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<PAGE> PAGE 7
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
<PAGE> PAGE 21
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 22010
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072 B000800 2211
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<PAGE> PAGE 22
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028 A010900 1705
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<PAGE> PAGE 23
028 G020900 0
028 G030900 0
028 G040900 2392
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062 A000900 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
028 B031000 0
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055 A001000 Y
055 B001000 N
056 001000 N
057 001000 N
062 A001000 N
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<PAGE> PAGE 26
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> Growth Portfolio
<SERIES>
<NUMBER> 3
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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<DIVIDEND-INCOME> 9,934,645
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 10,211,556
<REALIZED-GAINS-CURRENT> 33,310,716
<APPREC-INCREASE-CURRENT> 24,320,298
<NET-CHANGE-FROM-OPS> 67,842,570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,799,624
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> TOTAL RETURN PORTFOLIO
<SERIES>
<NUMBER> 5
<NAME> PANORAMA SERIES FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> Government Securities Portfolio
<SERIES>
<NUMBER> 6
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 23,170,302
<INVESTMENTS-AT-VALUE> 24,436,187
<RECEIVABLES> 304,219
<ASSETS-OTHER> 1,728
<OTHER-ITEMS-ASSETS> 201,864
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<OVERDISTRIBUTION-GAINS> 609,390
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<INTEREST-INCOME> 1,519,588
<OTHER-INCOME> 0
<EXPENSES-NET> 162,712
<NET-INVESTMENT-INCOME> 1,356,876
<REALIZED-GAINS-CURRENT> (140,127)
<APPREC-INCREASE-CURRENT> 627,658
<NET-CHANGE-FROM-OPS> 1,844,407
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<DISTRIBUTIONS-OF-INCOME> 1,367,579
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 4,843,177
<NUMBER-OF-SHARES-REDEEMED> 5,441,013
<SHARES-REINVESTED> 1,290,169
<NET-CHANGE-IN-ASSETS> 1,203,859
<ACCUMULATED-NII-PRIOR> 1,356,173
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 476,924
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 126,217
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 162,712
<AVERAGE-NET-ASSETS> 24,044,485
<PER-SHARE-NAV-BEGIN> 1.11
<PER-SHARE-NII> 0.06
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<PER-SHARE-NAV-END> 1.13
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> International Equity Portfolio
<SERIES>
<NUMBER> 7
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 77,209,375
<INVESTMENTS-AT-VALUE> 103,104,406
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<NUMBER-OF-SHARES-SOLD> 13,905,772
<NUMBER-OF-SHARES-REDEEMED> 10,459,749
<SHARES-REINVESTED> 2,070,514
<NET-CHANGE-IN-ASSETS> 21,146,300
<ACCUMULATED-NII-PRIOR> 390,416
<ACCUMULATED-GAINS-PRIOR> 2,612,989
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 945,935
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,029,595
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<PER-SHARE-NAV-BEGIN> 1.36
<PER-SHARE-NII> 0.01
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<PER-SHARE-NAV-END> 1.57
<EXPENSE-RATIO> 1.09
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Diversified Income Portfolio
<SERIES>
<NUMBER> 8
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 41,777,473
<INVESTMENTS-AT-VALUE> 43,181,713
<RECEIVABLES> 682,223
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<PAID-IN-CAPITAL-COMMON> 39,569,551
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<ACCUMULATED-NII-CURRENT> 2,150,194
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<ACCUMULATED-NET-GAINS> 555,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,404,240
<NET-ASSETS> 43,679,081
<DIVIDEND-INCOME> 271,334
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 2,160,036
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<APPREC-INCREASE-CURRENT> (928,198)
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<AVERAGE-NET-ASSETS> 38,421,575
<PER-SHARE-NAV-BEGIN> 1.18
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Balanced Portfolio
<SERIES>
<NUMBER> 9
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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<ACCUM-APPREC-OR-DEPREC> 10,233,743
<NET-ASSETS> 85,873,410
<DIVIDEND-INCOME> 641,115
<INTEREST-INCOME> 2,696,623
<OTHER-INCOME> 0
<EXPENSES-NET> 710,172
<NET-INVESTMENT-INCOME> 2,627,566
<REALIZED-GAINS-CURRENT> (948,884)
<APPREC-INCREASE-CURRENT> 2,762,286
