<PAGE>
A Message to Our Contract Owners:
We are pleased to forward this combined Semiannual Report for the Panorama Plus
Separate Account (the "Separate Account") and the six Funds of the Panorama
Series Fund, Inc. ("Panorama Series"), available to owners of Panorama Plus
Contracts. These reports are for the period ended June 30, 1996.
The Semiannual Report for the Separate Account begins on page 2. The Separate
Account has net assets of $618,682,918 as of June 30, 1996. Net asset values per
accumulation unit for the Money Market, Income, Total Return, Growth, Government
Securities and International Equity Sub-Accounts as of June 30, 1996 are shown
in detail in the table on page 2.
The Semiannual Report for the Panorama Series begins on page 1. This report
contains a detailed description of the financial results of the Panorama Series
Money Market, Income, Total Return, Growth, Government Securities and
International Equity Portfolios for the period ended June 30, 1996.
We appreciate the interest and confidence you have shown in the Separate
Account.
C.M. Life Insurance Company
/s/ David E. Sams, Jr.
David E. Sams, Jr.
President
August 1, 1996
1
<PAGE>
Panorama Plus Separate Account
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments, at market:
Panorama Series Fund, Inc.
Money Market
16,330,090 shares (Cost $16,330,090)...................... $ 16,330,090
Income
23,722,392 shares (Cost $28,726,864)...................... 28,571,675
Total Return
179,383,791 shares (Cost $302,958,384).................... 319,825,905
Growth
68,550,312 shares (Cost $160,038,707)..................... 182,310,689
Government Securities
16,455,999 shares (Cost $17,048,637)...................... 17,178,598
International Equity
39,855,671 shares (Cost $45,370,079)...................... 49,437,330
-------------
613,654,287
-------------
Dividends receivable........................................ 5,029,468
Other assets................................................ 158,962
-------------
Total assets.............................................. $ 618,842,717
-------------
LIABILITIES:
Due to affiliates........................................... 159,799
-------------
NET ASSETS.................................................. $ 618,682,918
=============
</TABLE>
<TABLE>
<CAPTION>
At June 30, 1996, the variable annuity contract of the
Separate Account consisted of the following: Units Unit value Net assets
----- ---------- ----------
<S> <C> <C> <C>
Money Market 14,417,330 1.121587 $ 16,170,290
Income 22,483,677 1.270792 28,572,077
Total Return 216,669,592 1.489630 322,757,524
Growth 101,786,412 1.808156 184,045,711
Government Securities 13,787,000 1.246143 17,180,574
International Equity 36,881,863 1.354507 49,956,742
-------------
$ 618,682,918
=============
</TABLE>
See Notes to Financial Statements.
2
<PAGE>
Panorama Plus Separate Account
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Sub-Accounts
------------------------------------------------------------------------------------
Money Total Government International
Market Income Return Growth Securities Equity
------ ------ ------ ------ ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Investment income
Dividends (Note 3B)........................ $ 434,798 $ 17,253 $ 2,859,378 $ 1,691,822 $ 10,053 $ 478,268
Expenses
Mortality and expense risk fees (Note 4)... 106,212 156,816 1,761,662 906,433 98,263 251,659
----------- ----------- ------------ ------------ ----------- ------------
Net investment income (loss) (Note 3C)..... 328,586 (139,563) 1,097,716 785,389 (88,210) 226,609
----------- ----------- ------------ ------------ ----------- ------------
Net realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments
(Notes 3B and 3C)......................... -- (256,824) 281,559 1,112,278 (147,416) 157,572
Change in net unrealized appreciation/
depreciation of investments............... -- (373,485) 4,526,187 6,760,243 (271,305) 3,111,944
----------- ----------- ------------ ------------ ----------- ------------
Net gain (loss) on investments............. -- (630,309) 4,807,746 7,872,521 (418,721) 3,269,516
----------- ----------- ------------ ------------ ----------- ------------
Net increase (decrease) in net assets
resulting from operations................ $ 328,586 $ (769,872) $ 5,905,462 $ 8,657,910 $ (506,931) $ 3,496,125
=========== =========== ============ ============ =========== ============
</TABLE>
See Notes to Financial Statements
3
<PAGE>
Panorama Plus Separate Account
STATEMENT OF CHANGES IN NET ASSETS
For the Six Months Ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Sub-Accounts
-------------------------------------------------------------------------------------------
Money Total Government International
Market Income Return Growth Securities Equity
------ ------ ------ ------ ---------- ------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income (loss)......... $ 328,586 $ (139,563) $ 1,097,716 $ 785,389 $ (88,210) $ 226,609
Net realized gain (loss)
on investments..................... -- (256,824) 281,559 1,112,278 (147,416) 157,572
Change in net unrealized
appreciation/depreciation
of investments..................... -- (373,485) 4,526,187 6,760,243 (271,305) 3,111,944
----------- ----------- ------------ ------------ ----------- ------------
Net increase (decrease) in net assets
resulting from operations.......... 328,586 (769,872) 5,905,462 8,657,910 (506,931) 3,496,125
----------- ----------- ------------ ------------ ----------- ------------
Capital transactions:
Net contract payments................ 7,325,654 4,821,654 37,413,322 27,535,123 1,499,402 6,059,424
Withdrawal of funds.................. (355,353) (686,084) (8,032,585) (3,404,366) (531,852) (991,765)
Divisional transfers................. (9,783,201) (1,731,246) 3,123,641 8,577,401 (874,159) 2,178,787
----------- ----------- ------------ ------------ ----------- ------------
Net increase (decrease) in net assets
resulting from capital
transactions....................... (2,812,900) 2,404,324 32,504,378 32,708,158 93,391 7,246,446
----------- ----------- ------------ ------------ ----------- ------------
Total increase (decrease)............. (2,484,314) 1,634,452 38,409,840 41,366,068 (413,540) 10,742,571
NET ASSETS, at beginning of
the year........................... 18,654,604 26,937,625 284,347,684 142,679,643 17,594,114 39,214,171
----------- ----------- ------------ ------------ ----------- ------------
NET ASSETS, at end of the
period............................. $16,170,290 $28,572,077 $322,757,524 $184,045,711 $17,180,574 $ 49,956,742
=========== =========== ============ ============ =========== ============
</TABLE>
See Notes to Financial Statement.
4
<PAGE>
Panorama Plus Separate Account
STATEMENT OF CHANGES IN NET ASSETS
For the Six Months Ended June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Sub-Accounts
------------------------------------------------------------------------------------------
Money Total Government International
Market Income Return Growth Securities Equity
------ ------ ------ ------ ---------- ------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income (loss)........... $ 317,024 $ (109,169) $ (1,116,880) $ (395,011) $ (76,673) $ (152,706)
Net realized gain (loss)
on investments....................... -- (278,269) (250,942) 204,225 (124,792) (5,592)
Change in net unrealized
appreciation/depreciation
of investments....................... -- 2,384,337 25,365,422 12,823,038 1,586,301 1,123,687
----------- ----------- ------------ ------------ ----------- ------------
Net increase in net assets
resulting from operations............ 317,024 1,996,899 23,997,600 12,632,252 1,384,836 965,389
----------- ----------- ------------ ------------ ----------- ------------
Capital transactions:
Net contract payments................. 7,101,030 3,062,431 29,806,998 17,861,458 1,616,162 6,974,160
Withdrawal of funds................... (188,748) (791,918) (5,531,412) (2,189,172) (487,131) (428,796)
Divisional transfer................... (6,516,415) 104,901 4,914,769 3,255,673 (617,284) (1,095,377)
----------- ----------- ------------ ------------ ----------- ------------
Net increase in net assets resulting
from capital transactions. 395,867 2,375,414 29,190,355 18,927,959 511,747 5,449,987
----------- ----------- ------------ ------------ ----------- ------------
Total increase.......................... 712,891 4,372,313 53,187,955 31,560,211 1,896,583 6,415,376
NET ASSETS, at beginning of the year.... 14,345,363 18,381,183 174,754,659 62,449,400 13,139,708 25,670,800
----------- ----------- ------------ ------------ ----------- ------------
NET ASSETS, at end of the period........ $15,058,254 $22,753,496 $227,942,614 $ 94,009,611 $15,036,291 $ 32,086,176
=========== =========== ============ ============ =========== ============
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
Panorama Plus Separate Account
Notes To Financial Statements
(Unaudited)
1. HISTORY
Panorama Plus Separate Account (the "Separate Account") was established as
a separate investment account of Connecticut Mutual Life Insurance Company
("CML"). On February 29, 1996, CML merged with and into Massachusetts
Mutual Life Insurance Company ("MassMutual"). Upon the merger, CML's
existence ceased, MassMutual became the surviving company under the name
Massachusetts Mutual Life Insurance Company and Panorama Plus became a
Separate Account of MassMutual. The Separate Account operates as a registered
unit investment trust pursuant to the Investment Company Act of 1940 ("the
1940 Act") and the rules promulgated thereunder.
2. INVESTMENT OF THE SEPARATE ACCOUNT'S ASSETS
The Separate Account maintains six Sub-Accounts ("Sub-Accounts"). Each sub-
account invests in shares of certain investment portfolios of the Panorama
Series Fund, Inc. ("Panorama Series") (previously named Connecticut Mutual
Financial Services Series Fund I, Inc.). OppenheimerFunds, Inc. serves as the
investment advisor for the Panorama Series. The Panorama Series is a
registered, open-end, diversified management investment company registered
under the 1940 Act.
3. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed
consistently by the Separate Account in preparation of the financial
statements in conformity with generally accepted accounting principles.
A. Investment Valuation
The investments in Panorama Series are stated at market value which is the
net asset value of each of the respective underlying portfolios.
B. Accounting for Investments
Investment transactions are accounted for on trade date and identified cost
is the basis followed in determining the cost of investments sold for
financial statement purposes. Dividend income is recorded on the ex-dividend
date.
C. Federal Income Taxes
Operations of the Separate Account form a part of the total operations of
MassMutual, and the Separate Account is not taxed separately. MassMutual is
taxed as a life insurance company under the provisions of the 1986 Internal
Revenue Code, as amended. The Separate Account will not be taxed as a
"regulated investment company" under Subchapter M of the Internal Revenue
Code. Under existing federal law, no taxes are payable on investment income
and realized capital gains attributable to contracts which depend on the
Separate Account's investment performance (the "Contracts"). Accordingly, no
provision for federal income tax has been made. MassMutual may, however, make
such a charge in the future if an unanticipated change of current law results
in a company tax liability attributable to the Separate Account.
D. Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires that management 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 revenues and expenses during the reporting period.
Actual results could differ from those estimates.
4. CHARGES FOR MORTALITY AND EXPENSE RISK FEES
For assuming mortality and expense risks, MassMutual deducts a charge equal,
on an annual basis, to 1.07% of the daily net asset value of the Separate
Account's assets.
6
<PAGE>
Notes To Financial Statements (Continued)
5. DISTRIBUTION AGREEMENTS
MML Distributors, Inc. ("MML Distributors"), a wholly-owned subsidiary of
MassMutual, acts as principal underwriter (as defined in the Investment
Company Act of 1940, as amended) of the contracts. MML Distributors may enter
into sales agreements for the sale of the contracts with independent broker-
dealer firms whose registered representatives are licensed and appointed as
insurance agents of MassMutual under the State Insurance Law.
MML Investors Services, Inc. ("MMLISI"), a wholly-owned subsidiary of
MassMutual, acts as co-underwriter of the Contracts. Registered
representatives of MMLISI who are licensed and appointed as insurance agents
of MassMutual sell the Contracts.
7
<PAGE>
PANORAMA SERIES FUND, INC. - MONEY MARKET
OBJECTIVE
THE MONEY MARKET PORTFOLIO seeks high current income consistent with
preservation of capital and maintenance of liquidity by investing in money
market instruments. An investment in the Money Market Portfolio is neither
insured nor guaranteed by the U.S. Government. While the Money Market Portfolio
seeks to maintain a stable net asset value of $1.00 per share, there can be no
assurance that it will be able to do so.
NARRATIVE BY CAROL WOLF, PORTFOLIO MANAGER
During what was a very difficult year for the fixed income market, this
portfolio performed well. By positioning our investments in securities offering
competitive yields and relatively steady prices, we successfully provided
shareholders with a very consistent level of income while maintaining a constant
share price.
The portfolio's objective is to preserve capital while capturing the highest
yield possible. To meet this objective, that means our assets are invested in
low risk, short term securities such as commercial paper, letters of credit and
floating rate securities - all generally conservative securities. However,
within these areas, there are actions we took to maximize the portfolio's
performance as the market changed. For example, as interest rates began to rise
early this year, we began to invest in securities that had even shorter
maturities than we owned last year. Shorter maturity securities must be replaced
by new issues more frequently, and as rates have risen, we have been able to
replace our maturing holdings with new securities that offered higher yields.
This positioning is one factor that helped us maintain a competitive yield
during the period.
Because the securities in which we must invest have short maturities, the yields
paid are directly related to prevailing interest rates. As a result, this type
of money market fund is one of the few types of investments that benefits from
higher interest rates. The fact that rates are higher now than they were at the
beginning of the year should continue to work in our favor over the near term.
Still, unless we begin to see clear evidence of a slowdown in the economy,
relative to last year, we will remain fairly short in our average maturity.
Given this outlook for the market, we expect to continue to provide investors a
competitive income stream as well as safety of principal as the year progresses.
We appreciate your confidence in Panorama Series Fund, Inc. - Money Market
Portfolio. We look forward to helping you reach your financial goals in the
future.
<PAGE>
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
OBJECTIVE
THE INCOME PORTFOLIO seeks high current income consistent with prudent
investment risk and preservation of capital by investing primarily in fixed
income debt securities anticipated to have an average maturity of eight to
twelve years.
