Semiannual Report June 30, 2000
Growth Portfolio
A Series of Panorama Series Fund, Inc.
[Logo]OppenheimerFunds(R)
The Right Way to Invest
<PAGE>
These two pages contain corrections and replace the two pages in the June 30,
2000 Panorama Growth Portfolio Semiannual Report.
============================================================================
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, Portfolio Manager until March 8, 2000
During the first two months of 2000, the market continued to favor large growth
stocks over the undervalued companies in which the Fund invests. While we are
disappointed with the Fund's return over the period, we expect undervalued
stocks with prospects for growth to reward investors.
Historically, the low P/E value stocks in which the Fund invests have
proven to be bargains over the long term. However, they tend to under perform
the market when corporate earnings growth appears likely to slow and concerns
regarding the economic future are on the rise. At such times, investors tend to
seek large, growth-oriented companies.
Throughout this four-month period, actual U.S. economic growth remained
robust. However, the unusually rapid pace of U.S. economic growth raised
concerns that inflation might appear. In an effort to prevent the economy from
overheating, the Federal Reserve Board (the Fed) raised interest rates, and
declared an intention to continue raising them until the pace of consumer
spending and economic growth had slowed. The Fed's actions and statements
heightened uncertainties regarding the sustainability of U.S. economic growth,
and, as a result, value-oriented stocks suffered. Many of our holdings in
traditional value-oriented sectors felt considerable impact, despite good
earnings and strong business conditions.
Given these market conditions, we sought to position the Fund to
perform as strongly as possible during a difficult time for value investing.
During the period, we added substantially to our value-oriented technology
holdings to take advantage of strength among the computer and telecommunications
industries.
Among other key sectors, we scored successes with several of our energy
and utility holdings. Energy stocks benefited from a rebound in energy
prices. We participated in the sector's rise with investments in drilling-rig
owners and natural-gas producers. Our holdings of electric and
telecommunications companies also generally performed well, especially stocks of
companies participating in the rapid build-out of cellular and fiber-optic
communications networks.
To enhance our management strategy, we implemented a sophisticated new
ranking system, a few months before the period began. This system is designed to
help us better evaluate the broad universe of value-oriented stocks by analyzing
a wide spectrum of quality, price, and earnings-related factors. Assisted by the
results of this ranking system, we trimmed the Fund's holdings in consumer
cyclicals and financial sector stocks. Both of these sectors tend to under
perform in times of rising interest rates, such as those that prevailed during
the period.
While these changes enhanced the Fund's performance, the negative
environment for value investing still took a significant toll. Stocks in the
consumer-staples sector, including beverage companies and other commodity
suppliers, lost value despite strong company fundamentals and good earnings
performance. Solid companies in the capital-goods sector faced a similarly
unfavorable investment environment. Reasonably priced stocks of retailers in the
consumer-cyclical sector also turned in disappointing performance, as investors
focused on a narrow group of high-growth companies in the sector.
Because the stock market can be volatile, the Fund's performance may be subject
to substantial short-term changes.
2 Growth Portfolio
<PAGE>
Panorama Series Fund, Inc.--Growth Portfolio
================================================================================
New Portfolio Managers, Charles Albers and Nikos Monoyios, were assigned to
the Fund March 8, 2000(2)
The portfolio managers use an investment process that combines quantitative
models, fundamental research about particular securities and individual
judgement.
o Multi-factor quantitative models: "Bottom-up" models typically help rank
approximately 2,000 stocks for their relative attractiveness by analyzing
company characteristics. "Top-down" models analyze data such as relative
valuations and price trends, interest rates and the shape of the yield curve.
The results generated by the models provide the portfolio managers with the
particular mix of growth and value stocks to be included in the Fund.
The models also provide the amount of emphasis placed on market
capitalization, certain industries and value or growth styles.
o Fundamental research: Internal research and analysis by other market analysts,
with emphasis on current company news and industry-related events.
o Judgement: After analyzing the models and fundamental research, the portfolio
managers apply their own judgement to select securities for the Fund.
================================================================================
Portfolio Managers Outlook
The market continues to be subject to alternating concerns of higher interest
rates and inflation, and economic slowing. Large valuation discrepancies between
growth and value stocks continue to exist even after the correction of this past
spring. In this environment, we believe a relatively low risk profile may be the
best investment policy over the next few months. The Panorama Growth Portfolio
is well diversified with a slight emphasis in value stocks and increased
weighting in large-cap and high-quality issues. However, the Fund is also well
represented in high-growth technology companies that should give it exposure to
the most dynamic areas of the economy.
2. Effective March 8, 2000, Charles Albers and Nikos Monoyios have been managing
the Fund.
