<PAGE>
PANORAMA SERIES FUND, INC.
SEMIANNUAL REPORT
JUNE 30, 1998
<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 Fund provided a cumulative total return of 5.67% for the six-month period
ended June 30, 1998.(1)
Although the stock market advanced strongly in the early part of the year, it
provided mixed returns in May and June. The bond market moved in the opposite
directions: It declined early in the year, and advanced in May and June as the
stock market lost momentum. These changes in market conditions were primarily a
response to rekindled concerns about the effects of Asia's financial
difficulties on the U.S. economy and the earnings of U.S. companies.
As of June 30, approximately 50% of the Fund's assets were invested in stocks,
40% in bonds, and the rest in cash equivalents. This is a somewhat more
conservative equity allocation than that of the average asset allocation fund,
which according to our estimates currently has about a 60% stock weighting.
In the stock portion of the portfolio, we moved away from companies doing
business in international markets, especially in Asia. More specifically, we cut
back our holdings in basic materials, capital goods and energy companies. That's
because, as Asian companies reduced their manufacturing, their consumption of
energy, materials and capital goods declined.
Instead, we preferred companies that focused on U.S. economic activity. For
example, we found attractive opportunities in companies serving the U.S.
consumer, especially retailers like Sears Roebuck. These stocks generally
benefited from a high level of consumer spending in a robust economy.
Another beneficiary of higher consumer spending was the airline industry, which
experienced increased sales as consumers became more interested in travel. In
addition, airlines were helped by lower fuel costs, the result of declining oil
prices worldwide. Consequently, portfolio holdings such as AMR Corp., the parent
company of American Airlines, saw profits rise.
In the bond portion of the portfolio, we kept our average duration about six
months longer than the average variable annuity balanced fund. Duration is a
measure of a bond's sensitivity to changes in interest rates. The longer a
portfolio's average duration, the better it is likely to perform in an
environment of falling interest rates. So, our bullish posture was based on the
belief that the combination of a stable monetary policy, low inflation, a
federal budget surplus and economic turmoil in Asia would drive bond yields
lower.
At this point, we are somewhat uncomfortable with the stock market's valuation
levels. In recent years, the equity markets have been driven by declining
interest rates and by large corporate earnings gains, which, in turn, have
apparently been driven by improved productivity. As a result, the average
price-earnings ratio of all the stocks in the market has approximately doubled
over the past four years.
Will the stock market continue to advance despite high valuation measures? No
one knows for sure. In fact, many experts have predicted over the last several
years that the market would decline, or at least level off. Instead, it has
consistently reached new highs, suffering only brief, shallow corrections as it
gathered momentum. More recently, however, some of the momentum indicators have
weakened or turned negative. Therefore, with valuation levels high and market
momentum apparently slowing, we are maintaining our conservative posture for
now.
We are more optimistic about the bond market's prospects during the second half
of this year. That's because we believe that the economic impact of the Asian
crisis will probably constrain U.S. economic growth later in the year. Slower
economic growth should ease concerns that the rate of inflation may rise. These
conditions could set the stage for long-term interest rates to decline further,
which, in our opinion, should be good for bond prices.
Of course, we plan to continue to monitor the U.S. economy and stock and bond
markets carefully. Whatever the next six months bring, we intend to remain
vigilant in our efforts to maximize total investment return through a
disciplined asset allocation strategy. We believe that taking the emotion out of
investment decisions in order to produce solid, risk-adjusted returns is THE
RIGHT WAY TO INVEST.
- ----------------------------
1. Includes changes in net asset value per share and does not include the
charges associated with the separate account products which offer this fund.
Such performance is not annualized and would have been lower if such charges
were taken into account.
1
<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
The Fund provided a cumulative total return of 9.09% for the six-month period
ended June 30, 1998.(1)
Although the stock market advanced strongly in the early part of the year, it
provided mixed returns in May and June. This change in market conditions was
primarily a response to rekindled concerns about the effects of Asia's financial
difficulties on the earnings of U.S. companies.
In anticipation of earnings disappointments in the aftermath of the Asian
crisis, we moved away from companies with a large exposure to worldwide economic
activity, especially in Asia. For example, many basic materials and capital
goods companies have a significant presence in Asian markets, so we reduced our
investment in those sectors. In addition, we reduced our holdings of energy
stocks from approximately 10% of the portfolio at the beginning of the period to
4% of the Fund's assets as of June 30, primarily because of reduced energy
consumption in Asia.
Instead, we preferred companies that focused on U.S. economic activity. For
example, we found attractive opportunities in companies serving the U.S.
consumer, especially retailers like Sears Roebuck. These stocks generally
benefited from a high level of consumer spending in a robust economy.
Another beneficiary of higher consumer spending was the airline industry, which
experienced increased sales as consumers became more interested in travel. In
addition, airlines were helped by lower fuel costs, the result of declining oil
prices worldwide. Consequently, portfolio holdings such as AMR Corp., the parent
company of American Airlines, saw profits rise.
At this point, we are somewhat uncomfortable with the stock market's overall
valuation level. Yet, we are also aware that many experts have predicted over
the last several years that the market would decline, or at least level off. But
it has continued to climb to new highs, producing unprecedented performance.
Clearly, it is difficult even for investment professionals to predict short-term
market movements. That's why we do not try to time the market or forecast where
it's going. Instead, we approach the market as it is on any given day -
analyzing, buying, and selling stocks on a case-by-case basis.
When analyzing individual stocks, we look for two primary characteristics using
a combination of value-oriented and growth-oriented disciplines. First, from a
value perspective, we look for stocks with low price/earnings ratios. A stock's
price/earnings ratio is calculated by dividing its per-share price by its
per-share earnings. This type of value-oriented investing has been studied
extensively since the 1930s. These studies show that, for virtually every
five-year period since the mid-1930s, stocks with low price-earnings ratios have
outperformed the stock market as a whole.
Second, the growth-oriented component of our strategy points us to companies
that we believe will report better earnings than most Wall Street analysts
expect. Investing in companies reporting positive earnings surprises doesn't
have as long a history as the value discipline. However, studies have shown that
if you can buy a stock when its earnings exceed Wall Street expectations, its
price has tended to rise.
In closing, we remain committed to our time-tested strategy of buying
undervalued stocks with better-than-anticipated earnings. 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 shareholders over the long term. We believe that this disciplined
approach to investing is part of THE RIGHT WAY TO INVEST.
- ----------------------------
1. Includes changes in net asset value per share and does not include the
charges associated with the separate account products which offer this fund.
Such performance is not annualized and would have been lower if such charges
were taken into account.
2
<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 AND DAVID NEGRI, PORTFOLIO MANAGERS
The Government Securities Portfolio produced a cumulative total return, without
deducting insurance product charges, of 4.31% for the six-month period ended
6/30/98.(1) The Fund's strong performance over this period ranked it in the top
quartile of general U.S. government bond funds, as measured by Lipper Analytical
Services, Inc.(2)
The Fund achieved its strong performance in an economic environment
characterized by strong domestic growth, low inflation and global uncertainty.
Within the United States, a robust housing market, strong stock market and a
high level of consumer demand for products held the economy on a course of
continued growth. However, the deepening crisis in Asian markets, particularly
the recession in Japan, led to slowing demand for U.S. goods due to lower prices
for competing products that are produced overseas. As a result, doubts arose
about the sustainability of U.S. growth, and that uncertainty drove short-term
bond volatility higher. The prospect that Asia's problems might spread also
lowered expectations of U.S. inflation. Since low inflation is usually
accompanied by falling interest rates and bond yields, yields on long-term
Treasury bonds fell to historical lows.
In light of these circumstances, a longer duration was the key to the Fund's
good performance. Duration is a measure of a bond's sensitivity to changes in
interest rates. The longer a portfolio's average duration, the better it is
likely to perform in an environment of falling interest rates. By increasing the
Fund's exposure to longer-duration government bonds, we succeeded in increasing
returns while reducing short-term interest rate risk. With more than 75% of the
Fund's holdings in Treasury securities and other government agency bonds, we
were well positioned to benefit from the rally that occurred in the government
bond sector during the first six months of the year.
Looking ahead, we believe that the U.S. economy will continue to be affected by
the situation in Asia. Accordingly, we are positioning the Fund to perform well
in a near-term environment in which growth may be slowed and interest rates fall
to even lower levels. We believe the Fund's investments in higher yielding
securities, such as mortgage-backed and corporate bonds, in addition to its
strategic government bond holdings, will enable us to continue to meet our goal
of providing an attractive, steady yield while minimizing risks and volatility.
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 as part of THE
RIGHT WAY TO INVEST.
- ----------------------------
1. Includes changes in net asset value per share and does not include the
charges associated with the separate account products which offer this fund.
Such performance is not annualized and would have been lower if such charges
were taken into account.
2. Source: Lipper Analytical Services, Inc., 6/30/98. Based on the comparisons
between changes in net asset value without considering insurance product
charges, with dividends and capital gains distributions of the Fund's shares
reinvested. The Fund's shares were ranked 2 of 34 (year-to-date) among general
U.S. government bond funds for the period ended 6/30/98.
3
<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, PORTFOLIO MANAGER
Panorama Series Fund International Equity Portfolio performed well during the
first half of 1998. For the six-month period ended June 30, 1998, the Fund
provided a cumulative total return of 17.88%.(1)
Over the past six months, we have seen a remarkable divergence in the
performance of European and Asian stock markets. European markets have been
quite strong, while Asian markets, including Japan, have been extremely weak.
European companies are benefiting from preparations for the European Monetary
Union (EMU), which is scheduled to debut on January 1, 1999. The elimination of
trade and currency barriers will create a European market that is larger even
than the U.S. marketplace. Companies that have traditionally dominated their
national markets are now attempting to succeed in the larger continental market.
In addition, European corporate executives have sharpened their focus on
shareholder value and, like American corporate executives over the past several
years, they have been restructuring their operations to reduce costs and boost
productivity.
Asia, on the other hand, is in recession. A combination of economic forces,
including ill-advised economic policies and a weak banking system, led to a
massive currency devaluation in many Asian countries last year. In effect, the
wealth of Asian governments and businesses dropped to a fraction of its former
value. Economic difficulties, numerous corporate bankruptcies and steep market
declines followed.
In this environment, we have increased our exposure to the European markets from
about 70% of the Fund's assets at the beginning of the year to about 75% as of
June 30, 1998. And, although much of Asia continues to suffer, we believe good
investment opportunities can still be found. However, we have decreased our
holdings of Asian stocks from about 25% of the portfolio's assets at the
beginning of the year to approximately 15% of the portfolio at the end of the
six-month reporting period. The overall European market was the world's top
performer, so our focus on Europe helped the Fund's performance.
The United Kingdom, the largest single market in our portfolio at 26% of assets,
contributed substantially to the Fund's recent performance. Here, we benefited
from holdings in medium-size companies that we believe exhibit excellent
long-term growth prospects and more reasonable valuations than many large
companies.
About 11% of the Fund's assets were invested in Germany, and approximately 7% in
the Netherlands, 6% in Switzerland and 8% in France. Over the past six months,
we increased our exposure to Italy and Spain, primarily because they were the
fastest growing economies of Western Europe.
We also maintained small positions - about 4% of the Fund's assets - in the
emerging markets of Latin America and Eastern Europe. The portfolio contains
stocks of companies in such fast-growing nations as Chile, Mexico, Hungary,
Croatia and Poland.
Looking forward, we are cautiously optimistic. While we continue to expect
Europe's markets to benefit from preparations for EMU, we believe that the
companies that have led the markets over the last six months may not be the
leaders over the next six months. Instead, in our view, the most attractive
opportunities may be found in companies that are best able to restructure their
operations to improve profitability.
In Asia, we are on the look-out for "gems within the rubble" of weak economies
and struggling stock markets. We're especially interested in finding long-term
opportunities in individual companies with strong growth prospects and
entrepreneurial management teams. If we can buy high-quality stocks when their
valuations are low due to a weak market, we believe their prices may rise
sharply when the situation improves.
No matter what the future brings, we will continue to strive to help our
shareholders participate in the growth of companies throughout the world. In our
view, this disciplined approach to international investing is part of THE RIGHT
WAY TO INVEST.
- ----------------------------
1. Includes changes in net asset value per share and does not include the
charges associated with the separate account products which offer this fund.
Such performance is not annualized and would have been lower if such charges
were taken into account.
4
<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 THE PORTFOLIO MANAGEMENT TEAM
When the year began, the U.S. economy was growing strongly. Yet, inflation was
not a problem, primarily because of higher productivity of U.S. companies and
intense competition from foreign exporters. Many analysts believed that the U.S.
economy would slow during the first half of 1998 due to the Asian financial
crisis, which first took place in late 1997. Weak demand for U.S. goods and
services from Asia was expected to cause a moderation of domestic growth.
That forecast was partially true. While export growth has been quite weak due to
the Asian crisis, basic economic growth has remained strong. American consumers
appear to have picked up any slack caused by weak demand from Asia. In fact,
U.S. employment is currently at its highest levels in years, and Americans are
borrowing and spending more for major purchases, such as cars, boats and second
homes. When spending for goods and services is strong, companies tend to
increase production, which drives the nation's economic growth rate higher.
Amid this robust economic environment, the U.S. stock market advanced strongly
in the early part of the year, supported by low inflation, declining interest
rates, strong corporate earnings and a continued inflow of money into stocks and
equity mutual funds. In May and June, however, the stock market experienced
heightened volatility and provided mixed returns. This change in market
conditions was primarily a response to rekindled concerns among investors and
economists about Asia's financial difficulties, which were expected to constrain
earnings growth of U.S. companies during the second half of the year.
The bond market's performance was the opposite of the stock market's: Bonds
consolidated early in the year, and advanced in May and June as the stock market
lost momentum. That loss of momentum occurred because expectations of slower
economic growth had positive implications for low inflation. When investors
believe inflation will remain low, they become less fearful that rising prices
will erode the principal and future income of their investments. Consequently,
most sectors of the U.S. bond market benefited from modestly declining interest
rates, providing capital appreciation, as well as current income.
The Capital Appreciation Portfolio participated in the stock market's gains
during the first half of 1998. The INTERNATIONAL EQUITY component contributed
most to performance, primarily because of the portfolio's above-average exposure
to European markets and below-average exposure to Asian markets. The portfolio's
VALUE/GROWTH and GROWTH/INCOME components also contributed substantially to
performance because of gains in the U.S. stock market. On the other hand, the
SMALL-CAP EQUITY component lagged in accordance with weakness in that sector of
the U.S. stock market. In the portfolio's fixed-income components, the HIGH
YIELD segment performed well as investors turned to lower-rated corporate debt
for high yields in a low interest-rate environment. The GOVERNMENT/CORPORATE
BOND segment also benefited from high investor demand, especially from overseas
investors seeking a safe haven from volatility in Asia and Latin America.
The Balanced Portfolio offered the best of both worlds: generally rising stock
prices and above-average returns for bonds. The INTERNATIONAL EQUITY component
provided the strongest returns, and the portfolio also benefited from strength
in the domestic VALUE/GROWTH and GROWTH/INCOME components. The managers of these
segments shifted assets away from companies with a large presence in Asian
markets, and toward companies focused on the U.S. consumer, such as retailers.
All of the portfolio's fixed-income components made positive contributions in a
low-inflation, declining interest-rate environment. Even the SHORT-TERM BOND
segment provided yields far in excess of inflation.
5
<PAGE>
The Diversified Income Portfolio participated strongly in the bond market's
above-average performance. As a group, bonds benefited from a combination of a
stable monetary policy, low inflation, a federal budget surplus and the
expectation of slower economic growth. The HIGH YIELD component provided the
highest returns within the portfolio's fixed-income segment, supported by strong
corporate earnings, improving credit quality and investor demand for high
yields. The CORPORATE/GOVERNMENT BOND component also provided attractive
returns, primarily because of high demand for a dwindling supply of U.S.
Treasury securities. With a federal budget surplus expected for fiscal year
1998, the U.S. government has issued fewer securities to finance its operations.
Yet, overseas investors have flocked to U.S. government securities for their
safety amid volatile international markets.(1)
Our outlook for the foreseeable future is generally positive. While we believe
that slower economic growth in the United States could benefit the bond market,
we do not expect domestic stocks to provide returns approaching those of the
past three years. We see greater opportunities in European stock markets as the
debut of the European Monetary Union approaches. On the other hand, we are less
optimistic about Asia because of their current economic and financial problems.
Regardless of what the future brings, we will continue to monitor the U.S. and
international economies and financial markets carefully. We intend to remain
vigilant in our efforts to help you achieve your investment goals, as part of
THE RIGHT WAY TO INVEST.
- ----------------------------
1. The Fund's Portfolio is subject to change. Past performance is no guarantee
of future results.
6
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 49.4%
- -----------------------------------------------------------------------------------------
BASIC MATERIALS - 0.1%
- -----------------------------------------------------------------------------------------
PAPER - 0.1%
Union Camp Corp. 28,700 $ 1,424,237
- -----------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 12.7%
- -----------------------------------------------------------------------------------------
AUTOS & HOUSING - 3.9%
Dollar Thrifty Automotive Group, Inc.(1) 244,000 3,233,000
- -----------------------------------------------------------------------------------------
Federal-Mogul Corp. 224,300 15,140,250
- -----------------------------------------------------------------------------------------
Hertz Corp., Cl. A 90,200 3,996,987
- -----------------------------------------------------------------------------------------
Lear Corp.(1) 128,300 6,583,394
- -----------------------------------------------------------------------------------------
Maytag Corp. 146,400 7,228,500
- -----------------------------------------------------------------------------------------
Republic Industries, Inc.(1) 296,800 7,420,000
- -----------------------------------------------------------------------------------------
Whirlpool Corp. 132,400 9,102,500
--------------
52,704,631
- -----------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.1%
Alaska Air Group, Inc.(1) 115,700 6,312,881
- -----------------------------------------------------------------------------------------
America West Holdings Corp., Cl. B(1) 238,400 6,809,300
- -----------------------------------------------------------------------------------------
AMR Corp.(1) 155,600 12,953,700
- -----------------------------------------------------------------------------------------
Delta Air Lines, Inc. 30,300 3,916,275
- -----------------------------------------------------------------------------------------
Hasbro, Inc. 224,400 8,821,725
- -----------------------------------------------------------------------------------------
Outback Steakhouse, Inc.(1) 75,100 2,928,900
--------------
41,742,781
- -----------------------------------------------------------------------------------------
RETAIL: GENERAL - 4.4%
Dayton Hudson Corp. 129,600 6,285,600
- -----------------------------------------------------------------------------------------
Federated Department Stores, Inc.(1) 217,500 11,704,219
- -----------------------------------------------------------------------------------------
Fruit of the Loom, Inc., Cl. A(1) 257,200 8,535,825
- -----------------------------------------------------------------------------------------
K Mart Corp.(1) 212,900 4,098,325
- -----------------------------------------------------------------------------------------
Liz Claiborne, Inc. 85,400 4,462,150
- -----------------------------------------------------------------------------------------
Nordstrom, Inc. 40,500 3,128,625
- -----------------------------------------------------------------------------------------
Penney (J.C.) Co., Inc. 140,300 10,145,444
- -----------------------------------------------------------------------------------------
Sears Roebuck & Co. 165,600 10,111,950
--------------
58,472,138
- -----------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 1.3%
Brylane, Inc.(1) 76,300 3,509,800
- -----------------------------------------------------------------------------------------
Inacom Corp.(1) 146,800 4,660,900
- -----------------------------------------------------------------------------------------
Payless ShoeSource, Inc.(1) 120,000 8,842,500
--------------
17,013,200
- -----------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 5.7%
- -----------------------------------------------------------------------------------------
FOOD - 1.3%
Kroger Co.(1) 258,000 11,061,750
</TABLE>
7
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------------------------------
<S> <C> <C>
FOOD (CONTINUED)
Safeway, Inc.(1) 175,200 $ 7,128,450
--------------
18,190,200
- -----------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 0.9%
Amgen, Inc.(1) 183,100 11,970,162
- -----------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 1.0%
Tenet Healthcare Corp.(1) 265,020 8,281,875
- -----------------------------------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 75,400 5,579,600
--------------
13,861,475
- -----------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 2.5%
Dial Corp. (The) 295,200 7,656,750
- -----------------------------------------------------------------------------------------
Fort James Corp. 307,975 13,704,887
- -----------------------------------------------------------------------------------------
Premark International, Inc. 368,300 11,877,675
--------------
33,239,312
- -----------------------------------------------------------------------------------------
ENERGY - 2.0%
- -----------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 1.1%
Diamond Offshore Drilling, Inc. 198,500 7,940,000
- -----------------------------------------------------------------------------------------
Global Marine, Inc.(1) 148,800 2,780,700
- -----------------------------------------------------------------------------------------
Transocean Offshore, Inc. 105,100 4,676,950
--------------
15,397,650
- -----------------------------------------------------------------------------------------
OIL-INTEGRATED - 0.9%
Exxon Corp. 94,600 6,746,162
- -----------------------------------------------------------------------------------------
Mobil Corp. 66,800 5,118,550
--------------
11,864,712
- -----------------------------------------------------------------------------------------
FINANCIAL - 10.1%
- -----------------------------------------------------------------------------------------
BANKS - 2.7%
BankAmerica Corp. 70,000 6,050,625
- -----------------------------------------------------------------------------------------
BankBoston Corp. 289,200 16,086,750
- -----------------------------------------------------------------------------------------
First Union Corp. 99,800 5,813,350
- -----------------------------------------------------------------------------------------
NationsBank Corp. 114,500 8,759,250
--------------
36,709,975
- -----------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 1.9%
American Express Co. 90,700 10,339,800
- -----------------------------------------------------------------------------------------
Morgan Stanley Dean Witter & Co. 47,700 4,358,587
- -----------------------------------------------------------------------------------------
Travelers Group, Inc. 176,646 10,709,164
--------------
25,407,551
- -----------------------------------------------------------------------------------------
INSURANCE - 5.5%
ACE Ltd. 83,900 3,272,100
- -----------------------------------------------------------------------------------------
Allstate Corp. 129,200 11,829,875
- -----------------------------------------------------------------------------------------
Chubb Corp. 62,800 5,047,550
- -----------------------------------------------------------------------------------------
Conseco, Inc. 299,100 13,982,925
- -----------------------------------------------------------------------------------------
Equitable Cos., Inc. 128,100 9,599,494
</TABLE>
8
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
St. Paul Cos., Inc. 192,100 $ 8,080,206
- -----------------------------------------------------------------------------------------
Torchmark Corp. 188,300 8,614,725
- -----------------------------------------------------------------------------------------
Travelers Property Casualty Corp., Cl. A 299,900 12,858,213
--------------
73,285,088
- -----------------------------------------------------------------------------------------
INDUSTRIAL - 5.6%
- -----------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.6%
USG Corp. 142,000 7,685,750
- -----------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 1.0%
Viad Corp. 297,400 8,252,850
- -----------------------------------------------------------------------------------------
Waste Management, Inc. 136,400 4,774,000
--------------
13,026,850
- -----------------------------------------------------------------------------------------
MANUFACTURING - 4.0%
AGCO Corp. 190,400 3,915,100
- -----------------------------------------------------------------------------------------
Case Corp. 79,700 3,845,525
- -----------------------------------------------------------------------------------------
Deere & Co. 21,200 1,120,950
- -----------------------------------------------------------------------------------------
Ingersoll-Rand Co. 210,800 9,288,375
- -----------------------------------------------------------------------------------------
PACCAR, Inc. 148,300 7,748,675
- -----------------------------------------------------------------------------------------
Textron, Inc. 231,800 16,617,163
- -----------------------------------------------------------------------------------------
U.S. Industries, Inc. 428,250 10,599,188
--------------
53,134,976
- -----------------------------------------------------------------------------------------
TECHNOLOGY - 7.0%
- -----------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 1.3%
General Dynamics Corp. 184,400 8,574,600
- -----------------------------------------------------------------------------------------
Lockheed Martin Corp. 80,151 8,485,987
--------------
17,060,587
- -----------------------------------------------------------------------------------------
COMPUTER HARDWARE - 5.6%
Apple Computer, Inc.(1) 237,200 6,804,675
- -----------------------------------------------------------------------------------------
Compaq Computer Corp. 341,700 9,695,738
- -----------------------------------------------------------------------------------------
Gateway 2000, Inc.(1) 127,900 6,474,938
- -----------------------------------------------------------------------------------------
International Business Machines Corp. 62,100 7,129,856
- -----------------------------------------------------------------------------------------
Lexmark International Group, Inc., Cl. A(1) 103,500 6,313,500
- -----------------------------------------------------------------------------------------
Storage Technology Corp. (New)(1) 553,000 23,986,375
- -----------------------------------------------------------------------------------------
Xerox Corp. 143,500 14,583,188
--------------
74,988,270
- -----------------------------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 0.1%
Symantec Corp.(1) 63,200 1,651,100
- -----------------------------------------------------------------------------------------
UTILITIES - 6.2%
- -----------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.4%
Edison International 260,800 7,709,900
- -----------------------------------------------------------------------------------------
FPL Group, Inc. 171,400 10,798,200
--------------
18,508,100
</TABLE>
9
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- -----------------------------------------------------------------------------------------
<S> <C> <C>
GAS UTILITIES - 1.0%
Columbia Energy Group 244,650 $ 13,608,656
- -----------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 3.8%
AT&T Corp. 285,800 16,326,325
- -----------------------------------------------------------------------------------------
Bell Atlantic Corp. 264,200 12,054,125
- -----------------------------------------------------------------------------------------
Century Telephone Enterprises, Inc. 75,900 3,481,913
- -----------------------------------------------------------------------------------------
Frontier Corp. 140,500 4,425,750
- -----------------------------------------------------------------------------------------
U S West, Inc. 301,200 14,156,400
--------------
50,444,513
--------------
Total Common Stocks (Cost $565,138,943) 661,391,914
- -----------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.3%
- -----------------------------------------------------------------------------------------
Ingersoll-Rand International Finance Corp. I, 6.22%
Preferred Redeemable Increased Dividend Equity Securities,
5/16/03 (Cost $4,250,000) 170,000 4,303,125
PRINCIPAL
AMOUNT
- -----------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 1.3%
- -----------------------------------------------------------------------------------------
Housing Securities, Inc., Series 1993-G, Cl. G4, 6.625%,
1/25/09 $ 4,250,000 4,243,327
- -----------------------------------------------------------------------------------------
IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2,
Cl. A, 6.752%, 6/25/07(2) 4,500,000 4,530,938
- -----------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1996-A, Cl. A-4, 5.85%,
7/15/01 4,000,000 3,996,875
- -----------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1997-A, Cl. A-5, 6.80%,
2/15/05 4,050,000 4,131,680
--------------
Total Asset-Backed Securities (Cost $16,810,516) 16,902,820
- -----------------------------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 7.0%
- -----------------------------------------------------------------------------------------
Chase Commercial Mortgage Securities Corp., Commercial Mtg.
Obligations, Series 1996-1, Cl. A2, 7.60%, 3/18/06 6,000,000 6,452,109
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Collateralized Mtg.
Obligations, Gtd. Multiclass Mtg. Participation
Certificates, Series 1711, Cl. EA, 7%, 3/15/24 3,750,000 3,894,113
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Collateralized Mtg.
Obligations, Gtd. Multiclass Mtg. Participation
Certificates, Series 1987, Cl. K, 7.50%, 9/15/27(2) 4,000,000 3,970,000
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, 6%, 3/1/09 3,181,485 3,177,095
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1337, Cl. D, 6%, 8/15/07 3,000,000 2,952,180
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1574, Cl. PD, 5.55%,
3/15/13(2) 74,510 74,347
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1694, Cl. PG, 5.75%,
12/15/21 5,000,000 4,971,850
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1820, Cl. PL, 5.75%,
7/15/06 4,880,000 4,863,213
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1843, Cl. VB, 7%, 4/15/03 3,578,600 3,682,594
</TABLE>
10
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1849, Cl. VA, 6%,
12/15/10 $ 4,139,973 $ 4,133,473
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1994-43, Cl. PE, 6%,
12/25/19 2,950,000 2,946,313
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security, Series 1583, Cl. IC, 6.775%,
1/15/20(3) 8,345,178 959,695
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., 6%, 12/1/03 2,470,718 2,461,997
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., 6.50%, 4/1/24-4/1/26 3,147,217 3,143,026
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., 7%, 4/1/00 718,627 723,960
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., 7.50%, 5/1/07-12/1/08 1,206,816 1,239,267
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., 8%, 3/1/17-6/1/17 260,536 271,616
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., Collateralized Mtg.
Obligations, Gtd. Multiclass Mtg. Participation
Certificates, Series 1992-15, Cl. KZ, 7%, 2/25/22 2,333,829 2,354,250
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., Collateralized Mtg.
Obligations, Gtd. Real Estate Mtg. Investment Conduit
Pass-Through Certificates, Trust 1993-181, Cl. C, 5.40%,
10/25/02 404,388 402,617
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., Collateralized Mtg.
Obligations, Gtd. Real Estate Mtg. Investment Conduit
Pass-Through Certificates, Trust 1993-190, Cl. Z, 5.85%,
7/25/08 1,536,243 1,533,356
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., Interest-Only Stripped
Mtg.-Backed Security, Trust 1993-223, Cl. PM, 7.437%,
10/25/23(3) 7,162,683 984,869
- -----------------------------------------------------------------------------------------
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 4,528,281
- -----------------------------------------------------------------------------------------
Government National Mortgage Assn., 6.50%, 4/15/26 4,611,803 4,608,761
- -----------------------------------------------------------------------------------------
Government National Mortgage Assn., 7%, 11/15/08-1/15/24 2,353,405 2,405,443
- -----------------------------------------------------------------------------------------
Government National Mortgage Assn., 7.50%, 1/15/09-6/15/24 5,361,346 5,527,862
- -----------------------------------------------------------------------------------------
Government National Mortgage Assn., 8%, 5/15/17 935,565 979,136
- -----------------------------------------------------------------------------------------
Green Tree Financial Corp., Series 1994-7, Cl. A3, 8%,
3/15/20 238,124 238,496
- -----------------------------------------------------------------------------------------
IMC Home Equity Trust, Asset-Backed Home Equity Securities,
Series 1998-3, Cl. A5, 6.36%, 8/20/22(4) 3,400,000 3,403,984
- -----------------------------------------------------------------------------------------
Norwest Asset Securities Corp., Mtg. Pass-Through
Certificates, Series 1997-14, Cl. A-3, 6.75%, 10/25/27 5,000,000 5,040,600
- -----------------------------------------------------------------------------------------
PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through
Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 4,000,000 4,007,969
- -----------------------------------------------------------------------------------------
Prudential Home Mortgage Securities Co., Sub. Fixed Rate
Mtg. Securities, Real Estate Mtg. Investment Conduit
Pass-Through Certificates, Series 1993-L, Cl. 1B2, 6.641%,
12/25/23(2)(4) 1,900,000 1,902,449
- -----------------------------------------------------------------------------------------
Residential Accredit Loans, Inc., Mtg. Asset-Backed
Pass-Through Certificates, Series 1997-QS9, Cl. 2, 6.75%,
9/25/27 3,620,000 3,614,317
- -----------------------------------------------------------------------------------------
Residential Funding Mortgage Securities I, Inc., Mtg.