NARRATIVE BY DAVID ROSENBERG, PORTFOLIO MANAGER
The Income Portfolio's performance was very strong over the past six months,
both compared to similar bond investments, and given the somewhat difficult
market. During a period when many fixed income investments lost a lot of ground
due to rising interest rates, our performance was positive. In addition, we
continued to provide competitive monthly income over the period.
Two major factors contributed to the performance of the Fund. First, was our
defensive decision to keep the portfolio's average maturity relatively short,
and second, was our strategic diversification over a variety of different types
of bonds. A short average maturity was a benefit as interest rates rose. Since
longer bonds are typically the most sensitive to changes in interest rates, they
depreciated most this year. So, by having a shorter portfolio, we were able to
capture a competitive level of income, but suffered less in terms of price than
some longer-term investments. Our diversification among different classes of
bonds also benefited the portfolio. In particular, our mortgage-backed
securities also performed well. As interest rates rose, prepayment risk
decreased supporting mortgage bond prices. Mortgage-backed securities also pay
very competitive income, which benefited the portfolio.
While the Fund's short average maturity and high degree of current income helped
to offset the negative price performance of the general bond market, our
Treasury securities performed poorly in comparison with our other holdings.
Still, at only half of our U.S. government bond allocation, and with shorter-
term maturities, we were able to limit their potentially negative impact.
As we began the second half of the year, we continued to work on capturing as
much income as possible. Because we believe the economy is relatively healthy,
we continued to focus on corporate bonds. In particular, we believe there is
great potential to be found in bonds issued by financial services firms and oil-
and gas-related businesses. Among financial services companies, ongoing
consolidations should improve balance sheets and profitability, while in the oil
and gas industry, technology is improving profits.
Finally, we continue to favor mortgage-related securities over Treasuries, and
have been adding to our holdings in private label mortgages. Because these are
loans underwritten by banks rather than the federal government, in general they
tend to offer higher yields than similar securities.
Currently, we expect that economic growth in the U.S. will continue, though it
may not necessarily accelerate. In this type of environment, it's difficult to
imagine the Federal Reserve will cut interest rates, so it's hard to imagine
another bull market like the one we experienced last year.
We appreciate your confidence in Panorama Series Fund, Inc. - Income Portfolio.
We look forward to helping your financial goals in the future.
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
OBJECTIVE
THE TOTAL RETURN PORTFOLIO seeks to maximize total investment return (including
both capital appreciation and income) principally by allocating its assets among
stocks, corporate bonds, U.S. Government securities and money market instruments
according to changing market conditions.
NARRATIVE BY PETER ANTOS AND TEAM, PORTFOLIO MANAGERS
The Total Return portfolio's long-term performance has been strong. However,
over the past six months, our Fund has lagged other stock and bond portfolios
slightly. This happened for two reasons. First, this is a relatively
conservative, value-oriented asset allocation fund and the stock market had
reached what we consider fairly high valuations. As a result, we owned a smaller
percentage of stocks than usual during this period. However, because the stock
market has so clearly outperformed the bond market over the past six months, our
performance was slowed. Second, the Fund emphasizes undervalued and out-of-favor
stocks, a strategy to which we attribute our strong long-term results. During
the past six months, these stocks underperformed as investors focused on more
expensive growth stocks instead of the value stocks we tend to buy.
Despite the fact that, though our style was out-of-favor, our results were
positive and some of our investments performed very well. Over the past six
months, we benefited most from our aerospace and retail holdings. We bought
stocks in the aerospace industry when most investors shied away from them due to
concerns about cuts in defense spending. However, cost-cutting, consolidations
and a rise in demand from commercial airlines raised valuations. As a result, we
enjoyed better than expected earnings there.
Another industry that was out-of-favor was retailing. Many retailing companies
focused on their profitable core businesses and became leaner and more cost-
efficient compared to their competitors. By owning shares in these companies, we
were able to capture higher stock valuations once consumer demand picked up. The
retailers that did particularly well for us had strong cash flows and used their
cash in ways that benefited shareholders - such as stock buybacks and strategic
acquisitions.
On the negative side, beyond having moved some assets from stocks to bonds
early, our exposure to two higher yielding sectors of the stock market hindered
the portfolio's performance. Income-producing equity investments were relatively
poor performers as were some of our holdings in higher-yielding financial and
utility stocks.
Though we underperformed slightly over the period, our approach has helped us to
have a good long-term track record. In any market environment, we look for
stocks with relatively low price/earnings, or P/E, ratios and positive earnings
surprises. We also look for high quality bonds that offer competitive income
with lower than average interest rate risk.
Looking toward the remainder of the year, we expect the portfolio to perform
better. With the stock market becoming more volatile, it is an environment that
will likely favor value investors. We also believe the bond market will improve
as current interest rates are accepted, and as inflation proves to remain a
minor threat.
Because we emphasize value in both our stocks and bond holdings, this portfolio
provides investors with a relatively conservative way to take advantage of the
market's growth potential. As the stock market returns to more normal price
levels and the bond market recovers, we believe the portfolio will perform well,
while continuing to offer reduced risk and competitive returns.
We appreciate your confidence in Panorama Series Fund, Inc. - Total Return
Portfolio. We look forward to helping you reach all your financial goals in the
future.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
OBJECTIVE
THE GROWTH PORTFOLIO seeks long term growth of capital by investing primarily in
common stocks with low price-earnings ratios and better-than-anticipated
earnings. Realization of current income is a secondary consideration.
NARRATIVE BY PETER ANTOS AND TEAM, PORTFOLIO MANAGERS
The Growth portfolio performed well over the past six months, although it lagged
the broader market slightly. During the period, traditional high growth stocks
led the market, primarily due to investors' concerns about the overall slower
U.S. economic growth. In contrast, we buy stocks that have either low
price/earnings ratios or positive earnings surprises. This is an investment
strategy that has been very successful over time. Part of the long-term appeal
of this strategy is that it leads us to stocks we expect will perform well in
the future and allows us to buy them when their prices are discounted. However,
these types of stocks were somewhat overlooked by investors over the period.
Despite the fact that our style of investing was temporarily out-of-favor, some
of our investments performed extremely well. For example, we benefited most from
our aerospace holdings. We bought into the aerospace industry when it was
out-of-favor due to concerns regarding cuts in defense spending. Cost-cutting,
consolidations and a pick up in demand from commercial airlines, however, raised
valuations. Therefore, we had better than expected earnings.
Companies in the retail industry were also out-of-favor. This was due to
generally slow and discount-oriented consumer activity and a high degree of
competition. By owning companies that focused on their profitable core
businesses and tended to be leaner and more cost-efficient than their
competitors. The retailers that did well for us generated good cash flows and
used their cash in ways that benefited investors - such as stock buybacks and
strategic acquisitions.
On the other hand, in a market that was decidedly up this year, and one in which
bond yields rose, yield-oriented equity investments were relatively poor
performers. Part of the reason for the lag was that stock investors focused
their attention on capital appreciation potential rather than income. At the
same time, rising interest rates made bonds more attractive to yield investors.
The Fund suffered from our exposure to two higher yielding sectors of the
market, financial stocks and utilities. Though earnings for the companies we
owned in these areas were good, we reduced some of our holdings.
As we move through the remainder of the year, we're sticking to our investment
discipline. We believe that having a consistent buy and sell approach is the
best way to profit from the market's various phases. Within the portfolio, we
decreased our financial and utility stocks and are adding more cyclical, or
economically-sensitive, stocks as well as technology stocks. Here again, we look
for well-managed, strong companies that are temporarily out-of-favor with the
market. Our goal is to buy them at a low cost and then profit when their
strengths are recognized.
We feel our investment strategy has produced an impressive long-term track
record and reflects a proven investment technique. It's also a relatively
conservative way to take advantage of the market's growth potential. While our
year-to-date figures may be lagging the market slightly, we are investing in a
manner that may incur less risk and still allow the portfolio to enjoy long term
growth of capital.
We appreciate your confidence in Panorama Series Fund, Inc. - Growth Portfolio.
We look forward to helping you reach your financial goals in the future.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
OBJECTIVE
THE GOVERNMENT SECURITIES PORTFOLIO seeks high level of current income with a
high degree of safety of principal by investing primarily in U.S. Government
securities and U.S. Government related securities.
NARRATIVE BY DAVID ROSENBERG, PORTFOLIO MANAGER
The Government Securities Portfolio has done relatively well over the past six
months. Our performance this year demonstrates the value of a defensive,
income-focused investment approach, by providing competitive returns when the
market was up, and limiting our volatility when the market moved down.
Performing well in both "normal" and down markets is a factor that is
critically important to successfully achieving the portfolio's objective of high
current income. An important factor contributing to the portfolio's good
performance was our decision to limit the average maturity of the overall
portfolio. Having achieved an intermediate average maturity for our overall
portfolio, it was less sensitive to the fluctuation in interest rates.
Another factor that helped performance was our reliance on mortgage-backed
securities over past six months. With interest rates stabilizing, opportunities
in the mortgage sector have improved because the threat that rising rates would
lead to prepayments has receded. In addition, mortgage-backed bonds helped keep
our income profile high, which was a real benefit over the period, particularly
as appreciation potential began to decline when interest rates began to
increase./1/
As we move through the second half of the year, we're continuing to add to our
holdings in mortgage-backed securities, because they not only perform well when
interest rates are stable, but they also provide extra yield compared to more
creditworthy Treasuries.
Additionally, over the period, we've begun to position our investments in the
intermediate range of the yield curve. This is a switch from our previous policy
of "barbelling" the maturities, in which we combined very short with longer-term
maturities to achieve our targeted intermediate maturity.
We appreciate your confidence in Panorama Series Fund, Inc. - Government
Securities Portfolio. We look forward to helping you reach your financial goals
in the future.
- ------------------------
/1/ The portfolio is subject to change.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
OBJECTIVE
THE INTERNATIONAL PORTFOLIO seeks long-term growth of capital by investing
primarily in equity securities of companies wherever located, the primary stock
market of which is outside the United States.
NARRATIVE BY JAMES BURNS, PORTFOLIO MANAGER
Last March, Babson-Stewart Ivory International took over management of this
portfolio as its subadvisor, though its investment strategy remains the same. We
continue to look for opportunities to capture faster-than-average growth around
the world, and can attribute both our strong current and long-term performance
to this search. As a bottom-up manager, we look for growing companies with
predictable earnings, good competitive positions, and strong balance sheets. We
also conduct personal visits to the companies with whom we invest, getting to
know their future plans and key management personnel. Taken together, we think
this approach offers superior growth over time.
Over the period, we were roughly 50% invested in companies in the United Kingdom
and Europe. The remaining 50% of the Fund was invested in markets that included
Japan, Australia, New Zealand, the fast growing Asian "Tiger" markets and Latin
America. Most of these regions, with the exception of some areas of central
Europe, have experienced revitalized growth over the period, which benefited our
holdings. The United Kingdom enjoyed the most vibrant growth, with low interest
rates supporting the market. Japan is emerging from recession, and the far east
"Tiger" markets, like Hong Kong and Singapore, have continued to experience some
of the fastest growth worldwide.
One of our strongest investments during the period was a French retailer with
both a healthy domestic core business and expansion into developing markets. We
also did well with two major Swiss pharmaceutical companies that agreed to merge
and should experience even better growth as a result. Elsewhere, we had success
with some Japanese high tech and retailing firms and selected TV and media
companies in Southeast Asia./1/
We consider ourselves long-term investors. As such, we're very pleased with our
current portfolio, and do not expect to make major changes. As the year
continues, however, we would like to add to our holdings in medium-sized
companies, since they typically offer faster growth than the more established
large growth companies which now make up the majority of our portfolio.
International markets have lagged the U.S. in the recent past, due to some
growth concerns, especially in Japan and in parts of Europe. However, growth
rates have been picking up almost universally. We believe these factors,
combined with the knowledge that many foreign companies are currently
implementing the type of restructuring that made domestic companies so
profitable, suggest potential real long-term benefits from international
investing. From this vantage point, we believe we're looking at better growth
potential abroad than in the U.S. market at the present time - and because of
the recent performance of international markets, more attractive stock prices.
All told, we believe this portfolio continues to offer investors both
diversification and very strong appreciation potential.
We appreciate your confidence in Panorama Series Fund, Inc. - International
Portfolio. We look forward to helping you reach your financial goals in the
future.
- ------------------------
/1/ The portfolio is subject to change.
<PAGE>
Panorama Series Fund, Inc.
Statements of Assets and Liabilities
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Money Total
Market Income Return
Portfolio Portfolio Portfolio
----------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost * ) - see accompanying
statements $16,434,694 $27,840,447 $1,041,580,814
Cash 2,181 57,828 30,095
Unrealized appreciation on forward foreign
currency exchange contracts - Note 5 -- -- --
Receivables:
Dividends, interest and principal paydowns 6,650 576,297 6,739,391
Shares of capital stock sold 2,230 150,160 1,059,205
Investments sold -- -- 17,800,762
---------------------------------------------------
Total assets 16,445,755 28,624,732 1,067,210,267
---------------------------------------------------
LIABILITIES:
Payables and other liabilities:
Investments purchased -- -- 13,223,817
Shares of capital stock redeemed 54,731 2,737 590,538
Custodian fees 9,780 21,295 --
Directors' fees -- 1,928 --
Other 51,154 25,080 309,715
---------------------------------------------------
Total liabilities 115,665 51,040 14,124,070
---------------------------------------------------
NET ASSETS $16,330,090 $28,573,692 $1,053,086,197
===================================================
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock $16,330 $23,722 $590,680
Additional paid-in capital 16,313,760 29,297,643 918,800,696
Undistributed (distributions in excess of)
net investment income -- 3,106,517 13,901,403
Accumulated net realized gain (loss) from
investments and foreign currency
transactions -- (3,600,318) 68,709,737
Net unrealized appreciation (depreciation)
on investments and translation of
assets and liabilities denominated in
foreign currencies -- (253,872) 51,083,681
---------------------------------------------------
NET ASSETS $16,330,090 $28,573,692 $1,053,086,197
===================================================
SHARES OF CAPITAL STOCK OUTSTANDING 16,330,090 23,722,392 590,679,883
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $1.00 $1.20 $1.78
*Cost $16,434,694 $28,094,319 $990,497,133
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc.