Growth Portfolio 3
<PAGE>
Statement of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Market Value
Shares Note 1
================================================================================
<S> <C> <C>
Common Stocks--96.3%
--------------------------------------------------------------------------------
Basic Materials--2.3%
--------------------------------------------------------------------------------
Chemicals--1.3%
Dow Chemical Co. 64,800 $ 1,956,150
--------------------------------------------------------------------------------
Du Pont (E.I.) de Nemours & Co. 58,900 2,576,875
--------------------------------------------------------------------------------
PPG Industries, Inc. 9,300 412,106
--------------------------------------------------------------------------------
Rohm & Haas Co. 17,500 603,750
-----------
5,548,881
--------------------------------------------------------------------------------
Metals--0.8%
Alcan Aluminium Ltd. 21,600 669,600
--------------------------------------------------------------------------------
Alcan Aluminium Ltd. 2,400 74,509
--------------------------------------------------------------------------------
Alcoa, Inc. 90,600 2,627,400
--------------------------------------------------------------------------------
Inco Ltd.(1) 20,100 309,037
-----------
3,680,546
--------------------------------------------------------------------------------
Paper--0.2%
Weyerhaeuser Co. 26,000 1,118,000
--------------------------------------------------------------------------------
Capital Goods--11.1%
--------------------------------------------------------------------------------
Aerospace/Defense--1.4%
Boeing Co. 123,200 5,151,300
--------------------------------------------------------------------------------
L-3 Communications Holdings, Inc.(1) 18,100 1,032,831
-----------
6,184,131
--------------------------------------------------------------------------------
Electrical Equipment--6.5%
AVX Corp. 19,000 435,812
--------------------------------------------------------------------------------
CommScope, Inc.(1) 7,900 323,900
--------------------------------------------------------------------------------
Conexant Systems, Inc.(1) 15,200 739,100
--------------------------------------------------------------------------------
General Electric Co. 430,200 22,800,600
--------------------------------------------------------------------------------
Integrated Device Technology, Inc.(1) 16,000 958,000
--------------------------------------------------------------------------------
Molex, Inc., Cl. A 12,500 437,500
--------------------------------------------------------------------------------
Rockwell International Corp. 56,600 1,782,900
--------------------------------------------------------------------------------
SPX Corp.(1) 6,000 725,625
--------------------------------------------------------------------------------
Symbol Technologies, Inc.(1) 8,550 461,700
--------------------------------------------------------------------------------
Vishay Intertechnology, Inc.(1) 5,000 189,687
-----------
28,854,824
--------------------------------------------------------------------------------
Industrial Services--0.2%
Paychex, Inc. 16,800 705,600
--------------------------------------------------------------------------------
Valassis Communications, Inc.(1) 5,500 209,687
-----------
915,287
</TABLE>
4 Growth Portfolio
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares Note 1
--------------------------------------------------------------------------------
<S> <C> <C>
Manufacturing--3.0%
Avery-Dennison Corp. 27,700 $ 1,859,362
--------------------------------------------------------------------------------
Ball Corp. 800 25,750
--------------------------------------------------------------------------------
Cooper Industries, Inc. 9,600 312,600
--------------------------------------------------------------------------------
Corning, Inc. 11,200 3,022,600
--------------------------------------------------------------------------------
Dover Corp. 28,400 1,151,975
--------------------------------------------------------------------------------
Honeywell International, Inc. 50,500 1,701,219
--------------------------------------------------------------------------------
Illinois Tool Works, Inc. 12,000 684,000
--------------------------------------------------------------------------------
Kulicke & Soffa Industries, Inc.(1) 800 47,500
--------------------------------------------------------------------------------
Miller (Herman), Inc. 7,500 194,062
--------------------------------------------------------------------------------
Minnesota Mining & Manufacturing Co. 49,300 4,067,250
--------------------------------------------------------------------------------
Parker-Hannifin Corp. 5,600 191,800
-----------
13,258,118
--------------------------------------------------------------------------------
Communication Services--3.6%
--------------------------------------------------------------------------------
Telecommunications: Long Distance--0.1%
Brocade Communications Systems, Inc.(1) 2,300 422,014
--------------------------------------------------------------------------------
Telephone Utilities--3.4%
Bell Atlantic Corp. 28,000 1,422,750
--------------------------------------------------------------------------------
BellSouth Corp. 208,300 8,878,787
--------------------------------------------------------------------------------
GTE Corp. 75,000 4,668,750
-----------
14,970,287
--------------------------------------------------------------------------------
Telecommunications: Wireless--0.1%
Amdocs Ltd.(1) 3,600 276,300
--------------------------------------------------------------------------------
Consumer Cyclicals--10.2%
--------------------------------------------------------------------------------
Autos & Housing--0.7%
Delphi Automotive Systems Corp. 40,000 582,500
--------------------------------------------------------------------------------
General Motors Corp. 24,200 1,405,112
--------------------------------------------------------------------------------
Southdown, Inc. 7,000 404,250
--------------------------------------------------------------------------------
Vulcan Materials Co. 7,800 332,962
--------------------------------------------------------------------------------
Whirlpool Corp. 9,500 442,937
-----------
3,167,761
