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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 21
069 000700 N
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070 K010700 Y
070 K020700 N
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070 O010700 N
070 O020700 N
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070 Q020700 N
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070 R020700 N
071 A000700 133198
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<PAGE> PAGE 22
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<PAGE> PAGE 23
074 U020700 0
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<PAGE> PAGE 24
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067 000800 N
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<PAGE> PAGE 25
070 D010800 Y
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070 E020800 N
070 F010800 Y
070 F020800 N
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070 H010800 Y
070 H020800 N
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070 I020800 N
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070 J020800 N
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070 K020800 N
070 L010800 Y
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070 O020800 N
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070 Q020800 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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066 A000900 Y
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069 000900 N
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<PAGE> PAGE 29
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070 I020900 N
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070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
070 N010900 Y
070 N020900 N
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070 O020900 N
070 P010900 Y
070 P020900 N
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070 Q020900 N
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070 R020900 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE BRIAN W. WIXTED
TITLE TREASURER
To the Board of Directors of
Panorama Series Fund, Inc.:
In planning and performing our audit of the financial statements of Panorama
Series Fund, Inc. (the "Company") (including Total Return, Growth, Government
Securities, International Growth, LifeSpan Diversified Income, LifeSpan
Balanced, and LifeSpan Capital Appreciation Portfolios) for the year ended
December 31, 1999 (on which we have issued our reports dated January 24, 2000),
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 Company's
internal control.
The management of the Company is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
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 may deteriorate.
Our consideration of the Company's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that 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
Company'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, 1999.
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 24, 2000
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, 1999, amounts have been reclassified to reflect an increase in
undistributed net investment income of $47,759. Accumulated net realized gain on
investments was decreased by the same amount.
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, 1999, amounts have been reclassified to reflect a decrease in
undistributed net investment income of $6,737. Accumulated net realized loss on
investments was decreased by the same amount.
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, 1999, amounts have been reclassified to reflect an increase in
undistributed net investment income of $1,591,190. Accumulated net realized gain
on investments was decreased by the same amount.
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, 1999, amounts have been reclassified to reflect an increase in
undistributed net investment income of $1,017. Accumulated net realized gain
on investments was decreased by the same amount.
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, 1999, amounts have been reclassified to reflect an increase in
undistributed net investment income of $97,227. Accumulated net realized gain
on investments was decreased by the same amount.
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, 1999, amounts have been reclassified to reflect an increase in
undistributed net investment income of $139,589. Accumulated net realized gain
on investments was decreased by the same amount.
Effective October 1, 1999, Babson-Stewart is no longer the sub-advisor for
Oppenheimer International Growth Fund/VA.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> Growth Portfolio
<SERIES>
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<NAME> Panorama Series Fund, Inc.
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<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
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<INVESTMENTS-AT-VALUE> 840,738,393
<RECEIVABLES> 16,482,096
<ASSETS-OTHER> 4,821
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<TOTAL-ASSETS> 857,276,344