Pass-Through Certificates, Series 1998-S4, Cl. M1, 6.50%,
2/25/13 2,080,388 2,069,337
--------------
Total Mortgage-Backed Obligations (Cost $91,395,576) 93,518,575
</TABLE>
11
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
- -----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS - 11.7%
- -----------------------------------------------------------------------------------------
U.S. Treasury Bonds, 10.375%, 11/15/12 $ 3,000,000 $ 4,019,064
- -----------------------------------------------------------------------------------------
U.S. Treasury Bonds, 6%, 2/15/26 21,500,000 22,373,459
- -----------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 62,300,000 74,818,437
- -----------------------------------------------------------------------------------------
U.S. Treasury Bonds, 8.75%, 5/15/17 3,000,000 4,041,564
- -----------------------------------------------------------------------------------------
U.S. Treasury Bonds, 8.875%, 8/15/17 1,000,000 1,364,063
- -----------------------------------------------------------------------------------------
U.S. Treasury Bonds, STRIPS, 7.84%, 5/15/15(5) 2,250,000 863,143
- -----------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.625%, 2/15/06 33,100,000 33,244,846
- -----------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.75%, 8/15/03 1,500,000 1,516,407
- -----------------------------------------------------------------------------------------
U.S. Treasury Nts., 6.50%, 8/15/05 13,200,000 13,938,381
--------------
Total U.S. Government Obligations (Cost $149,103,532) 156,179,364
- -----------------------------------------------------------------------------------------
FOREIGN GOVERNMENT OBLIGATIONS - 0.1%
- -----------------------------------------------------------------------------------------
United Mexican States Bonds, 6.97%, 8/12/00 (Cost
$1,725,546) 1,750,000 1,724,555
- -----------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES - 0.3%
- -----------------------------------------------------------------------------------------
California Infrastructure & Economic Development Bank
Special Purpose Trust Certificates, Series 1997-1, 6.28%,
9/25/05 (Cost $4,007,657) 4,000,000 4,037,600
- -----------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 20.9%
- -----------------------------------------------------------------------------------------
BASIC MATERIALS - 1.0%
- -----------------------------------------------------------------------------------------
CHEMICALS - 0.5%
Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 2,320,000 2,454,293
- -----------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts.,
6/1/20 2,512,000 3,359,024
- -----------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 1,190,000 1,526,662
--------------
7,339,979
- -----------------------------------------------------------------------------------------
METALS - 0.3%
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 4,000,000 4,313,040
- -----------------------------------------------------------------------------------------
PAPER - 0.2%
Donohue Forest Products, Inc., 7.625% Gtd. Sr. Nts., 5/15/07 2,500,000 2,664,870
- -----------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 2.2%
- -----------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.4%
Black & Decker Corp., 6.625% Nts., 11/15/00 2,700,000 2,729,454
- -----------------------------------------------------------------------------------------
First Industrial LP, 7.15% Bonds, 5/15/27 3,000,000 3,102,372
--------------
5,831,826
- -----------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 0.8%
Felcor Suites LP, 7.375% Sr. Nts., 10/1/04 2,000,000 1,992,288
- -----------------------------------------------------------------------------------------
Paramount Communications, Inc., 7.50% Sr. Nts., 1/15/02 4,250,000 4,359,573
- -----------------------------------------------------------------------------------------
Tricon Global Restaurants, Inc., 7.45% Sr. Unsec. Nts.,
5/15/05 4,250,000 4,294,446
--------------
10,646,307
- -----------------------------------------------------------------------------------------
MEDIA - 0.7%
Reed Elsevier, Inc., 6.625% Nts., 10/15/23(6) 1,600,000 1,629,200
- -----------------------------------------------------------------------------------------
TCI Communications, Inc., 6.375% Sr. Unsub. Nts., 5/1/03 3,000,000 3,027,075
- -----------------------------------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 3,250,000 3,561,174
</TABLE>
12
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------------------------------
MEDIA (CONTINUED)
<S> <C> <C>
Viacom, Inc., 6.75% Sr. Unsec. Nts., 1/15/03 $ 1,500,000 $ 1,515,840
--------------
9,733,289
- -----------------------------------------------------------------------------------------
RETAIL: GENERAL - 0.3%
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 1,770,000 1,933,392
- -----------------------------------------------------------------------------------------
Price/Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 2,000,000 2,104,378
--------------
4,037,770
- -----------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 2.4%
- -----------------------------------------------------------------------------------------
FOOD - 1.3%
CPC International, Inc., 6.15% Unsec. Nts., Series C,
1/15/06 2,000,000 2,016,050
- -----------------------------------------------------------------------------------------
Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 3,500,000 3,547,085
- -----------------------------------------------------------------------------------------
Grand Metro Inventory Corp., 7.125% Gtd. Nts., 9/15/04 6,115,000 6,429,715
- -----------------------------------------------------------------------------------------
Kellogg Co., 5.75% Nts., 2/2/01(6) 5,000,000 4,989,140
--------------
16,981,990
- -----------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 0.3%
Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 1,500,000 1,547,146
- -----------------------------------------------------------------------------------------
Tenet Healthcare Corp., 8.625% Sr. Unsec. Nts., 12/1/03 2,000,000 2,133,056
--------------
3,680,202
- -----------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.8%
Dial Corp. (The), 5.89% Nts., Series MTNA, 10/22/01 3,250,000 3,239,265
- -----------------------------------------------------------------------------------------
Fort James Corp., 6.234% Nts., 3/15/01 1,750,000 1,773,406
- -----------------------------------------------------------------------------------------
Fort James Corp., 6.875% Sr. Nts., 9/15/07 5,000,000 5,157,035
- -----------------------------------------------------------------------------------------
Procter & Gamble Co., 9.36% Debs., Series A, 1/1/21 750,000 997,356
--------------
11,167,062
- -----------------------------------------------------------------------------------------
ENERGY - 2.9%
- -----------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 1.6%
Chesapeake Energy Corp., 7.875% Sr. Nts., Series B, 3/15/04 3,250,000 3,055,000
- -----------------------------------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts., 9/15/02 3,190,000 3,417,508
- -----------------------------------------------------------------------------------------
Colorado International Gas Corp., 10% Sr. Debs., 6/15/05 455,000 553,344
- -----------------------------------------------------------------------------------------
Columbia Gas System, Inc., 6.80% Nts., Series C, 11/28/05 2,000,000 2,058,252
- -----------------------------------------------------------------------------------------
Ferrellgas LP/Ferrellgas Finance Corp., 10% Sr. Nts., Series
A, 8/1/01 2,000,000 2,095,000
- -----------------------------------------------------------------------------------------
HNG Internorth/Enron Corp., 9.625% Debs., 3/15/06 700,000 848,039
- -----------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 4,000,000 4,501,252
- -----------------------------------------------------------------------------------------
Petroliam Nasional Berhad, 6.875% Nts., 7/1/03(6) 2,500,000 2,272,542
- -----------------------------------------------------------------------------------------
TransCanada PipeLines Ltd., 9.875% Debs., 1/1/21 2,250,000 3,069,360
--------------
21,870,297
- -----------------------------------------------------------------------------------------
OIL-INTEGRATED - 1.3%
Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 2,000,000 2,208,860
- -----------------------------------------------------------------------------------------
Gulf Canada Resources Ltd., 9% Debs., 8/15/99 1,750,000 1,803,212
- -----------------------------------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80% Debs., 7/2/02 4,500,000 4,624,393
- -----------------------------------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 3,600,000 3,916,523
- -----------------------------------------------------------------------------------------
Phillips Petroleum Co., 7.53% Pass-Through Certificates,
Series 1994-A1, 9/27/98 559,387 561,066
</TABLE>
13
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------------------------------
<S> <C> <C>
OIL-INTEGRATED (CONTINUED)
Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 $ 3,190,000 $ 3,254,977
- -----------------------------------------------------------------------------------------
Texaco Capital, Inc., 8.875% Gtd. Debs., 9/1/21 500,000 652,962
--------------
17,021,993
- -----------------------------------------------------------------------------------------
FINANCIAL - 5.8%
- -----------------------------------------------------------------------------------------
BANKS - 1.3%
BankAmerica Corp., 7.75% Sub. Nts., 7/15/02 1,250,000 1,325,831
- -----------------------------------------------------------------------------------------
Capital One Bank, Inc., 6.375% Sr. Nts., 2/15/03 2,350,000 2,354,526
- -----------------------------------------------------------------------------------------
Chase Manhattan Corp. (New), 10.125% Sub. Nts., 11/1/00 1,000,000 1,088,609
- -----------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 2,135,000 2,113,360
- -----------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 750,000 827,853
- -----------------------------------------------------------------------------------------
Greenpoint Bank (Brooklyn New York), 6.70% Medium-Term Sr.
Bank Nts., 7/15/02 5,000,000 5,083,440
- -----------------------------------------------------------------------------------------
People's Bank of Bridgeport (Connecticut), 7.20% Sub. Nts.,
12/1/06 4,000,000 4,149,944
--------------
16,943,563
- -----------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.8%
American General Finance Corp., 5.875% Sr. Nts., 7/1/00 1,500,000 1,497,897
- -----------------------------------------------------------------------------------------
American General Institutional Capital B, 8.125% Bonds,
Series B, 3/15/46(6) 2,750,000 3,240,804
- -----------------------------------------------------------------------------------------
Capital One Financial Corp., 7.25% Nts., 12/1/03 2,300,000 2,356,060
- -----------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 4,000,000 3,960,840
- -----------------------------------------------------------------------------------------
Countrywide Home Loans, Inc., 6.05% Gtd. Medium-Term Nts.,
Series D, 3/1/01 3,070,000 3,070,844
- -----------------------------------------------------------------------------------------
Fleet Mtg. Group, Inc., 6.50% Nts., 9/15/99 750,000 754,738
- -----------------------------------------------------------------------------------------
Ford Motor Credit Co., 6% Sr. Unsec. Nts., 1/14/03 5,000,000 4,986,970
- -----------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 1,200,000 1,190,111
- -----------------------------------------------------------------------------------------
Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 500,000 502,011
- -----------------------------------------------------------------------------------------
Household Finance Corp., 8.95% Debs., 9/15/99 1,200,000 1,239,204
- -----------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6% Nts., 3/1/01 1,500,000 1,503,852
- -----------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 2,500,000 2,537,398
- -----------------------------------------------------------------------------------------
Norsk Hydro AS, 8.75% Bonds, 10/23/01 1,500,000 1,612,500
- -----------------------------------------------------------------------------------------
PHH Corp., 6.50% Nts., 2/1/00 1,250,000 1,261,296
- -----------------------------------------------------------------------------------------
Sears Roebuck Acceptance Corp., 6% Unsec. Bonds, 3/20/03 4,250,000 4,245,827
- -----------------------------------------------------------------------------------------
Simon DeBartolo Group, Inc., 6.625% Nts., 6/15/03(6) 3,000,000 2,991,846
--------------
36,952,198
- -----------------------------------------------------------------------------------------
INSURANCE - 1.3%
Cigna Corp., 7.90% Nts., 12/14/98 320,000 322,859
- -----------------------------------------------------------------------------------------
Conseco Financing Trust III, 8.796% Bonds, 4/1/27 2,750,000 3,135,022
- -----------------------------------------------------------------------------------------
Conseco, Inc., 6.40% Nts., 6/15/11 2,000,000 1,997,500
- -----------------------------------------------------------------------------------------
Equitable Life Assurance Society (U.S.A.), 6.95% Surplus
Nts., 12/1/05(6) 2,000,000 2,077,682
- -----------------------------------------------------------------------------------------
GenAmerica Capital I, 8.525% Gtd. Bonds, 6/30/27(6) 3,250,000 3,531,047
- -----------------------------------------------------------------------------------------
Life Re Capital Trust I, 8.72% Gtd. Bonds, 6/15/27(6) 2,500,000 2,750,093
- -----------------------------------------------------------------------------------------
Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 3,500,000 3,573,136
--------------
17,387,339
</TABLE>
14
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE INVESTMENT TRUSTS - 0.4%
Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub.
Nts., 1/26/01 $ 5,520,000 $ 5,679,749
- -----------------------------------------------------------------------------------------
INDUSTRIAL - 3.4%
- -----------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.2%
American Standard Cos., Inc., 10.875% Sr. Nts., 5/15/99(2) 2,750,000 2,880,625
- -----------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 2.3%
Fred Meyer, Inc., 7.375% Sr. Nts., 3/1/05 6,750,000 6,811,398
- -----------------------------------------------------------------------------------------
Interface, Inc., 7.30% Sr. Nts., 4/1/08 2,000,000 2,018,192
- -----------------------------------------------------------------------------------------
Owens-Illinois, Inc., 7.15% Sr. Nts., 5/15/05 5,000,000 5,050,025
- -----------------------------------------------------------------------------------------
Raytheon Co., 6.45% Nts., 8/15/02 2,500,000 2,540,025
- -----------------------------------------------------------------------------------------
Sony Corp., 6.125% Bonds, 3/4/03 4,250,000 4,263,260
- -----------------------------------------------------------------------------------------
Sun Co., Inc., 7.95% Debs., 12/15/01 4,000,000 4,227,396
- -----------------------------------------------------------------------------------------
Tyco International Group SA, 6.125% Gtd. Nts., 6/15/01 2,500,000 2,508,865
- -----------------------------------------------------------------------------------------
USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., Series B,
12/1/06 2,860,000 2,950,133
--------------
30,369,294
- -----------------------------------------------------------------------------------------
MANUFACTURING - 0.4%
U.S. Filter Corp., 6.375% Bonds, 5/15/01(2) 5,500,000 5,488,450
- -----------------------------------------------------------------------------------------
TRANSPORTATION - 0.5%
Federal-Mogul Corp., 7.50% Nts., 7/1/04 2,150,000 2,163,438
- -----------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 2,030,000 2,062,385
- -----------------------------------------------------------------------------------------
Union Pacific Corp., 7.60% Nts., 5/1/05 2,000,000 2,134,230
--------------
6,360,053
- -----------------------------------------------------------------------------------------
TECHNOLOGY - 1.3%
- -----------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 0.8%
Lockheed Martin Corp., 6.85% Gtd. Unsec. Nts., 5/15/01 6,750,000 6,888,004
- -----------------------------------------------------------------------------------------
Northwest Airlines Corp., 8.375% Gtd. Nts., 3/15/04 4,250,000 4,393,952
--------------
11,281,956
- -----------------------------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 0.2%
Electric Data Systems Corp., 7.125% Nts., 5/15/05(6) 2,000,000 2,124,926
- -----------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 0.3%
AT&T Capital Corp., 6.25% Nts., Series MTN, 5/15/01 3,800,000 3,803,735
- -----------------------------------------------------------------------------------------
UTILITIES - 1.9%
- -----------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.0%
El Paso Electric Co., 8.25% First Mtg. Bonds, Series C,
2/1/03 3,278,000 3,514,016
- -----------------------------------------------------------------------------------------
Hawaiian Electric Industries, Inc., 6.31% Nts., Series MTNB,
2/19/02 5,000,000 4,978,925
- -----------------------------------------------------------------------------------------
Niagara Mohawk Power Corp., 7.125% Sr. Unsec. Nts., Series
C, 7/1/01 5,000,000 5,018,750
--------------
13,511,691
- -----------------------------------------------------------------------------------------
GAS UTILITIES - 0.6%
Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 2,000,000 2,028,950
- -----------------------------------------------------------------------------------------
Southern California Gas Co., 6.38% Medium-Term Nts.,
10/29/01 2,500,000 2,534,600
- -----------------------------------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 3,800,000 4,160,369
--------------
8,723,919
</TABLE>
15
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- -----------------------------------------------------------------------------------------
<S> <C> <C>
TELEPHONE UTILITIES - 0.3%
Ameritech Capital Funding Corp., 5.65% Gtd. Nts., 1/15/01 $ 3,600,000 $ 3,580,528
--------------
Total Non-Convertible Corporate Bonds and Notes (Cost
$274,642,746) 280,376,651
- -----------------------------------------------------------------------------------------
SHORT-TERM NOTES - 5.0%
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., 5.46%, 7/14/98(7) 11,000,000 10,978,431
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., 5.46%, 7/24/98(7) 16,765,000 16,706,518
- -----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., 5.48%, 7/27/98(7) 19,000,000 18,924,802
- -----------------------------------------------------------------------------------------
Federal National Mortgage Assn., 5.464%, 7/17/98(7) 20,000,000 19,951,458
--------------
Total Short-Term Notes (Cost $66,561,209) 66,561,209
- -----------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.5%
- -----------------------------------------------------------------------------------------
Repurchase agreement with Salomon Smith Barney Holdings,
Inc., 5.90%, dated 6/30/98, to be repurchased at $46,607,637
on 7/1/98, collateralized by U.S. Treasury Bonds,
8.75%-10.625%, 2/15/15-2/15/19, with a value of $47,839,033
(Cost $46,600,000) 46,600,000 46,600,000
- -----------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,220,235,725) 99.5% 1,331,595,813
- -----------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.5 6,285,459
----------- --------------
NET ASSETS 100.0% $1,337,881,272
----------- --------------
----------- --------------
</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 $25,607,280 or 1.91% of the Fund's net
assets as of June 30, 1998.
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.
16
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 89.1%
- --------------------------------------------------------------
BASIC MATERIALS - 0.0%
- --------------------------------------------------------------
PAPER - 0.0%
Union Camp Corp. 1,400 $ 69,475
- --------------------------------------------------------------
CONSUMER CYCLICALS - 24.5%
- --------------------------------------------------------------
AUTOS & HOUSING - 7.3%
Dollar Thrifty Automotive Group,
Inc.(1) 328,400 4,351,300
- --------------------------------------------------------------
Federal-Mogul Corp. 322,100 21,741,750
- --------------------------------------------------------------
Hertz Corp., Cl. A 106,200 4,705,987
- --------------------------------------------------------------
Lear Corp.(1) 180,000 9,236,250
- --------------------------------------------------------------
Maytag Corp. 172,600 8,522,125
- --------------------------------------------------------------
Republic Industries, Inc.(1) 353,200 8,830,000
- --------------------------------------------------------------
Whirlpool Corp. 162,000 11,137,500
------------
68,524,912
- --------------------------------------------------------------
LEISURE & ENTERTAINMENT - 6.1%
Alaska Air Group, Inc.(1) 144,700 7,895,194
- --------------------------------------------------------------
America West Holdings Corp., Cl.
B(1) 307,500 8,782,969
- --------------------------------------------------------------
AMR Corp.(1) 200,600 16,699,950
- --------------------------------------------------------------
Delta Air Lines, Inc. 50,900 6,578,825
- --------------------------------------------------------------
Hasbro, Inc. 338,800 13,319,075
- --------------------------------------------------------------
Outback Steakhouse, Inc.(1) 114,800 4,477,200
------------
57,753,213
- --------------------------------------------------------------
RETAIL: GENERAL - 8.7%
Dayton Hudson Corp. 186,000 9,021,000
- --------------------------------------------------------------
Federated Department Stores,
Inc.(1) 255,500 13,749,094
- --------------------------------------------------------------
Fruit of the Loom, Inc., Cl. A(1) 411,900 13,669,931
- --------------------------------------------------------------
K Mart Corp.(1) 353,000 6,795,250
- --------------------------------------------------------------
Liz Claiborne, Inc. 120,500 6,296,125
- --------------------------------------------------------------
Nordstrom, Inc. 55,700 4,302,825
- --------------------------------------------------------------
Penney (J.C.) Co., Inc. 174,900 12,647,456
- --------------------------------------------------------------
Sears Roebuck & Co. 252,000 15,387,750
------------
81,869,431
- --------------------------------------------------------------
RETAIL: SPECIALTY - 2.4%
Brylane, Inc.(1) 98,900 4,549,400
- --------------------------------------------------------------
Inacom Corp.(1) 192,600 6,115,050
- --------------------------------------------------------------
Payless ShoeSource, Inc.(1) 167,400 12,335,287
------------
22,999,737
- --------------------------------------------------------------
CONSUMER NON-CYCLICALS - 10.4%
- --------------------------------------------------------------
FOOD - 2.3%
Kroger Co.(1) 297,000 12,733,875
</TABLE>
17
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
FOOD (CONTINUED)
Safeway, Inc.(1) 224,400 $ 9,130,275
------------
21,864,150
- --------------------------------------------------------------
HEALTHCARE/DRUGS - 1.5%
Amgen, Inc.(1) 215,900 14,114,462
- --------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES -
2.2%
Tenet Healthcare Corp.(1) 452,030 14,125,937
- --------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 88,200 6,526,800
------------
20,652,737
- --------------------------------------------------------------
HOUSEHOLD GOODS - 4.4%
Dial Corp. (The) 379,800 9,851,062
- --------------------------------------------------------------
Fort James Corp. 425,862 18,950,859
- --------------------------------------------------------------
Premark International, Inc. 397,600 12,822,600
------------
41,624,521
- --------------------------------------------------------------
ENERGY - 3.9%
- --------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 2.1%
Diamond Offshore Drilling, Inc. 255,900 10,236,000
- --------------------------------------------------------------
Global Marine, Inc.(1) 209,700 3,918,769
- --------------------------------------------------------------
Transocean Offshore, Inc. 123,700 5,504,650
------------
19,659,419
- --------------------------------------------------------------
OIL-INTEGRATED - 1.8%
Exxon Corp. 132,300 9,434,644
- --------------------------------------------------------------
Mobil Corp. 93,400 7,156,775
------------
16,591,419
- --------------------------------------------------------------
FINANCIAL - 17.2%
- --------------------------------------------------------------
BANKS - 4.9%
BankAmerica Corp. 82,200 7,105,162
- --------------------------------------------------------------
BankBoston Corp. 333,000 18,523,125
- --------------------------------------------------------------
First Union Corp. 156,300 9,104,475
- --------------------------------------------------------------
NationsBank Corp. 150,800 11,536,200
------------
46,268,962
- --------------------------------------------------------------
DIVERSIFIED FINANCIAL - 3.3%
American Express Co. 126,500 14,421,000
- --------------------------------------------------------------
Morgan Stanley Dean Witter & Co. 55,400 5,062,175
- --------------------------------------------------------------
Travelers Group, Inc. 194,926 11,817,389
------------
31,300,564
- --------------------------------------------------------------
INSURANCE - 9.0%
ACE Ltd. 117,100 4,566,900
- --------------------------------------------------------------
Allstate Corp. 127,200 11,646,750
- --------------------------------------------------------------
Chubb Corp. 72,600 5,835,225
- --------------------------------------------------------------
Conseco, Inc. 341,300 15,955,775
</TABLE>
18
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
Equitable Cos., Inc. 140,000 $10,491,250
- --------------------------------------------------------------
St. Paul Cos., Inc. 250,200 10,524,037
- --------------------------------------------------------------
Torchmark Corp. 241,100 11,030,325
- --------------------------------------------------------------
Travelers Property Casualty Corp.,
Cl. A 331,700 14,221,637
------------
84,271,899
- --------------------------------------------------------------
INDUSTRIAL - 9.8%
- --------------------------------------------------------------
INDUSTRIAL MATERIALS - 1.1%
USG Corp. 182,800 9,894,050
- --------------------------------------------------------------
INDUSTRIAL SERVICES - 1.7%
Viad Corp. 336,800 9,346,200
- --------------------------------------------------------------
Waste Management, Inc. 190,300 6,660,500
------------
16,006,700
- --------------------------------------------------------------
MANUFACTURING - 7.0%
AGCO Corp. 202,500 4,163,906
- --------------------------------------------------------------
Case Corp. 125,200 6,040,900
- --------------------------------------------------------------
Deere & Co. 55,800 2,950,425
- --------------------------------------------------------------
Ingersoll-Rand Co. 281,500 12,403,594
- --------------------------------------------------------------
PACCAR, Inc. 184,200 9,624,450
- --------------------------------------------------------------
Textron, Inc. 236,700 16,968,431
- --------------------------------------------------------------
U.S. Industries, Inc. 567,300 14,040,675
------------
66,192,381
- --------------------------------------------------------------
TECHNOLOGY - 12.9%
- --------------------------------------------------------------
AEROSPACE/DEFENSE - 2.4%
General Dynamics Corp. 229,600 10,676,400
- --------------------------------------------------------------
Lockheed Martin Corp. 108,052 11,440,006
------------
22,116,406
- --------------------------------------------------------------
COMPUTER HARDWARE - 10.3%
Apple Computer, Inc.(1) 288,600 8,279,213
- --------------------------------------------------------------
Compaq Computer Corp. 402,900 11,432,288
- --------------------------------------------------------------
Gateway 2000, Inc.(1) 178,800 9,051,750
- --------------------------------------------------------------
International Business Machines
Corp. 87,200 10,011,650
- --------------------------------------------------------------
Lexmark International Group, Inc.,
Cl. A(1) 150,800 9,198,800
- --------------------------------------------------------------
Storage Technology Corp. (New)(1) 654,400 28,384,600
- --------------------------------------------------------------
Xerox Corp. 197,900 20,111,588
------------
96,469,889
- --------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 0.2%
Symantec Corp.(1) 86,100 2,249,363
- --------------------------------------------------------------
UTILITIES - 10.4%
- --------------------------------------------------------------
ELECTRIC UTILITIES - 2.4%
Edison International 296,500 8,765,281
</TABLE>
19
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- --------------------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITIES (CONTINUED)
FPL Group, Inc. 216,700 $13,652,100
------------
22,417,381
- --------------------------------------------------------------
GAS UTILITIES - 1.6%
Columbia Energy Group 274,800 15,285,750
- --------------------------------------------------------------
TELEPHONE UTILITIES - 6.4%
AT&T Corp. 338,700 19,348,238
- --------------------------------------------------------------
Bell Atlantic Corp. 305,800 13,952,125
- --------------------------------------------------------------
Century Telephone Enterprises, Inc. 104,250 4,782,469
- --------------------------------------------------------------
Frontier Corp. 169,800 5,348,700
- --------------------------------------------------------------
U S West, Inc. 350,900 16,492,300
------------
59,923,832
------------
Total Common Stocks (Cost
$664,492,612) 838,120,653
PRINCIPAL
AMOUNT
- --------------------------------------------------------------
SHORT-TERM NOTES - 7.2%
- --------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.45%, 7/10/98(2) $22,507,000 22,476,278
- --------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.45%, 7/22/98(2) 10,800,000 10,765,665
- --------------------------------------------------------------
Federal National Mortgage Assn.,
5.451%, 7/16/98(2) 20,000,000 19,954,575
- --------------------------------------------------------------
Federal National Mortgage Assn.,
5.464%, 7/17/98(2) 15,000,000 14,963,591
------------
Total Short-Term Notes (Cost
$68,160,109) 68,160,109
- --------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.7%
- --------------------------------------------------------------
Repurchase agreement with Salomon
Smith Barney Holdings, Inc., 5.90%,
dated 6/30/98, to be repurchased at
$34,705,687 on 7/1/98,
collateralized by U.S. Treasury
Bonds, 8.75%-10.625%,
2/15/25-2/15/19, with a value of
$35,622,628 (Cost $34,700,000) 34,700,000 34,700,000
- --------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$767,352,721) 100.0% 940,980,762
- --------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS (0.0) (102,902)
----------- ------------
NET ASSETS 100.0% $940,877,860
----------- ------------
----------- ------------
</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.
20
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS - 26.6%
- -------------------------------------------------------------------------------------
GOVERNMENT AGENCY - 26.6%
- -------------------------------------------------------------------------------------
FHLMC/FNMA/SPONSORED - 15.3%
Federal Home Loan Mortgage Corp., Collateralized Mtg.
Obligations, Gtd. Multiclass Mtg. Participation
Certificates, 10.50%, 10/1/20 $ 152,811 $ 170,717
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Mtg.-Backed Certificates,
6.11%, 7/31/98 1,000,000 1,000,620
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Mtg.-Backed Certificates,
7.125%, 7/21/99 1,000,000 1,014,107
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 6.50%, 2/1/09-12/1/23 883,891 886,054
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 7.50%, 9/1/22 499,321 512,813
-----------
3,584,311
- -------------------------------------------------------------------------------------
GNMA/GUARANTEED - 11.3%
Government National Mortgage Assn., 7%, 10/15/23-3/15/26 2,591,132 2,635,763
-----------
Total Mortgage-Backed Obligations (Cost $6,197,531) 6,220,074
- -------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 51.7%
- -------------------------------------------------------------------------------------
AGENCY - 4.3%
- -------------------------------------------------------------------------------------
GOVERNMENT AGENCY-SPONSORED - 4.3%
Federal Farm Credit Bank, Medium-Term Nts., 6.37%, 9/1/00 1,000,000 1,014,220
- -------------------------------------------------------------------------------------
TREASURY - 47.4%
- -------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 2,175,000 2,612,040
- -------------------------------------------------------------------------------------
U.S. Treasury Bonds, 8.125%, 8/15/19 500,000 645,469
- -------------------------------------------------------------------------------------
U.S. Treasury Bonds, 9.25%, 2/15/16 1,200,000 1,670,251
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.75%, 4/30/03 1,500,000 1,515,001
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.75%, 8/15/03 500,000 505,469
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 7.25%, 8/15/04 2,700,000 2,939,629
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 7.50%, 11/15/01 405,000 429,047
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 7.50%, 2/15/05 500,000 553,751
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 8.50%, 2/15/00 200,000 209,125
-----------
Total U.S. Government Obligations (Cost $11,274,603) 12,094,002
- -------------------------------------------------------------------------------------
SHORT-TERM NOTES - 16.2%
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 5.464%, 7/17/98(1) (Cost
$3,790,776) 3,800,000 3,790,776
- -------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.9%
- -------------------------------------------------------------------------------------
Repurchase agreement with Salomon Smith Barney Holdings,
Inc., 5.90%, dated 6/30/98, to be repurchased at $900,148 on
7/1/98, collateralized by U.S. Treasury Bonds,
8.75%-10.625%, 2/15/15-2/15/19, with a value of $923,930
(Cost $900,000) 900,000 900,000
- -------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $22,162,910) 98.4% 23,004,852
- -------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.6 371,200
---------- -----------
NET ASSETS 100.0% $23,376,052
---------- -----------
---------- -----------
</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.