--------------------------------------------------------------------------------
Consumer Services--0.3%
Harte-Hanks, Inc. 8,600 215,000
--------------------------------------------------------------------------------
Interpublic Group of Cos., Inc. 7,500 322,500
--------------------------------------------------------------------------------
Omnicom Group, Inc. 6,600 587,812
--------------------------------------------------------------------------------
Young & Rubicam, Inc. 2,500 142,969
-----------
1,268,281
--------------------------------------------------------------------------------
Leisure & Entertainment--0.4%
MGM Grand, Inc. 61,000 1,959,625
</TABLE>
Growth Portfolio 5
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares Note 1
--------------------------------------------------------------------------------
<S> <C> <C>
Media--1.4%
Deluxe Corp. 1,400 $ 32,987
--------------------------------------------------------------------------------
Dow Jones & Co., Inc. 5,900 432,175
--------------------------------------------------------------------------------
Gannett Co., Inc. 33,000 1,973,812
--------------------------------------------------------------------------------
Knight-Ridder, Inc. 11,400 606,337
--------------------------------------------------------------------------------
McGraw-Hill, Inc. 10,000 540,000
--------------------------------------------------------------------------------
New York Times Co., Cl. A 20,000 790,000
--------------------------------------------------------------------------------
Readers Digest Assn., Inc., Cl. A, Non-Vtg. 27,000 1,073,250
--------------------------------------------------------------------------------
USA Networks, Inc.(1) 39,000 843,375
-----------
6,291,936
--------------------------------------------------------------------------------
Retail: General--4.2%
Federated Department Stores, Inc.(1) 30,200 1,019,250
--------------------------------------------------------------------------------
May Department Stores Co. 16,600 398,400
--------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 295,000 16,999,375
-----------
18,417,025
--------------------------------------------------------------------------------
Retail: Specialty--3.0%
BJ's Wholesale Club, Inc.(1) 4,000 132,000
--------------------------------------------------------------------------------
Circuit City Stores-Circuit City Group 5,500 182,531
--------------------------------------------------------------------------------
Home Depot, Inc. 192,800 9,627,950
--------------------------------------------------------------------------------
Limited, Inc. 54,000 1,167,750
--------------------------------------------------------------------------------
Payless ShoeSource, Inc.(1) 280 14,350
--------------------------------------------------------------------------------
RadioShack Corp. 9,200 435,850
--------------------------------------------------------------------------------
Ross Stores, Inc. 25,900 441,919
--------------------------------------------------------------------------------
Tiffany & Co. 10,800 729,000
--------------------------------------------------------------------------------
Zale Corp.(1) 15,000 547,500
-----------
13,278,850
--------------------------------------------------------------------------------
Textile/Apparel & Home Furnishings--0.2%
Jones Apparel Group, Inc.(1) 40,600 954,100
--------------------------------------------------------------------------------
Liz Claiborne, Inc. 3,900 137,475
-----------
1,091,575
--------------------------------------------------------------------------------
Consumer Staples--4.4%
--------------------------------------------------------------------------------
Beverages--1.1%
Adolph Coors Co., Cl. B 20,600 1,246,300
--------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 46,000 3,435,625
--------------------------------------------------------------------------------
Seagram Co. Ltd. (The) 2,800 162,400
-----------
4,844,325
--------------------------------------------------------------------------------
Broadcasting--0.4%
AT&T--Liberty Media Group, Series A(1) 17,900 434,075
--------------------------------------------------------------------------------
Comcast Corp., Cl. A Special(1) 30,800 1,247,400
-----------
1,681,475
--------------------------------------------------------------------------------
Entertainment--0.9%
Brinker International, Inc.(1) 6,200 181,350
--------------------------------------------------------------------------------
Darden Restaurants, Inc. 12,400 201,500
--------------------------------------------------------------------------------
Disney (Walt) Co. 45,000 1,746,562
--------------------------------------------------------------------------------
Viacom, Inc., Cl. B(1) 27,125 1,849,586
-----------
3,978,998
</TABLE>
6 Growth Portfolio
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares Note 1
--------------------------------------------------------------------------------
<S> <C> <C>
Food--0.5%
Keebler Foods Co. 28,200 $ 1,046,925
--------------------------------------------------------------------------------
Sysco Corp. 28,800 1,213,200
-----------
2,260,125
--------------------------------------------------------------------------------
Food & Drug Retailers--0.2%
Walgreen Co. 26,900 865,844
--------------------------------------------------------------------------------
Household Goods--1.1%
Colgate-Palmolive Co. 16,400 981,950
--------------------------------------------------------------------------------
Kimberly-Clark Corp. 68,700 3,941,662
-----------
4,923,612
--------------------------------------------------------------------------------
Tobacco--0.2%
R.J. Reynolds Tobacco Holdings, Inc. 35,100 980,606
--------------------------------------------------------------------------------
Energy--15.9%
--------------------------------------------------------------------------------
Energy Services--3.1%
Anadarko Petroleum Corp. 28,600 1,410,337
--------------------------------------------------------------------------------
Cabot Oil & Gas Corp., Cl. A 10,000 211,875
--------------------------------------------------------------------------------
Dynegy, Inc. 11,000 751,437
--------------------------------------------------------------------------------
ENSCO International, Inc. 129,000 4,619,812
--------------------------------------------------------------------------------
Global Marine, Inc.(1) 81,000 2,283,187