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<OTHER-ITEMS-LIABILITIES> 3,581,318
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 853,695,026
<DIVIDEND-INCOME> 5,785,797
<INTEREST-INCOME> 1,242,524
<OTHER-INCOME> 0
<EXPENSES-NET> 2,292,306
<NET-INVESTMENT-INCOME> 4,736,015
<REALIZED-GAINS-CURRENT> 128,295,491
<APPREC-INCREASE-CURRENT> (107,954,311)
<NET-CHANGE-FROM-OPS> 25,077,195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,168,122
<DISTRIBUTIONS-OF-GAINS> 33,413,443
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<NUMBER-OF-SHARES-REDEEMED> 38,289,597
<SHARES-REINVESTED> 14,289,038
<NET-CHANGE-IN-ASSETS> (65,176,433)
<ACCUMULATED-NII-PRIOR> 10,166,774
<ACCUMULATED-GAINS-PRIOR> 33,277,597
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,232,483
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,294,773
<AVERAGE-NET-ASSETS> 873,515,000
<PER-SHARE-NAV-BEGIN> 3.27
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.12
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 3.20
<EXPENSE-RATIO> 0.53
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> TOTAL RETURN PORTFOLIO
<SERIES>
<NUMBER> 5
<NAME> PANORAMA SERIES FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1,232,388,742
<INVESTMENTS-AT-VALUE> 1,257,059,440
<RECEIVABLES> 20,672,727
<ASSETS-OTHER> 6,173
<OTHER-ITEMS-ASSETS> 24,968
<TOTAL-ASSETS> 1,277,763,308
<PAYABLE-FOR-SECURITIES> 1,994,540
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,697,506
<TOTAL-LIABILITIES> 6,692,046
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,116,112,873
<SHARES-COMMON-STOCK> 705,524,863
<SHARES-COMMON-PRIOR> 704,410,395
<ACCUMULATED-NII-CURRENT> 20,324,473
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 102,470,760
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,163,156
<NET-ASSETS> 1,271,071,262
<DIVIDEND-INCOME> 4,843,914
<INTEREST-INCOME> 19,106,232
<OTHER-INCOME> 0
<EXPENSES-NET> 3,552,117
<NET-INVESTMENT-INCOME> 20,398,029
<REALIZED-GAINS-CURRENT> 112,962,769
<APPREC-INCREASE-CURRENT> (114,580,688)
<NET-CHANGE-FROM-OPS> 18,780,110
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 43,060,498
<DISTRIBUTIONS-OF-GAINS> 47,469,898
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,232,104
<NUMBER-OF-SHARES-REDEEMED> 71,555,361
<SHARES-REINVESTED> 51,437,725
<NET-CHANGE-IN-ASSETS> (72,811,117)
<ACCUMULATED-NII-PRIOR> 42,986,942
<ACCUMULATED-GAINS-PRIOR> 36,977,889
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,432,356
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,558,312
<AVERAGE-NET-ASSETS> 1,304,000,000
<PER-SHARE-NAV-BEGIN> 1.91
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.80
<EXPENSE-RATIO> 0.55
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 19,131,207
<INVESTMENTS-AT-VALUE> 18,829,004
<RECEIVABLES> 259,567
<ASSETS-OTHER> 1,281
<OTHER-ITEMS-ASSETS> 1,091,399
<TOTAL-ASSETS> 20,181,251
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,812
<TOTAL-LIABILITIES> 30,812
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,093,728
<SHARES-COMMON-STOCK> 19,277,681
<SHARES-COMMON-PRIOR> 22,014,005
<ACCUMULATED-NII-CURRENT> 1,306,007
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (924,781)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (324,515)
<NET-ASSETS> 20,150,439
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,471,760
<OTHER-INCOME> 0
<EXPENSES-NET> 156,254
<NET-INVESTMENT-INCOME> 1,315,506
<REALIZED-GAINS-CURRENT> (322,128)
<APPREC-INCREASE-CURRENT> (1,564,589)
<NET-CHANGE-FROM-OPS> (571,211)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,340,571
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,089,799
<NUMBER-OF-SHARES-REDEEMED> 6,090,812
<SHARES-REINVESTED> 1,264,689
<NET-CHANGE-IN-ASSETS> (4,772,440)
<ACCUMULATED-NII-PRIOR> 1,337,809
<ACCUMULATED-GAINS-PRIOR> (609,390)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 119,156
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 158,799
<AVERAGE-NET-ASSETS> 22,683,276
<PER-SHARE-NAV-BEGIN> 1.13
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.05
<EXPENSE-RATIO> 0.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> International Equity Portfolio
<SERIES>
<NUMBER> 7
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 78,155,947
<INVESTMENTS-AT-VALUE> 101,247,527
<RECEIVABLES> 853,419
<ASSETS-OTHER> 1,545
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 102,102,491
<PAYABLE-FOR-SECURITIES> 48,079
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 845,195
<TOTAL-LIABILITIES> 893,274
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,909,754
<SHARES-COMMON-STOCK> 64,748,701
<SHARES-COMMON-PRIOR> 65,894,927
<ACCUMULATED-NII-CURRENT> 273,624
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,939,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,086,119
<NET-ASSETS> 101,209,217
<DIVIDEND-INCOME> 757,095
<INTEREST-INCOME> 58,341
<OTHER-INCOME> 0
<EXPENSES-NET> 538,289
<NET-INVESTMENT-INCOME> 277,147
<REALIZED-GAINS-CURRENT> 4,715,525
<APPREC-INCREASE-CURRENT> (2,809,073)
<NET-CHANGE-FROM-OPS> 2,183,599
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 580,211