Statements of Assets and Liabilities (Continued)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Government International
Growth Securities Equity
Portfolio Portfolio Portfolio
----------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost * ) - see accompanying
statements $485,052,544 $23,127,672 $57,921,206
Cash 91,497 167,842 2,545
Unrealized appreciation on forward foreign
currency exchange contracts - Note 5 -- -- 2,532
Receivables:
Dividends, interest and principal paydowns 695,792 429,425 252,785
Shares of capital stock sold 913,011 1,907 44,971
Investments sold 11,018,726 -- 1,152,288
----------------------------------------------------
Total assets 497,771,570 23,726,846 59,376,327
----------------------------------------------------
LIABILITIES:
Payables and other liabilities:
Investments purchased 6,890,172 -- 1,362,958
Shares of capital stock redeemed 162,864 2,854 17,682
Custodian fees -- 4,730 --
Directors' fees -- -- --
Other 133,940 9,608 67,952
----------------------------------------------------
Total liabilities 7,186,976 17,192 1,448,592
----------------------------------------------------
NET ASSETS $490,584,594 $23,709,654 $57,927,735
====================================================
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock $184,514 $22,712 $46,712
Additional paid-in capital 386,000,596 23,748,491 51,478,688
Undistributed (distributions in excess of)
net investment income 1,996,691 719,504 (2,212,781)
Accumulated net realized gain (loss) from
investments and foreign currency
transactions 40,063,240 (443,435) 1,557,335
Net unrealized appreciation (depreciation)
on investments and translation of
assets and liabilities denominated in
foreign currencies 62,339,553 (337,618) 7,057,781
----------------------------------------------------
NET ASSETS $490,584,594 $23,709,654 $57,927,735
====================================================
SHARES OF CAPITAL STOCK OUTSTANDING 184,513,935 22,712,327 46,711,511
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $2.66 $1.04 $1.24
*Cost $422,712,991 $23,465,290 $50,868,489
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc.
Statements of Operations
For the Six Months Ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Money Total
Market Income Return
Portfolio Portfolio Portfolio
--------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest (net of withholding taxes of *) $1,656,990 $ 3,413,841 $ 17,629,193
Dividends (net of withholding taxes of **) -- -- 4,774,221
--------------------------------------------------
Total income 1,656,990 3,413,841 22,403,414
--------------------------------------------------
EXPENSES:
Management fees - see applicable note 150,321 280,495 2,844,922
Custodian fees and expenses 3,571 11,828 100,346
Legal and auditing fees 10,888 3,802 11,295
Directors' fees and expenses -- 1,071 51,728
Registration and filing fees -- -- 14,685
Other 7,789 10,129 --
--------------------------------------------------
Total expenses 172,569 307,325 3,022,976
--------------------------------------------------
NET INVESTMENT INCOME 1,484,421 3,106,516 19,380,438
--------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments -- (211,849) 69,267,653
Foreign currency transactions -- -- --
Net change in unrealized appreciation or
depreciation on:
Investments -- (6,278,439) (62,749,985)
Translation of assets and liabilities
denominated in foreign currencies -- -- --
--------------------------------------------------
Net realized and unrealized gain (loss) -- (6,490,288) 6,517,668
--------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $1,484,421 $(3,383,772) $ 25,898,106
==================================================
*Interest -- -- $6,497
**Dividends -- -- $1,759
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc.
Statements of Operations (Continued)
For the Six Months Ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Government International
Growth Securities Equity
Portfolio Portfolio Portfolio
---------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest (net of withholding taxes of *) $1,346,973 $800,670 $94,264
Dividends (net of withholding taxes of **) 3,818,639 -- 603,656
---------------------------------------------------
Total income 5,165,612 800,670 697,920
---------------------------------------------------
EXPENSES:
Management fees - see applicable note 1,321,946 63,475 264,164
Custodian fees and expenses 24,949 7,951 50,696
Legal and auditing fees 7,058 2,556 10,261
Directors' fees and expenses 23,068 -- 2,649
Registration and filing fees 21,643 -- 2,882
Other -- 7,184 --
---------------------------------------------------
Total expenses 1,398,664 81,166 330,652
---------------------------------------------------
NET INVESTMENT INCOME 3,766,948 719,504 367,268
---------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments 39,711,549 17,784 1,300,893
Foreign currency transactions -- -- 11,323
Net change in unrealized appreciation or
depreciation on:
Investments (17,082,813) (1,295,976) 2,900,285
Translation of assets and liabilities
denominated in foreign currencies -- -- (229,084)
---------------------------------------------------
Net realized and unrealized gain (loss) 22,628,736 (1,278,192) 3,983,417
---------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $26,395,684 ($558,688) $4,350,685
===================================================
*Interest $1,593 -- $13,057
**Dividends $4,510 -- $71,856
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc.
Statements of Changes in Net Assets
For the Six Months Ended June 30, 1996 (Unaudited) and the Year Ended
December 31, 1995
<TABLE>
<CAPTION>
Money Market Income
Portfolio Portfolio
-----------------------------------------------------------------------
1996 1995 1996 1995
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 1,484,421 $ 3,649,243 $ 3,106,516 $ 7,144,180
Net realized gain (loss) -- -- (211,849) (1,786,886)
Net change in unrealized appreciation or depreciation -- -- (6,278,439) 12,718,321
------------ ----------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations 1,484,421 3,649,243 (3,383,772) 18,075,615
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (1,484,421) (3,649,243) (65,692) (7,122,105)
Distributions from net realized gain -- -- -- --
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
resulting from capital stock
transactions - Note 2 (54,363,327) 4,577,147 (82,653,690) 3,324,706
------------ ----------- ------------ ------------
NET ASSETS:
Total increase (decrease) (54,363,327) 4,577,147 (86,103,154) 14,278,216
Beginning of period 70,693,417 66,116,270 114,676,846 100,398,630
------------ ----------- ------------ ------------
End of period $ 16,330,090 $70,693,417 $ 28,573,692 $114,676,846
============ =========== ============ ===========
<CAPTION>
Total Return
Portfolio
------------------------------
1996 1995
------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 19,380,438 $ 38,709,494
Net realized gain (loss) 69,267,653 34,241,934
Net change in unrealized appreciation or depreciation (62,749,985) 115,223,776
-------------- ------------
Net increase (decrease) in net assets
resulting from operations 25,898,106 188,175,204
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (5,852,700) (38,529,255)
Distributions from net realized gain (3,476,504) (31,137,474)
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
resulting from capital stock
transactions - Note 2 42,591,144 133,283,017
-------------- ------------
NET ASSETS:
Total increase (decrease) 59,160,046 251,791,492
Beginning of period 993,926,151 742,134,659
-------------- ------------
End of period $1,053,086,197 $993,926,151
============== ============
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc.
Statements of Changes in Net Assets (Continued)
For the Six Months Ended June 30, 1996 (Unaudited) and the Year Ended
December 31, 1995
<TABLE>
<CAPTION>
Government
Growth Securities
Portfolio Portfolio
------------------------------------------------------------------------
1996 1995 1996 1995
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 3,766,948 $ 6,203,284 $ 719,504 $ 1,287,278
Net realized gain (loss) 39,711,549 23,356,603 17,784 (111,999)
Net change in unrealized appreciation or depreciation (17,082,813) 67,825,683 (1,295,976) 2,348,269
------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 26,395,684 97,385,570 (558,688) 3,523,548
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (1,827,903) (6,148,312) (13,793) (1,281,570)
Distributions from net realized gain (2,683,361) (21,759,918) -- --
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
resulting from capital stock
transactions - Note 2 62,765,052 106,262,512 (26,473) 3,282,290
------------------------------------------------------------------------
NET ASSETS:
Total increase (decrease) 84,649,472 175,739,852 (598,954) 5,524,268
Beginning of period 405,935,122 230,195,270 24,308,608 18,784,340
------------------------------------------------------------------------
End of period $490,584,594 $405,935,122 $23,709,654 $24,308,608
========================================================================
<CAPTION>
International
Equity
Portfolio
---------------------------
1996 1995
---------------------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 367,268 $ 617,135
Net realized gain (loss) 1,312,216 (126,829)
Net change in unrealized appreciation or depreciation 2,671,201 3,546,088
---------------------------
Net increase (decrease) in net assets
resulting from operations 4,350,685 4,036,394
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (554,917) (1,618,886)
Distributions from net realized gain -- (334,432)
CAPITAL STOCK TRANSACTIONS:
Net increase (decrease) in net assets
resulting from capital stock
transactions - Note 2 8,357,448 12,088,408
---------------------------
NET ASSETS:
Total increase (decrease) 12,153,216 14,171,484
Beginning of period 45,774,519 31,603,035
---------------------------
End of period $57,927,735 $45,774,519
===========================
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Money Market Portfolio
Financial Highlights
June 30, 1996
<TABLE>
<CAPTION>
Six Months
Ended
June 30, 1996 Year Ended December 31,
(Unaudited) 1995 1994 1993 1992 1991
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- -----------------------------------------------------------------------------------------------------------------------------------
Income from investment operations - net
investment income and net realized gain .02 .05 .04 .03 .03 .06
Dividends and distributions to shareholders (.02) (.05) (.04) (.03) (.03) (.06)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
==================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(1) 2.43% 5.55% 3.79% 2.69% 3.35% 5.73%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $16,330 $70,693 $66,116 $52,527 $60,447 $76,559
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $59,558 $67,671 $59,477 $54,638 $67,327 $82,581
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.01%(2) 5.41% 3.79% 2.65% 3.32% 5.60%
Expenses 0.58%(2) 0.57% 0.58% 0.60% 0.61% 0.63%
</TABLE>
(1) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Total returns are not
annualized for periods of less than one full year. Total returns reflect changes
in net investment income only. 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.
(2) Annualized.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Funds, Inc. - Income Portfolio
Financial Highlights
June 30, 1996
<TABLE>
<CAPTION>
Six Months
Ended
June 30, 1996 Year Ended December 31,
(Unaudited) 1995 1994 1993 1992 1991
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.23 $1.11 $1.25 $1.21 $1.23 $1.12
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .13 .08 .09 .08 .09 .10
Net realized and unrealized gain (loss) (.16) .12 (.14) .07 -- .11
- -----------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations (.03) .20 (.05) .15 .09 .21
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- (.08) (.09) (.08) (.09) (.10)
Distributions from net realized gain -- -- -- (.03) (.02) --
- -----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders -- (.08) (.09) (.11) (.11) (.10)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.20 $1.23 $1.11 $1.25 $1.21 $1.23
===================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(1) (2.44)% 18.18% (4.08)% 12.34% 7.13% 18.31%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $28,574 $114,677 $100,399 $107,333 $80,104 $62,018
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $96,012 $100,911 $103,102 $93,240 $69,668 $53,115
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 6.51%(2) 6.69% 7.07% 6.54% 7.31% 7.94%
Expenses 0.64%(2) 0.65% 0.68% 0.70% 0.77% 0.80%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(3) 22.3% 46.6% 74.3% 124.3% 115.7% 51.2%
</TABLE>
(1) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.
(2) Annualized.
(3) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $21,460,074 and $99,620,771, respectively.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Financial Highlights
June 30,1996
<TABLE>
<CAPTION>
Six Months
Ended
June 30, 1996 Year Ended December 31,
(Unaudited) 1995 1994 1993 1992 1991
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.75 $1.51 $1.65 $1.56 $1.57 $1.33
- -----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .04 .07 .06 .06 .07 .07
Net realized and unrealized gain (loss) .01 .30 (.09) .20 .10 .32
- -----------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .05 .37 (.03) .26 .17 .39
- -----------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.07) (.06) (.06) (.07) (.07)
Distributions from net realized gain (.01) (.06) (.05) (.11) (.11) (.08)
- -----------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.02) (.13) (.11) (.17) (.18) (.15)
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.78 $1.75 $1.51 $1.65 $1.56 $1.57
=============================================================================
- -----------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(1) 2.65% 24.66% (1.97)% 16.28% 10.21% 28.79%
- -----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in millions) $1,053 $994 $742 $610 $402 $304
- -----------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,035 $864 $687 $502 $345 $262
- -----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.77%(2) 4.48% 4.21% 3.90% 4.27% 4.44%
Expenses 0.59%(2) 0.59% 0.56% 0.60% 0.68% 0.72%
- -----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(3) 63.7% 62.3% 88.3% 161.6% 182.1% 128.8%
Average brokerage commission rate(4) $0.0680 -- -- -- -- --
</TABLE>
(1) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.
(2) Annualized.
(3) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $657,895,325 and $549,855,537, respectively.
(4) Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Growth Portfolio
Financial Highlights
June 30, 1996
<TABLE>
<CAPTION>
Six Months
Ended
June 30, 1996 Year Ended December 31,
(Unaudited) 1995 1994 1993 1992 1991
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $2.53 $1.97 $2.08 $1.91 $1.87 $1.46
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .02 .04 .03 .04 .04 .04
Net realized and unrealized gain (loss) .13 .71 (.04) .36 .19 .51
- -------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .15 .75 (.01) .40 .23 .55
- -------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.04) (.03) (.04) (.04) (.04)
Distributions from net realized gain (.01) (.15) (.07) (.19) (.15) (.10)
- -------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.02) (.19) (.10) (.23) (.19) (.14)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $2.66 $2.53 $1.97 $2.08 $1.91 $1.87
============================================================================
- -------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(1) 6.11% 38.06% (0.51)% 21.22% 12.36% 37.53%
- -------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $490,585 $405,935 $230,195 $165,775 $101,215 $75,058
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $461,368 $303,193 $198,879 $131,292 $85,003 $62,472
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.64%(2) 2.01% 1.87% 2.30% 2.19% 2.16%
Expenses 0.61%(2) 0.66% 0.67% 0.69% 0.76% 0.80%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(3) 52.3% 69.3% 97.3% 97.6% 136.1% 142.9%
Average brokerage commission rate(4) $0.0688 -- -- -- -- --
</TABLE>
(1) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.