--------------------------------------------------------------------------------
Nabors Industries, Inc.(1) 35,000 1,454,687
--------------------------------------------------------------------------------
Noble Drilling Corp.(1) 37,000 1,523,937
--------------------------------------------------------------------------------
Renaissance Energy Ltd.(1) 1,700 16,464
--------------------------------------------------------------------------------
Santa Fe International Corp. 43,000 1,502,313
-----------
13,774,049
--------------------------------------------------------------------------------
Oil: Domestic--8.9%
Amerada Hess Corp. 11,000 679,250
--------------------------------------------------------------------------------
Apache Corp. 67,100 3,946,319
--------------------------------------------------------------------------------
Chevron Corp. 58,100 4,927,606
--------------------------------------------------------------------------------
Conoco, Inc., Cl. A 27,700 609,400
--------------------------------------------------------------------------------
Devon Energy Corp. 30,000 1,685,625
--------------------------------------------------------------------------------
EOG Resources, Inc. 44,900 1,504,150
--------------------------------------------------------------------------------
Exxon Mobil Corp. 209,588 16,452,658
--------------------------------------------------------------------------------
Frontier Oil Corp.(1) 50,000 400,000
--------------------------------------------------------------------------------
Kerr-McGee Corp. 20,000 1,178,750
--------------------------------------------------------------------------------
Murphy Oil Corp. 37,600 2,234,850
--------------------------------------------------------------------------------
Newfield Exploration Co.(1) 17,000 665,125
--------------------------------------------------------------------------------
Occidental Petroleum Corp. 11,200 235,900
--------------------------------------------------------------------------------
Phillips Petroleum Co. 20,000 1,013,750
--------------------------------------------------------------------------------
Stone Energy Corp.(1) 11,000 657,250
--------------------------------------------------------------------------------
Texaco, Inc. 47,500 2,529,375
--------------------------------------------------------------------------------
Tosco Corp. 15,000 424,688
-----------
39,144,696
</TABLE>
Growth Portfolio 7
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares Note 1
--------------------------------------------------------------------------------
<S> <C> <C>
Oil: International--3.9%
Anderson Exploration Ltd.(1) 104,700 $ 1,900,810
--------------------------------------------------------------------------------
Berkley Petroleum Corp.(1) 120,000 757,238
--------------------------------------------------------------------------------
Canadian Hunter Exploration Ltd.(1) 22,400 475,454
--------------------------------------------------------------------------------
Canadian Hunter Exploration Ltd.(1) 61,100 1,296,885
--------------------------------------------------------------------------------
Canadian Natural Resources Ltd.(1) 70,000 2,031,450
--------------------------------------------------------------------------------
Encal Energy Ltd.(1) 70,000 444,085
--------------------------------------------------------------------------------
Paramount Resources Ltd. 60,000 613,485
--------------------------------------------------------------------------------
Rio Alto Exploration Ltd.(1) 40,000 731,592
--------------------------------------------------------------------------------
Royal Dutch Petroleum Co., NY Shares 104,400 6,427,125
--------------------------------------------------------------------------------
Talisman Energy, Inc.(1) 70,000 2,317,271
-----------
16,995,395
--------------------------------------------------------------------------------
Financial--8.4%
--------------------------------------------------------------------------------
Banks--0.7%
BB&T Corp. 3,100 74,013
--------------------------------------------------------------------------------
Mellon Financial Corp. 8,500 309,719
--------------------------------------------------------------------------------
Northern Trust Corp. 1,400 91,088
--------------------------------------------------------------------------------
UnionBanCal Corp. 28,700 532,744
--------------------------------------------------------------------------------
Wells Fargo Co. 53,200 2,061,500
-----------
3,069,064
--------------------------------------------------------------------------------
Diversified Financial--5.6%
Citigroup, Inc. 231,300 13,935,825
--------------------------------------------------------------------------------
Fannie Mae 9,200 480,125
--------------------------------------------------------------------------------
Goldman Sachs Group, Inc. (The) 14,300 1,356,713
--------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 9,200 1,058,000
--------------------------------------------------------------------------------
MGIC Investment Corp. 13,000 591,500
--------------------------------------------------------------------------------
Morgan Stanley Dean Witter & Co. 72,600 6,043,950
--------------------------------------------------------------------------------
PMI Group, Inc. (The) 23,000 1,092,500
-----------
24,558,613
--------------------------------------------------------------------------------
Insurance--2.1%
Allmerica Financial Corp. 5,000 261,875
--------------------------------------------------------------------------------
American International Group, Inc. 42,575 5,002,563
--------------------------------------------------------------------------------
AXA Financial, Inc. 63,400 2,155,600
--------------------------------------------------------------------------------
Cigna Corp. 8,900 832,150
--------------------------------------------------------------------------------
Jefferson-Pilot Corp. 14,500 818,344
--------------------------------------------------------------------------------
Radian Group, Inc. 3,500 181,125
--------------------------------------------------------------------------------
St. Paul Cos., Inc. 6,100 208,163
-----------
9,459,820
</TABLE>
8 Growth Portfolio
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares Note 1
--------------------------------------------------------------------------------