21
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 94.6%
- ---------------------------------------------------------------------------------------
BASIC MATERIALS - 1.1%
- ---------------------------------------------------------------------------------------
CHEMICALS - 0.7%
Fuji Photo Film Co. 19,000 $ 661,239
- ---------------------------------------------------------------------------------------
PAPER - 0.4%
Kimberly-Clark de Mexico SA, Cl. A 121,000 420,119
- ---------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 9.7%
- ---------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.5%
Bridgestone Corp. 22,000 519,941
- ---------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.4%
CDL Hotels International Ltd. 2,250,000 667,865
- ---------------------------------------------------------------------------------------
Granada Group plc 95,000 1,745,706
------------
2,413,571
- ---------------------------------------------------------------------------------------
MEDIA - 2.8%
Benpres Holdings Corp., GDR(1)(2) 19,200 58,013
- ---------------------------------------------------------------------------------------
Benpres Holdings Corp., Sponsored GDR(2) 48,000 145,032
- ---------------------------------------------------------------------------------------
Television Broadcasts Ltd. 192,000 507,964
- ---------------------------------------------------------------------------------------
VNU - Verenigde Nederlandse Uitgeverbedrijven Verenigd Bezit 30,000 1,089,852
- ---------------------------------------------------------------------------------------
Wolters Kluwer NV 7,000 960,760
------------
2,761,621
- ---------------------------------------------------------------------------------------
RETAIL: GENERAL - 1.1%
Circle K Japan Co. Ltd. 10,200 354,981
- ---------------------------------------------------------------------------------------
Ito-Yokado Co. Ltd.(2) 15,000 705,768
------------
1,060,749
- ---------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 2.9%
Dickson Concepts International Ltd. 250,000 348,451
- ---------------------------------------------------------------------------------------
Hennes & Mauritz AB, B Shares 23,000 1,467,972
- ---------------------------------------------------------------------------------------
Koninklijke Ahold NV 35,000 1,123,525
------------
2,939,948
- ---------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 25.4%
- ---------------------------------------------------------------------------------------
BEVERAGES - 2.1%
Embotelladora Andina SA, Series A, Sponsored ADR 12,400 217,000
- ---------------------------------------------------------------------------------------
Embotelladora Andina SA, Series B, Sponsored ADR 12,400 193,750
- ---------------------------------------------------------------------------------------
Grupo Modelo SA de CV, Cl. C 53,000 439,404
- ---------------------------------------------------------------------------------------
Scottish & Newcastle plc 88,000 1,237,752
------------
2,087,906
- ---------------------------------------------------------------------------------------
FOOD - 7.1%
Colruyt SA 2,000 1,569,470
- ---------------------------------------------------------------------------------------
Groupe Danone 6,000 1,650,631
- ---------------------------------------------------------------------------------------
Jeronimo Martins & Filho SA 20,000 960,805
</TABLE>
22
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------------------------------
<S> <C> <C>
FOOD (CONTINUED)
Nestle SA 650 $ 1,391,010
- ---------------------------------------------------------------------------------------
William Morrison Supermarkets plc 306,000 1,540,971
------------
7,112,887
- ---------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 9.9%
Fresenius AG, Preference 5,000 929,306
- ---------------------------------------------------------------------------------------
Novartis AG 550 915,210
- ---------------------------------------------------------------------------------------
Novartis AG, Bearer Shares 300 499,601
- ---------------------------------------------------------------------------------------
Novo-Nordisk AS, B Shares 7,210 993,902
- ---------------------------------------------------------------------------------------
Richter Gedeon Rt., Sponsored GDR(1)(2) 12,000 965,352
- ---------------------------------------------------------------------------------------
Sanofi SA 10,000 1,173,364
- ---------------------------------------------------------------------------------------
Schering AG 8,000 941,255
- ---------------------------------------------------------------------------------------
SKW Trostberg AG 32,000 1,138,179
- ---------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 25,000 664,697
- ---------------------------------------------------------------------------------------
Zeneca Group plc 40,000 1,715,524
------------
9,936,390
- ---------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 3.9%
Luxottica Group SpA, Sponsored ADR 60,000 930,000
- ---------------------------------------------------------------------------------------
Olympus Optical Co. Ltd.(2) 79,000 686,486
- ---------------------------------------------------------------------------------------
Pliva d.d., Sponsored GDR(1) 30,000 474,579
- ---------------------------------------------------------------------------------------
SmithKline Beecham plc 150,000 1,829,665
------------
3,920,730
- ---------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 2.4%
L'OREAL 2,400 1,331,991
- ---------------------------------------------------------------------------------------
Reckitt & Colman plc 58,000 1,106,420
------------
2,438,411
- ---------------------------------------------------------------------------------------
ENERGY - 3.2%
- ---------------------------------------------------------------------------------------
OIL-INTEGRATED - 3.2%
Quinenco SA, ADR 21,000 189,000
- ---------------------------------------------------------------------------------------
Shell Transport & Trading Co. plc 227,000 1,593,580
- ---------------------------------------------------------------------------------------
Total SA, B Shares 11,157 1,447,215
------------
3,229,795
- ---------------------------------------------------------------------------------------
FINANCIAL - 21.1%
- ---------------------------------------------------------------------------------------
BANKS - 13.7%
Banca di Roma(2) 465,000 967,905
- ---------------------------------------------------------------------------------------
Banco Bradesco SA, Preference 47,000,000 394,170
- ---------------------------------------------------------------------------------------
Banco Popular Espanol SA 17,000 1,452,479
- ---------------------------------------------------------------------------------------
Banco Santander SA 40,000 1,025,540
- ---------------------------------------------------------------------------------------
Bank Handlowy W Warszawie GDR 28,000 533,980
- ---------------------------------------------------------------------------------------
Bayerische Vereinsbank AG 14,600 1,239,684
- ---------------------------------------------------------------------------------------
Credit Suisse Group 6,700 1,490,792
</TABLE>
23
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------------------------------
<S> <C> <C>
BANKS (CONTINUED)
Credito Italiano SpA 220,000 $ 1,151,641
- ---------------------------------------------------------------------------------------
Lloyds TSB Group plc 133,000 1,859,605
- ---------------------------------------------------------------------------------------
Mitsubishi Trust & Banking Corp. 70,000 594,661
- ---------------------------------------------------------------------------------------
Nordbanken Holding AB 220,000 1,613,804
- ---------------------------------------------------------------------------------------
Thai Farmers Bank Public Co. Ltd. 300,000 264,184
- ---------------------------------------------------------------------------------------
UBS AG 3,000 1,115,498
------------
13,703,943
- ---------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 5.4%
Cattles plc 158,000 1,584,742
- ---------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 230,000 241,531
- ---------------------------------------------------------------------------------------
ING Groep NV 20,000 1,309,592
- ---------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. 29,000 586,335
- ---------------------------------------------------------------------------------------
Northern Rock plc 133,000 1,172,094
- ---------------------------------------------------------------------------------------
Perlis Plantations Berhad 175,000 151,899
- ---------------------------------------------------------------------------------------
Promise Co. Ltd. 8,000 329,142
------------
5,375,335
- ---------------------------------------------------------------------------------------
INSURANCE - 2.0%
AXA SA 10,000 1,122,205
- ---------------------------------------------------------------------------------------
Irish Life plc(2) 100,000 920,591
------------
2,042,796
- ---------------------------------------------------------------------------------------
INDUSTRIAL - 9.1%
- ---------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 1.1%
Cie de Saint Gobain 6,000 1,109,993
- ---------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 1.3%
Hays plc 78,000 1,307,154
- ---------------------------------------------------------------------------------------
MANUFACTURING - 6.1%
BBA Group plc 170,000 1,281,307
- ---------------------------------------------------------------------------------------
Canon Sales Co., Inc. 200 2,718
- ---------------------------------------------------------------------------------------
Mannesmann AG 20,000 2,025,667
- ---------------------------------------------------------------------------------------
Ricoh Co. Ltd. 81,000 852,693
- ---------------------------------------------------------------------------------------
SMC Corp. 8,400 638,542
- ---------------------------------------------------------------------------------------
Smiths Industries plc 91,000 1,271,602
------------
6,072,529
- ---------------------------------------------------------------------------------------
TRANSPORTATION - 0.6%
Brambles Industries Ltd. 33,000 647,591
- ---------------------------------------------------------------------------------------
TECHNOLOGY - 18.0%
- ---------------------------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 2.2%
SAP AG, Preference 3,300 2,239,794
- ---------------------------------------------------------------------------------------
ELECTRONICS - 9.5%
Bowthorpe plc 165,000 1,436,218
- ---------------------------------------------------------------------------------------
Electrocomponents plc 114,000 893,447
</TABLE>
24
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES NOTE 1
- ---------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS (CONTINUED)
Getronics NV 19,900 $ 1,032,065
- ---------------------------------------------------------------------------------------
Hoshiden Corp.(2) 65,000 697,842
- ---------------------------------------------------------------------------------------
Keyence Corp. 30 3,264
- ---------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 29,000 465,972
- ---------------------------------------------------------------------------------------
Rohm Co. 3,000 308,030
- ---------------------------------------------------------------------------------------
Royal Philips Electronics NV 17,000 1,429,048
- ---------------------------------------------------------------------------------------
Sony Corp. 13,000 1,119,357
- ---------------------------------------------------------------------------------------
TDK Corp. 9,000 664,697
- ---------------------------------------------------------------------------------------
VTech Holdings Ltd. 400,000 1,489,306
------------
9,539,246
- ---------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 6.3%
Matsushita Communication Industrial Co. 32,000 843,895
- ---------------------------------------------------------------------------------------
Nippon Telegraph & Telephone Corp. 88 729,185
- ---------------------------------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 2,310 12,849
- ---------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 180,000 1,100,728
- ---------------------------------------------------------------------------------------
Telecom Italia SpA 150,000 1,104,188
- ---------------------------------------------------------------------------------------
Vodafone Group plc 197,000 2,499,867
------------
6,290,712
- ---------------------------------------------------------------------------------------
UTILITIES - 7.0%
- ---------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 3.1%
United Utilities plc 120,000 1,749,875
- ---------------------------------------------------------------------------------------
Veba AG 19,200 1,306,339
------------
3,056,214
- ---------------------------------------------------------------------------------------
GAS UTILITIES - 1.1%
RWE AG, Preference 25,000 1,073,128
- ---------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 2.8%
Tele Danmark AS, B Shares 16,000 1,535,550
- ---------------------------------------------------------------------------------------
Telefonica de Espana 27,272 1,263,038
------------
2,798,588
------------
Total Common Stocks (Cost $72,501,429) 94,760,330
UNITS
- ---------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES - 0.0%
- ---------------------------------------------------------------------------------------
Haw Par Brothers Corp. Ltd. Wts., Exp. 7/01 (Cost $13,861) 23,000 2,729
PRINCIPAL
AMOUNT
- ---------------------------------------------------------------------------------------
SHORT-TERM NOTES - 1.0%
- ---------------------------------------------------------------------------------------
Federal National Mortgage Assn., 5.464%, 7/17/98(3) (Cost
$997,573) $ 1,000,000 997,573
</TABLE>
25
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT NOTE 1
- ---------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS - 3.2%
- ---------------------------------------------------------------------------------------
Repurchase agreement with Salomon Smith Barney Holdings,
Inc., 5.90%, dated 6/30/98, to be repurchased at $3,200,524
on 7/1/98, collateralized by U.S. Treasury Bonds,
8.75%-10.625%, 2/15/15-2/15/19, with a value of $3,285,084
(Cost $3,200,000) $ 3,200,000 $ 3,200,000
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $76,712,863) 98.8% 98,960,632
- ---------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.2 1,181,081
----------- ------------
NET ASSETS 100.0% $100,141,713
----------- ------------
----------- ------------
</TABLE>
1. 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 $1,497,944 or 1.50% of the Fund's net
assets as of June 30, 1998.
2. Non-income producing security.
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.
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
COUNTRY MARKET VALUE PERCENT
- ---------------------------------------------------------------------
<S> <C> <C>
Great Britain $ 25,825,530 26.1%
- ---------------------------------------------------------------------
Germany 10,893,351 11.0
- ---------------------------------------------------------------------
Japan 10,843,110 11.0
- ---------------------------------------------------------------------
France 7,835,399 7.9
- ---------------------------------------------------------------------
The Netherlands 6,944,842 7.0
- ---------------------------------------------------------------------
United States 5,637,504 5.7
- ---------------------------------------------------------------------
Switzerland 5,412,111 5.5
- ---------------------------------------------------------------------
Italy 5,254,463 5.3
- ---------------------------------------------------------------------
Spain 3,741,057 3.8
- ---------------------------------------------------------------------
Sweden 3,081,776 3.1
- ---------------------------------------------------------------------
Hong Kong 3,013,586 3.0
- ---------------------------------------------------------------------
Denmark 2,529,452 2.6
- ---------------------------------------------------------------------
Belgium 1,569,470 1.6
- ---------------------------------------------------------------------
Australia 1,233,925 1.2
- ---------------------------------------------------------------------
Portugal 960,805 1.0
- ---------------------------------------------------------------------
Ireland 920,591 0.9
- ---------------------------------------------------------------------
Mexico 859,523 0.9
- ---------------------------------------------------------------------
Chile 599,750 0.6
- ---------------------------------------------------------------------
Poland 533,980 0.5
- ---------------------------------------------------------------------
Brazil 394,170 0.4
- ---------------------------------------------------------------------
Thailand 264,184 0.3
- ---------------------------------------------------------------------
Singapore 244,260 0.2
- ---------------------------------------------------------------------
Philippines 203,045 0.2
- ---------------------------------------------------------------------
Malaysia 151,899 0.2
- ---------------------------------------------------------------------
Korea, Republic of (South) 12,849 0.0
--------------- ---------
Total $ 98,960,632 100.0%
--------------- ---------
--------------- ---------
</TABLE>
See accompanying Notes to Financial Statements.
26
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
ASSET-BACKED SECURITIES - 2.1%
- -------------------------------------------------------------------------------------
Arcadia Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1998-B, Cl. A3, 5.95%,
11/15/02 $ 250,000 $ 250,039
- -------------------------------------------------------------------------------------
Dayton Hudson Credit Card Master Trust, Asset-Backed
Certificates, Series 1997-1, Cl. A, 6.25%, 8/25/05 125,000 126,366
- -------------------------------------------------------------------------------------
IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2,
Cl. A, 6.752%, 6/25/07(1) 175,000 176,203
- -------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1996-A, Cl. A-4, 5.85%,
7/15/01 125,000 124,903
- -------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1997-A, Cl. A-5, 6.80%,
2/15/05 150,000 153,025
-----------
Total Asset-Backed Securities (Cost $824,005) 830,536
- -------------------------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 7.0%
- -------------------------------------------------------------------------------------
Countrywide Funding Corp., Mtg. Pass-Through Certificates,
Series 1994-10, Cl. A3, 6%, 5/25/09 250,000 249,218
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Collateralized Mtg.
Obligations, Gtd. Multiclass Mtg. Participation
Certificates, Series 1711, Cl. EA, 7%, 3/15/24 200,000 207,686
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, 6%, 3/1/09 195,161 194,892
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1574, Cl. PD, 5.55%,
3/15/13(1) 12,017 11,991
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1843, Cl. VB, 7%, 4/15/03 75,000 77,180
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1849, Cl. VA, 6%,
12/15/10 180,848 180,564
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security, Series 1542, Cl. QC, 7.411%,
10/15/20(2) 500,000 88,457
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security, Series 1583, Cl. IC, 6.775%,
1/15/20(2) 500,000 57,500
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security, Series 1661, Cl. PK, 5.604%,
11/15/06(2) 397,068 28,167
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security, Series 1661, Cl. PK, 6.441%,
11/15/06(2) 623,965 44,263
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 6%, 12/1/03 157,514 156,958
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 6.50%, 4/1/26 175,043 174,741
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 7%, 4/1/00 80,990 81,591
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., Collateralized Mtg.
Obligations, Gtd. Real Estate Mtg. Investment Conduit
Pass-Through Certificates, Trust 1993-181, Cl. C, 5.40%,
10/25/02 77,989 77,648
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., Collateralized Mtg.
Obligations, Gtd. Real Estate Mtg. Investment Conduit
Pass-Through Certificates, Trust 1993-190, Cl. Z, 5.85%,
7/25/08 183,824 183,479
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., Medium-Term Nts., 6.56%,
11/13/01 125,000 125,215
- -------------------------------------------------------------------------------------
GE Capital Mortgage Services, Inc., Gtd. Real Estate Mtg.
Investment Conduit Pass-Through Certificates, Series 1994-7,
Cl. A18, 6%, 2/25/09 174,024 167,389
- -------------------------------------------------------------------------------------
IMC Home Equity Trust, Asset-Backed Home Equity Securities,
Series 1998-3, Cl. A5, 6.36%, 8/20/22(3) 425,000 425,498
</TABLE>
27
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
- -------------------------------------------------------------------------------------
Residential Accredit Loans, Inc., Mtg. Asset-Backed
Pass-Through Certificates, Series 1997-QS9, Cl. 2, 6.75%,
9/25/27 $ 175,000 $ 174,725
-----------
Total Mortgage-Backed Obligations (Cost $2,675,339) 2,707,162
- -------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 25.1%
- -------------------------------------------------------------------------------------
U.S. Treasury Bonds, 6%, 2/15/26 625,000 650,391
- -------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 1,690,000 2,029,585
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.625%, 2/15/06 850,000 853,720
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.75%, 8/15/03 225,000 227,461
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 6.50%, 8/15/05 1,550,000 1,636,704
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 6.75%, 6/30/99 1,015,000 1,027,371
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 7.50%, 11/15/01 3,150,000 3,337,034
-----------
Total U.S. Government Obligations (Cost $9,500,977) 9,762,266
- -------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES - 32.5%
- -------------------------------------------------------------------------------------
AEROSPACE - 0.1%
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 50,000 50,500
- -------------------------------------------------------------------------------------
CHEMICALS - 1.6%
Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 140,000 148,104
- -------------------------------------------------------------------------------------
Laroche Industries, Inc., 9.50% Sr. Sub. Nts., Series B,
9/15/07 50,000 49,000
- -------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts.,
6/1/20 75,000 100,289
- -------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05(4) 100,000 104,250
- -------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 75,000 96,218
- -------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 75,000 82,125
- -------------------------------------------------------------------------------------
Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B,
7/1/06 50,000 54,500
-----------
634,486
- -------------------------------------------------------------------------------------
CONSUMER DURABLES - 0.3%
Black & Decker Corp., 6.625% Nts., 11/15/00 125,000 126,364
- -------------------------------------------------------------------------------------
CONSUMER NON-DURABLES - 0.5%
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 75,000 82,476
- -------------------------------------------------------------------------------------
Revlon Consumer Products Corp., 8.625% Sr. Unsec. Sub. Nts.,
2/1/08 50,000 50,312
- -------------------------------------------------------------------------------------
William Carter Co., 10.375% Sr. Sub. Nts., Series A, 12/1/06 50,000 53,500
-----------
186,288
- -------------------------------------------------------------------------------------
ENERGY - 2.4%
Abraxas Petroleum Corp./CDN Abraxas Petroleum Ltd., 11.50%
Sr. Unsec. Nts., Series D, 11/1/04 50,000 51,875
- -------------------------------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts., 9/15/02 75,000 80,349
- -------------------------------------------------------------------------------------
Coastal Corp., 8.75% Sr. Nts., 5/15/99 50,000 51,114
- -------------------------------------------------------------------------------------
Crown Central Petroleum Corp., 10.875% Sr. Nts., 2/1/05 50,000 53,250
- -------------------------------------------------------------------------------------
Forcenergy, Inc., 8.50% Sr. Sub. Nts., Series B, 2/15/07 50,000 47,750
- -------------------------------------------------------------------------------------
Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 75,000 82,832
- -------------------------------------------------------------------------------------
Gulf Canada Resources Ltd., 9% Debs., 8/15/99 75,000 77,281
- -------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 75,000 84,398
</TABLE>
28
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY (CONTINUED)
Norcen Energy Resources Ltd., 6.80% Debs., 7/2/02 $ $50,000 $ 51,382
- -------------------------------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 75,000 81,594
- -------------------------------------------------------------------------------------
RAM Energy, Inc., 11.50% Sr. Unsec. Nts., 2/15/08 50,000 50,500
- -------------------------------------------------------------------------------------
Southwest Royalties, Inc., 10.50% Sr. Gtd. Nts., Series B,
10/15/04 50,000 41,000
- -------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 75,000 76,528
- -------------------------------------------------------------------------------------
Transamerican Energy Corp., 11.50% Sr. Nts., Series B, 6
/15/02 25,000 23,375
- -------------------------------------------------------------------------------------
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 75,000 75,001
-----------
928,229
- -------------------------------------------------------------------------------------
FINANCIAL - 7.3%
American General Finance Corp., 8.50% Sr. Nts., 8/15/98 55,000 55,147
- -------------------------------------------------------------------------------------
American General Institutional Capital B, 8.125% Bonds,
Series B, 3/15/46(5) 75,000 88,386
- -------------------------------------------------------------------------------------
Capital One Bank, Inc., 6.375% Sr. Nts., 2/15/03 200,000 200,385
- -------------------------------------------------------------------------------------
Capital One Financial Corp., 7.25% Nts., 12/1/03 50,000 51,219
- -------------------------------------------------------------------------------------
Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub.
Nts., 1/26/01 310,000 318,971
- -------------------------------------------------------------------------------------
Cigna Corp., 7.90% Nts., 12/14/98 140,000 141,251
- -------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 75,000 74,240
- -------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 125,000 123,776
- -------------------------------------------------------------------------------------
Conseco Financing Trust III, 8.796% Bonds, 4/1/27 100,000 114,001
- -------------------------------------------------------------------------------------
Conseco, Inc., 6.40% Nts., 6/15/01 250,000 249,687
- -------------------------------------------------------------------------------------
Countrywide Home Loans, Inc., 6.05% Gtd. Medium-Term Nts.,
Series D, 3/1/01 250,000 250,069
- -------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 125,000 137,975
- -------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 250,000 247,940
- -------------------------------------------------------------------------------------
Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 50,000 50,201
- -------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 125,000 126,302
- -------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 125,000 126,870
- -------------------------------------------------------------------------------------
NationsBank Corp., 8.50% Exchangeable Sub. Nts., 3/1/99 55,000 55,911
- -------------------------------------------------------------------------------------
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)(6) 50,000 49,875
- -------------------------------------------------------------------------------------
Simon DeBartolo Group, Inc., 6.625% Nts., 6/15/03(5) 250,000 249,320
- -------------------------------------------------------------------------------------
Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 125,000 127,612
-----------
2,839,138
- -------------------------------------------------------------------------------------
FOOD & DRUG - 0.1%
Jitney-Jungle Stores of America, Inc., 10.375% Sr. Sub.
Nts., 9/15/07 50,000 53,625
- -------------------------------------------------------------------------------------
FOOD/TOBACCO - 0.7%
AmeriServe Food Distribution, Inc., 8.875% Sr. Nts.,
10/15/06 50,000 50,250
- -------------------------------------------------------------------------------------
Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 125,000 126,682
- -------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05(1) 75,000 85,875
-----------
262,807
- -------------------------------------------------------------------------------------
FOREST PRODUCTS/CONTAINERS - 0.4%
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05(1) 75,000 79,312
</TABLE>
29
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
FOREST PRODUCTS/CONTAINERS (CONTINUED)
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 $ $75,000 $ 77,156
-----------
156,468
- -------------------------------------------------------------------------------------
GAMING/LEISURE - 2.6%
American Skiing Corp., 12% Sr. Sub. Nts., Series B,
7/15/06(1) 50,000 56,250
- -------------------------------------------------------------------------------------
Ameristar Casinos, Inc., 10.50% Sr. Sub. Nts., Series B,
8/1/04 50,000 52,250
- -------------------------------------------------------------------------------------
Bally Total Fitness Holding Corp., 9.875% Sr. Sub. Nts.,
Series B, 10/15/07 50,000 51,750
- -------------------------------------------------------------------------------------
Casino America, Inc., 12.50% Sr. Nts., 8/1/03 75,000 85,125
- -------------------------------------------------------------------------------------
Casino Magic of Louisiana Corp., 13% First Mtg. Nts., Series
B, 8/15/03 75,000 86,625
- -------------------------------------------------------------------------------------
Colorado Gaming & Entertainment Co., 12% Sr. Nts., 6/1/03(1) 50,000 54,000
- -------------------------------------------------------------------------------------
Hilton Hotels Corp., 7.375% Nts., 6/1/02 150,000 152,409
- -------------------------------------------------------------------------------------
HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 50,000 56,000
- -------------------------------------------------------------------------------------
Hollywood Casino Corp., 12.75% Gtd. Sr. Sec. Nts., 11/1/03 50,000 55,000
- -------------------------------------------------------------------------------------
Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 50,000 53,187
- -------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority (Connecticut), 13.50% Sr.
Sec. Nts., Series B, 11/15/02 75,000 94,875
- -------------------------------------------------------------------------------------
Players International, Inc., 10.875% Sr. Nts., 4/15/05 50,000 54,437
- -------------------------------------------------------------------------------------
Prime Hospitality Corp., 9.75% Sr. Sub. Nts., 4/1/07 75,000 80,062
- -------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 75,000 80,625
-----------
1,012,595
- -------------------------------------------------------------------------------------
HEALTHCARE - 1.1%
Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 145,000 141,670
- -------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 50,000 56,000
- -------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A, 9/15/05 75,000 83,625
- -------------------------------------------------------------------------------------
Integrated Health Services, Inc., 9.25% Sr. Sub. Nts.,
Series A, 1/15/08 50,000 52,000
- -------------------------------------------------------------------------------------
Paracelsus Healthcare Corp., 10% Sr. Unsec. Sub. Nts.,
8/15/06 50,000 49,875
- -------------------------------------------------------------------------------------
Playtex Products, Inc., 8.875% Sr. Nts., 7/15/04 50,000 51,625
-----------
434,795
- -------------------------------------------------------------------------------------
HOUSING - 0.6%
American Standard Cos., Inc., 10.875% Sr. Nts., 5/15/99(1) 140,000 146,650
- -------------------------------------------------------------------------------------
First Industrial LP, 7.15% Bonds, 5/15/27 75,000 77,559
-----------
224,209
- -------------------------------------------------------------------------------------
MANUFACTURING - 0.9%
Jordan Industries, Inc., 10.375% Sr. Nts., Series B, 8/1/07 50,000 51,500
- -------------------------------------------------------------------------------------
Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 50,000 51,750
- -------------------------------------------------------------------------------------
U.S. Filter Corp., 6.375% Bonds, 5/15/01(1) 250,000 249,475
-----------
352,725
- -------------------------------------------------------------------------------------
MEDIA/ENTERTAINMENT-BROADCASTING - 0.7%
Allbritton Communications Co., 8.875% Sr. Sub. Nts., Series
B, 2/1/08 50,000 54,250
- -------------------------------------------------------------------------------------
Interepublic National Radio Sales Corp., 10% Sr. Unsec.
Nts., 7/1/08(5) 75,000 75,562
- -------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 75,000 80,812
- -------------------------------------------------------------------------------------
Spanish Broadcasting Systems, Inc., 11% Sr. Nts., 3/15/04 50,000 54,250
-----------
264,874
</TABLE>
30
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MEDIA/ENTERTAINMENT-CABLE/WIRELESS VIDEO - 1.5%
Adelphia Communications Corp., 10.50% Sr. Unsec. Nts.,
Series B, 7/15/04 $ 50,000 $ 54,875
- -------------------------------------------------------------------------------------
Century Communications Corp., Zero Coupon Sr. Disc. Nts.,
8.497%, Series B, 1/15/08(7) 50,000 23,000
- -------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 75,000 80,250
- -------------------------------------------------------------------------------------
EchoStar Communications Corp., 0%/12.875% Sr. Disc. Nts.,
6/1/04(4) 25,000 24,500
- -------------------------------------------------------------------------------------
Falcon Holding Group LP, 0%/9.285% Sr. Disc. Debs.,
4/15/10(4)(5) 150,000 97,875
- -------------------------------------------------------------------------------------
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 48,750
- -------------------------------------------------------------------------------------
TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts.,
2/15/07 50,000 50,000
- -------------------------------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 135,000 147,926
- -------------------------------------------------------------------------------------
United International Holdings, Inc., 0%/10.75% Sr. Disc.
Nts., Series B, 2/15/08(4) 100,000 62,000
-----------
589,176
- -------------------------------------------------------------------------------------
MEDIA/ENTERTAINMENT-DIVERSIFIED MEDIA - 0.4%
Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 25,000 25,500
- -------------------------------------------------------------------------------------
Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 50,000 51,437
- -------------------------------------------------------------------------------------
MDC Communications Corp., 10.50% Sr. Sub. Nts., 12/1/06 50,000 52,750
-----------
129,687
- -------------------------------------------------------------------------------------
MEDIA/ENTERTAINMENT-TELECOMMUNICATIONS - 3.1%
Advanstar Communications, Inc., 9.25% Sr. Sub. Nts.,
5/1/08(5) 100,000 101,125
- -------------------------------------------------------------------------------------
AT&T Capital Corp., 6.25% Nts., Series MTN, 5/15/01 225,000 225,221
- -------------------------------------------------------------------------------------
Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07(4) 75,000 62,812
- -------------------------------------------------------------------------------------
Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts.,
2/15/07(4) 50,000 37,125
- -------------------------------------------------------------------------------------
e.spire Communications, Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(4) 50,000 41,875
- -------------------------------------------------------------------------------------
GST USA, Inc., 0%/13.875% Gtd. Sr. Disc. Nts., 12/15/05(4) 50,000 40,750
- -------------------------------------------------------------------------------------
ICG Holdings, Inc., 0%/11.625% Sr. Disc. Nts., 3/15/07(4) 75,000 52,875
- -------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon
Nts., Series B, 2/1/06(4) 100,000 83,000
- -------------------------------------------------------------------------------------
Level 3 Communications, Inc., 9.125% Sr. Nts., 5/1/08(5) 50,000 48,937
- -------------------------------------------------------------------------------------
Qwest Communications International, Inc., 0%/9.47% Sr. Disc.
Nts., 10/15/07(4) 50,000 37,625
- -------------------------------------------------------------------------------------
RSL Communications plc, 9.125% Sr. Nts., 3/1/08(5) 50,000 48,750
- -------------------------------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr. Unsec. Bonds, Series B,
6/30/07 50,000 54,000
- -------------------------------------------------------------------------------------
Teleport Communications Group, Inc., 0%/11.125% Sr. Disc.
Nts., 7/1/07(4) 50,000 43,500
- -------------------------------------------------------------------------------------
TeleWest Communications plc, 0%/11% Sr. Disc. Debs.,
10/1/07(4) 50,000 41,750
- -------------------------------------------------------------------------------------
TeleWest Communications plc, 9.625% Sr. Debs., 10/1/06 50,000 52,938
- -------------------------------------------------------------------------------------
US West Capital Funding, Inc., 6.125% Nts., 7/15/02 225,000 225,681
-----------
1,197,964
- -------------------------------------------------------------------------------------
MEDIA/ENTERTAINMENT-WIRELESS COMMUNICATIONS - 1.1%
Comcast Cellular Communications, Inc., 9.50% Sr. Nts.,
5/1/07 50,000 52,375
- -------------------------------------------------------------------------------------
Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts.,
2/15/01(1)(8) 50,000 1,250
- -------------------------------------------------------------------------------------
Iridium LLC/Iridium Capital Corp., 11.25% Sr. Nts., Series
C/EN, 7/15/05 50,000 50,375
- -------------------------------------------------------------------------------------
Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts.,
Series B, 6/1/06(4) 50,000 37,375
- -------------------------------------------------------------------------------------
Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts.,
8/15/04(4) 50,000 49,000
</TABLE>
31
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MEDIA/ENTERTAINMENT-WIRELESS COMMUNICATIONS (CONTINUED)
Price Communications Cellular Holdings, Inc., 0%/13.50% Sr.