(2) Annualized.
(3) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $243,044,179 and $212,024,164, respectively.
(4) Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Government Securities Portfolio
Financial Highlights
June 30, 1996
<TABLE>
<CAPTION>
Six Months
Ended
June 30, 1996 Year Ended December 31,
(Unaudited) 1995 1994 1993 1992(1)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.07 $0.95 $1.06 $1.01 $1.00
- -----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .03 .06 .06 .04 .02
Net realized and unrealized gain (loss) (.06) .12 (.11) .07 .04
- -----------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations (.03) .18 (.05) .11 .06
- -----------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- (.06) (.06) (.04) (.02)
Distributions from net realized gain -- -- -- (.02) (.03)
- -----------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders -- (.06) (.06) (.06) (.05)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.04 $1.07 $0.95 $1.06 $1.01
======================================================================
- -----------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) (2.80)% 18.91% (4.89)% 10.98% 6.61%(3)
- -----------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $23,710 $24,309 $18,784 $15,687 $7,634
- -----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $24,162 $23,157 $17,589 $11,421 $3,780
- -----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.99%(3) 6.08% 6.04% 5.13% 4.64%(3)
Expenses 0.68%(3) 0.71% 0.85% 0.93% 1.20%(3)
- -----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 3.1% 54.7% 102.3% 178.2% 458.6%(3)
</TABLE>
(1) For the period from May 13, 1992 (commencement of operations) to December
31, 1992.
(2) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.
(3) Annualized.
(4) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $2,545,944 and $710,224, respectively.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - International Equity Portfolio
Financial Highlights
June 30, 1996
<TABLE>
<CAPTION>
Six Months
Ended
June 30, 1996 Year Ended December 31,
(Unaudited) 1995 1994 1993 1992(1)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.15 $1.09 $1.09 $0.92 $1.00
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .02 .03 (.01) .00 .01
Net realized and unrealized gain (loss) .08 .08 .03 .20 (.06)
- ------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment
operations .10 .11 .02 .20 (.05)
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.04) -- (.02) (.02)
Distributions from net realized gain -- (.01) (.02) (.01) (.01)
- ------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.01) (.05) (.02) (.03) (.03)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.24 $1.15 $1.09 $1.09 $0.92
======================================================================
- ------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) 8.87% 10.30% 1.44% 21.80% (4.32)%(3)
- ------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $57,928 $45,775 $31,603 $18,315 $10,493
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $52,978 $37,474 $29,133 $13,328 $ 9,973
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.39%(3) 1.61% (1.85)% (0.31)% 1.63%(3)
Expenses 1.25%(3) 1.26% 1.28 % 1.50 % 1.50%(3)
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 33.6% 85.1% 76.5 % 57.4 % 206.7%(3)
Average brokerage commission rate(5) $0.0375 -- -- -- --
</TABLE>
(1) For the period from May 13, 1992 (commencement of operations) to December
31, 1992.
(2) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Total returns
are not annualized for periods of less than one full year. Total return
information does not reflect expenses that apply at the separate account level
or to related insurance products. Inclusion of these charges would reduce the
total return figures for all periods shown.
(3) Annualized.
(4) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended June 30, 1996 were $28,217,294 and $16,689,367, respectively.
(5) Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Money Market Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal Value
Amount (Note 1)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Letters of Credit - 9.1%
- ---------------------------------------------------------------------------------------------------------------------
Credit Suisse, guaranteeing commercial paper of Guandong
Enterprises (Holdings) Ltd., 5.46%, 7/24/96 $747,000 $ 744,394
-----------------------------------------------------------------------------------------------------------------
Unibanco-Uniao de Brancos Brasileiros SA-Grand Cayman,
guaranteed by Westdeutsche Landesbank Girozentrale,
5.37%, 7/5/96 750,000 749,553
------------
Total Letters of Credit 1,493,947
- ---------------------------------------------------------------------------------------------------------------------
Short-Term Notes - 77.1%
- ---------------------------------------------------------------------------------------------------------------------
Banks - 4.3%
-----------------------------------------------------------------------------------------------------------------
Barnett Banks, Inc., 5.36%, 7/1/96 700,000 700,000
- ---------------------------------------------------------------------------------------------------------------------
Broker/Dealers - 10.5%
-----------------------------------------------------------------------------------------------------------------
Dean Witter, Discover & Co., 5.30%, 7/2/96 440,000 439,935
-----------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 5.29%, 7/15/96 521,600 520,527
-----------------------------------------------------------------------------------------------------------------
Morgan Stanley Group, Inc., 5.62%, 7/1/96 750,000 750,000
-----------
1,710,462
- ---------------------------------------------------------------------------------------------------------------------
Chemicals - 2.0%
-----------------------------------------------------------------------------------------------------------------
Monsanto Co., 5.27%, 7/23/96 326,000 324,950
- ---------------------------------------------------------------------------------------------------------------------
Commercial Finance - 10.1%
-----------------------------------------------------------------------------------------------------------------
Countrywide Home Loan, 5.32%, 7/25/96 263,000 262,048
-----------------------------------------------------------------------------------------------------------------
FINOVA Capital Corp., 5.50%, 7/12/96 640,000 638,924
-----------------------------------------------------------------------------------------------------------------
Heller Financial, Inc., 5.40%, 7/25/96 750,000 747,275
-----------
1,648,247
- ---------------------------------------------------------------------------------------------------------------------
Diversified Financial - 16.4%
-----------------------------------------------------------------------------------------------------------------
CSW Credit, Inc.:
5.35%, 7/25/96 300,000 298,930
5.42%, 8/12/96 400,000 397,471
-----------------------------------------------------------------------------------------------------------------
General Electric Capital Corp., 5.50%, 7/8/96 680,000 679,273
-----------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.45%, 7/19/96 750,000 747,956
-----------------------------------------------------------------------------------------------------------------
TransAmerica Life Insurance & Annuity Co., 5.39%, 7/22/96 552,000 550,264
-----------
2,673,894
- ---------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 6.7%
-----------------------------------------------------------------------------------------------------------------
Allergan, Inc., 5.33%, 7/16/96 323,400 322,682
-----------------------------------------------------------------------------------------------------------------
American Home Food Products, Inc., guaranteed by American
Home Products, 5.40%, 8/15/96 375,000 372,469
-----------------------------------------------------------------------------------------------------------------
Sherwood Medical Co., guaranteed by American Home Products,
5.43%, 7/19/96 395,000 393,928
-----------
1,089,079
- ---------------------------------------------------------------------------------------------------------------------
Industrial Services - 4.6%
-----------------------------------------------------------------------------------------------------------------
PHH Corp., 5.38%, 7/22/96 752,000 749,640
- ---------------------------------------------------------------------------------------------------------------------
Leasing & Factoring - 4.5%
-----------------------------------------------------------------------------------------------------------------
The Hertz Corp., 5.37%, 7/10/96 750,000 748,993
- ---------------------------------------------------------------------------------------------------------------------
Metals/Mining - 3.3%
-----------------------------------------------------------------------------------------------------------------
English China Clays PLC, 5.43%, 7/2/96 540,000 539,919
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Money Market Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Value
Amount (Note 1)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Special Purpose Financial - 9.9%
-------------------------------------------------------------------------------------------------------------------
Asset Securitization Cooperative Corp., 5.31%, 7/8/96 $ 260,800 $ 260,531
-------------------------------------------------------------------------------------------------------------------
Cooperative Association of Tractor Dealers, Inc., 5.08%, 7/2/96 521,600 521,523
-------------------------------------------------------------------------------------------------------------------
Corporate Asset Funding Co., Inc., 5.60% 7/1/96 239,000 239,000
-------------------------------------------------------------------------------------------------------------------
Sheffield Receivables Corp., 5.35%, 7/8/96 600,000 599,373
--------------
1,620,427
- -----------------------------------------------------------------------------------------------------------------------
Specialty Retailing - 4.8%
-------------------------------------------------------------------------------------------------------------------
St. Michael Finance Ltd., guaranteed by Marks & Spencer
PLC, 5.35%, 9/4/96 791,000 783,359
--------------
Total Short-Term Notes 12,588,970
- -----------------------------------------------------------------------------------------------------------------------
U.S. Government Agencies - 12.8%
- -----------------------------------------------------------------------------------------------------------------------
Federal Home Loan Bank, 5.26%, 7/15/96 900,000 898,159
-------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn., 5.26%, 8/6/96 1,200,000 1,193,688
--------------
Total U.S. Government Agencies 2,091,847
- -----------------------------------------------------------------------------------------------------------------------
U.S. Government Obligations - 1.6%
- -----------------------------------------------------------------------------------------------------------------------
U.S. Treasury Nts., 6.13%, 7/31/96 260,000 259,930
-------------------------------------------------------------------------------------------------------------------
Total Investments, at Value 100.6% 16,434,694
-------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.6) (104,604)
---------- ---------------
Net Assets 100.0% $16,330,090
========== ===============
Short-term notes and letters of credit are generally traded on a discount basis; the interest rate is the
discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the
rates shown.
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Income Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Mortgage-Backed Obligations - 17.6%
- -----------------------------------------------------------------------------------------------------------------
Government Agency - 14.9%
- -----------------------------------------------------------------------------------------------------------------
FHLMC/FNMA/Sponsored - 8.3%
-------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., 5.27%, 7/1/96 $1,850,000 $1,850,000
-------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
7%, 4/1/04 118,774 118,713
7.50%, 1/1/08 167,334 168,547
8%, 5/1/17 219,780 223,576
-------------
2,360,836
- -----------------------------------------------------------------------------------------------------------------
GNMA/Guaranteed - 6.6%
-------------------------------------------------------------------------------------------------------------
Government National Mortgage Assn., 7%, 1/15/09-1/15/24 1,957,772 1,891,262
- -----------------------------------------------------------------------------------------------------------------
Private - 2.7%
- -----------------------------------------------------------------------------------------------------------------
Manufactured Housing - 0.9%
-------------------------------------------------------------------------------------------------------------
Green Tree Financial Corp., Series 1994-6, Cl. A3, 7.70%, 1/15/20 262,000 266,501
- -----------------------------------------------------------------------------------------------------------------
Other - 0.7%
-------------------------------------------------------------------------------------------------------------
GE Capital Mortgage Services, Inc., Series 1994-14, Cl. A1, 6.50%, 4/25/24 168,893 168,102
-------------------------------------------------------------------------------------------------------------
Salomon Brothers Mortgage Securities VI:
Interest-Only Stripped Mtg.-Backed Security, Series 1987-3,
Cl. B, 12.50%, 10/23/17 (1) 38,424 9,774
Principal-Only Stripped Mtg.-Backed Security, Series 1987-3,
Cl. A, 8.31%, 10/23/17 (2) 56,802 37,702
-------------
215,578
- -----------------------------------------------------------------------------------------------------------------
Residential - 1.1%
-------------------------------------------------------------------------------------------------------------
Contimortgage Home Equity Loan Trust, Series 1995-2, Cl. A2,
7.95%, 4/15/10 196,000 199,873
-------------------------------------------------------------------------------------------------------------
Ryland Mortgage Securities Corp. III, Sub. Bonds,
Series 1992-A, Cl. 1A, 7.17%, 3/29/30 (3) 104,170 103,585
-------------
303,458
-------------
Total Mortgage-Backed Obligations 5,037,635
- -----------------------------------------------------------------------------------------------------------------
U.S. Government Obligations - 54.6%
- -----------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds:
10.375%, 11/15/12 135,000 171,387
7.50%, 11/15/16 2,420,000 2,542,500
8.125%, 8/15/19 740,000 830,650
8.875%, 8/15/17 260,000 312,161
9.25%, 2/15/16 260,000 321,547
STRIPS, Zero Coupon, 7.862%, 5/15/15 (4) 393,000 103,524
STRIPS, Zero Coupon, 7.835%, 8/15/14 (4) 1,310,000 364,468
- -----------------------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
5.75%, 8/15/03 470,000 447,600
6.75%, 6/30/99 5,810,000 5,877,164
7.25%, 8/15/04 1,770,000 1,833,331
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Nts. (Continued)
7.50%, 11/15/01 $ 830,000 $ 866,445
7.50%, 2/15/05 1,834,000 1,929,423
-------------
Total U.S. Government Obligations 15,600,200
- ----------------------------------------------------------------------------------------------------------------
Foreign Government Obligations - 0.7%
- ----------------------------------------------------------------------------------------------------------------
Ontario, Canada (Province of) Bonds, 8%, 10/17/01 196,000 205,394
- ----------------------------------------------------------------------------------------------------------------
Corporate Bonds and Notes - 24.5%
- ----------------------------------------------------------------------------------------------------------------
Basic Industry - 1.4%
- ----------------------------------------------------------------------------------------------------------------
Chemicals - 0.9%
------------------------------------------------------------------------------------------------------------
Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 262,000 265,152
- ----------------------------------------------------------------------------------------------------------------
Paper - 0.5%
------------------------------------------------------------------------------------------------------------
Potlatch Corp., 9.46% Medium-Term Nts., 4/2/02 131,000 145,386
- ----------------------------------------------------------------------------------------------------------------
Consumer Related - 2.2%
- ----------------------------------------------------------------------------------------------------------------
Consumer Products - 0.5%
------------------------------------------------------------------------------------------------------------
Procter & Gamble Co., 9.36% Debs., 1/1/21 131,000 155,176
- ----------------------------------------------------------------------------------------------------------------
Food/Beverages/Tobacco - 0.7%
------------------------------------------------------------------------------------------------------------
Bass America, Inc., 6.75% Gtd. Nts., 8/1/99 196,000 195,420
- ----------------------------------------------------------------------------------------------------------------
Healthcare - 1.0%
------------------------------------------------------------------------------------------------------------
Roche Holdings, Inc., 2.75% Bonds, 4/14/00 330,000 291,019
- ----------------------------------------------------------------------------------------------------------------
Energy - 3.4%
------------------------------------------------------------------------------------------------------------
Coastal Corp., 8.75% Sr. Nts., 5/15/99 131,000 136,450
------------------------------------------------------------------------------------------------------------
Colorado International Gas Corp., 10% Sr. Debs., 6/15/05 131,000 152,767
------------------------------------------------------------------------------------------------------------
Norsk Hydro AS, 8.75% Bonds, 10/23/01 262,000 278,375
------------------------------------------------------------------------------------------------------------
Texaco Capital, Inc., 8.875% Gtd. Debs., 9/1/21 131,000 149,960