<DISTRIBUTIONS-OF-GAINS> 1,992,059
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,921,540
<NUMBER-OF-SHARES-REDEEMED> 8,771,256
<SHARES-REINVESTED> 1,703,490
<NET-CHANGE-IN-ASSETS> (2,194,531)
<ACCUMULATED-NII-PRIOR> 576,688
<ACCUMULATED-GAINS-PRIOR> 216,254
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 501,530
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 539,856
<AVERAGE-NET-ASSETS> 101,126,000
<PER-SHARE-NAV-BEGIN> 1.57
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.56
<EXPENSE-RATIO> 1.07
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Diversified Income Portfolio
<SERIES>
<NUMBER> 8
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 45,219,085
<INVESTMENTS-AT-VALUE> 45,441,859
<RECEIVABLES> 619,675
<ASSETS-OTHER> 1,525
<OTHER-ITEMS-ASSETS> 646,464
<TOTAL-ASSETS> 46,709,523
<PAYABLE-FOR-SECURITIES> 52,645
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,585
<TOTAL-LIABILITIES> 126,230
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,818,401
<SHARES-COMMON-STOCK> 42,119,595
<SHARES-COMMON-PRIOR> 37,415,435
<ACCUMULATED-NII-CURRENT> 1,230,206
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 311,912
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 222,774
<NET-ASSETS> 46,583,293
<DIVIDEND-INCOME> 147,431
<INTEREST-INCOME> 1,277,679
<OTHER-INCOME> 0
<EXPENSES-NET> 187,574
<NET-INVESTMENT-INCOME> 1,237,536
<REALIZED-GAINS-CURRENT> 319,480
<APPREC-INCREASE-CURRENT> (1,181,466)
<NET-CHANGE-FROM-OPS> 375,550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,157,524
<DISTRIBUTIONS-OF-GAINS> 562,664
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,952,422
<NUMBER-OF-SHARES-REDEEMED> 1,743,847
<SHARES-REINVESTED> 2,495,585
<NET-CHANGE-IN-ASSETS> 2,904,212
<ACCUMULATED-NII-PRIOR> 2,150,194
<ACCUMULATED-GAINS-PRIOR> 555,096
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 168,130
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 189,050
<AVERAGE-NET-ASSETS> 45,223,000
<PER-SHARE-NAV-BEGIN> 1.17
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.11
<EXPENSE-RATIO> 0.84
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 355411
<NAME> LifeSpan Balanced Portfolio
<SERIES>
<NUMBER> 9
<NAME> Panorama Series Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 78,462,280
<INVESTMENTS-AT-VALUE> 85,731,661
<RECEIVABLES> 1,217,525
<ASSETS-OTHER> 1,541
<OTHER-ITEMS-ASSETS> 431,831
<TOTAL-ASSETS> 87,382,558
<PAYABLE-FOR-SECURITIES> 4,808
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 155,372
<TOTAL-LIABILITIES> 160,180
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,808,799
<SHARES-COMMON-STOCK> 68,656,012
<SHARES-COMMON-PRIOR> 67,154,567
<ACCUMULATED-NII-CURRENT> 1,422,665
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,722,281
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,268,633
<NET-ASSETS> 87,222,378
<DIVIDEND-INCOME> 362,622
<INTEREST-INCOME> 1,445,933
<OTHER-INCOME> 0
<EXPENSES-NET> 380,846
<NET-INVESTMENT-INCOME> 1,427,709
<REALIZED-GAINS-CURRENT> 3,677,462
<APPREC-INCREASE-CURRENT> (2,965,110)
<NET-CHANGE-FROM-OPS> 2,140,061
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,600,511
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,354,063
<NUMBER-OF-SHARES-REDEEMED> 3,984,184
<SHARES-REINVESTED> 2,131,566
<NET-CHANGE-IN-ASSETS> 1,348,968
<ACCUMULATED-NII-PRIOR> 2,595,467
<ACCUMULATED-GAINS-PRIOR> (955,181)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 357,979
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 383,093
<AVERAGE-NET-ASSETS> 84,936,000
<PER-SHARE-NAV-BEGIN> 1.28
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.27
<EXPENSE-RATIO> 0.91
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 64,700,280
<INVESTMENTS-AT-VALUE> 80,097,391
<RECEIVABLES> 806,212
<ASSETS-OTHER> 2,368
<OTHER-ITEMS-ASSETS> 151,482
<TOTAL-ASSETS> 81,057,453
<PAYABLE-FOR-SECURITIES> 26,685
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 467,870
<TOTAL-LIABILITIES> 494,555
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,294,660
<SHARES-COMMON-STOCK> 50,220,157
<SHARES-COMMON-PRIOR> 53,762,813
<ACCUMULATED-NII-CURRENT> 1,698,832
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,117,454
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,451,952
<NET-ASSETS> 80,562,898
<DIVIDEND-INCOME> 798,930
<INTEREST-INCOME> 1,431,088
<OTHER-INCOME> 0
<EXPENSES-NET> 668,945
<NET-INVESTMENT-INCOME> 1,561,073
<REALIZED-GAINS-CURRENT> 8,446,691
<APPREC-INCREASE-CURRENT> 4,308,202
<NET-CHANGE-FROM-OPS> 14,315,966
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,572,323
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,992,840
<NUMBER-OF-SHARES-REDEEMED> 7,744,976
<SHARES-REINVESTED> 1,209,480
<NET-CHANGE-IN-ASSETS> 7,713,745
<ACCUMULATED-NII-PRIOR> 1,570,493
<ACCUMULATED-GAINS-PRIOR> (1,189,648)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 615,493
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 671,705
<AVERAGE-NET-ASSETS> 72,433,302
<PER-SHARE-NAV-BEGIN> 1.36
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.60
<EXPENSE-RATIO> 0.93
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