Disc. Nts., Series B, 8/1/07(4) $ 75,000 $ 52,688
- -------------------------------------------------------------------------------------
Rural Cellular Corp., 9.625% Sr. Sub. Nts., 5/15/08(5) 50,000 50,250
- -------------------------------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr.
Nts., 8/15/06 50,000 57,875
- -------------------------------------------------------------------------------------
Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 53,875
- -------------------------------------------------------------------------------------
Winstar Communications, Inc., 0%/14% Sr. Disc. Nts.,
10/15/05(4) 50,000 41,875
-----------
446,938
- -------------------------------------------------------------------------------------
METALS/MINERALS - 0.5%
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 125,000 134,783
- -------------------------------------------------------------------------------------
Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts.,
Series B, 4/15/03 50,000 50,250
- -------------------------------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 25,000 25,813
-----------
210,846
- -------------------------------------------------------------------------------------
RETAIL - 0.7%
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 50,000 54,616
- -------------------------------------------------------------------------------------
K Mart Corp., 7.75% Debs., 10/1/12 50,000 50,713
- -------------------------------------------------------------------------------------
Pantry, Inc. (The), 10.25% Sr. Sub. Nts., 10/15/07 50,000 51,250
- -------------------------------------------------------------------------------------
Price/Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 100,000 105,219
-----------
261,798
- -------------------------------------------------------------------------------------
SERVICE - 2.4%
Advance Holding Corp., 0%/12.875% Sr. Disc. Nts.,
4/15/09(4)(5) 100,000 59,500
- -------------------------------------------------------------------------------------
Applied Extrusion Technologies, Inc., 11.50% Sr. Nts.,
Series B, 4/1/02 50,000 53,000
- -------------------------------------------------------------------------------------
Employee Solutions, Inc., 10% Sr. Unsec. Nts., Series B,
10/15/04 50,000 49,500
- -------------------------------------------------------------------------------------
Grove Holdings LLC/Grove Holdings Capital, Inc., 0%/11.625%
Sr. Disc. Debs., 5/1/09(4)(5) 100,000 57,500
- -------------------------------------------------------------------------------------
Jordan Telecommunication Products, Inc., 9.875% Sr. Nts.,
Series B, 8/1/07 50,000 51,250
- -------------------------------------------------------------------------------------
Kinetic Concepts, Inc., 9.625% Gtd. Unsec. Nts., Series B,
11/1/07 75,000 76,125
- -------------------------------------------------------------------------------------
KSL Recreation Group, Inc., 10.25% Sr. Sub. Nts., 5/1/07 50,000 54,250
- -------------------------------------------------------------------------------------
Maxim Group, Inc. (The), 9.25% Sr. Sub. Nts., Series B,
10/15/07 50,000 51,625
- -------------------------------------------------------------------------------------
Production Resource Group, 11.50% Sr. Sub. Nts., 1/15/08(5) 50,000 49,000
- -------------------------------------------------------------------------------------
Sun Co., Inc., 7.95% Debs., 12/15/01 75,000 79,264
- -------------------------------------------------------------------------------------
Thermadyne Holdings Corp., 0%/12.50% Sr. Disc. Debs.,
6/1/08(4)(5) 50,000 27,500
- -------------------------------------------------------------------------------------
Tyco International Group SA, 6.125% Gtd. Nts., 6/15/01 250,000 250,887
- -------------------------------------------------------------------------------------
USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., Series B,
12/1/06 70,000 72,206
-----------
931,607
- -------------------------------------------------------------------------------------
TRANSPORTATION - 1.6%
Cambridge Industries, Inc., 10.25% Sr. Sub. Nts., Series B,
7/15/07 50,000 50,750
- -------------------------------------------------------------------------------------
CSX Corp., 7.05% Debs., 5/1/02 85,000 87,322
- -------------------------------------------------------------------------------------
Federal-Mogul Corp., 7.50% Nts., 7/1/04 150,000 150,938
- -------------------------------------------------------------------------------------
Golden Ocean Group Ltd., 10% Gtd. Sr. Unsec. Nts.,
8/31/01(5) 50,000 38,750
- -------------------------------------------------------------------------------------
Norfolk Southern Corp., 7.35% Nts., 5/15/07 75,000 80,554
- -------------------------------------------------------------------------------------
Oxford Automotive, Inc., 10.125% Sr. Sub. Nts., 6/15/07 50,000 51,750
- -------------------------------------------------------------------------------------
Trans World Airlines, Inc., 11.375% Unsec. Nts., 3/1/06(5) 50,000 50,313
</TABLE>
32
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION (CONTINUED)
Union Pacific Corp., 7% Nts., 6/15/00 $ $95,000 $ 96,516
-----------
606,893
- -------------------------------------------------------------------------------------
UTILITY - 1.9%
AES Corp., 8.50% Sr. Sub. Nts., 11/1/07 50,000 50,750
- -------------------------------------------------------------------------------------
Ameritech Capital Funding Corp., 5.65% Gtd. Nts., 1/15/01 100,000 99,459
- -------------------------------------------------------------------------------------
Niagara Mohawk Power Corp., 7.125% Sr. Unsec. Nts., Series
C, 7/1/01 225,000 225,844
- -------------------------------------------------------------------------------------
Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 200,000 202,895
- -------------------------------------------------------------------------------------
Teligent, Inc., 11.50% Sr. Nts., 12/1/07 50,000 50,750
- -------------------------------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 100,000 109,483
-----------
739,181
-----------
Total Corporate Bonds and Notes (Cost $12,337,951) 12,641,193
SHARES
- -------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.5%
- -------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,100 123,062
- -------------------------------------------------------------------------------------
PRIMEDIA, Inc., 10% Preferred Stock, Series D(1) 500 52,875
-----------
Total Preferred Stocks (Cost $155,325) 175,937
- -------------------------------------------------------------------------------------
COMMON STOCKS - 18.4%
- -------------------------------------------------------------------------------------
AEROSPACE - 0.9%
General Dynamics Corp. 5,000 232,500
- -------------------------------------------------------------------------------------
Lockheed Martin Corp. 1,200 127,050
-----------
359,550
- -------------------------------------------------------------------------------------
CHEMICALS - 0.7%
Dexter Corp. 3,900 124,069
- -------------------------------------------------------------------------------------
Ethyl Corp. 12,200 74,725
- -------------------------------------------------------------------------------------
IMC Global, Inc. 2,834 85,374
-----------
284,168
- -------------------------------------------------------------------------------------
ENERGY - 2.7%
Amoco Corp. 2,600 108,225
- -------------------------------------------------------------------------------------
Atlantic Richfield Co. 2,500 195,312
- -------------------------------------------------------------------------------------
Chevron Corp. 2,500 207,656
- -------------------------------------------------------------------------------------
Exxon Corp. 3,100 221,069
- -------------------------------------------------------------------------------------
Mobil Corp. 2,500 191,562
- -------------------------------------------------------------------------------------
Occidental Petroleum Corp. 4,700 126,900
-----------
1,050,724
- -------------------------------------------------------------------------------------
FINANCIAL - 3.5%
BankAmerica Corp. 1,300 112,369
- -------------------------------------------------------------------------------------
BankBoston Corp. 3,600 200,250
- -------------------------------------------------------------------------------------
Camden Property Trust 4,800 142,800
- -------------------------------------------------------------------------------------
Capstone Capital Corp. 5,500 126,500
- -------------------------------------------------------------------------------------
Cornerstone Properties, Inc. 8,400 148,050
- -------------------------------------------------------------------------------------
First Union Corp. 2,000 116,500
</TABLE>
33
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
<S> <C> <C>
- -------------------------------------------------------------------------------------
FINANCIAL (CONTINUED)
Health & Retirement Properties Trust 6,400 $ 120,400
- -------------------------------------------------------------------------------------
HSB Group, Inc. 3,750 200,625
- -------------------------------------------------------------------------------------
NationsBank Corp. 1,800 137,700
- -------------------------------------------------------------------------------------
St. Paul Cos., Inc. 1,600 67,300
-----------
1,372,494
- -------------------------------------------------------------------------------------
FOOD & DRUG - 0.2%
Piccadilly Cafeterias, Inc. 7,000 90,125
- -------------------------------------------------------------------------------------
FOREST PRODUCTS/CONTAINERS - 0.4%
Union Camp Corp. 1,700 84,363
- -------------------------------------------------------------------------------------
Unisource Worldwide, Inc. 6,800 73,525
-----------
157,888
- -------------------------------------------------------------------------------------
HOUSING - 0.6%
Meditrust Corp., Paired Stock 3,724 104,039
- -------------------------------------------------------------------------------------
Tower Realty Trust, Inc. 5,000 111,875
-----------
215,914
- -------------------------------------------------------------------------------------
MANUFACTURING - 0.6%
PACCAR, Inc. 4,300 224,675
- -------------------------------------------------------------------------------------
METALS/MINERALS - 0.6%
Carpenter Technology Corp. 3,100 155,775
- -------------------------------------------------------------------------------------
ROHN Industries, Inc. 12,000 56,250
-----------
212,025
- -------------------------------------------------------------------------------------
RETAIL - 1.5%
Brown Group, Inc. 6,400 127,200
- -------------------------------------------------------------------------------------
New England Business Service, Inc. 4,700 151,575
- -------------------------------------------------------------------------------------
Penney (J.C.) Co., Inc. 1,600 115,700
- -------------------------------------------------------------------------------------
Sears Roebuck & Co. 2,900 177,081
-----------
571,556
- -------------------------------------------------------------------------------------
TRANSPORTATION - 0.7%
GATX Corp. 6,000 263,250
- -------------------------------------------------------------------------------------
UTILITY - 6.0%
AT&T Corp. 3,800 217,075
- -------------------------------------------------------------------------------------
Bell Atlantic Corp. 4,332 197,648
- -------------------------------------------------------------------------------------
Duke Energy Corp. 3,686 218,396
- -------------------------------------------------------------------------------------
El Paso Natural Gas Co. 7,600 290,700
- -------------------------------------------------------------------------------------
FPL Group, Inc. 3,500 220,500
- -------------------------------------------------------------------------------------
Frontier Corp. 5,700 179,550
- -------------------------------------------------------------------------------------
Illinova Corp. 3,800 114,000
- -------------------------------------------------------------------------------------
Kansas City Power & Light Co. 5,000 145,000
- -------------------------------------------------------------------------------------
MCN Energy Group, Inc. 3,800 94,525
- -------------------------------------------------------------------------------------
National Fuel Gas Co. 3,700 161,181
- -------------------------------------------------------------------------------------
Questar Corp. 7,000 137,375
- -------------------------------------------------------------------------------------
U S West, Inc. 4,300 202,100
</TABLE>
34
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
UTILITY (CONTINUED)
Western Resources, Inc. 3,900 $ 151,369
-----------
2,329,419
-----------
Total Common Stocks (Cost $5,580,339) 7,131,788
UNITS
- -------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES - 0.0%
- -------------------------------------------------------------------------------------
Microcell Telecommunications, Inc. Wts., Exp. 6/06(1) 200 5,555
- -------------------------------------------------------------------------------------
Price Communications Corp. Wts., Exp. 8/07(1) 258 3,902
-----------
Total Rights, Warrants and Certificates (Cost $2,825) 9,457
PRINCIPAL
AMOUNT
- -------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 15.3%
- -------------------------------------------------------------------------------------
Repurchase agreement with Zion National Bank, 5.90%, dated
6/30/98, to be repurchased at $5,958,976 on 7/1/98,
collateralized by U.S. Treasury Bonds, 9%, 11/15/18, with a
value of $6,085,470 (Cost $5,958,000) $5,958,000 5,958,000
- -------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $37,034,761) 100.9% 39,216,339
- -------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.9) (352,100)
---------- -----------
NET ASSETS 100.0% $38,864,239
---------- -----------
---------- -----------
</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 the current interest rate for a variable rate security.
4. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
5. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Directors. These securities amount to $1,042,768 or 2.68% of the Fund's net
assets as of June 30, 1998.
6. 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.
7. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
8. Non-income producing - issuer is in default of interest payment.
See accompanying Notes to Financial Statements.
35
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 54.2%
- -------------------------------------------------------------------------------------
BASIC MATERIALS - 1.1%
- -------------------------------------------------------------------------------------
CHEMICALS - 0.5%
Dexter Corp. 4,700 $ 149,519
- -------------------------------------------------------------------------------------
Ethyl Corp. 14,400 88,200
- -------------------------------------------------------------------------------------
Fuji Photo Film Co. 2,000 69,604
- -------------------------------------------------------------------------------------
IMC Global, Inc. 2,834 85,374
-----------
392,697
- -------------------------------------------------------------------------------------
METALS - 0.3%
Carpenter Technology Corp. 3,600 180,900
- -------------------------------------------------------------------------------------
ROHN Industries, Inc. 12,000 56,250
-----------
237,150
- -------------------------------------------------------------------------------------
PAPER - 0.3%
Kimberly-Clark de Mexico SA, Cl. A 15,000 52,081
- -------------------------------------------------------------------------------------
Union Camp Corp. 2,000 99,250
- -------------------------------------------------------------------------------------
Unisource Worldwide, Inc. 7,900 85,419
-----------
236,750
- -------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 8.8%
- -------------------------------------------------------------------------------------
AUTOS & HOUSING - 1.7%
Bridgestone Corp. 5,000 118,168
- -------------------------------------------------------------------------------------
Dollar Thrifty Automotive Group, Inc.(1) 4,800 63,600
- -------------------------------------------------------------------------------------
Federal-Mogul Corp. 4,800 324,000
- -------------------------------------------------------------------------------------
Hertz Corp., Cl. A 1,500 66,469
- -------------------------------------------------------------------------------------
Lear Corp.(1) 2,000 102,625
- -------------------------------------------------------------------------------------
Maytag Corp. 2,500 123,437
- -------------------------------------------------------------------------------------
Meditrust Corp., Paired Stock 4,325 120,830
- -------------------------------------------------------------------------------------
Republic Industries, Inc.(1) 5,100 127,500
- -------------------------------------------------------------------------------------
Tower Realty Trust, Inc. 5,700 127,537
- -------------------------------------------------------------------------------------
Whirlpool Corp. 2,400 165,000
-----------
1,339,166
- -------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.4%
Alaska Air Group, Inc.(1) 2,200 120,037
- -------------------------------------------------------------------------------------
America West Holdings Corp., Cl. B(1) 4,500 128,531
- -------------------------------------------------------------------------------------
American Skiing Corp.(1) 7,700 100,100
- -------------------------------------------------------------------------------------
AMR Corp.(1) 3,400 283,050
- -------------------------------------------------------------------------------------
CDL Hotels International Ltd. 270,000 80,144
- -------------------------------------------------------------------------------------
CKE Restaurants, Inc. 1,700 70,125
- -------------------------------------------------------------------------------------
Coach USA, Inc.(1) 3,100 141,437
- -------------------------------------------------------------------------------------
Delta Air Lines, Inc. 700 90,475
</TABLE>
36
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
LEISURE & ENTERTAINMENT (CONTINUED)
Granada Group plc 11,000 $ 202,134
- -------------------------------------------------------------------------------------
Hasbro, Inc. 4,000 157,250
- -------------------------------------------------------------------------------------
Outback Steakhouse, Inc.(1) 1,500 58,500
- -------------------------------------------------------------------------------------
Piccadilly Cafeterias, Inc. 8,000 103,000
- -------------------------------------------------------------------------------------
Prime Hospitality Corp.(1) 6,700 116,831
- -------------------------------------------------------------------------------------
Vistana, Inc.(1) 10,700 196,612
-----------
1,848,226
- -------------------------------------------------------------------------------------
MEDIA - 0.9%
Applied Graphics Technologies, Inc.(1) 5,900 269,925
- -------------------------------------------------------------------------------------
Benpres Holdings Corp., GDR(1)(2) 2,400 7,252
- -------------------------------------------------------------------------------------
Benpres Holdings Corp., Sponsored GDR(1) 6,000 18,129
- -------------------------------------------------------------------------------------
Emmis Broadcasting Corp., Cl. A(1) 2,200 105,187
- -------------------------------------------------------------------------------------
Television Broadcasts Ltd. 23,000 60,850
- -------------------------------------------------------------------------------------
VNU - Verenigde Nederlandse Uitgeverbedrijven Verenigd Bezit 4,000 145,314
- -------------------------------------------------------------------------------------
Wolters Kluwer NV 750 102,939
-----------
709,596
- -------------------------------------------------------------------------------------
RETAIL: GENERAL - 2.0%
Circle K Japan Co. Ltd. 1,300 45,243
- -------------------------------------------------------------------------------------
Dayton Hudson Corp. 2,300 111,550
- -------------------------------------------------------------------------------------
Federated Department Stores, Inc.(1) 3,200 172,200
- -------------------------------------------------------------------------------------
Fruit of the Loom, Inc., Cl. A(1) 5,100 169,256
- -------------------------------------------------------------------------------------
Ito-Yokado Co. Ltd.(1) 2,000 94,102
- -------------------------------------------------------------------------------------
K Mart Corp.(1) 4,400 84,700
- -------------------------------------------------------------------------------------
Liz Claiborne, Inc. 1,800 94,050
- -------------------------------------------------------------------------------------
Nordstrom, Inc. 800 61,800
- -------------------------------------------------------------------------------------
Penney (J.C.) Co., Inc. 4,300 310,944
- -------------------------------------------------------------------------------------
Sears Roebuck & Co. 6,700 409,119
-----------
1,552,964
- -------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 1.8%
Brown Group, Inc. 7,900 157,012
- -------------------------------------------------------------------------------------
Brylane, Inc.(1) 1,300 59,800
- -------------------------------------------------------------------------------------
Dickson Concepts International Ltd. 32,000 44,602
- -------------------------------------------------------------------------------------
Guitar Center, Inc.(1) 4,500 135,562
- -------------------------------------------------------------------------------------
Hennes & Mauritz AB, B Shares 3,000 191,475
- -------------------------------------------------------------------------------------
Inacom Corp.(1) 2,800 88,900
- -------------------------------------------------------------------------------------
Koninklijke Ahold NV 5,000 160,504
- -------------------------------------------------------------------------------------
Kroll-O'Gara Co. (The)(1) 3,800 81,225
- -------------------------------------------------------------------------------------
New England Business Service, Inc. 5,300 170,925
- -------------------------------------------------------------------------------------
Payless ShoeSource, Inc.(1) 2,500 184,219
</TABLE>
37
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
RETAIL: SPECIALTY (CONTINUED)
Stage Stores, Inc.(1) 2,300 $ 104,075
-----------
1,378,299
- -------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 8.2%
- -------------------------------------------------------------------------------------
BEVERAGES - 0.3%
Embotelladora Andina SA, Series B, Sponsored ADR 2,450 38,281
- -------------------------------------------------------------------------------------
Scottish & Newcastle plc 12,000 168,784
-----------
207,065
- -------------------------------------------------------------------------------------
FOOD - 1.6%
Colruyt SA 200 156,947
- -------------------------------------------------------------------------------------
Groupe Danone 800 220,084
- -------------------------------------------------------------------------------------
Jeronimo Martins & Filho SA 2,375 114,096
- -------------------------------------------------------------------------------------
Kroger Co.(1) 4,100 175,787
- -------------------------------------------------------------------------------------
Nestle SA 70 149,801
- -------------------------------------------------------------------------------------
Safeway, Inc.(1) 3,300 134,269
- -------------------------------------------------------------------------------------
United Natural Foods, Inc.(1) 5,700 162,450
- -------------------------------------------------------------------------------------
William Morrison Supermarkets plc 33,000 166,183
-----------
1,279,617
- -------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 2.8%
Amgen, Inc.(1) 3,200 209,200
- -------------------------------------------------------------------------------------
Fresenius AG, Preference 600 111,517
- -------------------------------------------------------------------------------------
Incyte Pharmaceuticals, Inc. 3,500 119,437
- -------------------------------------------------------------------------------------
Jones Pharma, Inc. 4,400 145,750
- -------------------------------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl. A(1) 6,200 226,300
- -------------------------------------------------------------------------------------
Novartis AG 100 166,402
- -------------------------------------------------------------------------------------
Novo-Nordisk AS, B Shares 1,000 137,851
- -------------------------------------------------------------------------------------
PharMerica, Inc.(1) 11,300 136,306
- -------------------------------------------------------------------------------------
Pliva d.d.(2) 5,100 80,678
- -------------------------------------------------------------------------------------
Richter Gedeon Rt., Sponsored GDR(1)(2) 1,600 128,714
- -------------------------------------------------------------------------------------
Sanofi SA 1,200 140,804
- -------------------------------------------------------------------------------------
Schering AG 1,000 117,657
- -------------------------------------------------------------------------------------
SKW Trostberg AG 4,000 142,272
- -------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 3,000 79,764
- -------------------------------------------------------------------------------------
Zeneca Group plc 6,000 257,329
-----------
2,199,981
- -------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 2.3%
Alternative Living Services, Inc.(1) 5,300 143,100
- -------------------------------------------------------------------------------------
Concentra Managed Care, Inc.(1) 5,700 148,200
- -------------------------------------------------------------------------------------
HealthCare Financial Partners, Inc.(1) 3,100 190,069
- -------------------------------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR 7,500 116,250
- -------------------------------------------------------------------------------------
National Surgery Centers, Inc.(1) 8,700 252,844
</TABLE>
38
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES (CONTINUED)
Olympus Optical Co. Ltd.(1) 9,000 $ 78,207
- -------------------------------------------------------------------------------------
Pediatrix Medical Group, Inc.(1) 4,900 182,219
- -------------------------------------------------------------------------------------
Renal Care Group, Inc.(1) 4,400 193,875
- -------------------------------------------------------------------------------------
SmithKline Beecham plc 20,000 243,955
- -------------------------------------------------------------------------------------
Tenet Healthcare Corp.(1) 4,490 140,312
- -------------------------------------------------------------------------------------
Trex Medical Corp.(1) 5,000 82,500
- -------------------------------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 700 51,800
-----------
1,823,331
- -------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 1.2%
Dial Corp. (The) 5,500 142,656
- -------------------------------------------------------------------------------------
Fort James Corp. 6,650 295,925
- -------------------------------------------------------------------------------------
L'OREAL 300 166,499
- -------------------------------------------------------------------------------------
Premark International, Inc. 5,500 177,375
- -------------------------------------------------------------------------------------
Reckitt & Colman plc 8,000 152,610
-----------
935,065
- -------------------------------------------------------------------------------------
ENERGY - 2.8%
- -------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.5%
Diamond Offshore Drilling, Inc. 4,000 160,000
- -------------------------------------------------------------------------------------
Global Marine, Inc.(1) 2,900 54,194
- -------------------------------------------------------------------------------------
Gulf Island Fabrication, Inc.(1) 3,200 60,000
- -------------------------------------------------------------------------------------
Transocean Offshore, Inc. 1,800 80,100
-----------
354,294
- -------------------------------------------------------------------------------------
OIL-INTEGRATED - 2.3%
Amoco Corp. 3,000 124,875
- -------------------------------------------------------------------------------------
Atlantic Richfield Co. 2,800 218,750
- -------------------------------------------------------------------------------------
Chevron Corp. 2,800 232,575
- -------------------------------------------------------------------------------------
Cliffs Drilling Co.(1) 1,200 39,375
- -------------------------------------------------------------------------------------
Exxon Corp. 5,400 385,087
- -------------------------------------------------------------------------------------
Mobil Corp. 3,600 275,850
- -------------------------------------------------------------------------------------
Occidental Petroleum Corp. 5,400 145,800
- -------------------------------------------------------------------------------------
Quinenco SA, ADR 2,500 22,500
- -------------------------------------------------------------------------------------
Shell Transport & Trading Co. plc 26,000 182,525
- -------------------------------------------------------------------------------------
Total SA, B Shares 1,200 155,656
-----------
1,782,993
- -------------------------------------------------------------------------------------
FINANCIAL - 8.9%
- -------------------------------------------------------------------------------------
BANKS - 3.8%
Banca di Roma(1) 60,000 124,891
- -------------------------------------------------------------------------------------
Banco Bradesco SA, Preference 5,800,000 48,642
- -------------------------------------------------------------------------------------
Banco Popular Espanol SA 1,900 162,336
- -------------------------------------------------------------------------------------
Banco Santander SA 4,800 123,065
</TABLE>
39
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
BANKS (CONTINUED)
Bank Handlowy W Warszawie GDR 7,000 $ 133,495
- -------------------------------------------------------------------------------------
BankAmerica Corp. 2,700 233,381
- -------------------------------------------------------------------------------------
BankBoston Corp. 8,800 489,500
- -------------------------------------------------------------------------------------
Bayerische Vereinsbank AG 1,750 148,592
- -------------------------------------------------------------------------------------
Credit Suisse Group 670 149,079
- -------------------------------------------------------------------------------------
Credito Italiano SpA 24,000 125,634
- -------------------------------------------------------------------------------------
First Union Corp. 4,700 273,775
- -------------------------------------------------------------------------------------
Lloyds TSB Group plc 14,000 195,748
- -------------------------------------------------------------------------------------
Mitsubishi Trust & Banking Corp. 10,000 84,952
- -------------------------------------------------------------------------------------
NationsBank Corp. 4,600 351,900
- -------------------------------------------------------------------------------------
Nordbanken Holding AB 25,000 183,387
- -------------------------------------------------------------------------------------
Thai Farmers Bank Public Co. Ltd. 40,000 35,225
- -------------------------------------------------------------------------------------
UBS AG 350 130,141
-----------
2,993,743
- -------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 1.9%
American Express Co. 1,900 216,600
- -------------------------------------------------------------------------------------
AMRESCO, Inc.(1) 8,300 241,737
- -------------------------------------------------------------------------------------
Cattles plc 15,000 150,450
- -------------------------------------------------------------------------------------
CB Richard Ellis Services, Inc.(1) 1,700 56,844
- -------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 25,000 26,253
- -------------------------------------------------------------------------------------
ING Groep NV 2,500 163,699
- -------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. 3,500 70,765
- -------------------------------------------------------------------------------------
Morgan Stanley Dean Witter & Co. 700 63,962
- -------------------------------------------------------------------------------------
Northern Rock plc 16,000 141,004
- -------------------------------------------------------------------------------------
Perlis Plantations Berhad 17,500 15,190
- -------------------------------------------------------------------------------------
Promise Co. Ltd. 1,400 57,600
- -------------------------------------------------------------------------------------
Sirrom Capital Corp. 6,500 169,000
- -------------------------------------------------------------------------------------
Travelers Group, Inc. 2,292 138,952
-----------
1,512,056
- -------------------------------------------------------------------------------------
FINANCIAL - 0.2%
Cornerstone Properties, Inc. 9,500 167,437
- -------------------------------------------------------------------------------------
INSURANCE - 2.4%
ACE Ltd. 1,700 66,300
- -------------------------------------------------------------------------------------
Allstate Corp. 1,900 173,969
- -------------------------------------------------------------------------------------
AXA SA 1,300 145,887
- -------------------------------------------------------------------------------------
Chubb Corp. 900 72,337
- -------------------------------------------------------------------------------------
Conseco, Inc. 5,800 271,150
- -------------------------------------------------------------------------------------
Equitable Cos., Inc. 1,500 112,406
- -------------------------------------------------------------------------------------
HSB Group, Inc. 3,750 200,625
- -------------------------------------------------------------------------------------
Irish Life plc(1) 15,000 138,089
</TABLE>
40
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
Pre-Paid Legal Services, Inc.(1) 5,700 $ 179,906
- -------------------------------------------------------------------------------------
St. Paul Cos., Inc. 5,400 227,137
- -------------------------------------------------------------------------------------
Torchmark Corp. 2,600 118,950
- -------------------------------------------------------------------------------------
Travelers Property Casualty Corp., Cl. A 4,300 184,362
-----------
1,891,118
- -------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - 0.6%
Camden Property Trust 5,400 160,650
- -------------------------------------------------------------------------------------
Capstone Capital Corp. 6,300 144,900
- -------------------------------------------------------------------------------------
Health & Retirement Properties Trust 7,300 137,331
-----------
442,881
- -------------------------------------------------------------------------------------
INDUSTRIAL - 7.4%
- -------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.4%
Cie de Saint Gobain 700 129,499
- -------------------------------------------------------------------------------------
USG Corp. 2,600 140,725
-----------
270,224
- -------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 3.9%
American Disposal Services, Inc.(1) 6,300 295,312
- -------------------------------------------------------------------------------------
Central Parking Corp. 2,800 127,400
- -------------------------------------------------------------------------------------
Computer Horizons Corp.(1) 6,800 252,025
- -------------------------------------------------------------------------------------
Computer Task Group, Inc. 9,700 324,950
- -------------------------------------------------------------------------------------
Cyberonics, Inc.(1) 5,100 54,187
- -------------------------------------------------------------------------------------
Eastern Environmental Services, Inc.(1) 9,100 309,400
- -------------------------------------------------------------------------------------
Hays plc 13,000 217,859
- -------------------------------------------------------------------------------------
Helix Technology Corp. 4,300 64,500
- -------------------------------------------------------------------------------------
Kendle International, Inc.(1) 2,900 87,725
- -------------------------------------------------------------------------------------
Lamar Advertising Co., Cl. A(1) 4,000 143,500
- -------------------------------------------------------------------------------------
Metamor Worldwide, Inc.(1) 6,750 237,516
- -------------------------------------------------------------------------------------
PMT Services, Inc.(1) 5,600 142,450
- -------------------------------------------------------------------------------------
Rental Service Corp.(1) 5,300 178,212
- -------------------------------------------------------------------------------------
Tetra Tech, Inc.(1) 7,418 179,887
- -------------------------------------------------------------------------------------
Transaction Systems Architects, Inc., Cl. A(1) 5,400 207,900
- -------------------------------------------------------------------------------------
Viad Corp. 4,700 130,425
- -------------------------------------------------------------------------------------
Waste Management, Inc. 2,800 98,000
-----------
3,051,248
- -------------------------------------------------------------------------------------
MANUFACTURING - 2.5%
AGCO Corp. 3,500 71,969
- -------------------------------------------------------------------------------------
BBA Group plc 21,000 158,279
- -------------------------------------------------------------------------------------
Canon Sales Co., Inc. 300 4,077
- -------------------------------------------------------------------------------------
Case Corp. 1,700 82,025
- -------------------------------------------------------------------------------------
Deere & Co. 800 42,300
</TABLE>
41
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MANUFACTURING (CONTINUED)
Ingersoll-Rand Co. 4,200 $ 185,063
- -------------------------------------------------------------------------------------
ITEQ, Inc.(1) 5,500 40,906
- -------------------------------------------------------------------------------------
Mannesmann AG 1,950 197,502