<S> <C> <C>
Healthcare--9.5%
--------------------------------------------------------------------------------
Healthcare/Drugs--9.4%
Amgen, Inc.(1) 80,000 $ 5,620,000
--------------------------------------------------------------------------------
Andrx Corp.(1) 16,000 1,022,750
--------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 67,200 3,914,400
--------------------------------------------------------------------------------
Chiron Corp.(1) 2,700 128,250
--------------------------------------------------------------------------------
HCA-Healthcare Corp. (The) 10,400 315,900
--------------------------------------------------------------------------------
Immunex Corp.(1) 11,500 568,531
--------------------------------------------------------------------------------
Johnson & Johnson 85,000 8,659,375
--------------------------------------------------------------------------------
Medimmune, Inc.(1) 6,600 488,400
--------------------------------------------------------------------------------
Merck & Co., Inc. 126,200 9,670,075
--------------------------------------------------------------------------------
Pfizer, Inc. 107,525 5,161,200
--------------------------------------------------------------------------------
Schering-Plough Corp. 62,000 3,131,000
--------------------------------------------------------------------------------
Trigon Healthcare, Inc.(1) 9,000 464,063
--------------------------------------------------------------------------------
UnitedHealth Group, Inc. 24,800 2,126,600
-----------
41,270,544
--------------------------------------------------------------------------------
Healthcare/Supplies & Services--0.1%
PerkinElmer, Inc. 4,000 264,500
--------------------------------------------------------------------------------
Technology--29.1%
--------------------------------------------------------------------------------
Computer Hardware--7.8%
Apple Computer, Inc.(1) 36,800 1,927,400
--------------------------------------------------------------------------------
Dell Computer Corp.(1) 42,900 2,115,506
--------------------------------------------------------------------------------
Electronics for Imaging, Inc.(1) 5,600 141,750
--------------------------------------------------------------------------------
EMC Corp.(1) 9,600 738,600
--------------------------------------------------------------------------------
Gateway, Inc.(1) 13,000 737,750
--------------------------------------------------------------------------------
Hewlett-Packard Co. 57,100 7,130,363
--------------------------------------------------------------------------------
International Business Machines Corp. 121,600 13,322,800
--------------------------------------------------------------------------------
Network Appliance, Inc.(1) 8,600 692,300
--------------------------------------------------------------------------------
Sun Microsystems, Inc.(1) 84,100 7,647,844
-----------
34,454,313
--------------------------------------------------------------------------------
Computer Services--0.9%
Applied Micro Circuits Corp.(1) 1,400 138,250
--------------------------------------------------------------------------------
Automatic Data Processing, Inc. 36,000 1,928,250
--------------------------------------------------------------------------------
First Data Corp. 32,100 1,592,963
--------------------------------------------------------------------------------
Sycamore Networks, Inc. 2,800 309,050
-----------
3,968,513
</TABLE>
Growth Portfolio 9
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares Note 1
--------------------------------------------------------------------------------
<S> <C> <C>
Computer Software--4.2%
Adobe Systems, Inc. 16,000 $ 2,080,000
--------------------------------------------------------------------------------
BEA Systems, Inc.(1) 2,000 98,875
--------------------------------------------------------------------------------
Computer Associates International, Inc. 37,400 1,914,413
--------------------------------------------------------------------------------
Computer Sciences Corp.(1) 3,400 253,938
--------------------------------------------------------------------------------
Oracle Corp.(1) 109,000 9,162,813
--------------------------------------------------------------------------------
Portal Software, Inc.(1) 900 57,488
--------------------------------------------------------------------------------
Siebel Systems, Inc.(1) 8,000 1,308,500
--------------------------------------------------------------------------------
Symantec Corp.(1) 8,300 447,681
--------------------------------------------------------------------------------
Veritas Software Corp.(1) 24,000 2,712,375
--------------------------------------------------------------------------------
Yahoo!, Inc.(1) 2,400 297,300
-----------
18,333,383
--------------------------------------------------------------------------------
Communications Equipment--5.5%
ADC Telecommunications, Inc.(1) 12,200 1,023,275
--------------------------------------------------------------------------------
CIENA Corp.(1) 7,200 1,200,150
--------------------------------------------------------------------------------
Cisco Systems, Inc. 246,500 15,668,156
--------------------------------------------------------------------------------
Nortel Networks Corp. 82,700 5,644,275
--------------------------------------------------------------------------------
Scientific-Atlanta, Inc. 8,400 625,800
-----------
24,161,656
--------------------------------------------------------------------------------
Electronics--10.3%
Altera Corp.(1) 9,600 978,600
--------------------------------------------------------------------------------
Applied Materials, Inc.(1) 24,100 2,184,063
--------------------------------------------------------------------------------
Atmel Corp.(1) 13,700 505,188
--------------------------------------------------------------------------------
Cypress Semiconductor Corp.(1) 24,000 1,014,000
--------------------------------------------------------------------------------
Intel Corp. 222,800 29,785,575
--------------------------------------------------------------------------------
Lam Research Corp.(1) 6,100 228,750
--------------------------------------------------------------------------------
Lattice Semiconductor Corp.(1) 12,000 829,500
--------------------------------------------------------------------------------