------------------------------------------------------------------------------------------------------------
TransCanada PipeLines Ltd., 9.875% Debs., 1/1/21 196,000 236,578
-------------
954,130
- ----------------------------------------------------------------------------------------------------------------
Financial Services - 11.0%
- ----------------------------------------------------------------------------------------------------------------
Banks & Thrifts - 2.4%
------------------------------------------------------------------------------------------------------------
Banco Ganadero SA, 9.75% Sr. Unsub. Unsec. Nts., 8/26/99 (5) 65,000 67,519
------------------------------------------------------------------------------------------------------------
BankAmerica Corp., 7.75% Sub. Nts., 7/15/02 196,000 202,774
------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New), 10.125% Sub. Nts., 11/1/00 196,000 218,520
------------------------------------------------------------------------------------------------------------
First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 196,000 202,337
-------------
691,150
- ----------------------------------------------------------------------------------------------------------------
Diversified Financial - 7.9%
------------------------------------------------------------------------------------------------------------
Allied-Lyons Finance BV, 6.50% Debs., 8/26/97 131,000 130,836
------------------------------------------------------------------------------------------------------------
American General Finance Corp., 5.875% Sr. Nts., 7/1/00 196,000 188,901
------------------------------------------------------------------------------------------------------------
Associates Corp. of North America, 8.625% Sr. Nts., 6/15/97 131,000 133,938
------------------------------------------------------------------------------------------------------------
AVCO Financial Services Asia Ltd., 5.875% Sr. Nts., 10/15/97 131,000 130,146
------------------------------------------------------------------------------------------------------------
Caterpillar Financial Services, Inc., 6.85% Medium-Term Nts., Series D, 9/15/97 131,000 132,175
------------------------------------------------------------------------------------------------------------
Chrysler Financial Corp., 6.65% Medium-Term Nts., 4/28/97 131,000 131,534
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Diversified Financial (Continued)
----------------------------------------------------------------------------------------------------------
Countrywide Funding Corp., 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 $196,000 $ 196,837
----------------------------------------------------------------------------------------------------------
Fleet Mtg. Group, Inc., 6.50% Nts., 9/15/99 131,000 130,289
----------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 7.875% Medium-Term Nts., 2/27/97 131,000 132,455
----------------------------------------------------------------------------------------------------------
Golden West Financial Corp.:
10.25% Sub. Nts., 5/15/97 131,000 135,315
8.625% Sub. Nts., 8/30/98 65,000 67,552
----------------------------------------------------------------------------------------------------------
Household Finance Corp., 8.95% Debs., 9/15/99 131,000 139,279
----------------------------------------------------------------------------------------------------------
Household International, BV, 6% Gtd. Sr. Nts., 3/15/99 131,000 128,384
----------------------------------------------------------------------------------------------------------
Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 262,000 269,690
----------------------------------------------------------------------------------------------------------
U.S. Leasing International, 7% Nts., 11/1/97 196,000 197,815
-----------
2,245,146
- --------------------------------------------------------------------------------------------------------------
Insurance - 0.7%
- --------------------------------------------------------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts., 1/15/99 196,000 204,510
- --------------------------------------------------------------------------------------------------------------
Manufacturing - 1.4%
- --------------------------------------------------------------------------------------------------------------
Aerospace/Electronics/Computers - 1.4%
----------------------------------------------------------------------------------------------------------
British Aerospace PLC, 8% Debs., 5/27/97 260,000 263,575
----------------------------------------------------------------------------------------------------------
Coltec Industries, Inc., 9.75% Sr. Nts., 4/1/00 131,000 133,620
-----------
397,195
- --------------------------------------------------------------------------------------------------------------
Media - 1.8%
- --------------------------------------------------------------------------------------------------------------
Publishing/Printing - 1.8%
----------------------------------------------------------------------------------------------------------
Reed Publishing (USA), Inc., 7.66% Medium-Term Nts., 2/19/99 500,000 512,295
- --------------------------------------------------------------------------------------------------------------
Other - 1.2%
- --------------------------------------------------------------------------------------------------------------
Conglomerates - 0.7%
----------------------------------------------------------------------------------------------------------
Tenneco, Inc., 10% Debs., 8/1/98 196,000 208,899
- --------------------------------------------------------------------------------------------------------------
Services - 0.5%
----------------------------------------------------------------------------------------------------------
PHH Corp., 6.50% Nts., 2/1/00 131,000 129,411
- --------------------------------------------------------------------------------------------------------------
Utilities - 2.1%
- --------------------------------------------------------------------------------------------------------------
Electric Utilities - 0.5%
----------------------------------------------------------------------------------------------------------
HNG Internorth/Enron Corp., 9.625% Debs., 3/15/06 131,000 150,404
- --------------------------------------------------------------------------------------------------------------
Telecommunications - 1.6%
----------------------------------------------------------------------------------------------------------
GTE Corp., 8.85% Debs., 3/1/98 196,000 203,206
----------------------------------------------------------------------------------------------------------
Tele-Communications, Inc., 5.28% Medium-Term Nts., 8/20/96 249,000 248,719
-----------
451,925
-----------
Total Corporate Bonds and Notes 6,997,218
----------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $28,094,319) 97.4% 27,840,447
----------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 2.6 733,245
-------- -----------
Net Assets 100.0% $28,573,692
======== ===========
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Income Portfolio
Statement of Investments (Continued)
- --------------------------------------------------------------------------------
(1) Interest-Only Strips represent the right to receive the monthly
interest payments on an underlying pool of mortgage loans. These securities
typically decline in price as interest rates decline. Most other fixed-
income securities increase in price when interest rates decline. The
principal amount of the underlying pool represents the notional amount on
which current interest is calculated. The price of these securities is
typically more sensitive to changes in prepayment rates than traditional
mortgage-backed securities (for example, GNMA pass-throughs). Interest rates
disclosed represent current yields based upon the current cost basis and
estimated timing and amount of future cash flows.
(2) Principal-Only Strips represent the right to receive the monthly
principal payments on an underlying pool of mortgage loans. The value of
these securities generally increases as interest rates decline and
prepayment rates rise. The price of these securities is typically more
volatile than that of coupon-bearing bonds of the same maturity. Interest
rates disclosed represent current yields based upon the current cost basis
and estimated timing of future cash flows.
(3) Represents the current interest rate for a variable rate security.
(4) For zero coupon bonds, the interest rate shown is the effective yield
on the date of purchase.
(5) Represents a security sold under Rule 144A, which is exempt from
registration under the Securities Act of 1933, as amended. This security has
been determined to be liquid under guidelines established by the Board of
Directors. These securities amount to $67,519 or 0.24% of the Fund's net
assets, at June 30, 1996.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Short-Term Notes - 13.1%
- -------------------------------------------------------------------------------------------------------------------------
American Home Products, 5.38%, 7/22/96 $ 4,985,000 $ 4,969,355
---------------------------------------------------------------------------------------------------------------------
Asset Securitization Cooperative Corp., 5.36%, 7/9/96 5,325,000 5,317,655
---------------------------------------------------------------------------------------------------------------------
Barnett Banks, Inc., 5.35%, 7/1/96 7,000,000 7,000,000
---------------------------------------------------------------------------------------------------------------------
Cooperative Association of Tractor Dealers, Inc., 5.37%, 7/17/96 5,000,000 4,988,813
---------------------------------------------------------------------------------------------------------------------
Countrywide Home Loan, 5.38%, 7/12/96 8,000,000 7,986,849
---------------------------------------------------------------------------------------------------------------------
Dean Witter, Discover & Co., 5.30%, 7/2/96 9,560,000 9,558,593
---------------------------------------------------------------------------------------------------------------------
Falcon Asset Securitization Corp.:
5.35%, 7/15/96 5,435,000 5,423,692
5.37%, 7/16/96 5,000,000 4,988,067
---------------------------------------------------------------------------------------------------------------------
Federal Home Loan Bank, 5.52%, 7/1/96 6,000,000 6,000,000
---------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.22%, 7/9/96 23,000,000 22,973,064
5.27%, 7/1/96 7,800,000 7,800,000
---------------------------------------------------------------------------------------------------------------------
First Data Corp., 5.35%, 7/8/96 6,400,000 6,393,342
---------------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.38%, 7/19/96 10,000,000 9,988,044
---------------------------------------------------------------------------------------------------------------------
GTE Corp., 5.38%, 7/17/96 3,175,000 3,167,408
---------------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc.:
5.34%, 7/3/96 5,670,000 5,668,318
5.36%, 7/8/96 4,000,000 3,995,831
---------------------------------------------------------------------------------------------------------------------
Sears Roebuck Acceptance Corp.:
5.37%, 7/11/96 6,600,000 6,590,155
5.38%, 7/10/96 7,150,000 7,140,383
---------------------------------------------------------------------------------------------------------------------
Sheffield Receivables Corp., 5.37%, 7/18/96 7,800,000 7,780,221
------------
Total Short-Term Notes 137,729,790
- -------------------------------------------------------------------------------------------------------------------------
Mortgage-Backed Obligations - 9.6%
- -------------------------------------------------------------------------------------------------------------------------
BankAmerica Manufactured Housing Contract, Series 1996-1,
Cl. A1, 6.125%, 10/10/26 2,500,000 2,501,968
---------------------------------------------------------------------------------------------------------------------
Chase Commercial Mortgage Securities Corp., Commercial Mortgage
Obligations, Series 1996-1, C1. A2, 7.60%, 7/1/26 6,000,000 6,063,600
---------------------------------------------------------------------------------------------------------------------
Contimortgage Home Equity Loan Trust, Series 1995-2,
Cl.A2, 7.95%, 4/15/10 1,000,000 1,019,759
---------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.29%, 7/5/96 6,500,000 6,496,179
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation
Certificates, Series 1992-15, C1. KZ, 7%, 2/25/22 2,029,758 1,638,396
Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 4,264,046 4,069,478
Gtd. Multiclass Mtg. Participation Certificates, Series 1337, Cl. D,
6%, 8/15/07 3,000,000 2,697,180
Gtd. Multiclass Mtg. Participation Certificates, Series 1694, Cl. PG,
5.75%, 12/15/21 5,000,000 4,712,195
Gtd. Multiclass Mtg. Participation Certificates, Series 1820, Cl. P1,
5.75%, 7/15/06 4,880,000 4,713,441
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Mortgage Corp. (Continued)
Gtd. Multiclass Mtg. Participation Certificates, Series 1994-43,
Cl. PE, 6%, 12/25/19 $ 2,950,000 $ 2,872,563
Series 1843, Cl. VB, 7%, 4/15/03 3,578,600 3,567,417
Series 1849, Cl. VA, 6%, 12/15/10 5,663,396 5,543,049
---------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 3,917,613 3,787,902
6.50%, 4/1/24-4/1/26 3,542,714 3,315,414
7.50%, 5/1/07-12/1/08 1,735,674 1,748,333
8%, 3/1/17 - 6/1/17 344,637 349,197
---------------------------------------------------------------------------------------------------------------------
GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3,
7.30%, 6/25/26 2,700,000 2,706,750
---------------------------------------------------------------------------------------------------------------------
Green Tree Financial Corp., Series 1994-7, Cl. A3, 8%, 3/15/20 1,500,000 1,532,340
---------------------------------------------------------------------------------------------------------------------
Government National Mortgage Assn.:
6.50%, 10/15/23-4/15/26 26,255,605 24,567,882
7%, 11/15/08-1/15/24 3,346,495 3,272,786
7.50%, 1/15/09-11/15/23 7,766,682 7,755,723
8%, 5/15/17 1,293,156 1,319,007
---------------------------------------------------------------------------------------------------------------------
Housing Securities, Inc., Series 1994-3, Cl. A3, 7.25%, 9/25/12 1,418,119 1,420,742
---------------------------------------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Series 1996-A,
Cl. A4, 5.85%, 7/15/01 4,000,000 3,917,436
------------
Total Mortgage-Backed Obligations 101,588,737
- -------------------------------------------------------------------------------------------------------------------------
U.S. Government Obligations - 10.7%
- -------------------------------------------------------------------------------------------------------------------------
Agency - 0.3%
- -------------------------------------------------------------------------------------------------------------------------
Government Agency-Sponsored - 0.3%
---------------------------------------------------------------------------------------------------------------------
Federal Home Loan Bank, 6.365% Bonds, Series MW01, 4/9/01 3,000,000 2,956,032
- -------------------------------------------------------------------------------------------------------------------------
Treasury - 10.4%
- -------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds:
10.375%, 11/15/12 3,000,000 3,808,590
7.50%, 11/15/16 58,725,000 61,697,660
8.75%, 5/15/17 3,000,000 3,559,230
8.875%, 8/15/17 1,000,000 1,200,620
STRIPS, Zero Coupon:
7.835%, 5/15/15 (1) 2,250,000 592,695
6.425%, 5/15/97 (1) 6,000,000 5,712,000
---------------------------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
5.75%, 10/31/00 1,000,000 974,060
6.75%, 6/30/99 865,000 874,999
7.25%, 8/15/04 9,265,000 9,596,502
7.50%, 11/15/01 15,735,000 16,425,924
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Nts. (Continued)
8.50%, 2/15/00 $ 750,000 $ 799,920
8.50%, 4/15/97 4,000,000 4,084,360
------------
109,326,560
------------
Total U.S. Government Obligations 112,282,592
- ------------------------------------------------------------------------------------------------------------------------
Foreign Government Obligations - 0.2%
--------------------------------------------------------------------------------------------------------------------
Colombia (Republic of) Unsub. Nts., 7.125%, 5/11/98 600,000 595,500
--------------------------------------------------------------------------------------------------------------------
United Mexican States Bonds, 6.97%, 8/12/00 1,750,000 1,561,875
Total Foreign Government Obligations 2,157,375
- ------------------------------------------------------------------------------------------------------------------------
Non-Convertible Corporate Bonds and Notes - 20.6%
- ------------------------------------------------------------------------------------------------------------------------
Basic Materials - 2.1%
- ------------------------------------------------------------------------------------------------------------------------
Chemicals - 1.2%
--------------------------------------------------------------------------------------------------------------------
Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97 2,000,000 2,022,980
--------------------------------------------------------------------------------------------------------------------
FMC Corp., 8.75% Sr. Nts., 4/1/99 2,500,000 2,601,475
--------------------------------------------------------------------------------------------------------------------
Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 3,500,000 3,542,105
--------------------------------------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 2,512,000 2,968,631
--------------------------------------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 1,190,000 1,373,141
------------
12,508,332
- ------------------------------------------------------------------------------------------------------------------------
Metals - 0.4%
--------------------------------------------------------------------------------------------------------------------
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 4,000,000 4,379,160
- ------------------------------------------------------------------------------------------------------------------------
Paper - 0.5%