- -------------------------------------------------------------------------------------
PACCAR, Inc. 7,900 412,775
- -------------------------------------------------------------------------------------
Ricoh Co. Ltd. 9,000 94,744
- -------------------------------------------------------------------------------------
SMC Corp. 100 7,602
- -------------------------------------------------------------------------------------
Smiths Industries plc 11,000 153,710
- -------------------------------------------------------------------------------------
Textron, Inc. 4,300 308,256
- -------------------------------------------------------------------------------------
U.S. Industries, Inc. 8,250 204,188
-----------
1,963,396
- -------------------------------------------------------------------------------------
TRANSPORTATION - 0.6%
Brambles Industries Ltd. 4,000 78,496
- -------------------------------------------------------------------------------------
GATX Corp. 7,000 307,125
- -------------------------------------------------------------------------------------
Gulfmark Offshore, Inc.(1) 2,100 47,775
-----------
433,396
- -------------------------------------------------------------------------------------
TECHNOLOGY - 10.5%
- -------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 1.1%
General Dynamics Corp. 9,000 418,500
- -------------------------------------------------------------------------------------
Lockheed Martin Corp. 3,000 317,625
- -------------------------------------------------------------------------------------
TriStar Aerospace Co.(1) 6,100 94,550
-----------
830,675
- -------------------------------------------------------------------------------------
COMPUTER HARDWARE - 3.0%
Apex PC Solutions, Inc.(1) 3,400 94,775
- -------------------------------------------------------------------------------------
Apple Computer, Inc.(1) 4,200 120,488
- -------------------------------------------------------------------------------------
Compaq Computer Corp. 5,700 161,738
- -------------------------------------------------------------------------------------
Gateway 2000, Inc.(1) 2,600 131,625
- -------------------------------------------------------------------------------------
Insight Enterprises, Inc.(1) 4,850 194,000
- -------------------------------------------------------------------------------------
International Business Machines Corp. 1,200 137,775
- -------------------------------------------------------------------------------------
Lexmark International Group, Inc., Cl. A(1) 2,200 134,200
- -------------------------------------------------------------------------------------
Network Appliance, Inc.(1) 5,800 225,838
- -------------------------------------------------------------------------------------
Radiant Systems, Inc.(1) 5,200 75,400
- -------------------------------------------------------------------------------------
Semtech Corp.(1) 5,100 90,206
- -------------------------------------------------------------------------------------
Storage Technology Corp. (New)(1) 8,000 347,000
- -------------------------------------------------------------------------------------
Waters Corp.(1) 5,100 300,581
- -------------------------------------------------------------------------------------
Xerox Corp. 2,800 284,550
- -------------------------------------------------------------------------------------
Xylan Corp.(1) 1,700 50,681
-----------
2,348,857
- -------------------------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 2.7%
BEA Systems, Inc.(1) 4,600 105,513
- -------------------------------------------------------------------------------------
Computer Management Sciences, Inc.(1) 5,400 128,250
</TABLE>
42
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE/SERVICES (CONTINUED)
Dendrite International, Inc.(1) 3,900 $ 146,738
- -------------------------------------------------------------------------------------
Diamond Technology Partners, Inc.(1) 4,100 124,025
- -------------------------------------------------------------------------------------
Envoy Corp.(1) 2,000 94,750
- -------------------------------------------------------------------------------------
JDA Software Group, Inc.(1) 2,900 126,875
- -------------------------------------------------------------------------------------
Pegasystems, Inc.(1) 5,800 157,325
- -------------------------------------------------------------------------------------
QuadraMed Corp.(1) 4,300 117,444
- -------------------------------------------------------------------------------------
SAP AG, Preference 400 271,490
- -------------------------------------------------------------------------------------
Summit Design, Inc.(1) 7,000 102,813
- -------------------------------------------------------------------------------------
Symantec Corp.(1) 1,200 31,350
- -------------------------------------------------------------------------------------
Technology Solutions Co.(1) 8,150 258,253
- -------------------------------------------------------------------------------------
Veritas Software Corp.(1) 3,637 150,481
- -------------------------------------------------------------------------------------
Visio Corp.(1) 3,500 167,125
- -------------------------------------------------------------------------------------
Wind River Systems, Inc.(1) 2,850 102,244
-----------
2,084,676
- -------------------------------------------------------------------------------------
ELECTRONICS - 2.0%
ATMI, Inc.(1) 1,500 22,500
- -------------------------------------------------------------------------------------
Bowthorpe plc 18,000 156,678
- -------------------------------------------------------------------------------------
Electrocomponents plc 20,000 156,745
- -------------------------------------------------------------------------------------
Getronics NV 2,000 103,725
- -------------------------------------------------------------------------------------
Hoshiden Corp.(1) 9,000 96,624
- -------------------------------------------------------------------------------------
Keyence Corp. 60 6,528
- -------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 64,272
- -------------------------------------------------------------------------------------
Rohm Co. 1,000 102,677
- -------------------------------------------------------------------------------------
Royal Philips Electronics NV 2,000 168,123
- -------------------------------------------------------------------------------------
Sawtek, Inc.(1) 2,400 35,400
- -------------------------------------------------------------------------------------
Sony Corp. 1,400 120,546
- -------------------------------------------------------------------------------------
TDK Corp. 1,000 73,855
- -------------------------------------------------------------------------------------
Vitesse Semiconductor Corp.(1) 7,300 225,388
- -------------------------------------------------------------------------------------
VTech Holdings Ltd. 53,000 197,333
-----------
1,530,394
- -------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 1.7%
DSP Communications, Inc.(1) 5,800 79,750
- -------------------------------------------------------------------------------------
Excel Switching Corp.(1) 3,200 79,600
- -------------------------------------------------------------------------------------
Inter-Tel, Inc. 500 8,000
- -------------------------------------------------------------------------------------
Matsushita Communication Industrial Co. 4,000 105,487
- -------------------------------------------------------------------------------------
Nippon Telegraph & Telephone Corp. 12 99,434
- -------------------------------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 177 985
- -------------------------------------------------------------------------------------
Tekelec(1) 4,200 187,950
- -------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 27,500 168,167
</TABLE>
43
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED)
Telecom Italia SpA 23,000 $ 169,309
- -------------------------------------------------------------------------------------
Uniphase Corp.(1) 3,100 194,622
- -------------------------------------------------------------------------------------
Vodafone Group plc 21,000 266,483
-----------
1,359,787
- -------------------------------------------------------------------------------------
UTILITIES - 6.5%
- -------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 2.1%
Duke Energy Corp. 4,117 243,932
- -------------------------------------------------------------------------------------
Edison International 4,200 124,163
- -------------------------------------------------------------------------------------
FPL Group, Inc. 7,000 441,000
- -------------------------------------------------------------------------------------
Illinova Corp. 4,200 126,000
- -------------------------------------------------------------------------------------
Kansas City Power & Light Co. 5,600 162,400
- -------------------------------------------------------------------------------------
United Utilities plc 11,000 160,405
- -------------------------------------------------------------------------------------
Veba AG 2,500 170,096
- -------------------------------------------------------------------------------------
Western Resources, Inc. 4,400 170,775
-----------
1,598,771
- -------------------------------------------------------------------------------------
GAS UTILITIES - 1.4%
Columbia Energy Group 4,050 225,281
- -------------------------------------------------------------------------------------
El Paso Natural Gas Co. 8,400 321,300
- -------------------------------------------------------------------------------------
MCN Energy Group, Inc. 4,300 106,963
- -------------------------------------------------------------------------------------
National Fuel Gas Co. 4,400 191,675
- -------------------------------------------------------------------------------------
Questar Corp. 8,200 160,925
- -------------------------------------------------------------------------------------
RWE AG, Preference 2,500 107,313
-----------
1,113,457
- -------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 3.0%
AT&T Corp. 9,300 531,263
- -------------------------------------------------------------------------------------
Bell Atlantic Corp. 9,546 435,536
- -------------------------------------------------------------------------------------
Century Telephone Enterprises, Inc. 1,200 55,050
- -------------------------------------------------------------------------------------
Frontier Corp. 9,100 286,650
- -------------------------------------------------------------------------------------
Pacific Gateway Exchange, Inc.(1) 3,800 152,238
- -------------------------------------------------------------------------------------
Tel-Save Holdings, Inc.(1) 4,600 67,850
- -------------------------------------------------------------------------------------
Tele Danmark AS, B Shares 2,000 191,944
- -------------------------------------------------------------------------------------
Telefonica de Espana 3,818 176,822
- -------------------------------------------------------------------------------------
U S West, Inc. 9,600 451,200
-----------
2,348,553
-----------
Total Common Stocks (Cost $34,010,192) 42,217,863
- -------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.3%
- -------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,100 123,062
- -------------------------------------------------------------------------------------
PRIMEDIA, Inc., 10% Preferred Stock, Series D(3) 1,000 105,750
-----------
Total Preferred Stocks (Cost $205,325) 228,812
</TABLE>
44
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
UNITS NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
RIGHTS, WARRANTS AND CERTIFICATES - 0.0%
- -------------------------------------------------------------------------------------
Haw Par Brothers Corp. Ltd. Wts., Exp. 7/01 2,500 $ 297
- -------------------------------------------------------------------------------------
Microcell Telecommunications, Inc. Wts., Exp. 6/06(3) 500 13,886
- -------------------------------------------------------------------------------------
Price Communications Corp. Wts., Exp. 8/07(3) 516 7,805
-----------
Total Rights, Warrants and Certificates (Cost $8,569) 21,988
PRINCIPAL
AMOUNT
- -------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 0.9%
- -------------------------------------------------------------------------------------
Arcadia Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1998-B, Cl. A3, 5.95%,
11/15/02 $ 175,000 175,028
- -------------------------------------------------------------------------------------
Dayton Hudson Credit Card Master Trust, Asset-Backed
Certificates, Series 1997-1, Cl. A, 6.25%, 8/25/05 125,000 126,366
- -------------------------------------------------------------------------------------
IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2,
Cl. A, 6.752%, 6/25/07(3) 175,000 176,203
- -------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1996-A, Cl. A-4, 5.85%,
7/15/01 90,000 89,930
- -------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1997-A, Cl. A-5, 6.80%,
2/15/05 150,000 153,025
-----------
Total Asset-Backed Securities (Cost $714,155) 720,552
- -------------------------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 3.4%
- -------------------------------------------------------------------------------------
Countrywide Funding Corp., Mtg. Pass-Through Certificates,
Series 1994-10, Cl. A3, 6%, 5/25/09 250,000 249,218
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Collateralized Mtg.
Obligations, Gtd. Multiclass Mtg. Participation
Certificates, Series 1711, Cl. EA, 7%, 3/15/24 200,000 207,685
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, 6%, 3/1/09 152,580 152,370
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1574, Cl. PD, 5.55%,
3/15/13(3) 9,614 9,593
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1843, Cl. VB, 7%, 4/15/03 50,000 51,453
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, Series 1849, Cl. VA, 6%,
12/15/10 122,976 122,784
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security, Series 1542, Cl. QC, 7.411%,
10/15/20(4) 900,000 159,223
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security, Series 1583, Cl. IC, 6.755%-6.775%,
1/15/20(4) 750,000 86,250
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security, Series 1661, Cl. PK, 5.604%-6.441%,
11/15/06(4) 1,021,033 72,430
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 6%, 12/1/03 112,510 112,113
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 6.50%, 4/1/26 131,283 131,056
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., 7%, 4/1/00 107,986 108,788
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., Collateralized Mtg.
Obligations, Gtd. Real Estate Mtg. Investment Conduit
Pass-Through Certificates, Trust 1993-181, Cl. C, 5.40%,
10/25/02 57,769 57,517
</TABLE>
45
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., Collateralized Mtg.
Obligations, Gtd. Real Estate Mtg. Investment Conduit
Pass-Through Certificates, Trust 1993-190, Cl. Z, 5.85%,
7/25/08 $ 131,302 $ 131,056
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., Medium-Term Nts., 6.56%,
11/13/01 225,000 225,387
- -------------------------------------------------------------------------------------
GE Capital Mortgage Services, Inc., Gtd. Real Estate Mtg.
Investment Conduit Pass-Through Certificates, Series 1994-7,
Cl. A18, 6%, 2/25/09 149,164 143,477
- -------------------------------------------------------------------------------------
IMC Home Equity Trust, Asset-Backed Home Equity Securities,
Series 1998-3, Cl. A5, 6.36%, 8/20/22(5) 350,000 350,410
- -------------------------------------------------------------------------------------
PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through
Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 125,000 125,249
- -------------------------------------------------------------------------------------
Residential Accredit Loans, Inc., Mtg. Asset-Backed
Pass-Through Certificates, Series 1997-QS9, Cl. 2, 6.75%,
9/25/27 175,000 174,725
-----------
Total Mortgage-Backed Obligations (Cost $2,647,198) 2,670,784
- -------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 9.0%
- -------------------------------------------------------------------------------------
U.S. Treasury Bonds, 6%, 2/15/26 300,000 312,188
- -------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 1,485,000 1,783,393
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.625%, 2/15/06 750,000 753,282
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.75%, 8/15/03 225,000 227,461
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 6.50%, 8/15/05 1,120,000 1,182,651
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 6.75%, 6/30/99 745,000 754,080
- -------------------------------------------------------------------------------------
U.S. Treasury Nts., 7.50%, 11/15/01 1,900,000 2,012,814
-----------
Total U.S. Government Obligations (Cost $6,804,318) 7,025,869
- -------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 20.6%
- -------------------------------------------------------------------------------------
BASIC MATERIALS - 1.7%
- -------------------------------------------------------------------------------------
CHEMICALS - 1.1%
Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 100,000 105,788
- -------------------------------------------------------------------------------------
Laroche Industries, Inc., 9.50% Sr. Sub. Nts., Series B,
9/15/07 125,000 122,500
- -------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts.,
6/1/20 50,000 66,860
- -------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05(6) 175,000 182,437
- -------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 50,000 64,145
- -------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 125,000 136,875
- -------------------------------------------------------------------------------------
Sterling Chemicals Holdings, Inc., 0%/13.50% Sr. Disc. Nts.,
8/15/08(6) 125,000 73,125
- -------------------------------------------------------------------------------------
Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B,
7/1/06 125,000 136,250
-----------
887,980
- -------------------------------------------------------------------------------------
METALS - 0.4%
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 100,000 107,826
- -------------------------------------------------------------------------------------
Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts.,
Series B, 4/15/03 125,000 125,625
- -------------------------------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 75,000 77,437
-----------
310,888
- -------------------------------------------------------------------------------------
PAPER - 0.2%
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 125,000 128,594
</TABLE>
46
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS - 6.0%
- -------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.5%
Black & Decker Corp., 6.625% Nts., 11/15/00 $ 85,000 $ 85,927
- -------------------------------------------------------------------------------------
Cambridge Industries, Inc., 10.25% Sr. Sub. Nts., Series B,
7/15/07 125,000 126,875
- -------------------------------------------------------------------------------------
First Industrial LP, 7.15% Bonds, 5/15/27 60,000 62,047
- -------------------------------------------------------------------------------------
Oxford Automotive, Inc., 10.125% Sr. Sub. Nts., 6/15/07(2) 125,000 129,375
-----------
404,224
- -------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 2.4%
American Skiing Corp., 12% Sr. Sub. Nts., Series B,
7/15/06(3) 100,000 112,500
- -------------------------------------------------------------------------------------
Ameristar Casinos, Inc., 10.50% Sr. Sub. Nts., Series B,
8/1/04 50,000 52,250
- -------------------------------------------------------------------------------------
Bally Total Fitness Holding Corp., 9.875% Sr. Sub. Nts.,
Series B, 10/15/07 125,000 129,375
- -------------------------------------------------------------------------------------
Casino America, Inc., 12.50% Sr. Nts., 8/1/03 125,000 141,875
- -------------------------------------------------------------------------------------
Casino Magic of Louisiana Corp., 13% First Mtg. Nts., Series
B, 8/15/03 200,000 231,000
- -------------------------------------------------------------------------------------
Colorado Gaming & Entertainment Co., 12% Sr. Nts., 6/1/03(3) 125,000 135,000
- -------------------------------------------------------------------------------------
Hilton Hotels Corp., 7.375% Nts., 6/1/02 125,000 127,007
- -------------------------------------------------------------------------------------
HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 125,000 140,000
- -------------------------------------------------------------------------------------
Hollywood Casino Corp., 12.75% Gtd. Sr. Sec. Nts., 11/1/03 125,000 137,500
- -------------------------------------------------------------------------------------
Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 50,000 53,187
- -------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority (Connecticut), 13.50% Sr.
Sec. Nts., Series B, 11/15/02 125,000 158,125
- -------------------------------------------------------------------------------------
Players International, Inc., 10.875% Sr. Nts., 4/15/05 125,000 136,094
- -------------------------------------------------------------------------------------
Prime Hospitality Corp., 9.75% Sr. Sub. Nts., 4/1/07 125,000 133,437
- -------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 125,000 134,375
- -------------------------------------------------------------------------------------
Trans World Airlines, Inc., 11.375% Unsec. Nts., 3/1/06(2) 75,000 75,469
-----------
1,897,194
- -------------------------------------------------------------------------------------
MEDIA - 2.4%
Adelphia Communications Corp., 10.50% Sr. Unsec. Nts.,
Series B, 7/15/04 125,000 137,187
- -------------------------------------------------------------------------------------
Allbritton Communications Co., 8.875% Sr. Sub. Nts., Series
B, 2/1/08 125,000 135,625
- -------------------------------------------------------------------------------------
Cablevision Systems Corp. Holdings, Inc., 9.875% Sr. Sub.
Nts., 5/15/06 50,000 54,875
- -------------------------------------------------------------------------------------
Century Communications Corp., 9.75% Sr. Nts., 2/15/02 100,000 107,500
- -------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 125,000 133,750
- -------------------------------------------------------------------------------------
EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec.
Disc. Nts., 3/15/04(6) 100,000 92,250
- -------------------------------------------------------------------------------------
Falcon Holding Group LP, 0%/9.285% Sr. Disc. Debs.,
4/15/10(2)(6) 175,000 114,187
- -------------------------------------------------------------------------------------
Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 50,000 51,000
- -------------------------------------------------------------------------------------
Hollinger International Publishing, Inc., 9.25% Gtd. Sr.
Sub. Nts., 3/15/07 100,000 105,750
- -------------------------------------------------------------------------------------
Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 100,000 102,875
- -------------------------------------------------------------------------------------
Marcus Cable Operating Co. LP/Marcus Cable Capital Corp.,
0%/13.50% Gtd. Sr. Sub. Disc. Nts., Series II, 8/1/04(6) 125,000 121,875
- -------------------------------------------------------------------------------------
MDC Communications Corp., 10.50% Sr. Sub. Nts., 12/1/06 125,000 131,875
- -------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 125,000 134,687
- -------------------------------------------------------------------------------------
Spanish Broadcasting Systems, Inc., 11% Sr. Nts., 3/15/04 100,000 108,500
</TABLE>
47
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MEDIA (CONTINUED)
TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts.,
2/15/07 $ 125,000 $ 125,000
- -------------------------------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 125,000 136,968
- -------------------------------------------------------------------------------------
United International Holdings, Inc., 0%/10.75% Sr. Disc.
Nts., Series B, 2/15/08(6) 100,000 62,000
-----------
1,855,904
- -------------------------------------------------------------------------------------
RETAIL: GENERAL - 0.3%
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 35,000 38,231
- -------------------------------------------------------------------------------------
Price/Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 90,000 94,697
- -------------------------------------------------------------------------------------
William Carter Co., 10.375% Sr. Sub. Nts., Series A, 12/1/06 125,000 133,750
-----------
266,678
- -------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 0.4%
K Mart Corp., 7.75% Debs., 10/1/12 125,000 126,783
- -------------------------------------------------------------------------------------
Pantry, Inc. (The), 10.25% Sr. Sub. Nts., 10/15/07 150,000 153,750
-----------
280,533
- -------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 1.6%
- -------------------------------------------------------------------------------------
FOOD - 0.5%
AmeriServe Food Distribution, Inc., 8.875% Sr. Nts.,
10/15/06 125,000 125,625
- -------------------------------------------------------------------------------------
Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 95,000 96,278
- -------------------------------------------------------------------------------------
Jitney-Jungle Stores of America, Inc., 10.375% Sr. Sub.
Nts., 9/15/07 50,000 53,625
- -------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05(3) 125,000 143,125
-----------
418,653
- -------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 0.1%
Integrated Health Services, Inc., 9.25% Sr. Sub. Nts.,
Series A, 1/15/08 50,000 52,000
- -------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 0.8%
Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 100,000 97,704
- -------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 100,000 112,000
- -------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A, 9/15/05 125,000 139,375
- -------------------------------------------------------------------------------------
Paracelsus Healthcare Corp., 10% Sr. Unsec. Sub. Nts.,
8/15/06 100,000 99,750
- -------------------------------------------------------------------------------------
Playtex Products, Inc., 8.875% Sr. Nts., 7/15/04 75,000 77,437
- -------------------------------------------------------------------------------------
Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 75,000 77,357
-----------
603,623
- -------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.2%
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 50,000 54,984
- -------------------------------------------------------------------------------------
Revlon Consumer Products Corp., 8.625% Sr. Unsec. Sub. Nts.,
2/1/08 125,000 125,781
-----------
180,765
- -------------------------------------------------------------------------------------
ENERGY - 1.3%
- -------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.7%
Coastal Corp., 8.125% Sr. Nts., 9/15/02 50,000 53,566
- -------------------------------------------------------------------------------------
Coastal Corp., 8.75% Sr. Nts., 5/15/99 35,000 35,780
- -------------------------------------------------------------------------------------
Crown Central Petroleum Corp., 10.875% Sr. Nts., 2/1/05 50,000 53,250
- -------------------------------------------------------------------------------------
Forcenergy, Inc., 8.50% Sr. Sub. Nts., Series B, 2/15/07 50,000 47,750
</TABLE>
48
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY SERVICES & PRODUCERS (CONTINUED)
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 $ 50,000 $ 56,266
- -------------------------------------------------------------------------------------
RAM Energy, Inc., 11.50% Sr. Unsec. Nts., 2/15/08 75,000 75,750
- -------------------------------------------------------------------------------------
Southwest Royalties, Inc., 10.50% Sr. Gtd. Nts., Series B,
10/15/04 125,000 102,500
- -------------------------------------------------------------------------------------
Transamerican Energy Corp., 11.50% Sr. Nts., Series B,
6/15/02 50,000 46,750
- -------------------------------------------------------------------------------------
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 50,000 50,000
-----------
521,612
- -------------------------------------------------------------------------------------
OIL-INTEGRATED - 0.6%
Abraxas Petroleum Corp./CDN Abraxas Petroleum Ltd., 11.50%
Sr. Unsec. Nts., Series D, 11/1/04 100,000 103,750
- -------------------------------------------------------------------------------------
Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 75,000 82,832
- -------------------------------------------------------------------------------------
Gulf Canada Resources Ltd., 9% Debs., 8/15/99 75,000 77,281
- -------------------------------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80% Debs., 7/2/02 50,000 51,382
- -------------------------------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 75,000 81,594
- -------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 50,000 51,018
-----------
447,857
- -------------------------------------------------------------------------------------
FINANCIAL - 2.7%
- -------------------------------------------------------------------------------------
BANKS - 0.5%
Capital One Bank, Inc., 6.375% Sr. Nts., 2/15/03 150,000 150,289
- -------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 50,000 49,493
- -------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 85,000 93,823
- -------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 85,000 85,885
-----------
379,490
- -------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 1.3%
American General Finance Corp., 8.50% Sr. Nts., 8/15/98 40,000 40,107
- -------------------------------------------------------------------------------------
American General Institutional Capital B, 8.125% Bonds,
Series B, 3/15/46(2) 75,000 88,386
- -------------------------------------------------------------------------------------
Capital One Financial Corp., 7.25% Nts., 12/1/03 40,000 40,975
- -------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 85,000 84,168
- -------------------------------------------------------------------------------------
Countrywide Home Loans, Inc., 6.05% Gtd. Medium-Term Nts.,
Series D, 3/1/01 200,000 200,055
- -------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 175,000 173,558
- -------------------------------------------------------------------------------------
Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 35,000 35,141
- -------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 85,000 86,272
- -------------------------------------------------------------------------------------
Olympic Financial Ltd., Units (each unit consists of $1,000
principal amount of 11.50% sr. nts., 3/15/07 and one warrant
to purchase 6.84 shares of common stock)(7) 125,000 124,687
- -------------------------------------------------------------------------------------
Simon DeBartolo Group, Inc., 6.625% Nts., 6/15/03(2) 175,000 174,524
-----------
1,047,873
- -------------------------------------------------------------------------------------
INSURANCE - 0.6%
Cigna Corp., 7.90% Nts., 12/14/98 100,000 100,893
- -------------------------------------------------------------------------------------
Conseco Financing Trust III, 8.796% Bonds, 4/1/27 100,000 114,001
- -------------------------------------------------------------------------------------
Conseco, Inc., 6.40% Nts., 6/15/11 175,000 174,781
</TABLE>
49
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 $ 85,000 $ 86,776
-----------
476,451
- -------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - 0.3%
Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub.
Nts., 1/26/01 240,000 246,946
- -------------------------------------------------------------------------------------
INDUSTRIAL - 2.8%
- -------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.3%
American Standard Cos., Inc., 10.875% Sr. Nts., 5/15/99(3) 100,000 104,750
- -------------------------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05(3) 125,000 132,188
-----------
236,938
- -------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 1.4%
Advance Holding Corp., 0%/12.875% Sr. Disc. Nts.,
4/15/09(2)(6) 100,000 59,500
- -------------------------------------------------------------------------------------
Applied Extrusion Technologies, Inc., 11.50% Sr. Nts.,
Series B, 4/1/02 75,000 79,500
- -------------------------------------------------------------------------------------
Armco, Inc., 9% Sr. Unsec. Nts., 9/15/07 50,000 49,500
- -------------------------------------------------------------------------------------
Employee Solutions, Inc., 10% Sr. Unsec. Nts., Series B,
10/15/04 125,000 123,750
- -------------------------------------------------------------------------------------
Jordan Telecommunication Products, Inc., 9.875% Sr. Nts.,
Series B, 8/1/07 50,000 51,250
- -------------------------------------------------------------------------------------
Kinetic Concepts, Inc., 9.625% Gtd. Unsec. Nts., Series B,
11/1/07 50,000 50,750
- -------------------------------------------------------------------------------------
KSL Recreation Group, Inc., 10.25% Sr. Sub. Nts., 5/1/07 100,000 108,500
- -------------------------------------------------------------------------------------
Maxim Group, Inc. (The), 9.25% Sr. Sub. Nts., Series B,
10/15/07 50,000 51,625
- -------------------------------------------------------------------------------------
Production Resource Group, 11.50% Sr. Sub. Nts., 1/15/08(2) 75,000 73,500
- -------------------------------------------------------------------------------------
Sun Co., Inc., 7.95% Debs., 12/15/01 125,000 132,106
- -------------------------------------------------------------------------------------
Thermadyne Holdings Corp., 0%/12.50% Sr. Disc. Debs.,
6/1/08(2)(6) 50,000 27,500
- -------------------------------------------------------------------------------------
Tyco International Group SA, 6.125% Gtd. Nts., 6/15/01 175,000 175,621
- -------------------------------------------------------------------------------------
USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., Series B,
12/1/06 70,000 72,206
-----------
1,055,308
- -------------------------------------------------------------------------------------
MANUFACTURING - 0.5%
Jordan Industries, Inc., 10.375% Sr. Nts., Series B, 8/1/07 125,000 128,750
- -------------------------------------------------------------------------------------
Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 100,000 103,500
- -------------------------------------------------------------------------------------
U.S. Filter Corp., 6.375% Bonds, 5/15/01(3) 175,000 174,633
-----------
406,883
- -------------------------------------------------------------------------------------
TRANSPORTATION - 0.6%
CSX Corp., 7.05% Debs., 5/1/02 70,000 71,913
- -------------------------------------------------------------------------------------
Federal-Mogul Corp., 7.50% Nts., 7/1/04 125,000 125,781
- -------------------------------------------------------------------------------------
Golden Ocean Group Ltd., 10% Gtd. Sr. Unsec. Nts.,
8/31/01(2) 100,000 77,500
- -------------------------------------------------------------------------------------
Norfolk Southern Corp., 7.35% Nts., 5/15/07 75,000 80,554
- -------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 85,000 86,356
-----------
442,104
- -------------------------------------------------------------------------------------
TECHNOLOGY - 3.6%
- -------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 0.1%
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 100,000 101,000
</TABLE>
50
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE/SERVICES - 0.2%
Exodus Communications, Inc., 11.25% Sr. Nts., 7/1/08(2) $ 125,000 $ 125,547
- -------------------------------------------------------------------------------------
MEDIA - 0.0%
Century Communications Corp., Zero Coupon Sr. Disc. Nts.,
8.497%, Series B, 1/15/08(8) 50,000 23,000
- -------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 3.3%
AT&T Capital Corp., 6.25% Nts., Series MTN, 5/15/01 175,000 175,172
- -------------------------------------------------------------------------------------
Comcast Cellular Communications, Inc., 9.50% Sr. Nts.,
5/1/07 125,000 130,938
- -------------------------------------------------------------------------------------
Comcast UK Cable Partners Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07(6) 125,000 104,688
- -------------------------------------------------------------------------------------
Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts.,
2/15/07(6) 125,000 92,813
- -------------------------------------------------------------------------------------
e.spire Communications, Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(6) 100,000 83,750
- -------------------------------------------------------------------------------------
GST USA, Inc., 0%/13.875% Gtd. Sr. Disc. Nts., 12/15/05(6) 125,000 101,875
- -------------------------------------------------------------------------------------
ICG Holdings, Inc., 0%/11.625% Sr. Disc. Nts., 3/15/07(6) 125,000 88,125
- -------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon
Nts., Series B, 2/1/06(6) 200,000 166,000
- -------------------------------------------------------------------------------------
Iridium LLC/Iridium Capital Corp., 11.25% Sr. Unsec. Nts.,
Series C/EN, 7/15/05 125,000 125,938
- -------------------------------------------------------------------------------------
Level 3 Communications, Inc., 9.125% Sr. Nts., 5/1/08(2) 125,000 122,344
- -------------------------------------------------------------------------------------
Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts.,
Series B, 6/1/06(6) 125,000 93,438
- -------------------------------------------------------------------------------------
Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts.,
8/15/04(6) 150,000 147,000
- -------------------------------------------------------------------------------------
Price Communications Cellular Holdings, Inc., 0%/13.50% Sr.
Disc. Nts., Series B, 8/1/07(6) 150,000 105,375
- -------------------------------------------------------------------------------------
Qwest Communications International, Inc., 0%/9.47% Sr. Disc.