Linear Technology Corp. 14,800 946,275
--------------------------------------------------------------------------------
LSI Logic Corp.(1) 16,900 914,713
--------------------------------------------------------------------------------
Maxim Integrated Products, Inc.(1) 3,200 217,400
--------------------------------------------------------------------------------
National Semiconductor Corp.(1) 23,400 1,327,950
--------------------------------------------------------------------------------
Novellus Systems, Inc.(1) 3,000 169,688
--------------------------------------------------------------------------------
PMC-Sierra, Inc.(1) 4,500 799,594
--------------------------------------------------------------------------------
QLogic Corp.(1) 6,000 396,375
--------------------------------------------------------------------------------
Teradyne, Inc.(1) 10,700 786,450
--------------------------------------------------------------------------------
Texas Instruments, Inc. 30,900 2,122,444
--------------------------------------------------------------------------------
Xilinx, Inc.(1) 29,000 2,394,313
-----------
45,600,878
</TABLE>
10 Growth Portfolio
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares Note 1
--------------------------------------------------------------------------------
<S> <C> <C>
Photography--0.4%
Eastman Kodak Co. 26,600 $ 1,582,700
--------------------------------------------------------------------------------
Transportation--0.3%
--------------------------------------------------------------------------------
Railroads & Truckers--0.3%
Union Pacific Corp. 24,000 892,500
--------------------------------------------------------------------------------
XTRA Corp.(1) 7,100 280,006
------------
1,172,506
--------------------------------------------------------------------------------
Utilities--1.5%
--------------------------------------------------------------------------------
Electric Utilities--1.2%
AES Corp. (The)(1) 6,000 273,750
--------------------------------------------------------------------------------
Calpine Corp.(1) 5,500 361,625
--------------------------------------------------------------------------------
Conectiv, Inc. 110,900 1,725,881
--------------------------------------------------------------------------------
Peco Energy Co. 26,000 1,048,125
--------------------------------------------------------------------------------
Public Service Enterprise Group, Inc. 13,500 467,438
--------------------------------------------------------------------------------
Southern Co. 13,000 303,063
--------------------------------------------------------------------------------
Unicom Corp. 25,000 967,188
------------
5,147,070
--------------------------------------------------------------------------------
Gas Utilities--0.3%
Enron Corp. 15,600 1,006,200
--------------------------------------------------------------------------------
NICOR, Inc. 1,800 58,725
--------------------------------------------------------------------------------
Sempra Energy 7,700 130,900
------------
1,195,825
------------
Total Common Stocks (Cost $390,468,587) 424,391,951
Principal
Amount
================================================================================
Short-Term Notes--0.2%
--------------------------------------------------------------------------------
Federal Home Loan Bank, 6.57%, 7/3/00
(Cost $999,635) $ 1,000,000 999,635
================================================================================
Repurchase Agreements--4.6%
--------------------------------------------------------------------------------
Repurchase agreement with Zion First National
Bank, 6.55%, dated 6/30/00, to be repurchased
at $20,387,122 on 7/3/00, collateralized by
U.S. Treasury Bonds, 7.25%-7.875%,
5/15/16-2/15/21, with a value of $7,841,613
and U.S. Treasury Nts., 5.25%-6.625%,
6/30/01-2/15/06, with a value of $12,980,998
(Cost $20,376,000) 20,376,000 20,376,000
--------------------------------------------------------------------------------
Total Investments, at Value (Cost $411,844,222) 101.1% 445,767,586
--------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (1.1) (4,772,970)
----------- ------------
Net Assets 100.0% $440,994,616
=========== ============
</TABLE>
1. Non-income-producing security.
See accompanying Notes to Financial Statements.
Growth Portfolio 11
<PAGE>
Statement of Assets and Liabilities June 30, 2000 (Unaudited)
<TABLE>
<S> <C>
=================================================================================================
Assets
Investments, at value (cost $411,844,222)--see accompanying statement $445,767,586
-------------------------------------------------------------------------------------------------
Cash 100,419
-------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 1,616,810
Interest and dividends 300,103
Shares of capital stock sold 18,670
Other 3,012
------------
Total assets 447,806,600
=================================================================================================
Liabilities
Payables and other liabilities:
Investments purchased 5,806,740
Shares of capital stock redeemed 966,262
Directors' compensation 934
Transfer and shareholder servicing agent fees 113
Other 37,935
------------
Total liabilities 6,811,984
=================================================================================================
Net Assets $440,994,616
============
=================================================================================================
Composition of Net Assets
Par value of shares of capital stock $ 204,086
-------------------------------------------------------------------------------------------------
Additional paid-in capital 450,901,837
-------------------------------------------------------------------------------------------------
Undistributed net investment income 2,523,531
-------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments and foreign currency transactions (46,558,202)
-------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of
assets and liabilities denominated in foreign currencies 33,923,364
------------
Net assets--applicable to 204,086,410 shares of capital stock outstanding $440,994,616
============
=================================================================================================
Net Asset Value, Redemption Price Per Share and Offering Price Per Share $2.16
</TABLE>
See accompanying Notes to Financial Statements.
