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> International Equity Portfolio
<SERIES>
<NUMBER> 7
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Diversified Income Portfolio
<SERIES>
<NUMBER> 8
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Balanced Portfolio
<SERIES>
<NUMBER> 9
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<PER-SHARE-NAV-BEGIN> 1.18
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Capital Appreciation Portfolio
<SERIES>
<NUMBER> 10
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
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<INVESTMENTS-AT-VALUE> 61,138,115
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<OTHER-ITEMS-ASSETS> 346,371
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</TABLE>