Nts., 10/15/07(6) 125,000 94,063
- -------------------------------------------------------------------------------------
RSL Communications plc, 9.125% Sr. Nts., 3/1/08(2) 100,000 97,500
- -------------------------------------------------------------------------------------
Rural Cellular Corp., 9.625% Sr. Sub. Nts., 5/15/08(2) 100,000 100,500
- -------------------------------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr.
Nts., 8/15/06 100,000 115,750
- -------------------------------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr. Unsec. Bonds, Series B,
6/30/07 125,000 135,000
- -------------------------------------------------------------------------------------
Teleport Communications Group, Inc., 0%/11.125% Sr. Disc.
Nts., 7/1/07(6) 50,000 43,500
- -------------------------------------------------------------------------------------
TeleWest Communications plc, 0%/11% Sr. Disc. Debs.,
10/1/07(6) 75,000 62,625
- -------------------------------------------------------------------------------------
TeleWest Communications plc, 9.625% Sr. Debs., 10/1/06 75,000 79,406
- -------------------------------------------------------------------------------------
US West Capital Funding, Inc., 6.125% Nts., 7/15/02 200,000 200,605
- -------------------------------------------------------------------------------------
Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 53,875
- -------------------------------------------------------------------------------------
Winstar Communications, Inc., 0%/14% Sr. Disc. Nts.,
10/15/05(6) 50,000 41,875
-----------
2,562,155
- -------------------------------------------------------------------------------------
UTILITIES - 0.9%
- -------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.3%
Niagara Mohawk Power Corp., 7.125% Sr. Unsec. Nts., Series
C, 7/1/01 200,000 200,750
- -------------------------------------------------------------------------------------
GAS UTILITIES - 0.3%
Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 170,000 172,461
- -------------------------------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 75,000 82,113
-----------
254,574
- -------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 0.3%
Ameritech Capital Funding Corp., 5.65% Gtd. Nts., 1/15/01 100,000 99,459
</TABLE>
51
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
TELEPHONE UTILITIES (CONTINUED)
Teligent, Inc., 11.50% Sr. Nts., 12/1/07 $ 125,000 $ 126,875
-----------
226,334
-----------
Total Non-Convertible Corporate Bonds and Notes (Cost
$15,471,041) 16,041,858
- -------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND NOTES - 0.1%
- -------------------------------------------------------------------------------------
Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts.,
2/15/01(3)(9) 100,000 2,500
- -------------------------------------------------------------------------------------
NationsBank Corp., 8.50% Exchangeable Sub. Nts., 3/1/99 35,000 35,579
-----------
Total Convertible Corporate Bonds and Notes (Cost $129,936) 38,079
- -------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 10.8%
- -------------------------------------------------------------------------------------
Repurchase agreement with Zion First National Bank, 5.90%,
dated 6/30/98, to be repurchased at $8,419,380 on 7/1/98,
collateralized by U.S. Treasury Bonds, 9%, 11/15/18, with a
value of $8,598,102 (Cost $8,418,000) 8,418,000 8,418,000
- -------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $68,408,734) 99.3% 77,383,805
- -------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.7 580,481
---------- -----------
NET ASSETS 100.0% $77,964,286
---------- -----------
---------- -----------
</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 $1,482,476 or 1.90% of the Fund's net
assets as of June 30, 1998.
3. Identifies issues considered to be illiquid or restricted - See Note 6 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. Represents the current interest rate for a variable rate security.
6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
7. Units may be comprised of several components, such as debt and equity and/or
warrants to purchase equity at some point in the future. For units which
represent debt securities, principal amount disclosed represents total
underlying principal.
8. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
9. Non-income producing--issuer is in default of interest payment.
See accompanying Notes to Financial Statements.
52
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 70.2%
- -------------------------------------------------------------------------------------
BASIC MATERIALS - 1.3%
- -------------------------------------------------------------------------------------
CHEMICALS - 0.6%
Dexter Corp. 6,000 $ 190,875
- -------------------------------------------------------------------------------------
Ethyl Corp. 16,200 99,225
- -------------------------------------------------------------------------------------
Fuji Photo Film Co. 2,000 69,604
- -------------------------------------------------------------------------------------
IMC Global, Inc. 2,834 85,374
-----------
445,078
- -------------------------------------------------------------------------------------
METALS - 0.4%
Carpenter Technology Corp. 4,300 216,075
- -------------------------------------------------------------------------------------
ROHN Industries, Inc. 12,000 56,250
-----------
272,325
- -------------------------------------------------------------------------------------
PAPER - 0.3%
Kimberly-Clark de Mexico SA, Cl. A 16,000 55,553
- -------------------------------------------------------------------------------------
Union Camp Corp. 900 44,662
- -------------------------------------------------------------------------------------
Unisource Worldwide, Inc. 9,000 97,312
-----------
197,527
- -------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 11.1%
- -------------------------------------------------------------------------------------
AUTOS & HOUSING - 2.2%
Bridgestone Corp. 5,000 118,168
- -------------------------------------------------------------------------------------
Dollar Thrifty Automotive Group, Inc.(1) 5,400 71,550
- -------------------------------------------------------------------------------------
Federal-Mogul Corp. 5,400 364,500
- -------------------------------------------------------------------------------------
Hertz Corp., Cl. A 1,700 75,331
- -------------------------------------------------------------------------------------
Lear Corp.(1) 2,300 118,019
- -------------------------------------------------------------------------------------
Maytag Corp. 2,800 138,250
- -------------------------------------------------------------------------------------
Meditrust Corp., Paired Stock 5,407 151,058
- -------------------------------------------------------------------------------------
Republic Industries, Inc.(1) 5,800 145,000
- -------------------------------------------------------------------------------------
Tower Realty Trust, Inc. 6,500 145,437
- -------------------------------------------------------------------------------------
Whirlpool Corp. 2,600 178,750
-----------
1,506,063
- -------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 3.0%
Alaska Air Group, Inc.(1) 2,400 130,950
- -------------------------------------------------------------------------------------
America West Holdings Corp., Cl. B(1) 4,900 139,956
- -------------------------------------------------------------------------------------
American Skiing Corp.(1) 9,100 118,300
- -------------------------------------------------------------------------------------
AMR Corp.(1) 3,600 299,700
- -------------------------------------------------------------------------------------
CDL Hotels International Ltd. 300,000 89,049
- -------------------------------------------------------------------------------------
CKE Restaurants, Inc. 2,000 82,500
- -------------------------------------------------------------------------------------
Coach USA, Inc.(1) 3,700 168,812
- -------------------------------------------------------------------------------------
Delta Air Lines, Inc. 800 103,400
</TABLE>
53
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
LEISURE & ENTERTAINMENT (CONTINUED)
Granada Group plc 13,000 $ 238,886
- -------------------------------------------------------------------------------------
Hasbro, Inc. 4,500 176,906
- -------------------------------------------------------------------------------------
Outback Steakhouse, Inc.(1) 1,900 74,100
- -------------------------------------------------------------------------------------
Piccadilly Cafeterias, Inc. 9,300 119,737
- -------------------------------------------------------------------------------------
Prime Hospitality Corp.(1) 7,900 137,756
- -------------------------------------------------------------------------------------
Vistana, Inc.(1) 12,600 231,525
-----------
2,111,577
- -------------------------------------------------------------------------------------
MEDIA - 1.1%
Applied Graphics Technologies, Inc.(1) 6,900 315,675
- -------------------------------------------------------------------------------------
Benpres Holdings Corp., GDR(1)(2) 2,400 7,252
- -------------------------------------------------------------------------------------
Benpres Holdings Corp., Sponsored GDR(1) 6,000 18,129
- -------------------------------------------------------------------------------------
Emmis Broadcasting Corp., Cl. A(1) 2,600 124,312
- -------------------------------------------------------------------------------------
Television Broadcasts Ltd. 23,000 60,850
- -------------------------------------------------------------------------------------
VNU - Verenigde Nederlandse Uitgeverbedrijven Verenigd Bezit 4,000 145,314
- -------------------------------------------------------------------------------------
Wolters Kluwer NV 900 123,526
-----------
795,058
- -------------------------------------------------------------------------------------
RETAIL: GENERAL - 2.5%
Circle K Japan Co. Ltd. 1,300 45,243
- -------------------------------------------------------------------------------------
Dayton Hudson Corp. 2,800 135,800
- -------------------------------------------------------------------------------------
Federated Department Stores, Inc.(1) 3,600 193,725
- -------------------------------------------------------------------------------------
Fruit of the Loom, Inc., Cl. A(1) 5,800 192,487
- -------------------------------------------------------------------------------------
Ito-Yokado Co. Ltd.(1) 2,000 94,102
- -------------------------------------------------------------------------------------
K Mart Corp.(1) 5,000 96,250
- -------------------------------------------------------------------------------------
Liz Claiborne, Inc. 2,000 104,500
- -------------------------------------------------------------------------------------
Nordstrom, Inc. 900 69,525
- -------------------------------------------------------------------------------------
Penney (J.C.) Co., Inc. 4,900 354,331
- -------------------------------------------------------------------------------------
Sears Roebuck & Co. 7,700 470,181
-----------
1,756,144
- -------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 2.3%
Brown Group, Inc. 9,700 192,787
- -------------------------------------------------------------------------------------
Brylane, Inc.(1) 1,600 73,600
- -------------------------------------------------------------------------------------
Dickson Concepts International Ltd. 32,000 44,602
- -------------------------------------------------------------------------------------
Guitar Center, Inc.(1) 5,400 162,675
- -------------------------------------------------------------------------------------
Hennes & Mauritz AB, B Shares 3,200 204,240
- -------------------------------------------------------------------------------------
Inacom Corp.(1) 3,300 104,775
- -------------------------------------------------------------------------------------
Koninklijke Ahold NV 5,000 160,504
- -------------------------------------------------------------------------------------
Kroll-O'Gara Co. (The)(1) 4,500 96,187
- -------------------------------------------------------------------------------------
New England Business Service, Inc. 6,300 203,175
- -------------------------------------------------------------------------------------
Payless ShoeSource, Inc.(1) 2,800 206,325
</TABLE>
54
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
RETAIL: SPECIALTY (CONTINUED)
Stage Stores, Inc.(1) 2,700 $ 122,175
-----------
1,571,045
- -------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 10.6%
- -------------------------------------------------------------------------------------
BEVERAGES - 0.4%
Embotelladora Andina SA, Series B, Sponsored ADR 2,800 43,750
- -------------------------------------------------------------------------------------
Scottish & Newcastle plc 15,000 210,980
-----------
254,730
- -------------------------------------------------------------------------------------
FOOD - 2.2%
Colruyt SA 250 196,184
- -------------------------------------------------------------------------------------
Groupe Danone 800 220,084
- -------------------------------------------------------------------------------------
Jeronimo Martins & Filho SA 3,000 144,121
- -------------------------------------------------------------------------------------
Kroger Co.(1) 4,500 192,937
- -------------------------------------------------------------------------------------
Nestle SA 80 171,201
- -------------------------------------------------------------------------------------
Safeway, Inc.(1) 3,600 146,475
- -------------------------------------------------------------------------------------
United Natural Foods, Inc.(1) 6,800 193,800
- -------------------------------------------------------------------------------------
William Morrison Supermarkets plc 46,000 231,649
-----------
1,496,451
- -------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 3.6%
Amgen, Inc.(1) 3,500 228,812
- -------------------------------------------------------------------------------------
Fresenius AG, Preference 700 130,103
- -------------------------------------------------------------------------------------
Incyte Pharmaceuticals, Inc. 4,200 143,325
- -------------------------------------------------------------------------------------
Jones Pharma, Inc. 5,300 175,562
- -------------------------------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl. A(1) 7,400 270,100
- -------------------------------------------------------------------------------------
Novartis AG 100 166,402
- -------------------------------------------------------------------------------------
Novo-Nordisk AS, B Shares 1,200 165,421
- -------------------------------------------------------------------------------------
PharMerica, Inc.(1) 13,400 161,637
- -------------------------------------------------------------------------------------
Pliva d.d.(2) 5,900 93,334
- -------------------------------------------------------------------------------------
Richter Gedeon Rt., Sponsored GDR(1)(2) 2,000 160,892
- -------------------------------------------------------------------------------------
Sanofi SA 1,500 176,005
- -------------------------------------------------------------------------------------
Schering AG 1,200 141,188
- -------------------------------------------------------------------------------------
SKW Trostberg AG 4,000 142,272
- -------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 4,000 106,352
- -------------------------------------------------------------------------------------
Zeneca Group plc 6,000 257,329
-----------
2,518,734
- -------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 3.0%
Alternative Living Services, Inc.(1) 6,300 170,100
- -------------------------------------------------------------------------------------
Concentra Managed Care, Inc.(1) 6,700 174,200
- -------------------------------------------------------------------------------------
HealthCare Financial Partners, Inc.(1) 3,700 226,856
- -------------------------------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR(1) 10,000 155,000
- -------------------------------------------------------------------------------------
National Surgery Centers, Inc.(1) 10,200 296,437
</TABLE>
55
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES (CONTINUED)
Olympus Optical Co. Ltd.(1) 9,000 $ 78,207
- -------------------------------------------------------------------------------------
Pediatrix Medical Group, Inc.(1) 5,800 215,687
- -------------------------------------------------------------------------------------
Renal Care Group, Inc.(1) 5,200 229,125
- -------------------------------------------------------------------------------------
SmithKline Beecham plc 21,000 256,153
- -------------------------------------------------------------------------------------
Tenet Healthcare Corp.(1) 4,390 137,187
- -------------------------------------------------------------------------------------
Trex Medical Corp.(1) 5,900 97,350
- -------------------------------------------------------------------------------------
WellPoint Health Networks, Inc.(1) 500 37,000
-----------
2,073,302
- -------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 1.4%
Dial Corp. (The) 6,000 155,625
- -------------------------------------------------------------------------------------
Fort James Corp. 6,987 310,921
- -------------------------------------------------------------------------------------
L'OREAL 350 194,249
- -------------------------------------------------------------------------------------
Premark International, Inc. 5,600 180,600
- -------------------------------------------------------------------------------------
Reckitt & Colman plc 8,000 152,610
-----------
994,005
- -------------------------------------------------------------------------------------
ENERGY - 3.8%
- -------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.6%
Diamond Offshore Drilling, Inc. 4,600 184,000
- -------------------------------------------------------------------------------------
Global Marine, Inc.(1) 3,000 56,062
- -------------------------------------------------------------------------------------
Gulf Island Fabrication, Inc.(1) 3,800 71,250
- -------------------------------------------------------------------------------------
Transocean Offshore, Inc. 2,100 93,450
-----------
404,762
- -------------------------------------------------------------------------------------
OIL-INTEGRATED - 3.2%
Amoco Corp. 3,800 158,175
- -------------------------------------------------------------------------------------
Atlantic Richfield Co. 3,700 289,062
- -------------------------------------------------------------------------------------
Chevron Corp. 3,300 274,106
- -------------------------------------------------------------------------------------
Cliffs Drilling Co.(1) 1,400 45,937
- -------------------------------------------------------------------------------------
Exxon Corp. 6,300 449,269
- -------------------------------------------------------------------------------------
Mobil Corp. 5,000 383,125
- -------------------------------------------------------------------------------------
Occidental Petroleum Corp. 6,200 167,400
- -------------------------------------------------------------------------------------
Quinenco SA, ADR 2,800 25,200
- -------------------------------------------------------------------------------------
Shell Transport & Trading Co. plc 30,000 210,605
- -------------------------------------------------------------------------------------
Total SA, B Shares 1,400 181,599
-----------
2,184,478
- -------------------------------------------------------------------------------------
FINANCIAL - 11.8%
- -------------------------------------------------------------------------------------
BANKS - 5.1%
Banca di Roma(1) 80,000 166,521
- -------------------------------------------------------------------------------------
Banco Bradesco SA, Preference 6,700,000 56,190
- -------------------------------------------------------------------------------------
Banco Popular Espanol SA 2,200 187,968
- -------------------------------------------------------------------------------------
Banco Santander SA 6,000 153,831
</TABLE>
56
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
BANKS (CONTINUED)
Bank Handlowy W Warszawie GDR 8,000 $ 152,566
- -------------------------------------------------------------------------------------
BankAmerica Corp. 3,600 311,175
- -------------------------------------------------------------------------------------
BankBoston Corp. 9,200 511,750
- -------------------------------------------------------------------------------------
Bayerische Vereinsbank AG 1,950 165,574
- -------------------------------------------------------------------------------------
Credit Suisse Group 1,000 222,506
- -------------------------------------------------------------------------------------
Credito Italiano SpA 24,000 125,634
- -------------------------------------------------------------------------------------
First Union Corp. 5,200 302,900
- -------------------------------------------------------------------------------------
Lloyds TSB Group plc 18,000 251,676
- -------------------------------------------------------------------------------------
Mitsubishi Trust & Banking Corp. 10,000 84,952
- -------------------------------------------------------------------------------------
NationsBank Corp. 5,500 420,750
- -------------------------------------------------------------------------------------
Nordbanken Holding AB 28,000 205,393
- -------------------------------------------------------------------------------------
Thai Farmers Bank Public Co. Ltd. 45,000 39,628
- -------------------------------------------------------------------------------------
UBS AG 450 167,325
-----------
3,526,339
- -------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 2.6%
American Express Co. 2,100 239,400
- -------------------------------------------------------------------------------------
AMRESCO, Inc.(1) 9,900 288,337
- -------------------------------------------------------------------------------------
Cattles plc 20,000 200,600
- -------------------------------------------------------------------------------------
CB Richard Ellis Services, Inc.(1) 2,100 70,219
- -------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 36,000 37,805
- -------------------------------------------------------------------------------------
ING Groep NV 3,000 196,439
- -------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. 4,000 80,874
- -------------------------------------------------------------------------------------
Morgan Stanley Dean Witter & Co. 900 82,237
- -------------------------------------------------------------------------------------
Northern Rock plc 20,000 176,255
- -------------------------------------------------------------------------------------
Perlis Plantations Berhad 25,500 22,134
- -------------------------------------------------------------------------------------
Promise Co. Ltd. 1,400 57,600
- -------------------------------------------------------------------------------------
Sirrom Capital Corp. 7,800 202,800
- -------------------------------------------------------------------------------------
Travelers Group, Inc. 2,651 160,717
-----------
1,815,417
- -------------------------------------------------------------------------------------
FINANCIAL - 0.3%
Cornerstone Properties, Inc. 11,400 200,925
- -------------------------------------------------------------------------------------
INSURANCE - 3.0%
ACE Ltd. 2,000 78,000
- -------------------------------------------------------------------------------------
Allstate Corp. 2,300 210,594
- -------------------------------------------------------------------------------------
AXA SA 1,400 157,109
- -------------------------------------------------------------------------------------
Chubb Corp. 1,100 88,412
- -------------------------------------------------------------------------------------
Conseco, Inc. 6,100 285,175
- -------------------------------------------------------------------------------------
Equitable Cos., Inc. 1,400 104,912
- -------------------------------------------------------------------------------------
HSB Group, Inc. 3,750 200,625
- -------------------------------------------------------------------------------------
Irish Life plc(1) 15,000 138,089
</TABLE>
57
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
Pre-Paid Legal Services, Inc.(1) 6,700 $ 211,469
- -------------------------------------------------------------------------------------
St. Paul Cos., Inc. 6,200 260,787
- -------------------------------------------------------------------------------------
Torchmark Corp. 2,900 132,675
- -------------------------------------------------------------------------------------
Travelers Property Casualty Corp., Cl. A 4,900 210,087
-----------
2,077,934
- -------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - 0.8%
Camden Property Trust 7,200 214,200
- -------------------------------------------------------------------------------------
Capstone Capital Corp. 8,000 184,000
- -------------------------------------------------------------------------------------
Health & Retirement Properties Trust 9,200 173,075
-----------
571,275
- -------------------------------------------------------------------------------------
INDUSTRIAL - 9.4%
- -------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.4%
Cie de Saint Gobain 800 147,999
- -------------------------------------------------------------------------------------
USG Corp. 3,000 162,375
-----------
310,374
- -------------------------------------------------------------------------------------
INDUSTRIAL SERVICES - 5.1%
American Disposal Services, Inc.(1) 7,500 351,563
- -------------------------------------------------------------------------------------
Central Parking Corp. 3,300 150,150
- -------------------------------------------------------------------------------------
Computer Horizons Corp.(1) 8,050 298,353
- -------------------------------------------------------------------------------------
Computer Task Group, Inc. 11,500 385,250
- -------------------------------------------------------------------------------------
Cyberonics, Inc.(1) 6,000 63,750
- -------------------------------------------------------------------------------------
Eastern Environmental Services, Inc.(1) 10,800 367,200
- -------------------------------------------------------------------------------------
Hays plc 13,000 217,859
- -------------------------------------------------------------------------------------
Helix Technology Corp. 5,100 76,500
- -------------------------------------------------------------------------------------
Kendle International, Inc.(1) 3,500 105,875
- -------------------------------------------------------------------------------------
Lamar Advertising Co., Cl. A(1) 4,650 166,819
- -------------------------------------------------------------------------------------
Metamor Worldwide, Inc.(1) 8,000 281,500
- -------------------------------------------------------------------------------------
PMT Services, Inc.(1) 6,600 167,888
- -------------------------------------------------------------------------------------
Rental Service Corp.(1) 6,300 211,838
- -------------------------------------------------------------------------------------
Tetra Tech, Inc.(1) 8,800 213,400
- -------------------------------------------------------------------------------------
Transaction Systems Architects, Inc., Cl. A(1) 6,400 246,400
- -------------------------------------------------------------------------------------
Viad Corp. 5,300 147,075
- -------------------------------------------------------------------------------------
Waste Management, Inc. 3,200 112,000
-----------
3,563,420
- -------------------------------------------------------------------------------------
MANUFACTURING - 3.1%
AGCO Corp. 3,000 61,688
- -------------------------------------------------------------------------------------
BBA Group plc 21,000 158,279
- -------------------------------------------------------------------------------------
Canon Sales Co., Inc. 300 4,077
- -------------------------------------------------------------------------------------
Case Corp. 1,900 91,675
- -------------------------------------------------------------------------------------
Deere & Co. 900 47,588
</TABLE>
58
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MANUFACTURING (CONTINUED)
Ingersoll-Rand Co. 4,200 $ 185,063
- -------------------------------------------------------------------------------------
ITEQ, Inc.(1) 6,500 48,344
- -------------------------------------------------------------------------------------
Mannesmann AG 2,500 253,208
- -------------------------------------------------------------------------------------
PACCAR, Inc. 8,600 449,350
- -------------------------------------------------------------------------------------
Ricoh Co. Ltd. 11,000 115,798
- -------------------------------------------------------------------------------------
SMC Corp. 100 7,602
- -------------------------------------------------------------------------------------
Smiths Industries plc 12,000 167,684
- -------------------------------------------------------------------------------------
Textron, Inc. 4,600 329,763
- -------------------------------------------------------------------------------------
U.S. Industries, Inc. 8,650 214,088
-----------
2,134,207
- -------------------------------------------------------------------------------------
TRANSPORTATION - 0.8%
Brambles Industries Ltd. 5,000 98,120
- -------------------------------------------------------------------------------------
GATX Corp. 8,400 368,550
- -------------------------------------------------------------------------------------
Gulfmark Offshore, Inc.(1) 2,400 54,600
-----------
521,270
- -------------------------------------------------------------------------------------
TECHNOLOGY - 13.6%
- -------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 1.4%
General Dynamics Corp. 10,200 474,300
- -------------------------------------------------------------------------------------
Lockheed Martin Corp. 3,300 349,388
- -------------------------------------------------------------------------------------
TriStar Aerospace Co.(1) 7,400 114,700
-----------
938,388
- -------------------------------------------------------------------------------------
COMPUTER HARDWARE - 3.9%
Apex PC Solutions, Inc.(1) 4,000 111,500
- -------------------------------------------------------------------------------------
Apple Computer, Inc.(1) 4,800 137,700
- -------------------------------------------------------------------------------------
Compaq Computer Corp. 6,700 190,113
- -------------------------------------------------------------------------------------
Gateway 2000, Inc.(1) 3,000 151,875
- -------------------------------------------------------------------------------------
Insight Enterprises, Inc.(1) 5,600 224,000
- -------------------------------------------------------------------------------------
International Business Machines Corp. 1,500 172,219
- -------------------------------------------------------------------------------------
Lexmark International Group, Inc., Cl. A(1) 2,400 146,400
- -------------------------------------------------------------------------------------
Network Appliance, Inc.(1) 6,900 268,669
- -------------------------------------------------------------------------------------
Radiant Systems, Inc.(1) 6,200 89,900
- -------------------------------------------------------------------------------------
Semtech Corp.(1) 6,100 107,894
- -------------------------------------------------------------------------------------
Storage Technology Corp. (New)(1) 8,200 355,675
- -------------------------------------------------------------------------------------
Waters Corp.(1) 6,100 359,519
- -------------------------------------------------------------------------------------
Xerox Corp. 3,300 335,363
- -------------------------------------------------------------------------------------
Xylan Corp.(1) 2,000 59,625
-----------
2,710,452
- -------------------------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 3.5%
BEA Systems, Inc.(1) 5,400 123,863
- -------------------------------------------------------------------------------------
Computer Management Sciences, Inc.(1) 6,400 152,000
</TABLE>
59
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE/SERVICES (CONTINUED)
Dendrite International, Inc.(1) 4,600 $ 173,075
- -------------------------------------------------------------------------------------
Diamond Technology Partners, Inc.(1) 4,900 148,225
- -------------------------------------------------------------------------------------
Envoy Corp.(1) 2,400 113,700
- -------------------------------------------------------------------------------------
JDA Software Group, Inc.(1) 3,400 148,750
- -------------------------------------------------------------------------------------
Pegasystems, Inc.(1) 6,900 187,163
- -------------------------------------------------------------------------------------
QuadraMed Corp.(1) 5,100 139,294
- -------------------------------------------------------------------------------------
SAP AG, Preference 450 305,426
- -------------------------------------------------------------------------------------
Summit Design, Inc.(1) 8,300 121,906
- -------------------------------------------------------------------------------------
Symantec Corp.(1) 1,400 36,575
- -------------------------------------------------------------------------------------
Technology Solutions Co.(1) 9,650 305,784
- -------------------------------------------------------------------------------------
Veritas Software Corp.(1) 4,312 178,409
- -------------------------------------------------------------------------------------
Visio Corp.(1) 4,200 200,550
- -------------------------------------------------------------------------------------
Wind River Systems, Inc.(1) 3,450 123,769
-----------
2,458,489
- -------------------------------------------------------------------------------------
ELECTRONICS - 2.6%
ATMI, Inc.(1) 1,800 27,000
- -------------------------------------------------------------------------------------
Bowthorpe plc 26,000 226,313
- -------------------------------------------------------------------------------------
Electrocomponents plc 23,000 180,257
- -------------------------------------------------------------------------------------
Getronics NV 2,300 119,284
- -------------------------------------------------------------------------------------
Hoshiden Corp.(1) 10,000 107,360
- -------------------------------------------------------------------------------------
Keyence Corp. 60 6,528
- -------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 64,272
- -------------------------------------------------------------------------------------
Rohm Co. 1,000 102,677
- -------------------------------------------------------------------------------------
Royal Philips Electronics NV 2,000 168,123
- -------------------------------------------------------------------------------------
Sawtek, Inc.(1) 2,800 41,300
- -------------------------------------------------------------------------------------
Sony Corp. 1,600 137,767
- -------------------------------------------------------------------------------------
TDK Corp. 2,000 147,710
- -------------------------------------------------------------------------------------
Vitesse Semiconductor Corp.(1) 8,700 268,613
- -------------------------------------------------------------------------------------
VTech Holdings Ltd. 61,000 227,119
-----------
1,824,323
- -------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 2.2%
DSP Communications, Inc.(1) 6,900 94,875
- -------------------------------------------------------------------------------------
Excel Switching Corp.(1) 3,700 92,038
- -------------------------------------------------------------------------------------
Inter-Tel, Inc. 600 9,600
- -------------------------------------------------------------------------------------
Matsushita Communication Industrial Co. 4,000 105,487
- -------------------------------------------------------------------------------------
Nippon Telegraph & Telephone Corp. 17 140,865
- -------------------------------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 198 1,101
- -------------------------------------------------------------------------------------
Tekelec(1) 5,000 223,750
- -------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 27,500 168,167
</TABLE>
60
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
SHARES NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED)
Telecom Italia SpA 23,000 $ 169,309
- -------------------------------------------------------------------------------------
Uniphase Corp.(1) 3,700 232,291
- -------------------------------------------------------------------------------------
Vodafone Group plc 22,000 279,173
-----------
1,516,656
- -------------------------------------------------------------------------------------
UTILITIES - 8.6%
- -------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 2.7%
Duke Energy Corp. 4,848 287,244
- -------------------------------------------------------------------------------------
Edison International 4,800 141,900
- -------------------------------------------------------------------------------------
FPL Group, Inc. 8,100 510,300
- -------------------------------------------------------------------------------------
Illinova Corp. 5,000 150,000
- -------------------------------------------------------------------------------------
Kansas City Power & Light Co. 6,600 191,400
- -------------------------------------------------------------------------------------
United Utilities plc 13,000 189,570
- -------------------------------------------------------------------------------------
Veba AG 2,600 176,900
- -------------------------------------------------------------------------------------
Western Resources, Inc. 5,200 201,825
-----------
1,849,139
- -------------------------------------------------------------------------------------
GAS UTILITIES - 2.0%
Columbia Energy Group 4,800 267,000
- -------------------------------------------------------------------------------------
El Paso Natural Gas Co. 10,400 397,800
- -------------------------------------------------------------------------------------
MCN Energy Group, Inc. 5,000 124,375
- -------------------------------------------------------------------------------------
National Fuel Gas Co. 5,600 243,950
- -------------------------------------------------------------------------------------
Questar Corp. 10,800 211,950
- -------------------------------------------------------------------------------------
RWE AG, Preference 2,500 107,313
-----------
1,352,388
- -------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 3.9%
AT&T Corp. 10,800 616,950
- -------------------------------------------------------------------------------------
Bell Atlantic Corp. 10,760 490,925
- -------------------------------------------------------------------------------------
Century Telephone Enterprises, Inc. 1,500 68,813
- -------------------------------------------------------------------------------------
Frontier Corp. 10,000 315,000
- -------------------------------------------------------------------------------------
Pacific Gateway Exchange, Inc.(1) 4,500 180,281
- -------------------------------------------------------------------------------------
Tel-Save Holdings, Inc.(1) 5,500 81,125
- -------------------------------------------------------------------------------------
Tele Danmark AS, B Shares 2,000 191,944
- -------------------------------------------------------------------------------------
Telefonica de Espana 4,909 227,349
- -------------------------------------------------------------------------------------
U S West, Inc. 10,900 512,300
-----------
2,684,687
-----------
Total Common Stocks (Cost $39,486,520) 48,636,962
- -------------------------------------------------------------------------------------
PREFERRED STOCKS - 0.3%
- -------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,100 123,062
- -------------------------------------------------------------------------------------
PRIMEDIA, Inc., 10% Preferred Stock, Series D(3) 500 52,875
-----------
Total Preferred Stocks (Cost $155,325) 175,937
</TABLE>
61
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
VALUE
UNITS NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
RIGHTS, WARRANTS AND CERTIFICATES - 0.0%
- -------------------------------------------------------------------------------------
Australis Holdings PTY Ltd., Australia Media Ltd. Wts., Exp.