12 Growth Portfolio
<PAGE>
Statement of Operations For the Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<S> <C>
========================================================================================
Investment Income
Dividends (net of foreign withholding taxes of $4,771) $ 3,400,076
----------------------------------------------------------------------------------------
Interest 643,071
------------
Total income 4,043,147
========================================================================================
Expenses
Management fees 1,471,182
----------------------------------------------------------------------------------------
Custodian fees and expenses 7,867
----------------------------------------------------------------------------------------
Accounting service fees 2,874
----------------------------------------------------------------------------------------
Directors' compensation 1,807
----------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 977
----------------------------------------------------------------------------------------
Other 12,345
------------
Total expenses 1,497,052
Less expenses paid indirectly (4,386)
------------
Net Expenses 1,492,666
========================================================================================
Net Investment Income 2,550,481
========================================================================================
Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments (39,693,112)
Foreign currency transactions (130,586)
------------
Net realized loss (39,823,698)
----------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 9,482,919
Translation of assets and liabilities denominated in foreign currencies (8,871)
------------
Net change 9,474,048
------------
Net realized and unrealized loss (30,349,650)
========================================================================================
Net Decrease in Net Assets Resulting from Operations $(27,799,169)
============
</TABLE>
See accompanying Notes to Financial Statements.
Growth Portfolio 13
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 2000 December 31,
(Unaudited) 1999
<S> <C> <C>
================================================================================================
Operations
Net investment income $ 2,550,481 $ 10,354,584
------------------------------------------------------------------------------------------------
Net realized gain (loss) (39,823,698) 117,643,744
------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) 9,474,048 (159,810,957)
------------ -------------
Net decrease in net assets resulting from operations (27,799,169) (31,812,629)
================================================================================================
Dividends and/or Distributions to Shareholders
Dividends from net investment income (10,380,186) (10,168,122)
------------------------------------------------------------------------------------------------
Distributions from net realized gain (124,242,402) (33,413,443)
================================================================================================
Capital Stock Transactions
Net decrease in net assets resulting from
capital stock transactions (64,722,452) (175,338,440)
================================================================================================
Net Assets
Total decrease (227,144,209) (250,732,634)
------------------------------------------------------------------------------------------------
Beginning of period 668,138,825 918,871,459
------------ -------------
End of period (including undistributed net investment
income of $2,523,531 and $10,353,236, respectively) $440,994,616 $ 668,138,825
============ =============
</TABLE>
See accompanying Notes to Financial Statements.
14 Growth Portfolio
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended June 30,
2000 Year Ended December 31,
(Unaudited) 1999 1998 1997 1996(1) 1995
<S> <C> <C> <C> <C> <C> <C>
================================================================================================================================
Per Share Operating Data
Net asset value, beginning of period $2.99 $3.27 $3.45 $2.98 $2.53 $1.97
--------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .02 .05 .04 .04 .04 .04
Net realized and unrealized gain (loss) (.14) (.17) .26 .69 .43 .71
--------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations (.12) (.12) .30 .73 .47 .75
--------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.05) (.04) (.04) (.03) (.01) (.04)
Distributions from net realized gain (.66) (.12) (.44) (.23) (.01) (.15)
--------------------------------------------------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.71) (.16) (.48) (.26) (.02) (.19)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $2.16 $2.99 $3.27 $3.45 $2.98 $2.53
===== ===== ===== ===== ===== =====
================================================================================================================================
Total Return, at Net Asset Value(2) (3.75)% (3.76)% 8.43% 26.37% 18.87% 38.06%
================================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $440,995 $668,139 $918,871 $831,371 $586,222 $405,935
--------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $528,419 $808,715 $877,874 $721,555 $494,281 $303,193(3)
--------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(4)
Net investment income 0.97% 1.28% 1.16% 1.38% 1.63% 2.01%
Expenses 0.57% 0.53% 0.53%(5) 0.54%(5) 0.58%(5) 0.66%(5)
--------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 74% 132% 98% 92% 83% 69%
</TABLE>
1. On March 1, 1996, OppenheimerFunds, Inc. became the investment advisor to the
Portfolio.
2. Assumes a $1,000 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 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 for periods of less than one full year.
5. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
See accompanying Notes to Financial Statements.
Growth Portfolio 15
<PAGE>
Notes to Financial Statements (Unaudited)
================================================================================
1. Significant Accounting Policies
Growth Portfolio (the Portfolio) is a series of Panorama Series Fund, Inc. (the
Company) which is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company. The Portfolio'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 Portfolio's investment advisor is
OppenheimerFunds, Inc. (the Manager). Shares of the Portfolio 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 Portfolio.