<NET-CHANGE-FROM-OPS> 4,440,968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,965,841
<DISTRIBUTIONS-OF-GAINS> 2,467,048
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,229,457
<NUMBER-OF-SHARES-REDEEMED> 4,001,987
<SHARES-REINVESTED> 3,436,348
<NET-CHANGE-IN-ASSETS> 17,180,627
<ACCUMULATED-NII-PRIOR> 1,955,234
<ACCUMULATED-GAINS-PRIOR> 2,427,542
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 648,865
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 710,172
<AVERAGE-NET-ASSETS> 76,384,115
<PER-SHARE-NAV-BEGIN> 1.28
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.28
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Capital Appreciation Portfolio
<SERIES>
<NUMBER> 10
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 61,732,073
<INVESTMENTS-AT-VALUE> 72,875,925
<RECEIVABLES> 792,740
<ASSETS-OTHER> 2,847
<OTHER-ITEMS-ASSETS> 8,711
<TOTAL-ASSETS> 73,680,223
<PAYABLE-FOR-SECURITIES> 802,587
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,483
<TOTAL-LIABILITIES> 831,070
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,324,558
<SHARES-COMMON-STOCK> 53,762,813
<SHARES-COMMON-PRIOR> 45,351,184
<ACCUMULATED-NII-CURRENT> 1,570,493
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,189,648
<ACCUM-APPREC-OR-DEPREC> 11,143,750
<NET-ASSETS> 72,849,153
<DIVIDEND-INCOME> 737,026
<INTEREST-INCOME> 1,492,845
<OTHER-INCOME> 0
<EXPENSES-NET> 623,517
<NET-INVESTMENT-INCOME> 1,606,354
<REALIZED-GAINS-CURRENT> (1,177,781)
<APPREC-INCREASE-CURRENT> 3,371,596
<NET-CHANGE-FROM-OPS> 3,800,169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,183,734
<DISTRIBUTIONS-OF-GAINS> 2,498,475
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,700,602
<NUMBER-OF-SHARES-REDEEMED> 2,957,241
<SHARES-REINVESTED> 2,668,268
<NET-CHANGE-IN-ASSETS> 11,469,671
<ACCUMULATED-NII-PRIOR> 1,170,826
<ACCUMULATED-GAINS-PRIOR> 2,452,404
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 567,142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 623,517
<AVERAGE-NET-ASSETS> 66,753,930
<PER-SHARE-NAV-BEGIN> 1.35
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.36
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
To the Board of Directors of
Panorama Series Fund, Inc.:
In planning and performing our audit of the financial statements of Panorama
Series Fund, Inc. (the "Fund") (including Total Return, Growth, Government
Securities, International Equity, LifeSpan Diversified Income, LifeSpan
Balanced, and LifeSpan Capital Appreciation Portfolios) for the year ended
December 31, 1998 (on which we have issued our report dated January 25, 1999),
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, and not to provide assurance on the Fund's
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Fund's internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Directors, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
January 25, 1999
<PAGE>
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended December 31, 1998, amounts have been reclassified to reflect a
decrease in undistributed net investment income of $15,246. Accumulated net
realized gain on investments was increased by the same amount.
<PAGE>
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1998, amounts have been reclassified to reflect an increase in
undistributed net investment income of $82,781. Accumulated net realized gain on
investments was decreased by the same amount.
<PAGE>
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1998, amounts have been reclassified to reflect a decrease in
undistributed net investment income of $7,661. Accumulated net realized loss on
investments was decreased by the same amount.
<PAGE>
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended December 31, 1998, amounts have been reclassified to reflect a
decrease in undistributed net investment income of $55,362. Accumulated net
realized gain on investments was increased by the same amount.
<PAGE>
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended December 31, 1998, amounts have been reclassified to reflect an
increase in undistributed net investment income of $2,026. Accumulated net
realized gain on investments was decreased by the same amount.
<PAGE>
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1998, amounts have been reclassified to reflect a decrease in
paid-in capital of $11,717, a decrease in undistributed net investment income of
$21,492, and a decrease in accumulated net realized loss on investments of
$33,209.
<PAGE>
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended December 31, 1998, amounts have been reclassified to reflect a
decrease in paid-in capital of $11,251, a decrease in undistributed net
investment income of $22,953, and a decrease in accumulated net realized loss
on investments of $34,204.