10/01(3) 100 $ 1
- -------------------------------------------------------------------------------------
e.spire Communications, Inc. Wts., Exp. 11/05(3) 100 19,480
- -------------------------------------------------------------------------------------
Haw Par Brothers Corp. Ltd. Wts., Exp. 7/01 2,500 297
- -------------------------------------------------------------------------------------
Microcell Telecommunications, Inc. Wts., Exp. 6/06(3) 200 5,554
- -------------------------------------------------------------------------------------
Price Communications Corp. Wts., Exp. 8/07(3) 344 5,203
-----------
Total Rights, Warrants and Certificates (Cost $4,332) 30,535
PRINCIPAL
AMOUNT
- -------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 0.3%
- -------------------------------------------------------------------------------------
Arcadia Automobile Receivables Trust, Automobile
Receivables-Backed Nts., Series 1998-B, Cl. A3, 5.95%,
11/15/02 $ 75,000 75,012
- -------------------------------------------------------------------------------------
IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2,
Cl. A, 6.752%, 6/25/07(3) 50,000 50,344
- -------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Automobile
Receivables-Backed Nts.:
Series 1996-A, Cl. A-4, 5.85%, 7/15/01 15,000 14,988
Series 1997-A, Cl. A-5, 6.80%, 2/15/05 50,000 51,008
-----------
Total Asset-Backed Securities (Cost $189,839) 191,352
- -------------------------------------------------------------------------------------
MORTGAGE-BACKED OBLIGATIONS - 1.3%
- -------------------------------------------------------------------------------------
Countrywide Funding Corp., Mtg. Pass-Through Certificates,
Series 1994-10, Cl. A3, 6%, 5/25/09 100,000 99,687
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Collateralized Mtg.
Obligations, Gtd. Multiclass Mtg. Participation
Certificates, Series 1711, Cl. EA, 7%, 3/15/24 100,000 103,843
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates:
6%, 3/1/09 14,903 14,883
Series 1574, Cl. PD, 5.55%, 3/15/13(3) 7,210 7,195
Series 1843, Cl. VB, 7%, 4/15/03 15,000 15,436
Series 1849, Cl. VA, 6%, 12/15/10 21,701 21,668
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security:
Series 1542, Cl. QC, 7.411%, 10/15/20(4) 300,000 53,074
Series 1583, Cl. IC, 6.775%, 1/15/20(4) 250,000 28,750
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 38,253 38,118
6.50%, 4/1/26 43,761 43,685
7%, 4/1/00 41,137 41,443
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., Collateralized Mtg.
Obligations, Gtd. Real Estate Mtg. Investment Conduit
Pass-Through Certificates:
Trust 1993-181, Cl. C, 5.40%, 10/25/02 17,330 17,255
Trust 1993-190, Cl. Z, 5.85%, 7/25/08 39,390 39,317
- -------------------------------------------------------------------------------------
Federal National Mortgage Assn., Medium-Term Nts., 6.56%,
11/13/01 75,000 75,129
- -------------------------------------------------------------------------------------
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 95,651
</TABLE>
62
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
- -------------------------------------------------------------------------------------
IMC Home Equity Trust, Asset-Backed Home Equity Securities,
Series 1998-3, Cl. A5, 6.36%, 8/20/22(5) $ 125,000 $ 125,146
- -------------------------------------------------------------------------------------
PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through
Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 50,000 50,100
- -------------------------------------------------------------------------------------
Residential Accredit Loans, Inc., Mtg. Asset-Backed
Pass-Through Certificates, Series 1997-QS9, Cl. 2, 6.75%,
9/25/27 50,000 49,922
-----------
Total Mortgage-Backed Obligations (Cost $910,356) 920,302
- -------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 3.8%
- -------------------------------------------------------------------------------------
U.S. Treasury Bonds:
6%, 2/15/26 275,000 286,172
7.50%, 11/15/16 760,000 912,713
- -------------------------------------------------------------------------------------
U.S. Treasury Nts.:
5.625%, 2/15/06 375,000 376,641
5.75%, 8/15/03 50,000 50,547
6.50%, 8/15/05 875,000 923,945
7.50%, 11/15/01 50,000 52,969
-----------
Total U.S. Government Obligations (Cost $2,461,644) 2,602,987
- -------------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 11.8%
- -------------------------------------------------------------------------------------
BASIC MATERIALS - 1.0%
- -------------------------------------------------------------------------------------
CHEMICALS - 0.6%
Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 30,000 31,737
- -------------------------------------------------------------------------------------
Laroche Industries, Inc., 9.50% Sr. Sub. Nts., Series B,
9/15/07 75,000 73,500
- -------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts.,
6/1/20 15,000 20,058
- -------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05(6) 75,000 78,187
- -------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 15,000 19,244
- -------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 50,000 54,750
- -------------------------------------------------------------------------------------
Sterling Chemicals Holdings, Inc., 0%/13.50% Sr. Disc. Nts.,
8/15/08(6) 75,000 43,875
- -------------------------------------------------------------------------------------
Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B,
7/1/06 75,000 81,750
-----------
403,101
- -------------------------------------------------------------------------------------
METALS - 0.3%
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 35,000 37,739
- -------------------------------------------------------------------------------------
Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts.,
Series B, 4/15/03 75,000 75,375
- -------------------------------------------------------------------------------------
WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 75,000 77,437
-----------
190,551
- -------------------------------------------------------------------------------------
PAPER - 0.1%
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 51,437
- -------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 3.7%
- -------------------------------------------------------------------------------------
AUTOS & HOUSING - 0.3%
Black & Decker Corp., 6.625% Nts., 11/15/00 15,000 15,164
- -------------------------------------------------------------------------------------
Cambridge Industries, Inc., 10.25% Sr. Sub. Nts., Series B,
7/15/07 75,000 76,125
- -------------------------------------------------------------------------------------
First Industrial LP, 7.15% Bonds, 5/15/27 50,000 51,706
</TABLE>
63
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
AUTOS & HOUSING (CONTINUED)
Oxford Automotive, Inc., 10.125% Sr. Sub. Nts., 6/15/07(2) $ 75,000 $ 77,625
-----------
220,620
- -------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT - 1.4%
American Skiing Corp., 12% Sr. Sub. Nts., Series B,
7/15/06(3) 50,000 56,250
- -------------------------------------------------------------------------------------
Ameristar Casinos, Inc., 10.50% Sr. Sub. Nts., Series B,
8/1/04 50,000 52,250
- -------------------------------------------------------------------------------------
Bally Total Fitness Holding Corp., 9.875% Sr. Sub. Nts.,
Series B, 10/15/07 75,000 77,625
- -------------------------------------------------------------------------------------
Casino America, Inc., 12.50% Sr. Nts., 8/1/03 50,000 56,750
- -------------------------------------------------------------------------------------
Casino Magic of Louisiana Corp., 13% First Mtg. Nts., Series
B, 8/15/03 50,000 57,750
- -------------------------------------------------------------------------------------
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 50,803
- -------------------------------------------------------------------------------------
HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 50,000 56,000
- -------------------------------------------------------------------------------------
Hollywood Casino Corp., 12.75% Gtd. Sr. Sec. Nts., 11/1/03 75,000 82,500
- -------------------------------------------------------------------------------------
Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 50,000 53,187
- -------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority (Connecticut), 13.50% Sr.
Sec. Nts., Series B, 11/15/02 50,000 63,250
- -------------------------------------------------------------------------------------
Players International, Inc., 10.875% Sr. Nts., 4/15/05 75,000 81,656
- -------------------------------------------------------------------------------------
Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 75,000 79,500
- -------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 50,000 53,750
- -------------------------------------------------------------------------------------
Trans World Airlines, Inc., 11.375% Unsec. Nts., 3/1/06(2) 75,000 75,469
-----------
977,740
- -------------------------------------------------------------------------------------
MEDIA - 1.6%
Adelphia Communications Corp., 10.50% Sr. Unsec. Nts.,
Series B, 7/15/04 75,000 82,312
- -------------------------------------------------------------------------------------
Allbritton Communications Co., 8.875% Sr. Sub. Nts., Series
B, 2/1/08 75,000 81,375
- -------------------------------------------------------------------------------------
Australis Holdings PTY Ltd., 0%/15% Sr. Sec. Disc. Nts.,
11/1/02(6) 100,000 22,500
- -------------------------------------------------------------------------------------
Cablevision Systems Corp. Holdings, Inc., 9.875% Sr. Sub.
Nts., 5/15/06 50,000 54,875
- -------------------------------------------------------------------------------------
Century Communications Corp., 9.75% Sr. Nts., 2/15/02 50,000 53,750
- -------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 50,000 53,500
- -------------------------------------------------------------------------------------
EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec.
Disc. Nts., 3/15/04(6) 50,000 46,125
- -------------------------------------------------------------------------------------
Falcon Holding Group LP, 0%/9.285% Sr. Disc. Debs.,
4/15/10(2)(6) 100,000 65,250
- -------------------------------------------------------------------------------------
Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 25,000 25,500
- -------------------------------------------------------------------------------------
Hollinger International Publishing, Inc., 9.25% Gtd. Sr.
Sub. Nts., 3/15/07 50,000 52,875
- -------------------------------------------------------------------------------------
Interepublic National Radio Sales Corp., 10% Sr. Unsec.
Nts., 7/1/08(2) 50,000 50,375
- -------------------------------------------------------------------------------------
Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 75,000 77,156
- -------------------------------------------------------------------------------------
Marcus Cable Operating Co. LP/Marcus Cable Capital Corp.,
0%/13.50% Gtd. Sr. Sub. Disc. Nts., Series II, 8/1/04(6) 75,000 73,125
- -------------------------------------------------------------------------------------
MDC Communications Corp., 10.50% Sr. Sub. Nts., 12/1/06 75,000 79,125
- -------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 53,875
- -------------------------------------------------------------------------------------
Spanish Broadcasting Systems, Inc., 11% Sr. Nts., 3/15/04 50,000 54,250
- -------------------------------------------------------------------------------------
TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts.,
2/15/07 50,000 50,000
- -------------------------------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 40,000 43,830
</TABLE>
64
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
MEDIA (CONTINUED)
United International Holdings, Inc., 0%/10.75% Sr. Disc.
Nts., Series B, 2/15/08(6) $ 100,000 $ 62,000
-----------
1,081,798
- -------------------------------------------------------------------------------------
RETAIL: GENERAL - 0.2%
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 5,000 5,462
- -------------------------------------------------------------------------------------
Price/Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 40,000 42,088
- -------------------------------------------------------------------------------------
William Carter Co., 10.375% Sr. Sub. Nts., Series A, 12/1/06 75,000 80,250
-----------
127,800
- -------------------------------------------------------------------------------------
RETAIL: SPECIALTY - 0.2%
K Mart Corp., 7.75% Debs., 10/1/12 50,000 50,713
- -------------------------------------------------------------------------------------
Pantry, Inc. (The), 10.25% Sr. Sub. Nts., 10/15/07 75,000 76,875
-----------
127,588
- -------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS - 0.9%
- -------------------------------------------------------------------------------------
FOOD - 0.3%
AmeriServe Food Distribution, Inc., 8.875% Sr. Nts.,
10/15/06 75,000 75,375
- -------------------------------------------------------------------------------------
Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 40,000 40,538
- -------------------------------------------------------------------------------------
Jitney-Jungle Stores of America, Inc., 10.375% Sr. Sub.
Nts., 9/15/07 50,000 53,625
- -------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05(3) 50,000 57,250
-----------
226,788
- -------------------------------------------------------------------------------------
HEALTHCARE/DRUGS - 0.1%
Integrated Health Services, Inc., 9.25% Sr. Sub. Nts.,
Series A, 1/15/08 50,000 52,000
- -------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES - 0.4%
Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 30,000 29,311
- -------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 25,000 28,000
- -------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A, 9/15/05 50,000 55,750
- -------------------------------------------------------------------------------------
Paracelsus Healthcare Corp., 10% Sr. Unsec. Sub. Nts.,
8/15/06 50,000 49,875
- -------------------------------------------------------------------------------------
Playtex Products, Inc., 8.875% Sr. Nts., 7/15/04 50,000 51,625
- -------------------------------------------------------------------------------------
Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 50,000 51,572
-----------
266,133
- -------------------------------------------------------------------------------------
HOUSEHOLD GOODS - 0.1%
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 15,000 16,495
- -------------------------------------------------------------------------------------
Revlon Consumer Products Corp., 8.625% Sr. Unsec. Sub. Nts.,
2/1/08 75,000 75,469
-----------
91,964
- -------------------------------------------------------------------------------------
ENERGY - 0.8%
- -------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS - 0.5%
Coastal Corp., 8.125% Sr. Nts., 9/15/02 15,000 16,070
- -------------------------------------------------------------------------------------
Forcenergy, Inc., 8.50% Sr. Sub. Nts., Series B, 2/15/07 75,000 71,625
- -------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 15,000 16,880
- -------------------------------------------------------------------------------------
RAM Energy, Inc., 11.50% Sr. Unsec. Nts., 2/15/08 75,000 75,750
- -------------------------------------------------------------------------------------
Southwest Royalties, Inc., 10.50% Sr. Gtd. Nts., Series B,
10/15/04 75,000 61,500
- -------------------------------------------------------------------------------------
Transamerican Energy Corp., 11.50% Sr. Nts., Series B,
6/15/02 50,000 46,750
</TABLE>
65
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY SERVICES & PRODUCERS (CONTINUED)
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs.,
2/1/06 $ 25,000 $ 25,000
-----------
313,575
- -------------------------------------------------------------------------------------
OIL-INTEGRATED - 0.3%
Abraxas Petroleum Corp./CDN Abraxas Petroleum Ltd., 11.50%
Sr. Unsec. Nts., Series D, 11/1/04 50,000 51,875
- -------------------------------------------------------------------------------------
Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 50,000 55,221
- -------------------------------------------------------------------------------------
Norcen Energy Resources Ltd., 6.80% Debs., 7/2/02 50,000 51,382
- -------------------------------------------------------------------------------------
Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 50,000 54,396
- -------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 15,000 15,306
-----------
228,180
- -------------------------------------------------------------------------------------
FINANCIAL - 1.1%
- -------------------------------------------------------------------------------------
BANKS - 0.1%
Capital One Bank, Inc., 6.375% Sr. Nts., 2/15/03 50,000 50,096
- -------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 15,000 14,848
- -------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 15,000 16,557
- -------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 15,000 15,156
-----------
96,657
- -------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL - 0.6%
American General Institutional Capital B, 8.125% Bonds,
Series B, 3/15/46(2) 50,000 58,924
- -------------------------------------------------------------------------------------
Capital One Financial Corp., 7.25% Nts., 12/1/03 40,000 40,975
- -------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 15,000 14,853
- -------------------------------------------------------------------------------------
Countrywide Home Loans, Inc., 6.05% Gtd. Medium-Term Nts.,
Series D, 3/1/01 90,000 90,025
- -------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 25,000 24,794
- -------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 20,000 20,299
- -------------------------------------------------------------------------------------
Olympic Financial Ltd., Units (each unit consists of $1,000
principal amount of 11.50% sr. nts., 3/15/07 and one warrant
to purchase 6.84 shares of common stock)(7) 75,000 74,812
- -------------------------------------------------------------------------------------
Simon DeBartolo Group, Inc., 6.625% Nts., 6/15/03(2) 75,000 74,796
-----------
399,478
- -------------------------------------------------------------------------------------
INSURANCE - 0.3%
Cigna Corp., 7.90% Nts., 12/14/98 30,000 30,268
- -------------------------------------------------------------------------------------
Conseco Financing Trust III, 8.796% Bonds, 4/1/27 50,000 57,000
- -------------------------------------------------------------------------------------
Conseco, Inc., 6.40% Nts., 6/15/11 75,000 74,906
- -------------------------------------------------------------------------------------
Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 15,000 15,313
-----------
177,487
- -------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - 0.1%
Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub.
Nts., 1/26/01 80,000 82,315
- -------------------------------------------------------------------------------------
INDUSTRIAL - 1.8%
- -------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS - 0.1%
American Standard Cos., Inc., 10.875% Sr. Nts., 5/15/99(3) 43,000 45,042
- -------------------------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05(3) 50,000 52,875
-----------
97,917
</TABLE>
66
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL SERVICES - 1.0%
Advance Holding Corp., 0%/12.875% Sr. Disc. Nts.,
4/15/09(2)(6) $ 50,000 $ 29,750
- -------------------------------------------------------------------------------------
Applied Extrusion Technologies, Inc., 11.50% Sr. Nts.,
Series B, 4/1/02 125,000 132,500
- -------------------------------------------------------------------------------------
Employee Solutions, Inc., 10% Sr. Unsec. Nts., Series B,
10/15/04 75,000 74,250
- -------------------------------------------------------------------------------------
Jordan Telecommunication Products, Inc., 9.875% Sr. Nts.,
Series B, 8/1/07 50,000 51,250
- -------------------------------------------------------------------------------------
Kinetic Concepts, Inc., 9.625% Gtd. Unsec. Nts., Series B,
11/1/07 75,000 76,125
- -------------------------------------------------------------------------------------
KSL Recreation Group, Inc., 10.25% Sr. Sub. Nts., 5/1/07 50,000 54,250
- -------------------------------------------------------------------------------------
Maxim Group, Inc. (The), 9.25% Sr. Sub. Nts., Series B,
10/15/07 50,000 51,625
- -------------------------------------------------------------------------------------
Production Resource Group, 11.50% Sr. Sub. Nts., 1/15/08(2) 75,000 73,500
- -------------------------------------------------------------------------------------
Sun Co., Inc., 7.95% Debs., 12/15/01 50,000 52,842
- -------------------------------------------------------------------------------------
Tyco International Group SA, 6.125% Gtd. Nts., 6/15/01 75,000 75,266
- -------------------------------------------------------------------------------------
USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., Series B,
12/1/06 40,000 41,261
-----------
712,619
- -------------------------------------------------------------------------------------
MANUFACTURING - 0.3%
Jordan Industries, Inc., 10.375% Sr. Nts., Series B, 8/1/07 75,000 77,250
- -------------------------------------------------------------------------------------
Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 50,000 51,750
- -------------------------------------------------------------------------------------
U.S. Filter Corp., 6.375% Bonds, 5/15/01(3) 75,000 74,843
-----------
203,843
- -------------------------------------------------------------------------------------
TRANSPORTATION - 0.4%
CSX Corp., 7.05% Debs., 5/1/02 75,000 77,049
- -------------------------------------------------------------------------------------
Federal-Mogul Corp., 7.50% Nts., 7/1/04 75,000 75,469
- -------------------------------------------------------------------------------------
Golden Ocean Group Ltd., 10% Gtd. Sr. Unsec. Nts.,
8/31/01(2) 50,000 38,750
- -------------------------------------------------------------------------------------
Norfolk Southern Corp., 7.35% Nts., 5/15/07 50,000 53,703
- -------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 15,000 15,239
-----------
260,210
- -------------------------------------------------------------------------------------
TECHNOLOGY - 2.1%
- -------------------------------------------------------------------------------------
AEROSPACE/DEFENSE - 0.0%
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 25,000 25,250
- -------------------------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES - 0.1%
Exodus Communications, Inc., 11.25% Sr. Nts., 7/1/08(2) 75,000 75,328
- -------------------------------------------------------------------------------------
MEDIA - 0.0%
Century Communications Corp., Zero Coupon Sr. Disc. Nts.,
8.497%, Series B, 1/15/08(8) 50,000 23,000
- -------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY - 2.0%
AT&T Capital Corp., 6.25% Nts., Series MTN, 5/15/01 75,000 75,074
- -------------------------------------------------------------------------------------
Comcast Cellular Communications, Inc., 9.50% Sr. Nts.,
5/1/07 75,000 78,563
- -------------------------------------------------------------------------------------
Comcast UK Cable Partners Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07(6) 50,000 41,875
- -------------------------------------------------------------------------------------
Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts.,
2/15/07(6) 75,000 55,688
- -------------------------------------------------------------------------------------
e.spire Communications, Inc., 0%/13% Sr. Disc. Nts.,
11/1/05(6) 100,000 83,750
- -------------------------------------------------------------------------------------
GST USA, Inc., 0%/13.875% Gtd. Sr. Disc. Nts., 12/15/05(6) 75,000 61,125
- -------------------------------------------------------------------------------------
ICG Holdings, Inc., 0%/11.625% Sr. Disc. Nts., 3/15/07(6) 100,000 70,500
- -------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon
Nts., Series B, 2/1/06(6) 150,000 124,500
</TABLE>
67
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT NOTE 1
- -------------------------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED)
Iridium LLC/Iridium Capital Corp., 11.25% Sr. Unsec. Nts.,
Series C/EN, 7/15/05 $ 75,000 $ 75,563
- -------------------------------------------------------------------------------------
Level 3 Communications, Inc., 9.125% Sr. Nts., 5/1/08(2) 75,000 73,406
- -------------------------------------------------------------------------------------
Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts.,
Series B, 6/1/06(6) 50,000 37,375
- -------------------------------------------------------------------------------------
Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts.,
8/15/04(6) 50,000 49,000
- -------------------------------------------------------------------------------------
Price Communications Cellular Holdings, Inc., 0%/13.50% Sr.
Disc. Nts., Series B, 8/1/07(6) 100,000 70,250
- -------------------------------------------------------------------------------------
Qwest Communications International, Inc., 0%/9.47% Sr. Disc.
Nts., 10/15/07(6) 75,000 56,438
- -------------------------------------------------------------------------------------
RSL Communications plc, 9.125% Sr. Nts., 3/1/08(2) 50,000 48,750
- -------------------------------------------------------------------------------------
Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr.
Nts., 8/15/06 75,000 86,813
- -------------------------------------------------------------------------------------
Talton Holdings, Inc., 11% Gtd. Sr. Unsec. Bonds, Series B,
6/30/07 75,000 81,000
- -------------------------------------------------------------------------------------
Teleport Communications Group, Inc., 0%/11.125% Sr. Disc.
Nts., 7/1/07(6) 25,000 21,750
- -------------------------------------------------------------------------------------
TeleWest Communications plc:
0%/11% Sr. Disc. Debs., 10/1/07(6) 25,000 20,875
9.625% Sr. Debs., 10/1/06 25,000 26,469
- -------------------------------------------------------------------------------------
US West Capital Funding, Inc., 6.125% Nts., 7/15/02 75,000 75,227
- -------------------------------------------------------------------------------------
Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 53,875
- -------------------------------------------------------------------------------------
Winstar Communications, Inc., 0%/14% Sr. Disc. Nts.,
10/15/05(6) 50,000 41,875
-----------
1,409,741
- -------------------------------------------------------------------------------------
UTILITIES - 0.4%
- -------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.1%
Niagara Mohawk Power Corp., 7.125% Sr. Unsec. Nts., Series
C, 7/1/01 75,000 75,281
- -------------------------------------------------------------------------------------
GAS UTILITIES - 0.2%
Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 50,000 50,724
- -------------------------------------------------------------------------------------
Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 50,000 54,742
-----------
105,466
- -------------------------------------------------------------------------------------
TELEPHONE UTILITIES - 0.1%
Teligent, Inc., 11.50% Sr. Nts., 12/1/07 75,000 76,125
-----------
Total Non-Convertible Corporate Bonds and Notes (Cost
$7,932,783) 8,179,992
- -------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 12.4%
- -------------------------------------------------------------------------------------
Repurchase agreement with Zion First National Bank, 5.90%,
dated 6/30/98, to be repurchased at $8,624,413 on 7/1/98,
collateralized by U.S. Treasury Bonds, 9%, 11/15/18, with a
value of $8,807,488 (Cost $8,623,000) 8,623,000 8,623,000
- -------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $59,763,799) 100.1% 69,361,067
- -------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1) (72,432)
---------- -----------
NET ASSETS 100.0% $69,288,635
---------- -----------
---------- -----------
</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 $1,003,401 or 1.45% of the Fund's net
assets as of June 30, 1998.
3. Identifies issues considered to be illiquid or restricted - See Note 6 of
Notes to Financial Statements.
68
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
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. Represents the current interest rate for a variable rate security.
6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
7. Units may be comprised of several components, such as debt and equity and/or
warrants to purchase equity at some point in the future. For units which
represent debt securities, principal amount disclosed represents total
underlying principal.
8. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
See accompanying Notes to Financial Statements.
69
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
TOTAL GOVERNMENT INTERNATIONAL
RETURN GROWTH SECURITIES EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments, at value (cost *)
(including repurchase agreements **) -
see accompanying statements $ 1,331,595,813 $ 940,980,762 $ 23,004,852 $ 98,960,632
- ---------------------------------------------------------------------------------------------------------
Cash 230,567 79,029 95,906 52,341
- ---------------------------------------------------------------------------------------------------------
Receivables:
Dividends, interest and principal
paydowns 8,621,382 778,290 308,148 306,439
Shares of capital stock sold 502,005 1,433,210 2,131 150,919
Investments sold 2,171,769 3,401,250 -- 819,896
- ---------------------------------------------------------------------------------------------------------
Other 12,479 4,839 863 2,294
--------------- ------------- ------------ --------------
Total assets 1,343,134,015 946,677,380 23,411,900 100,292,521
- ---------------------------------------------------------------------------------------------------------
LIABILITIES
Bank overdraft -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Unrealized depreciation on forward
foreign currency exchange contracts -
see applicable note -- -- -- 997
- ---------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 4,487,066 5,118,527 -- --
Shares of capital stock redeemed 691,444 614,644 27,081 127,986
Custodian fees 4,402 4,572 -- 7,635
Legal, auditing and other professional
fees 12,235 9,959 4,644 5,371
Shareholder reports 7,385 6,943 3,757 6,464
Other 50,211 44,876 366 2,355
--------------- ------------- ------------ --------------
Total liabilities 5,252,743 5,799,521 35,848 150,808
- ---------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,337,881,272 $ 940,877,859 $ 23,376,052 $ 100,141,713
--------------- ------------- ------------ --------------
--------------- ------------- ------------ --------------
- ---------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Par value of shares of capital stock $ 733,964 $ 286,230 $ 21,537 $ 64,718
- ---------------------------------------------------------------------------------------------------------
Additional paid-in capital 1,168,432,480 706,581,085 22,392,605 74,836,534
- ---------------------------------------------------------------------------------------------------------
Undistributed net investment income 21,878,840 5,451,239 655,945 512,071
- ---------------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss)
from investments and foreign currency
transactions 35,475,900 54,931,264 (535,977) 2,479,133
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities
denominated in foreign currencies 111,360,088 173,628,041 841,942 22,249,257
--------------- ------------- ------------ --------------
Net Assets $ 1,337,881,272 $ 940,877,859 $ 23,376,052 $ 100,141,713
--------------- ------------- ------------ --------------
--------------- ------------- ------------ --------------
- ---------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK OUTSTANDING 733,963,722 286,230,445 21,536,786 64,717,516
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $ 1.82 $ 3.29 $ 1.09 $ 1.55
* Cost $ 1,220,235,725 $ 767,352,721 $ 22,162,910 $ 76,712,863
** Repurchase agreements $ 46,600,000 $ 34,700,000 $ 900,000 $ 3,200,000
</TABLE>
See accompanying Notes to Financial Statements.
70
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
LIFESPAN LIFESPAN
DIVERSIFIED LIFESPAN CAPITAL
INCOME BALANCED APPRECIATION
PORTFOLIO PORTFOLIO PORTFOLIO
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments, at value (cost *)
(including repurchase agreements **) -
see accompanying statements $ 39,216,339 $ 77,383,805 $ 69,361,067
- -------------------------------------------------------------------------------------
Cash -- -- --
- -------------------------------------------------------------------------------------
Receivables:
Dividends, interest and principal
paydowns 393,115 509,726 299,060
Shares of capital stock sold 8,237 148,984 6,362
Investments sold 111,742 263,699 324,325
- -------------------------------------------------------------------------------------
Other 1,800 2,252 2,083
------------ ------------ -------------
Total assets 39,731,233 78,308,466 69,992,897
- -------------------------------------------------------------------------------------
LIABILITIES
Bank overdraft 733,300 21,327 339,022
- -------------------------------------------------------------------------------------
Unrealized depreciation on forward
foreign currency exchange contracts -
see applicable note -- 125 125
- -------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 102,187 285,172 333,730
Shares of capital stock redeemed 4,648 3,473 5,743
Custodian fees 11,372 16,582 10,174
Legal, auditing and other professional
fees 3,168 5,327 --
Shareholder reports 10,120 8,783 12,432
Other 2,199 3,391 3,036
------------ ------------ -------------
Total liabilities 866,994 344,180 704,262
- -------------------------------------------------------------------------------------
NET ASSETS $ 38,864,239 $ 77,964,286 $ 69,288,635
------------ ------------ -------------
------------ ------------ -------------
- -------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Par value of shares of capital stock $ 33,746 $ 61,016 $ 50,928
- -------------------------------------------------------------------------------------
Additional paid-in capital 35,310,074 66,488,498 57,597,992
- -------------------------------------------------------------------------------------
Undistributed net investment income 994,192 1,240,971 778,107
- -------------------------------------------------------------------------------------
Accumulated net realized gain (loss)
from investments and foreign currency
transactions 344,649 1,198,702 1,264,496
- -------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities
denominated in foreign currencies 2,181,578 8,975,099 9,597,112
------------ ------------ -------------
Net Assets $ 38,864,239 $ 77,964,286 $ 69,288,635
------------ ------------ -------------
------------ ------------ -------------
- -------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK OUTSTANDING 33,745,617 61,015,773 50,928,462
- -------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $ 1.15 $ 1.28 $ 1.36
* Cost $ 37,034,761 $ 68,408,734 $ 59,763,799
** Repurchase agreements $ 5,958,000 $ 8,418,000 $ 8,623,000
</TABLE>
See accompanying Notes to Financial Statements.