--------------------------------------------------------------------------------------------------------------------
Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 2,250,000 2,266,875
--------------------------------------------------------------------------------------------------------------------
Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 2,950,000 3,038,028
-------------
5,304,903
- ------------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals - 2.5%
- ------------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment - 1.2%
--------------------------------------------------------------------------------------------------------------------
Blockbuster Entertainment Group, 6.625% Sr. Nts., 2/15/98 1,750,000 1,740,743
--------------------------------------------------------------------------------------------------------------------
Dresser Industries, Inc., 6.25% Nts., 6/1/00 6,000,000 5,857,260
--------------------------------------------------------------------------------------------------------------------
Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 5,350,000 5,254,556
------------
12,852,559
- ------------------------------------------------------------------------------------------------------------------------
Media - 0.8%
--------------------------------------------------------------------------------------------------------------------
Reed Elsevier, Inc., 6.625% Nts., 10/15/23 (2) 1,600,000 1,384,720
--------------------------------------------------------------------------------------------------------------------
Tele-Communications, Inc., 7.14% Sr. Medium-Term Nts., 2/3/98 3,100,000 3,121,506
--------------------------------------------------------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts., 2/1/98 3,900,000 3,942,237
------------
8,448,463
- ------------------------------------------------------------------------------------------------------------------------
Retail: General - 0.5%
--------------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 1,770,000 1,862,925
--------------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 1,590,000 1,660,055
--------------------------------------------------------------------------------------------------------------------
Wal-Mart Stores, Inc., 5.875% Nts., 10/15/05 2,000,000 1,826,600
------------
5,349,580
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Consumer Non-Cyclicals - 2.2%
- ------------------------------------------------------------------------------------------------------------------------
Beverages - 0.2%
--------------------------------------------------------------------------------------------------------------------
Bass America, Inc., 6.75% Gtd. Nts., 8/1/99 $1,250,000 $ 1,246,300
--------------------------------------------------------------------------------------------------------------------
Fomento Economico Mexico SA, 9.50% Unsub. Nts., 7/22/97 1,300,000 1,322,750
-----------
2,569,050
- ------------------------------------------------------------------------------------------------------------------------
Food - 0.9%
--------------------------------------------------------------------------------------------------------------------
ConAgra, Inc., 9.75% Sr. Nts., 11/1/97 1,500,000 1,557,840
--------------------------------------------------------------------------------------------------------------------
CPC International, Inc., 6.15% Unsec. Nts., Series C, 1/15/06 2,000,000 1,864,960
--------------------------------------------------------------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 3,500,000 3,452,645
--------------------------------------------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 2,000,000 2,062,500
--------------------------------------------------------------------------------------------------------------------
Safeway, Inc., 9.35% Sr. Sub. Nts., 3/15/99 1,000,000 1,027,500
-----------
9,965,445
- ------------------------------------------------------------------------------------------------------------------------
Healthcare/Drugs - 0.3%
--------------------------------------------------------------------------------------------------------------------
Roche Holdings, Inc., 2.75% Bonds, 4/14/00 3,000,000 2,645,625
- ------------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 0.2%
--------------------------------------------------------------------------------------------------------------------
Tenet Healthcare Corp., 8.625% Sr. Unsec. Nts., 12/1/03 2,000,000 2,027,500
- ------------------------------------------------------------------------------------------------------------------------
Household Goods - 0.5%
--------------------------------------------------------------------------------------------------------------------
Black & Decker Corp., 6.625% Nts., 11/15/00 2,700,000 2,666,844
--------------------------------------------------------------------------------------------------------------------
Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 2,000,000 2,022,500
--------------------------------------------------------------------------------------------------------------------
Procter & Gamble Co., 9.36% Debs., 1/1/21 750,000 888,413
-----------
5,577,757
- ------------------------------------------------------------------------------------------------------------------------
Tobacco - 0.1%
--------------------------------------------------------------------------------------------------------------------
B.A.T. Capital Corp., 6.66% Medium-Term Nts., 3/22/00 (2) 500,000 494,350
- ------------------------------------------------------------------------------------------------------------------------
Energy - 2.6%
- ------------------------------------------------------------------------------------------------------------------------
Energy Services & Producers - 0.7%
--------------------------------------------------------------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts., 9/15/02 3,190,000 3,325,862
--------------------------------------------------------------------------------------------------------------------
Ferrellgas LP/Ferrellgas Finance Corp., 10% Sr. Nts., 8/1/01 2,000,000 2,045,000
--------------------------------------------------------------------------------------------------------------------
Petroliam Nasional Berhad, 6.875% Nts., 7/1/03 (2) 2,500,000 2,462,000
------------
7,832,862
- ------------------------------------------------------------------------------------------------------------------------
Oil-Integrated - 1.9%
--------------------------------------------------------------------------------------------------------------------
BP America, Inc., 8.875% Gtd. Debs., 12/1/97 1,000,000 1,035,060
--------------------------------------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 4,000,000 3,871,960
--------------------------------------------------------------------------------------------------------------------
Norsk Hydro AS, 8.75% Bonds, 10/23/01 1,500,000 1,593,750
--------------------------------------------------------------------------------------------------------------------
Occidental Petroleum Corp., 6.27% Medium-Term Nts., 11/8/00 4,000,000 3,884,664
--------------------------------------------------------------------------------------------------------------------
Phillips Petroleum Co., 7.53% Pass-Through Certificates,
Series 1994-A1, 9/27/98 2,721,149 2,790,661
--------------------------------------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19 3,190,000 3,336,325
--------------------------------------------------------------------------------------------------------------------
Texaco Capital, Inc., 8.875% Gtd. Debs., 9/1/21 500,000 572,365
--------------------------------------------------------------------------------------------------------------------
TransCanada PipeLines Ltd., 9.875% Debs., 1/1/21 2,250,000 2,715,818
-----------
19,800,603
- ------------------------------------------------------------------------------------------------------------------------
Financial - 7.4%
- ------------------------------------------------------------------------------------------------------------------------
Banks - 1.0%
--------------------------------------------------------------------------------------------------------------------
BankAmerica Corp., 7.75% Sub. Nts., 7/15/02 1,250,000 1,293,200
--------------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New), 10.125% Sub. Nts., 11/1/00 1,000,000 1,114,900
--------------------------------------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 2,135,000 2,035,253
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Banks (Continued)
--------------------------------------------------------------------------------------------------------------------
First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 $1,500,000 $ 1,548,495
--------------------------------------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 750,000 839,213
--------------------------------------------------------------------------------------------------------------------
Marshall & Ilsley Corp., 6.95% Medium-Term Nts., Series C, 3/31/97 1,500,000 1,509,630
--------------------------------------------------------------------------------------------------------------------
Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 1,350,000 1,351,985
--------------------------------------------------------------------------------------------------------------------
Shawmut Corp., 8.125% Debs., 2/1/97 500,000 505,820
-----------
10,198,496
- ------------------------------------------------------------------------------------------------------------------------
Diversified Financial - 5.7%
--------------------------------------------------------------------------------------------------------------------
American General Finance Corp.:
5.875% Sr. Nts., 7/1/00 1,500,000 1,445,670
7.70% Sr. Nts., 11/15/97 2,000,000 2,032,080
--------------------------------------------------------------------------------------------------------------------
Aristar, Inc., 8.125% Sr. Nts., 12/1/97 1,250,000 1,277,875
--------------------------------------------------------------------------------------------------------------------
Associates Corp. of North America, 6.75% Sr. Nts., 10/15/99 1,500,000 1,503,450
--------------------------------------------------------------------------------------------------------------------
AVCO Financial Services Asia Ltd., 5.875% Sr. Nts., 10/15/97 1,500,000 1,490,220
--------------------------------------------------------------------------------------------------------------------
Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 2,500,000 2,496,520
--------------------------------------------------------------------------------------------------------------------
Chrysler Financial Corp.:
5.08% Medium-Term Nts., 1/24/97 2,000,000 1,989,580
5.875% Nts., 2/7/01 1,500,000 1,441,380
--------------------------------------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 4,000,000 3,809,040
--------------------------------------------------------------------------------------------------------------------
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 1,285,000 1,232,949
6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 1,800,000 1,767,240
6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 1,000,000 1,004,270
--------------------------------------------------------------------------------------------------------------------
Fleet Mtg. Group, Inc.:
6.125% Nts., 8/15/97 3,000,000 2,989,290
6.50% Nts., 9/15/99 750,000 745,928
--------------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co.:
6.25% Unsub. Nts., 2/26/98 1,000,000 998,050
8% Nts., 12/1/97 1,000,000 1,022,580
--------------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp.:
5.625% Nts., 2/15/01 1,200,000 1,139,872
5.65% Medium-Term Nts., 12/15/97 2,000,000 1,985,560
7.75% Medium-Term Nts., 1/17/97 2,500,000 2,522,425
--------------------------------------------------------------------------------------------------------------------
Golden West Financial Corp.:
10.25% Sub. Nts., 5/15/97 1,250,000 1,291,175
8.625% Sub. Nts., 8/30/98 500,000 519,630
--------------------------------------------------------------------------------------------------------------------
Grand Metropolitan PLC, 7% Gtd. Nts., 6/15/99 3,000,000 3,009,375
--------------------------------------------------------------------------------------------------------------------
Household Finance Corp.:
7.50% Nts., 3/15/97 250,000 252,515
8.95% Debs., 9/15/99 1,200,000 1,275,840
--------------------------------------------------------------------------------------------------------------------
Household International, BV, 6% Gtd. Sr. Nts., 3/15/99 1,500,000 1,470,045
--------------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc.:
6% Nts., 3/1/01 1,500,000 1,446,731
6.50% Nts., 4/1/01 2,500,000 2,456,000
--------------------------------------------------------------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 1,500,000 1,505,205
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Diversified Financial (Continued)
--------------------------------------------------------------------------------------------------------------------
Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 $3,250,000 $ 3,345,388
--------------------------------------------------------------------------------------------------------------------
Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 4,000,000 4,153,560
--------------------------------------------------------------------------------------------------------------------
Sears Roebuck Acceptance Corp., 5.99% Medium-Term Nts.,
Series 1, 12/26/00 2,000,000 1,933,200
--------------------------------------------------------------------------------------------------------------------
TransAmerica Finance Corp.:
6.75% Sr. Nts., 8/15/97 2,000,000 2,008,000
6.80% Sr. Nts., 3/15/99 725,000 727,929
--------------------------------------------------------------------------------------------------------------------
U.S. Leasing International, 7% Nts., 11/1/97 1,500,000 1,513,890
-----------
59,802,462
- ------------------------------------------------------------------------------------------------------------------------
Insurance - 0.7%
--------------------------------------------------------------------------------------------------------------------
Equitable Life Assurance Society (U.S.A.), 6.95% Surplus
Nts., 12/1/05 (2) 2,000,000 1,920,260
--------------------------------------------------------------------------------------------------------------------
SunAmerica, Inc., 9% Sr. Nts., 1/15/99 1,700,000 1,773,814
--------------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 3,500,000 3,474,520
-----------
7,168,594
- ------------------------------------------------------------------------------------------------------------------------
Industrial - 1.6%
- ------------------------------------------------------------------------------------------------------------------------
Electrical Equipment - 0.3%
--------------------------------------------------------------------------------------------------------------------
Honeywell, Inc., 6.60% Nts., 4/15/01 3,000,000 2,967,300
- ------------------------------------------------------------------------------------------------------------------------
Industrial Services - 0.1%
--------------------------------------------------------------------------------------------------------------------
PHH Corp., 6.50% Nts., 2/1/00 1,250,000 1,234,838
- ------------------------------------------------------------------------------------------------------------------------
Manufacturing - 0.5%
--------------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 2,200,000 2,200,000
--------------------------------------------------------------------------------------------------------------------
Tenneco, Inc.:
10% Debs., 8/1/98 1,250,000 1,332,263
9.25% Sr. Nts., 11/1/96 2,000,000 2,018,980
-----------
5,551,243
- ------------------------------------------------------------------------------------------------------------------------
Transportation - 0.7%
--------------------------------------------------------------------------------------------------------------------
Federal Express Corp., 6.25% Nts., 4/15/98 3,485,000 3,458,305
--------------------------------------------------------------------------------------------------------------------
Union Pacific Corp.:
7% Nts., 6/15/00 2,030,000 2,025,554
7.60% Nts., 5/1/05 2,000,000 2,021,680
-----------
7,505,539
- ------------------------------------------------------------------------------------------------------------------------
Technology - 0.6%
- ------------------------------------------------------------------------------------------------------------------------
Aerospace/Defense - 0.2%
--------------------------------------------------------------------------------------------------------------------
British Aerospace PLC, 8% Debs., 5/27/97 1,500,000 1,520,625
--------------------------------------------------------------------------------------------------------------------
Coltec Industries, Inc., 9.75% Sr. Nts., 4/1/00 1,000,000 1,020,000
-----------
2,540,625
- ------------------------------------------------------------------------------------------------------------------------
Computer Software - 0.2%
--------------------------------------------------------------------------------------------------------------------
Electric Data Systems Corp., 7.125% Nts., 5/15/05 (2) 2,000,000 1,974,620
- ------------------------------------------------------------------------------------------------------------------------
Telecommunications-Technology - 0.2%
--------------------------------------------------------------------------------------------------------------------
MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 2,000,000 2,019,120
- ------------------------------------------------------------------------------------------------------------------------
Utilities - 1.6%
- ------------------------------------------------------------------------------------------------------------------------
Electric Utilities - 0.4%
--------------------------------------------------------------------------------------------------------------------
Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 2,000,000 2,056,440
--------------------------------------------------------------------------------------------------------------------