--------------------------------------------------------------------------------
Securities Valuation. Securities listed or traded on National Stock Exchanges or
other domestic or foreign exchanges are valued based on the last sale price of
the security traded on that exchange prior to the time when the Portfolio's
assets are valued. In the absence of a sale, the security is valued at the last
sale price on the prior trading day, if it is within the spread of the closing
bid and asked prices, and if not, at the closing bid price. Securities
(including restricted securities) for which quotations are not readily available
are valued primarily using dealer-supplied valuations, a portfolio pricing
service authorized by the Board of Directors, or at their fair value. Fair value
is determined in good faith under consistently applied procedures under the
supervision of the Board of Directors. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value.)
--------------------------------------------------------------------------------
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 Portfolio 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 Portfolio may be delayed or limited.
--------------------------------------------------------------------------------
Federal Taxes. The Portfolio intends 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.
--------------------------------------------------------------------------------
Dividends and Distributions to Shareholders. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
--------------------------------------------------------------------------------
Classification of Dividends and Distributions to Shareholders. Net investment
income (loss) and net realized gain (loss) may differ for financial statement
and tax purposes. The character of dividends and distributions made during the
fiscal 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 dividends and 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 Portfolio.
16 Growth Portfolio
<PAGE>
Notes to Financial Statements (Unaudited)(Continued)
================================================================================
Expense Offset Arrangements. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Portfolio.
--------------------------------------------------------------------------------
Other. Investment transactions are accounted for as of trade date and dividend
income is recorded on the ex-dividend date. Certain dividends from foreign
securities will be recorded as soon as the Portfolio is informed of the dividend
if such information is obtained subsequent to 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 Portfolio 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 June 30, 2000 Year Ended December 31, 1999
------------------------------ --------------------------------
Shares Amount Shares Amount
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 5,789,692 $ 13,922,857 16,664,490 $ 52,051,244
Dividends and/or distributions reinvested 62,907,751 134,622,588 14,289,038 43,581,565
Redeemed (88,126,286) (213,267,897) (88,197,706) (270,971,249)
----------- ------------- ----------- -------------
Net decrease (19,428,843) $ (64,722,452) (57,244,178) $(175,338,440)
=========== ============= =========== =============
</TABLE>
================================================================================
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended June 30, 2000, were
$375,421,908 and $548,672,585, respectively.
================================================================================
4. Fees and Other Transactions with Affiliates
Management Fees. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Portfolio. The annual fees are 0.625% of
the first $300 million of average daily net assets of the Portfolio, 0.50% of
the next $100 million and 0.45% of average daily net assets over $400 million.
The Portfolio's management fee for the six months ended June 30, 2000 was an
annualized rate of 0.56%, before any waiver by the Manager.
--------------------------------------------------------------------------------
Accounting Fees. The Manager acts as the accounting agent for the Portfolio at
an annual fee of $15,000, plus out-of-pocket costs and expenses reasonably
incurred.
--------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager,
is the transfer agent for the Portfolio and is responsible for maintaining the
shareholder registry and shareholder accounting records for the Portfolio. OFS
provides these services for cost.
Growth Portfolio 17
<PAGE>
Growth Portfolio
A Series of Panorama Series Fund, Inc.
<TABLE>
<S> <C>
=================================================================================================
Officers and Directors James C. Swain, Director and Chairman of the Board
Bridget A. Macaskill, President
William L. Armstrong, Director
Robert G. Avis, Director
William A. Baker, Director
Jon S. Fossel, Director
Sam Freedman, Director
Raymond J. Kalinowski, Director
C. Howard Kast, Director
Robert M. Kirchner, Director
Ned M. Steel, Director
Charles Albers, Vice President
Peter M. Antos, Vice President
George Evans, Vice President
Alan Gilston, Vice President
Stephen F. Libera, Vice President
Nikolaos Monoyios, Vice President
David P. Negri, Vice President
Thomas P. Reedy, Vice President
Michael C. Strathearn, Vice President
Kenneth B. White, Vice President
Arthur J. Zimmer, Vice President
Andrew J. Donohue, Vice President and Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
=================================================================================================
Investment Advisor OppenheimerFunds, Inc.
=================================================================================================
Transfer Agent OppenheimerFunds Services
=================================================================================================
Custodian of Portfolio Securities The Bank of New York
=================================================================================================
Independent Auditors Deloitte & Touche LLP
=================================================================================================
Legal Counsel Myer, Swanson, Adams & Wolf, P.C.
The financial statements included herein have been
taken from the records of the Portfolio without
examination of those records by the independent
auditors.
This is a copy of a report to shareholders of Growth
Portfolio. For other material information concerning
the Portfolio, see its prospectus. This report must be
preceded or accompanied by the Portfolio's prospectus,
the separate account prospectus, and current
standardized average annual total returns for the
separate account being offered.
Shares of Oppenheimer funds are not deposits or
obligations of any bank, are not guaranteed
by any bank, are not insured by the FDIC
or any other agency, and involve investment risks,
including the possible loss of the principal amount
invested.
</TABLE>
(C)Copyright 2000 OppenheimerFunds, Inc. All rights reserved.
18 Growth Portfolio