71
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
TOTAL GOVERNMENT INTERNATIONAL
RETURN GROWTH SECURITIES EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 21,348,168 $ 2,819,029 $ 746,421 $ 110,294
- ---------------------------------------------------------------------------------------------------------
Dividends (net of withholding taxes of *) 4,153,378 5,051,732 -- 919,739
------------ ------------ ----------- --------------
Total income 25,501,546 7,870,761 746,421 1,030,033
- ---------------------------------------------------------------------------------------------------------
EXPENSES
Management fees - see applicable note 3,467,686 2,300,576 61,174 459,729
- ---------------------------------------------------------------------------------------------------------
Custodian fees and expenses 29,471 11,488 262 16,020
- ---------------------------------------------------------------------------------------------------------
Shareholder reports 5,868 5,754 2,369 5,378
- ---------------------------------------------------------------------------------------------------------
Accounting service fees - see applicable note 7,500 7,500 7,500 7,500
- ---------------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 22,871 11,676 3,265 7,198
- ---------------------------------------------------------------------------------------------------------
Insurance expenses 7,362 3,363 692 1,526
- ---------------------------------------------------------------------------------------------------------
Directors' fees and expenses 18,180 2,204 346 1,452
- ---------------------------------------------------------------------------------------------------------
Registration and filing fees 49,633 44,849 -- 1,936
- ---------------------------------------------------------------------------------------------------------
Other 3,015 2,576 3,462 3,139
------------ ------------ ----------- --------------
Total expenses 3,611,586 2,389,986 79,070 503,878
- ---------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 21,889,960 5,480,775 667,351 526,155
- ---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 38,694,254 54,979,629 (59,053) 3,652,738
Closing of futures contracts (2,141,678) -- -- --
Foreign currency transactions -- -- -- (1,106,028)
- ---------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or
depreciation on:
Investments 18,988,298 13,688,066 229,526 11,116,768
Translation of assets and liabilities
denominated in foreign currencies -- -- -- 178,544
------------ ------------ ----------- --------------
Net realized and unrealized gain 55,540,874 68,667,695 170,473 13,842,022
- ---------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 77,430,834 $ 74,148,470 $ 837,824 $ 14,368,177
------------ ------------ ----------- --------------
------------ ------------ ----------- --------------
* Withholding taxes - dividends $ -- $ -- $ -- $ 92,466
</TABLE>
See accompanying Notes to Financial Statements.
72
<PAGE>
PANORAMA SERIES FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
LIFESPAN LIFESPAN
DIVERSIFIED LIFESPAN CAPITAL
INCOME BALANCED APPRECIATION
PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $ 1,026,847 $ 1,267,480 $ 719,695
- -----------------------------------------------------------------------------------------
Dividends (net of withholding taxes of *) 132,125 340,946 392,642
------------ ----------- -------------
Total income 1,158,972 1,608,426 1,112,337
- -----------------------------------------------------------------------------------------
EXPENSES
Management fees - see applicable note 134,688 313,771 281,451
- -----------------------------------------------------------------------------------------
Custodian fees and expenses -- 14,832 10,683
- -----------------------------------------------------------------------------------------
Shareholder reports 2,202 7,250 10,106
- -----------------------------------------------------------------------------------------
Accounting service fees - see applicable note 7,500 7,500 7,500
- -----------------------------------------------------------------------------------------
Legal, auditing and other professional fees 3,248 5,497 4,008
- -----------------------------------------------------------------------------------------
Insurance expenses 1,140 1,409 1,388
- -----------------------------------------------------------------------------------------
Directors' fees and expenses 1,199 1,456 1,325
- -----------------------------------------------------------------------------------------
Registration and filing fees 1,620 2,824 2,273
- -----------------------------------------------------------------------------------------
Other 1,315 2,309 2,588
------------ ----------- -------------
Total expenses 152,912 356,848 321,322
- -----------------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,006,060 1,251,578 791,015
- -----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 358,444 1,368,489 1,442,123
Closing of futures contracts -- -- --
Foreign currency transactions -- (130,281) (131,556)
- -----------------------------------------------------------------------------------------
Net change in unrealized appreciation or
depreciation on:
Investments (150,860) 1,496,116 1,828,237
Translation of assets and liabilities
denominated in foreign currencies -- 7,526 (3,279)
------------ ----------- -------------
Net realized and unrealized gain 207,584 2,741,850 3,135,525
- -----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 1,213,644 $ 3,993,428 $ 3,926,540
------------ ----------- -------------
------------ ----------- -------------
* Withholding taxes - dividends $ -- $ 11,072 $ 13,344
</TABLE>
See accompanying Notes to Financial Statements.
73
<PAGE>
PANORAMA SERIES FUND, INC
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED) AND THE YEAR ENDED DECEMBER
31, 1997
<TABLE>
<CAPTION>
TOTAL RETURN GROWTH
PORTFOLIO PORTFOLIO
1998 1997 1998 1997
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 21,889,960 $ 43,104,000 $ 5,480,775 $ 9,988,627
- --------------------------------------------------------------------------------------------------
Net realized gain (loss) 36,552,576 144,786,846 54,979,629 108,263,083
- --------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 18,988,298 14,497,050 13,688,066 45,697,012
--------------- --------------- -------------- -------------
Net increase in net assets
resulting from operations 77,430,834 202,387,896 74,148,470 163,948,722
- --------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment
income (42,620,810) (38,831,970) (9,799,624) (6,502,490)
- --------------------------------------------------------------------------------------------------
Distributions from net
realized gain (144,299,156) (95,341,180) (107,624,371) (46,127,035)
- --------------------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) in net
assets resulting from capital
stock transactions - Note 2 168,647,087 88,432,903 152,782,044 133,829,865
- --------------------------------------------------------------------------------------------------
NET ASSETS
Total increase (decrease) 59,157,955 156,647,649 109,506,519 245,149,062
- --------------------------------------------------------------------------------------------------
Beginning of period 1,278,723,317 1,122,075,668 831,371,340 586,222,278
--------------- --------------- -------------- -------------
End of period $ 1,337,881,272 $ 1,278,723,317 $ 940,877,859 $ 831,371,340
--------------- --------------- -------------- -------------
--------------- --------------- -------------- -------------
Undistributed net investment
income $ 21,878,840 $ 42,609,690 $ 5,451,239 $ 9,770,088
</TABLE>
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES INTERNATIONAL EQUITY
PORTFOLIO PORTFOLIO
1998 1997 1998 1997
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 667,351 $ 1,373,656 $ 526,155 $ 527,431
- ------------------------------------------------------------------------------------------
Net realized gain (loss) (59,053) (69,942) 2,546,710 2,662,634
- ------------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 229,526 644,731 11,295,312 2,591,115
------------ ------------ ------------- ------------
Net increase in net assets
resulting from operations 837,824 1,948,445 14,368,177 5,781,180
- ------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment
income (1,367,579) (1,463,333) (404,500) (407,257)
- ------------------------------------------------------------------------------------------
Distributions from net
realized gain -- -- (2,680,566) (1,170,863)
- ------------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) in net
assets resulting from capital
stock transactions - Note 2 186,787 (1,670) 6,601,154 15,468,927
- ------------------------------------------------------------------------------------------
NET ASSETS
Total increase (decrease) (342,968) 483,442 17,884,265 19,671,987
- ------------------------------------------------------------------------------------------
Beginning of period 23,719,020 23,235,578 82,257,448 62,585,461
------------ ------------ ------------- ------------
End of period $ 23,376,052 $ 23,719,020 $ 100,141,713 $ 82,257,448
------------ ------------ ------------- ------------
------------ ------------ ------------- ------------
Undistributed net investment
income $ 655,945 $ 1,356,173 $ 512,071 $ 390,416
</TABLE>
See accompanying Notes to Financial Statements.
74
<PAGE>
PANORAMA SERIES FUND, INC
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED) AND THE YEAR ENDED DECEMBER
31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
LIFESPAN LIFESPAN
DIVERSIFIED INCOME BALANCED
PORTFOLIO PORTFOLIO
1998 1997 1998 1997
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 1,006,060 $ 1,675,773 $ 1,251,578 $ 2,045,313
- -----------------------------------------------------------------------------------------
Net realized gain (loss) 358,444 298,037 1,238,208 2,515,126
- -----------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation (150,860) 1,310,516 1,503,642 2,434,472
------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations 1,213,644 3,284,326 3,993,428 6,994,911
- -----------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment
income (1,661,998) (1,155,828) (1,965,841) (1,134,469)
- -----------------------------------------------------------------------------------------
Distributions from net
realized gain (294,680) (41,610) (2,467,048) (612,613)
- -----------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) in net
assets resulting from capital
stock transactions - Note 2 5,491,458 6,754,828 9,710,964 12,108,631
- -----------------------------------------------------------------------------------------
NET ASSETS
Total increase (decrease) 4,748,424 8,841,716 9,271,503 17,356,460
- -----------------------------------------------------------------------------------------
Beginning of period 34,115,815 25,274,099 68,692,783 51,336,323
------------ ------------ ------------ ------------
End of period $ 38,864,239 $ 34,115,815 $ 77,964,286 $ 68,692,783
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Undistributed net investment
income $ 994,192 $ 1,650,130 $ 1,240,971 $ 1,955,234
</TABLE>
<TABLE>
<CAPTION>
LIFESPAN
CAPITAL APPRECIATION
PORTFOLIO
1998 1997
- -----------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 791,015 $ 1,214,368
- -----------------------------------------------------------
Net realized gain (loss) 1,310,567 2,533,295
- -----------------------------------------------------------
Net change in unrealized
appreciation or depreciation 1,824,958 2,665,698
------------ ------------
Net increase in net assets
resulting from operations 3,926,540 6,413,361
- -----------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment
income (1,183,734) (402,394)
- -----------------------------------------------------------
Distributions from net
realized gain (2,498,475) (1,024,277)
- -----------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) in net
assets resulting from capital
stock transactions - Note 2 7,664,822 14,398,598
- -----------------------------------------------------------
NET ASSETS
Total increase (decrease) 7,909,153 19,385,288
- -----------------------------------------------------------
Beginning of period 61,379,482 41,994,194
------------ ------------
End of period $ 69,288,635 $ 61,379,482
------------ ------------
------------ ------------
Undistributed net investment
income $ 778,107 $ 1,170,826
</TABLE>
See accompanying Notes to Financial Statements.
75
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1998 ------------------------------------------------------------
(UNAUDITED) 1997 1996(1) 1995 1994 1993
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of
period $2.00 $1.91 $1.75 $1.51 $1.65 $1.56
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .03 .07 .07 .07 .06 .06
Net realized and unrealized
gain (loss) .09 .25 .11 .30 (.09) .20
- --------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations .12 .32 .18 .37 (.03) .26
- --------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.07) (.07) (.01) (.07) (.06) (.06)
Distributions from net
realized gain (.23) (.16) (.01) (.06) (.05) (.11)
- --------------------------------------------------------------------------------------------------------------
Total dividends and
distributions to shareholders (.30) (.23) (.02) (.13) (.11) (.17)
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.82 $2.00 $1.91 $1.75 $1.51 $1.65
- --------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(2) 5.67% 18.81% 10.14% 24.66% (1.97)% 16.28%
- --------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
millions) $ 1,338 $1,279 $1,122 $994 $742 $610
- --------------------------------------------------------------------------------------------------------------
Average net assets (in
millions) $ 1,321 $1,208 $1,058 $864(3) $687(3) $502(3)
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.34%(4) 3.57% 4.12% 4.48% 4.21% 3.90%
Expenses 0.55%(4) 0.55% 0.55% 0.59% 0.56% 0.60%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 44.5% 103.5% 104.3% 62.3% 88.3% 161.6%
</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. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1998 were $548,608,120 and $525,704,400, respectively.
See accompanying Notes to Financial Statements.
76
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1998 ------------------------------------------------------------
(UNAUDITED) 1997 1996(1) 1995 1994 1993
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of
period $3.45 $2.98 $2.53 $1.97 $2.08 $1.91
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .02 .04 .04 .04 .03 .04
Net realized and unrealized
gain (loss) .30 .69 .43 .71 (.04) .36
- --------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations .32 .73 .47 .75 (.01) .40
- --------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.04) (.03) (.01) (.04) (.03) (.04)
Distributions from net
realized gain (.44) (.23) (.01) (.15) (.07) (.19)
- --------------------------------------------------------------------------------------------------------------
Total dividends and
distributions to shareholders (.48) (.26) (.02) (.19) (.10) (.23)
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.29 $3.45 $2.98 $2.53 $1.97 $2.08
----- -------- -------- -------- -------- --------
----- -------- -------- -------- -------- --------
- --------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(2) 9.09% 26.37% 18.87% 38.06% (0.51)% 21.22%
- --------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $ 940,878 $831,371 $586,222 $405,935 $230,195 $165,775
- --------------------------------------------------------------------------------------------------------------
Average net assets (in
thousands) $ 903,774 $721,555 $494,281 $303,193(3) $198,879(3) $131,292(3)
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.22%(4) 1.38% 1.63% 2.01% 1.87% 2.30%
Expenses 0.53%(4) 0.54% 0.58% 0.66% 0.67% 0.69%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 46.5% 91.8% 82.5% 69.3% 97.3% 97.6%
</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. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1998 were $408,456,724 and $370,682,529, respectively.
See accompanying Notes to Financial Statements.
77
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1998 ------------------------------------------------------------
(UNAUDITED) 1997 1996(1) 1995 1994 1993
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of
period $1.11 $1.09 $1.07 $0.95 $1.06 $1.01
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .03 .07 .07 .06 .06 .04
Net realized and unrealized
gain (loss) .02 .02 (.05) .12 (.11) .07
- --------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations .05 .09 .02 .18 (.05) .11
- --------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.07) (.07) --(2) (.06) (.06) (.04)
Distributions from net
realized gain -- -- -- -- -- (.02)
- --------------------------------------------------------------------------------------------------------------
Total dividends and
distributions to shareholders (.07) (.07) -- (.06) (.06) (.06)
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.09 $1.11 $1.09 $1.07 $0.95 $1.06
- --------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(3) 4.31% 8.82% 1.93% 18.91% (4.89)% 10.98%
- --------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $ 23,376 $ 23,719 $ 23,236 $ 24,309 $ 18,784 $ 15,687
- --------------------------------------------------------------------------------------------------------------
Average net assets (in
thousands) $ 23,496 $ 23,034 $ 23,880 $ 23,157(4) $ 17,589(4) $ 11,421(4)
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.73%(5) 5.96% 6.11% 6.08% 6.04% 5.13%
Expenses 0.68%(5) 0.67% 0.62% 0.71% 0.85% 0.93%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 7.9% 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. Annualized.
6. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1998 were $1,512,656 and $1,570,710, respectively.
See accompanying Notes to Financial Statements.
78
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1998 ------------------------------------------------------------
(UNAUDITED) 1997 1996(1) 1995 1994 1993
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of
period $1.36 $1.29 $1.15 $1.09 $1.09 $0.92
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) .01 .01 .02 .03 (.01) --
Net realized and unrealized
gain (loss) .23 .09 .13 .08 .03 .20
- --------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations .24 .10 .15 .11 .02 .20
- --------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.01) (.01) (.01) (.04) -- (.02)
Distributions from net
realized gain (.04) (.02) -- (.01) (.02) (.01)
- --------------------------------------------------------------------------------------------------------------
Total dividends and
distributions to shareholders (.05) (.03) (.01) (.05) (.02) (.03)
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.55 $1.36 $1.29 $1.15 $1.09 $1.09
- --------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(2) 17.88% 8.11% 13.26% 10.30% 1.44% 21.80%
- --------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $ 100,142 $ 82,257 $ 62,585 $ 45,775 $ 31,603 $ 18,315
- --------------------------------------------------------------------------------------------------------------
Average net assets (in
thousands) $ 92,806 $ 73,318 $ 56,893 $ 37,474(3) $ 29,133(3) $ 13,328(3)
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.14%(4) 0.72% 0.76% 1.61% (1.85)% (0.31)%
Expenses 1.09%(4) 1.12% 1.21% 1.26% 1.28% 1.50%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 27.7% 48.6% 53.7% 85.1% 76.5% 57.4%
</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. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1998 were $25,776,069 and $24,520,791, respectively.
See accompanying Notes to Financial Statements.
79
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1998 ----------------------------------
(UNAUDITED) 1997 1996(2) 1995(1)
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of
period $1.18 $1.10 $1.04 $1.00
- ------------------------------------------------------------------------------------
Income from investment
operations:
Net investment income .03 .06 .06 .02
Net realized and unrealized
gain .01 .07 .01 .04
- ------------------------------------------------------------------------------------
Total income from investment
operations .04 .13 .07 .06
- ------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.06) (.05) (.01) (.02)
Distributions from net
realized gain (.01) --(3) -- --
- ------------------------------------------------------------------------------------
Total dividends and
distributions to shareholders (.07) (.05) (.01) (.02)
- ------------------------------------------------------------------------------------
Net asset value, end of period $1.15 $1.18 $1.10 $1.04
----- -------- -------- --------
----- -------- -------- --------
- ------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(4) 3.08% 12.51% 6.93% 5.69%
- ------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $38,864 $ 34,116 $ 25,274 $ 21,176
- ------------------------------------------------------------------------------------
Average net assets (in
thousands) $36,241 $ 28,503 $ 22,854 $ 20,364(5)
- ------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.60%(6) 5.88% 5.84% 5.11%(6)
Expenses 0.85%(6) 0.86%(7) 1.07% 1.50%(6)
- ------------------------------------------------------------------------------------
Portfolio turnover rate(8) 19.2% 34.0% 80.4% 41.2%(6)
</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. Less than $0.005 per share.
4. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.
5. This information is not covered by the auditors' opinion.
6. Annualized.
7. The expense ratio reflects the effect of expenses paid indirectly by the
Fund.
8. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1998 were $9,907,721 and $5,950,458, respectively.
See accompanying Notes to Financial Statements.
80
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1998 ----------------------------------
(UNAUDITED) 1997 1996(2) 1995(1)
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of
period $1.28 $1.18 $1.05 $1.00
- ------------------------------------------------------------------------------------
Income from investment
operations:
Net investment income .02 .04 .03 .01
Net realized and unrealized
gain .06 .10 .11 .05
- ------------------------------------------------------------------------------------
Total income from investment
operations .08 .14 .14 .06
- ------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.04) (.03) (.01) (.01)
Distributions from net
realized gain (.04) (.01) -- --
- ------------------------------------------------------------------------------------
Total dividends and
distributions to shareholders (.08) (.04) (.01) (.01)
- ------------------------------------------------------------------------------------
Net asset value, end of period $1.28 $1.28 $1.18 $1.05
------------- -------- -------- --------
------------- -------- -------- --------
- ------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(3) 6.17% 12.20% 13.38% 6.08%
- ------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $ 77,964 $ 68,693 $ 51,336 $ 35,467
- ------------------------------------------------------------------------------------
Average net assets (in
thousands) $ 74,490 $ 59,388 $ 41,847 $ 33,925(4)
- ------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.39%(5) 3.44% 3.34% 3.08%(5)
Expenses 0.97%(5) 0.97% 1.17% 1.50%(5)
- ------------------------------------------------------------------------------------
Portfolio turnover rate(6) 28.6% 57.3% 69.7% 39.7%(5)
</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 June 30, 1998 were $23,792,484 and $19,000,273, respectively.
See accompanying Notes to Financial Statements.
81
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1998 ----------------------------------
(UNAUDITED) 1997 1996(2) 1995(1)
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of
period $1.35 $1.24 $1.06 $1.00
- ------------------------------------------------------------------------------------
Income from investment
operations:
Net investment income .01 .03 .02 .01
Net realized and unrealized
gain .08 .12 .17 .06
- ------------------------------------------------------------------------------------
Total income from investment
operations .09 .15 .19 .07
- ------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.03) (.01) (.01) (.01)
Distributions from net
realized gain (.05) (.03) -- --
- ------------------------------------------------------------------------------------
Total dividends and
distributions to shareholders (.08) (.04) (.01) (.01)
- ------------------------------------------------------------------------------------
Net asset value, end of period $1.36 $1.35 $1.24 $1.06
------------- -------- -------- --------
------------- -------- -------- --------
- ------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(3) 6.49% 12.53% 17.97% 6.65%
- ------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $ 69,289 $ 61,379 $ 41,994 $ 26,768
- ------------------------------------------------------------------------------------
Average net assets (in
thousands) $ 66,816 $ 51,473 $ 33,109 $ 25,460(4)
- ------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.39%(5) 2.36% 1.92% 1.73%(5)
Expenses 0.97%(5) 0.99% 1.30% 1.50%(5)
- ------------------------------------------------------------------------------------
Portfolio turnover rate(6) 30.5% 65.8% 70.7% 38.7%(5)
</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 June 30, 1998 were $21,361,371 and $17,917,176, respectively.
See accompanying Notes to Financial Statements.
82
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Total Return Portfolio (the Fund) is a series of Panorama Series Fund, Inc. (the
Company) which is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek maximum total investment return (including both
capital appreciation and income) 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 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.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of paydown gains and losses and the recognition of certain
foreign currency gains (losses) as ordinary income (loss) for tax purposes. The
character of the distributions made during the year from net investment income
or net realized gains may differ from its ultimate characterization for federal
income tax purposes. Also, due to timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the fiscal year in which
the income or realized gain was recorded by the Fund.
83
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 950 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 37,511,396 $ 71,428,476 71,391,082 $ 135,657,386
Dividends and distributions reinvested 102,703,278 186,919,967 78,007,645 134,173,150
Redeemed (47,126,914) (89,701,356) (95,125,453) (181,397,633)
------------- ------------- ------------- -------------
Net increase 93,087,760 $ 168,647,087 54,273,274 $ 88,432,903
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1998, net unrealized appreciation on investments of $111,360,088 was
composed of gross appreciation of $127,815,971, and gross depreciation of
$16,455,883.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1998, investments in securities included issues that are illiquid or
restricted. Restricted securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Directors as reflecting fair value. A security may be considered
illiquid if it lacks a readily available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or restricted securities
subject to this limitation at June 30, 1998 was $18,846,809, which represents
1.41% of the Fund's net assets.
84
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Growth Portfolio (the Fund) is a series of Panorama Series Fund, Inc. (the
Company) which is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek long-term growth of capital by investing
primarily in common stocks 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.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of the distributions made during the year from net
investment income or net realized gains may differ from its ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the fiscal year in which the income or realized gain was recorded by
the Fund.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) 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.
85
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 350 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 26,911,561 $ 91,616,968 52,419,265 $ 167,124,059
Dividends and distributions reinvested 35,262,461 117,423,995 18,597,005 52,629,524
Redeemed (16,610,518) (56,258,919) (26,936,806) (85,923,718)
------------- ------------- ------------- -------------
Net increase 45,563,504 $ 152,782,044 44,079,464 $ 133,829,865
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1998, net unrealized appreciation on investments of $173,628,041 was
composed of gross appreciation of $187,572,783, and gross depreciation of
$13,944,742.
- --------------------------------------------------------------------------------
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.
86
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Government Securities Portfolio (the Fund) is a series of Panorama Series Fund,
Inc. (the Company) which is registered under the Investment Company Act of 1940,
as amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek a high level of current income with a high
degree of safety of principal by investing primarily (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. 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.
- --------------------------------------------------------------------------------
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.
87
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 1,688,373 $ 1,837,114 2,834,687 $ 3,050,414
Dividends and distributions reinvested 1,290,169 1,367,579 1,434,641 1,463,333
Redeemed (2,763,428) (3,017,906) (4,214,703) (4,515,417)
------------- ------------- ------------- -------------
Net increase (decrease) 215,114 $ 186,787 54,625 $ (1,670)
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1998, net unrealized appreciation on investments of $841,942 was
composed of gross appreciation of $883,068, and gross depreciation of $41,126.
- --------------------------------------------------------------------------------
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.
88
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
International Equity Portfolio (the Fund) is a series of Panorama Series Fund,
Inc. (the Company) which is registered under the Investment Company Act of 1940,
as amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek long-term growth of capital by investing
primarily in equity securities 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 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.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of paydown gains and losses and the recognition of certain
foreign currency gains (losses) as ordinary income (loss) for tax purposes. The
character of the distributions made during the year from net investment income
or net realized gains may differ from its ultimate characterization for federal
income tax purposes. Also, due to timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the fiscal year in which
the income or realized gain was recorded by the Fund.
89
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 6,649,816 $ 9,995,831 17,133,067 $ 22,813,653
Dividends and distributions reinvested 2,070,514 3,085,066 1,293,541 1,578,120
Redeemed (4,381,204) (6,479,743) (6,693,102) (8,922,846)
------------- ------------- ------------- -------------
Net increase 4,339,126 $ 6,601,154 11,733,506 $ 15,468,927
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1998, net unrealized appreciation on investments of $22,247,769 was
composed of gross appreciation of $27,114,575, and gross depreciation of
$4,866,806.
- --------------------------------------------------------------------------------
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.
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.
90
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS (CONTINUED)
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 June 30, 1998, the Fund had outstanding forward contracts as follows:
<TABLE>
<CAPTION>
VALUATION AS
EXPIRATION CONTRACT AMOUNT OF UNREALIZED
DATE (000S) JUNE 30, 1998 DEPRECIATION
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONTRACTS TO SELL
German Mark (DEM) 7/1/98 819 DEM $819,896 $997
</TABLE>
91
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Diversified Income Portfolio (the Fund) is a series of Panorama Series
Fund, Inc. (the Company) which is registered under the Investment Company Act of
1940, as amended, as a diversified, open-end management investment company. The
Fund's investment objective is to seek high current income, with opportunities
for capital appreciation by investing in a strategically allocated portfolio
consisting primarily of bonds. The Fund's investment 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.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of the distributions made during the year from net
investment income or net realized gains may differ from its ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the fiscal year in which the income or realized gain was recorded by
the Fund.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) 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.
92
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 200 million shares of $0.001 par value of capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 3,623,416 $ 4,201,978 5,816,319 $ 6,566,303
Dividends and distributions reinvested 1,701,459 1,956,678 1,129,658 1,197,438
Redeemed (566,992) (667,198) (905,515) (1,008,913)
------------- ------------- ------------- -------------
Net increase 4,757,883 $ 5,491,458 6,040,462 $ 6,754,828
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1998, net unrealized appreciation on investments of $2,181,578 was
composed of gross appreciation of $2,588,034, and gross depreciation of
$406,456.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1998, investments in securities included issues that are illiquid or
restricted. Restricted securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Directors as reflecting fair value. A security may be considered
illiquid if it lacks a readily-available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or restricted securities
subject to this limitation at June 30, 1998 was $923,338, which represents 2.38%
of the Fund's net assets.
93
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Balanced Portfolio (the Fund) is a series of Panorama Series Fund, Inc.
(the Company) which is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek a blend of capital appreciation and income by
investing in a strategically allocated portfolio of stocks and bonds with a
slightly stronger emphasis on stocks. The Fund's investment 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 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.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of paydown gains and losses and the recognition of certain
foreign currency gains (losses) as ordinary income (loss) for tax purposes. The
character of the distributions made during the year from net investment income
or net realized gains may differ from its ultimate characterization for federal
income tax purposes. Also, due to timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the fiscal year in which
the income or realized gain was recorded by the Fund.
94
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized 200 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, YEAR ENDED DECEMBER 31, 1997
1998
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 6,094,199 $ 7,880,256 11,659,128 $ 14,199,763
Dividends and distributions reinvested 3,436,348 4,432,889 1,559,895 1,747,083
Redeemed (2,005,523) (2,602,181) (3,199,617) (3,838,215)
------------- ------------- ------------- -------------
Net increase 7,525,024 $ 9,710,964 10,019,406 $ 12,108,631
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1998, net unrealized appreciation on investments of $8,975,071 was
composed of gross appreciation of $10,792,078, and gross depreciation of
$1,817,007.
- --------------------------------------------------------------------------------
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.85% of the first $250
million of average annual net assets and 0.75% of average annual net assets in
excess of $250 million. The Manager acts as the accounting agent for the Fund at
an annual fee of $15,000, plus out-of-pocket costs and expenses reasonably
incurred.
The Manager has entered into sub-advisory agreements with three Sub-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.
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.
Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss upon
the closing or settlement of the forward transaction.
95
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS (CONTINUED)
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 June 30, 1998, the Fund had outstanding forward contracts as follows:
<TABLE>
<CAPTION>
CONTRACT VALUATION AS
EXPIRATION AMOUNT OF UNREALIZED
DATE (000S) JUNE 30, 1998 APPRECIATION
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONTRACTS TO PURCHASE
German Mark (DEM) 7/1/98 185 DEM $102,487 $ 125
</TABLE>
- --------------------------------------------------------------------------------
6. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1998, investments in securities included issues that are illiquid or
restricted. Restricted securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Directors as reflecting fair value. A security may be considered
illiquid if it lacks a readily-available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or restricted securities
subject to this limitation at June 30, 1998 was $1,117,933, which represents
1.43% of the Fund's net assets.
96
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Capital Appreciation Portfolio (the Fund) is a series of Panorama
Series Fund, Inc. (the Company) which is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment objective is to seek long-term capital
appreciation by investing in a strategically allocated portfolio consisting
primarily of stocks. The Fund's investment 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 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.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from its ultimate characterization for federal income tax purposes. Also, due to
timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the fiscal year in which the income or realized gain
was recorded by the Fund.
97
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. 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. 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>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 4,616,106 $ 6,338,770 11,969,510 $ 15,271,181
Dividends and distributions reinvested 2,668,268 3,682,209 1,229,889 1,426,671
Redeemed (1,707,096) (2,356,157) (1,803,689) (2,299,254)
------------- ------------- ------------- -------------
Net Increase 5,577,278 $ 7,664,822 11,395,710 $ 14,398,598
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1998, net unrealized appreciation on investments of $9,597,268 was
composed of gross appreciation of $11,506,581, and gross depreciation of
$1,909,313.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.
98
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS (CONTINUED)
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 June 30, 1998, the Fund had outstanding forward contracts as follows:
<TABLE>
<CAPTION>
CONTRACT VALUATION AS
EXPIRATION AMOUNT OF UNREALIZED
DATE (000S) JUNE 30, 1998 DEPRECIATION
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONTRACTS TO SELL
Deutsche Mark (DEM) 7/1/98 102 DEM $102,487 $125
</TABLE>
- --------------------------------------------------------------------------------
6. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1998, investments in securities included issues that are illiquid or
restricted. Restricted securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Directors as reflecting fair value. A security may be considered
illiquid if it lacks a readily available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or restricted securities
subject to this limitation at June 30, 1998 was $507,912, which represents 0.73%
of the Fund's net assets.
99
<PAGE>
PANORAMA SERIES FUND, INC.
<TABLE>
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<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
Jon S. Fossel, 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.
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SUB-ADVISORS Babson-Stewart Ivory International
BEA Associates
Pilgrim Baxter & Associates
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TRANSFER AGENT OppenheimerFunds Services
- ------------------------------------------------------------------------------------------------------
CUSTODIAN OF PORTFOLIO Bank of New York
SECURITIES
- ------------------------------------------------------------------------------------------------------
INDEPENDENT AUDITORS Deloitte & Touche LLP
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LEGAL COUNSEL Myer, Swanson, Adams & Wolf, P.C.
The financial statements included herein have been taken from the records
of the Fund without examination of the independent auditors.
This is a copy of a report to shareholders of Panorama Series Fund, Inc.
This report must be preceded or accompanied by a Prospectus of Panorama
Series Fund, Inc. For material information concerning the Funds, see the
Prospectus.
Shares of Oppenheimer Funds are not deposits or obligations of any bank,
are not guaranteed by any bank, and are not insured by the FDIC or any
other agency, and involve investment risks, including possible loss of the
principal amount invested.
</TABLE>
100