El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 2,000,000 1,969,200
-----------
4,025,640
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Gas Utilities - 1.0%
--------------------------------------------------------------------------------------------------------------------
Arkla, Inc., 9.875% Nts., 4/15/97 $3,000,000 $ 3,078,330
--------------------------------------------------------------------------------------------------------------------
Colorado International Gas Corp., 10% Sr. Debs., 6/15/05 455,000 530,603
--------------------------------------------------------------------------------------------------------------------
Columbia Gas Systems, Inc., 6.80% Nts., Series C, 11/28/05 2,000,000 1,913,300
--------------------------------------------------------------------------------------------------------------------
HNG Internorth/Enron Corp., 9.625% Debs., 3/15/06 700,000 803,684
--------------------------------------------------------------------------------------------------------------------
NorAm Energy Corp., 8.43% Medium-Term Nts., Series B, 9/17/98 2,000,000 2,060,640
--------------------------------------------------------------------------------------------------------------------
Transco Energy Co., 9.625% Debs., 6/15/00 750,000 808,898
--------------------------------------------------------------------------------------------------------------------
Transcontinental Gas Pipeline Corp., 9% Debs., 11/15/96 1,000,000 1,010,150
-----------
10,205,605
- ------------------------------------------------------------------------------------------------------------------------
Telephone Utilities - 0.2%
--------------------------------------------------------------------------------------------------------------------
GTE Corp., 8.85% Debs., 3/1/98 2,350,000 2,436,410
-----------
Total Non-Convertible Corporate Bonds and Notes 217,386,681
<CAPTION>
Shares
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks - 44.7%
- ------------------------------------------------------------------------------------------------------------------------
Basic Materials - 2.4%
- ------------------------------------------------------------------------------------------------------------------------
Chemicals - 1.9%
--------------------------------------------------------------------------------------------------------------------
Cabot Corp. 202,900 4,971,050
--------------------------------------------------------------------------------------------------------------------
Potash Corp. of Saskatchewan, Inc. 110,300 7,307,375
--------------------------------------------------------------------------------------------------------------------
Union Carbide Corp. 155,700 6,189,075
--------------------------------------------------------------------------------------------------------------------
W.R. Grace & Co. 27,500 1,949,062
-----------
20,416,562
- ------------------------------------------------------------------------------------------------------------------------
Metals - 0.5%
--------------------------------------------------------------------------------------------------------------------
UCAR International, Inc. (3) 126,000 5,244,750
- ------------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals - 7.1%
- ------------------------------------------------------------------------------------------------------------------------
Autos & Housing - 1.8%
--------------------------------------------------------------------------------------------------------------------
Black & Decker Corp. 132,200 5,106,225
--------------------------------------------------------------------------------------------------------------------
Chrysler Corp. 118,000 7,316,000
--------------------------------------------------------------------------------------------------------------------
Ford Motor Co. 188,700 6,109,162
-----------
18,531,387
- ------------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment - 1.5%
--------------------------------------------------------------------------------------------------------------------
AMR Corp. 86,500 7,871,500
--------------------------------------------------------------------------------------------------------------------
Grand Casinos, Inc. (3) 154,500 3,978,375
--------------------------------------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A (3) 109,900 4,341,050
-----------
16,190,925
- ------------------------------------------------------------------------------------------------------------------------
Retail: General - 3.3%
--------------------------------------------------------------------------------------------------------------------
Eckerd Corp. (3) 290,300 6,568,037
--------------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc. (3) 108,800 3,712,800
--------------------------------------------------------------------------------------------------------------------
Price/Costco, Inc. (3) 243,600 5,267,850
--------------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co. 156,700 7,619,537
--------------------------------------------------------------------------------------------------------------------
U.S. Industries, Inc. (3) 298,000 7,189,250
--------------------------------------------------------------------------------------------------------------------
Waban, Inc. (3) 197,500 4,715,312
-----------
35,072,786
- ------------------------------------------------------------------------------------------------------------------------
Retail: Specialty - 0.5%
--------------------------------------------------------------------------------------------------------------------
Tandy Corp. 104,200 4,936,475
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Consumer Non-Cyclicals - 5.8%
- ----------------------------------------------------------------------------------------------------------------------
Beverages - 0.8%
------------------------------------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 107,500 $ 8,062,500
- ----------------------------------------------------------------------------------------------------------------------
Food - 2.6%
------------------------------------------------------------------------------------------------------------------
American Stores Co. 212,900 8,782,125
------------------------------------------------------------------------------------------------------------------
Archer-Daniels-Midland Co. 355,800 6,804,675
------------------------------------------------------------------------------------------------------------------
Dole Food Co. 82,300 3,538,900
------------------------------------------------------------------------------------------------------------------
Kroger Co. (3) 205,300 8,109,350
-----------
27,235,050
- ----------------------------------------------------------------------------------------------------------------------
Healthcare/Drugs - 0.7%
------------------------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 81,400 7,326,000
- ----------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 0.9%
------------------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 81,300 4,339,387
------------------------------------------------------------------------------------------------------------------
OrNda Healthcorp (3) 234,000 5,616,000
-----------
9,955,387
- ----------------------------------------------------------------------------------------------------------------------
Household Goods - 0.8%
------------------------------------------------------------------------------------------------------------------
Premark International, Inc. 133,400 2,467,900
------------------------------------------------------------------------------------------------------------------
Tupperware Corp. (3) 133,400 5,636,150
-----------
8,104,050
- ----------------------------------------------------------------------------------------------------------------------
Energy - 2.5%
- ----------------------------------------------------------------------------------------------------------------------
Oil-Integrated - 2.5%
------------------------------------------------------------------------------------------------------------------
Amoco Corp. 110,300 7,982,962
------------------------------------------------------------------------------------------------------------------
Chevron Corp. 127,800 7,540,200
------------------------------------------------------------------------------------------------------------------
Mobil Corp. 93,500 10,483,687
-----------
26,006,849
- ----------------------------------------------------------------------------------------------------------------------
Financial - 6.6%
- ----------------------------------------------------------------------------------------------------------------------
Banks - 4.0%
------------------------------------------------------------------------------------------------------------------
Bank of Boston Corp. 200,100 9,904,950
------------------------------------------------------------------------------------------------------------------
BankAmerica Corp. 139,700 10,582,275
------------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 120,476 8,508,618
------------------------------------------------------------------------------------------------------------------
PNC Bank Corp. 211,800 6,301,050
------------------------------------------------------------------------------------------------------------------
Wells Fargo & Co. 29,200 6,975,150
-----------
42,272,043
- ----------------------------------------------------------------------------------------------------------------------
Diversified Financial - 1.6%
------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. 44,900 3,838,950
------------------------------------------------------------------------------------------------------------------
Salomon, Inc. 294,000 12,936,000
-----------
16,774,950
- ----------------------------------------------------------------------------------------------------------------------
Insurance - 1.0%
------------------------------------------------------------------------------------------------------------------
General Re Corp. 5,600 852,600
------------------------------------------------------------------------------------------------------------------
TIG Holdings, Inc. 134,100 3,888,900
------------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., Cl. A (3) 208,500 5,916,188
-----------
10,657,688
- ----------------------------------------------------------------------------------------------------------------------
Industrial - 4.2%
- ----------------------------------------------------------------------------------------------------------------------
Manufacturing - 4.2%
------------------------------------------------------------------------------------------------------------------
AGCO Corp. 269,300 7,473,075
------------------------------------------------------------------------------------------------------------------
Case Corp. 188,500 9,048,000
------------------------------------------------------------------------------------------------------------------
Harnischfeger Industries, Inc. 129,500 4,305,875
------------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc. 151,134 3,419,407
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Total Return Portfolio
Statement of Investments (Continued)
- --------------------------------------------------------------------------------
1. For zero coupon bonds, the interest rate shown is the effective yield on
the date of purchase.
2. Represents a security sold under Rule 144A, which is exempt from
registration under the Securities Act of 1933, as amended. This security
has been determined to be liquid under guidelines established by the
Board of Directors. These securities amount to $8,235,950 or 0.78% of
the Fund's net assets, at June 30, 1996.
3. Non-income producing security.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Growth Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Short-Term Notes - 9.3%
- ----------------------------------------------------------------------------------------------
Asset Securitization Cooperative Corp., 5.36%, 7/9/96 $ 4,435,000 $ 4,430,378
----------------------------------------------------------------------------------------
Barnett Banks, Inc., 5.33%, 7/1/96 5,000,000 5,000,000
----------------------------------------------------------------------------------------
Countrywide Home Loan, 5.40%, 7/11/96 2,500,000 2,496,251
----------------------------------------------------------------------------------------
Federal Home Loan Bank, 5.52%, 7/1/96 20,900,000 20,900,000
----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., 5.27%, 7/1/96 4,900,000 4,900,000
----------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.39%, 7/2/96 4,060,000 4,059,393
----------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 5.34%, 7/3/96 1,960,000 1,959,418
----------------------------------------------------------------------------------------
Sears Roebuck Acceptance Corp., 5.38%, 7/9/96 2,000,000 1,997,609
-----------
Total Short-Term Notes 45,743,049
Shares
<CAPTION>
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks - 89.6%
- ----------------------------------------------------------------------------------------------
Basic Materials - 4.8%
- ----------------------------------------------------------------------------------------------
Chemicals - 3.7%
----------------------------------------------------------------------------------------
Cabot Corp. 191,300 4,686,850
----------------------------------------------------------------------------------------
Potash Corp. of Saskatchewan, Inc. 90,400 5,989,000
----------------------------------------------------------------------------------------
Union Carbide Corp. 151,800 6,034,050
----------------------------------------------------------------------------------------
W.R. Grace & Co. 17,400 1,233,225
-----------
17,943,125
- ----------------------------------------------------------------------------------------------
Metals - 1.1%
----------------------------------------------------------------------------------------
UCAR International, Inc. (1) 125,600 5,228,100
- ----------------------------------------------------------------------------------------------
Consumer Cyclicals - 14.2%
- ----------------------------------------------------------------------------------------------
Autos & Housing - 3.4%
----------------------------------------------------------------------------------------
Black & Decker Corp. 109,000 4,210,125
----------------------------------------------------------------------------------------
Chrysler Corp. 104,100 6,454,200
----------------------------------------------------------------------------------------
Ford Motor Co. 190,300 6,160,962
-----------
16,825,287
- ----------------------------------------------------------------------------------------------
Leisure & Entertainment - 3.3%
----------------------------------------------------------------------------------------
AMR Corp. 77,300 7,034,300
----------------------------------------------------------------------------------------
Grand Casinos, Inc. (1) 149,300 3,844,475
----------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A (1) 136,700 5,399,650
-----------
16,278,425
- ----------------------------------------------------------------------------------------------
Retail: General - 6.5%
----------------------------------------------------------------------------------------
Eckerd Corp. (1) 205,500 4,649,437
----------------------------------------------------------------------------------------
Federated Department Stores, Inc. (1) 109,100 3,723,037
----------------------------------------------------------------------------------------
Price/Costco, Inc. (1) 231,100 4,997,537
----------------------------------------------------------------------------------------
Sears Roebuck & Co. 139,300 6,773,462
----------------------------------------------------------------------------------------
U.S. Industries, Inc. (1) 316,900 7,645,212
----------------------------------------------------------------------------------------
Waban, Inc. (1) 176,200 4,206,775
-----------
31,995,460
- ----------------------------------------------------------------------------------------------
Retail: Specialty - 1.0%
----------------------------------------------------------------------------------------
Tandy Corp. 102,300 4,846,462
- ----------------------------------------------------------------------------------------------
Consumer Non-Cyclicals - 12.0%
- ----------------------------------------------------------------------------------------------
Beverages - 1.6%
----------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 104,000 7,800,000
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Growth Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Food - 5.5%
----------------------------------------------------------------------------------------
American Stores Co. 215,300 $ 8,881,125
----------------------------------------------------------------------------------------
Archer-Daniels-Midland Co. 375,400 7,179,525
----------------------------------------------------------------------------------------
Dole Food Co. 71,400 3,070,200
----------------------------------------------------------------------------------------
Kroger Co. (1) 196,800 7,773,600
-----------
26,904,450
- ----------------------------------------------------------------------------------------------
Healthcare/Drugs - 1.4%
----------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 78,700 7,083,000
- ----------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 1.9%
----------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 72,300 3,859,012
----------------------------------------------------------------------------------------
OrNda Healthcorp (1) 225,800 5,419,200
-----------
9,278,212
- ----------------------------------------------------------------------------------------------
Household Goods - 1.6%
----------------------------------------------------------------------------------------
Premark International, Inc. 125,900 2,329,150
----------------------------------------------------------------------------------------
Tupperware Corp. (1) 125,900 5,319,275
-----------
7,648,425
- ----------------------------------------------------------------------------------------------
Energy - 4.8%
- ----------------------------------------------------------------------------------------------
Oil-Integrated - 4.8%
----------------------------------------------------------------------------------------
Amoco Corp. 93,100 6,738,113
----------------------------------------------------------------------------------------
Chevron Corp. 125,300 7,392,700
----------------------------------------------------------------------------------------
Mobil Corp. 82,600 9,261,525
-----------
23,392,338
- ----------------------------------------------------------------------------------------------
Financial - 13.2%
- ----------------------------------------------------------------------------------------------
Banks - 7.7%
----------------------------------------------------------------------------------------
Bank of Boston Corp. 168,100 8,320,950
----------------------------------------------------------------------------------------
BankAmerica Corp. 135,600 10,271,700
----------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 98,644 6,966,733
----------------------------------------------------------------------------------------
PNC Bank Corp. 208,200 6,193,950
----------------------------------------------------------------------------------------
Wells Fargo & Co. 24,500 5,852,438
-----------
37,605,771
- ----------------------------------------------------------------------------------------------
Diversified Financial - 3.4%
----------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. 43,400 3,710,700
----------------------------------------------------------------------------------------
Salomon, Inc. 299,500 13,178,000
-----------
16,888,700
- ----------------------------------------------------------------------------------------------
Insurance - 2.1%
----------------------------------------------------------------------------------------
General Re Corp. 5,500 837,375
----------------------------------------------------------------------------------------
TIG Holdings, Inc. 119,900 3,477,100
----------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., Cl. A (1) 210,400 5,970,100
-----------
10,284,575
- ----------------------------------------------------------------------------------------------
Industrial - 8.2%
- ----------------------------------------------------------------------------------------------
Manufacturing - 8.2%
----------------------------------------------------------------------------------------
AGCO Corp. 263,800 7,320,450
----------------------------------------------------------------------------------------
Case Corp. 171,600 8,236,800
----------------------------------------------------------------------------------------
Harnischfeger Industries, Inc. 123,400 4,103,050
----------------------------------------------------------------------------------------
Mark IV Industries, Inc. 118,518 2,681,470
----------------------------------------------------------------------------------------
Textron, Inc. 129,600 10,351,800
----------------------------------------------------------------------------------------
Tyco International Ltd. 185,400 7,555,050
-----------
40,248,620
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Growth Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Technology - 19.9%
- ----------------------------------------------------------------------------------------------
Aerospace/Defense - 9.6%
----------------------------------------------------------------------------------------
General Dynamics Corp. 108,100 $ 6,702,200
----------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 128,000 4,784,000
----------------------------------------------------------------------------------------
Lockheed Martin Corp. 110,452 9,277,968
--- -------------------------------------------------------------------------------------
McDonnell Douglas Corp. 206,400 10,010,400
----------------------------------------------------------------------------------------
Rockwell International Corp. 146,600 8,392,850
----------------------------------------------------------------------------------------
TRW, Inc. 89,500 8,043,813
------------
47,211,231
- ----------------------------------------------------------------------------------------------
Computer Hardware - 6.0%
----------------------------------------------------------------------------------------
Dell Computer Corp. (1) 83,000 4,222,625
----------------------------------------------------------------------------------------
Gateway 2000, Inc. (1) 74,200 2,522,800
----------------------------------------------------------------------------------------
Storage Technology Corp. (New) (1) 261,100 9,987,075
----------------------------------------------------------------------------------------
Xerox Corp. 237,900 12,727,650
------------
29,460,150
- ----------------------------------------------------------------------------------------------
Electronics - 2.8%
----------------------------------------------------------------------------------------
Intel Corp. 65,800 4,832,188
----------------------------------------------------------------------------------------
Varian Associates, Inc. 103,100 5,335,425
----------------------------------------------------------------------------------------
Waters Corp. (1) 108,600 3,583,800
------------
13,751,413
- ----------------------------------------------------------------------------------------------
Telecommunications-Technology - 1.5%
----------------------------------------------------------------------------------------
AT&T Corp. 116,900 7,247,800
- ----------------------------------------------------------------------------------------------
Utilities - 12.5%
- ----------------------------------------------------------------------------------------------
Electric Utilities - 6.0%
----------------------------------------------------------------------------------------
American Electric Power Co., Inc. 113,800 4,850,725
----------------------------------------------------------------------------------------
Calenergy, Inc. (1) 251,000 6,400,500
----------------------------------------------------------------------------------------
Entergy Corp. 221,300 6,279,388
----------------------------------------------------------------------------------------
FPL Group, Inc. 116,700 5,368,200
----------------------------------------------------------------------------------------
Texas Utilities Co. 149,400 6,386,850
------------
29,285,663
- ----------------------------------------------------------------------------------------------
Gas Utilities - 4.2%
----------------------------------------------------------------------------------------
Columbia Gas System, Inc. (The) 204,800 10,675,200
----------------------------------------------------------------------------------------
PanEnergy Corp. 303,100 9,964,413
------------
20,639,613
- ----------------------------------------------------------------------------------------------
Telephone Utilities - 2.3%
----------------------------------------------------------------------------------------
Ameritech Corp. 79,400 4,714,375
----------------------------------------------------------------------------------------
GTE Corp. 150,800 6,748,300
------------
11,462,675
------------
Total Common Stocks 439,309,495
----------------------------------------------------------------------------------------
Total Investments, at Value (Cost $422,712,991) 98.9% 485,052,544
----------------------------------------------------------------------------------------
Other Assets Net of Liabilities 1.1 5,532,050
------ ------------
Net Assets 100.0% $490,584,594
====== ============
</TABLE>
(1) Non-income producing security.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - Government Securities Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Mortgage-Backed Obligations - 29.4%
- -------------------------------------------------------------------------------------------
Government Agency - 29.4%
- -------------------------------------------------------------------------------------------
FHLMC/FNMA/Sponsored - 17.3%
---------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates, 10.50%, 10/1/20 $ 268,553 $ 295,828
Mtg.-Backed Certificates, 6.11%, 7/31/98 1,000,000 997,340
Mtg.-Backed Certificates, 7.125%, 7/21/99 1,000,000 1,020,160
---------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6.50%, 12/1/23 852,458 802,641
6.50%, 2/1/09 218,694 213,157
7.50%, 9/1/22 778,681 770,653
-----------
4,099,779
- -------------------------------------------------------------------------------------------
GNMA/Guaranteed - 12.1%
---------------------------------------------------------------------------------------
Government National Mortgage Assn., 7%, 10/15/23-3/15/26 2,979,030 2,864,578
-----------
Total Mortgage-Backed Obligations 6,964,357
- -------------------------------------------------------------------------------------------
U.S. Government Obligations - 61.7%
- -------------------------------------------------------------------------------------------
Agency - 12.6%
- -------------------------------------------------------------------------------------------
Government Agency-Sponsored - 12.6%
---------------------------------------------------------------------------------------
Federal Farm Credit Bank, 6.37% Medium-Term Nts., 9/1/00 1,000,000 991,410
---------------------------------------------------------------------------------------
Federal Home Loan Bank:
5.725%, 6/15/98 1,000,000 989,945
5.84%, 9/8/97 1,000,000 998,120
-----------
2,979,475
- -------------------------------------------------------------------------------------------
Treasury - 49.1%
- -------------------------------------------------------------------------------------------
U.S. Treasury Bonds:
7.50%, 11/15/16 2,175,000 2,285,099
8.125%, 8/15/19 500,000 561,250
9.25%, 2/15/16 1,200,000 1,484,064
---------------------------------------------------------------------------------------
U.S. Treasury Nts.:
5.50%, 7/31/97 1,350,000 1,344,938
5.75%, 8/15/03 1,150,000 1,095,191
6.75%, 2/28/97 875,000 881,151
7.25%, 8/15/04 2,700,000 2,796,606
7.50%, 11/15/01 950,000 995,774
8.50%, 2/15/00 200,000 213,312
-----------
11,657,385
-----------
Total U.S. Government Obligations 14,636,860
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - Government Securities Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Corporate Bonds and Notes - 6.4%
- -------------------------------------------------------------------------------------------
Private Export Funding Corp.:
6.90% Nts., 1/31/03 $ 500,000 $ 501,835
7.30% Debs., 1/31/02 1,000,000 1,024,620
-----------
Total Corporate Bonds and Notes 1,526,455
- -------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $23,465,290) 97.5% 23,127,672
- -------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 2.5 581,982
----------- -----------
Net Assets 100.0% $23,709,654
=========== ===========
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - International Equity Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks - 93.9%
- --------------------------------------------------------------------------------------------
Basic Materials - 5.5%
- --------------------------------------------------------------------------------------------
Chemicals - 1.7%
--------------------------------------------------------------------------------------
Daicel Chemical Industries Ltd. 76,000 $ 462,607
--------------------------------------------------------------------------------------
Hoechst AG 14,000 475,107
----------
937,714
- --------------------------------------------------------------------------------------------
Metals - 3.8%
--------------------------------------------------------------------------------------
Acerinox SA 2,640 275,333
--------------------------------------------------------------------------------------
Hitachi Metals Ltd. 37,000 426,279
--------------------------------------------------------------------------------------
Nisshin Steel Co. Ltd. 55,000 213,734
--------------------------------------------------------------------------------------
Posgold Ltd. (1) 109,000 268,110
--------------------------------------------------------------------------------------
RTZ Corp. PLC 34,260 507,063
--------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 73,900 528,479
----------
2,218,998
- --------------------------------------------------------------------------------------------
Consumer Cyclicals - 20.1%
- --------------------------------------------------------------------------------------------
Autos & Housing - 5.7%
--------------------------------------------------------------------------------------
Autoliv AB 12,000 366,158
--------------------------------------------------------------------------------------
Autopistas Concesionaria Espanola SA 27,000 314,285
--------------------------------------------------------------------------------------
Bridgestone Corp. 22,000 420,427
--------------------------------------------------------------------------------------
Groupe SEB SA 3,000 522,591
--------------------------------------------------------------------------------------
Honda Motor Co. 25,000 649,202
--------------------------------------------------------------------------------------
Michelin (CGDE), B Shares (1) 6,300 308,655
--------------------------------------------------------------------------------------
Rinnai Corp. (1) 22,000 523,019
--------------------------------------------------------------------------------------
Valeo SA 3,440 184,252
----------
3,288,589
- --------------------------------------------------------------------------------------------
Leisure & Entertainment - 3.7%
--------------------------------------------------------------------------------------
CDL Hotels International Ltd. 1,400,000 768,654
--------------------------------------------------------------------------------------
Granada Group PLC 43,000 575,314
--------------------------------------------------------------------------------------
THORN EMI PLC 29,000 807,983
----------
2,151,951
- --------------------------------------------------------------------------------------------
Media - 4.9%
--------------------------------------------------------------------------------------
Elsevier NV 30,000 455,585
--------------------------------------------------------------------------------------
Reed International PLC (1) 33,000 551,708
--------------------------------------------------------------------------------------
Reuters Holdings PLC (1) 60,000 725,889
--------------------------------------------------------------------------------------
Television Broadcasts Ltd. 150,000 562,926
--------------------------------------------------------------------------------------
Wolters Kluwer NV 5,000 568,455
----------
2,864,563
- --------------------------------------------------------------------------------------------
Retail: General - 2.1%
--------------------------------------------------------------------------------------
Marks & Spencer PLC 100,000 730,704
--------------------------------------------------------------------------------------
Zeneca Group PLC 23,000 508,650
----------
1,239,354
- --------------------------------------------------------------------------------------------
Retail: Specialty - 3.7%
--------------------------------------------------------------------------------------
adidas AG 3,000 252,351
--------------------------------------------------------------------------------------
Jusco Co. 16,000 525,214
--------------------------------------------------------------------------------------
Next PLC 93,000 813,154
--------------------------------------------------------------------------------------
Shimamura Co. Ltd. (1) 12,000 528,871
----------
2,119,590
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - International Equity Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Consumer Non-Cyclicals - 11.5%
- -------------------------------------------------------------------------------------------
Beverages - 2.3%
-------------------------------------------------------------------------------------
Guinness PLC 43,600 $ 316,894
-------------------------------------------------------------------------------------
Heineken Holding NV, Cl. A 3,025 611,563
-------------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton 1,800 426,938
----------
1,355,395
- -------------------------------------------------------------------------------------------
Food - 1.3%
-------------------------------------------------------------------------------------
Carrefour Supermarche SA 725 406,505
-------------------------------------------------------------------------------------
Nestle SA 308 352,049
----------
758,554
- -------------------------------------------------------------------------------------------
Healthcare/Drugs - 5.1%
-------------------------------------------------------------------------------------
Astra AB Free, Series A 12,000 531,110
-------------------------------------------------------------------------------------
Ciba-Geigy AG 615 750,180
-------------------------------------------------------------------------------------
Sandoz AG 550 629,539
-------------------------------------------------------------------------------------
Schering AG 6,700 487,793
-------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 31,000 549,902
----------
2,948,524
- -------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 2.3%
-------------------------------------------------------------------------------------
Luxottica Group SpA, Sponsored ADR (1) 6,500 476,938
-------------------------------------------------------------------------------------
SmithKline Beecham PLC 79,657 851,745
----------
1,328,683
- -------------------------------------------------------------------------------------------
Tobacco - 0.5%
-------------------------------------------------------------------------------------
PT Gudang Garam (1) 64,000 274,286
- -------------------------------------------------------------------------------------------
Energy - 1.9%
- -------------------------------------------------------------------------------------------
Oil-Integrated - 1.9%
-------------------------------------------------------------------------------------
Elf Acquitaine SA 3,851 283,457
-------------------------------------------------------------------------------------
Total SA, B Shares 11,157 828,164
----------
1,111,621
- -------------------------------------------------------------------------------------------
Financial - 15.3%
- -------------------------------------------------------------------------------------------
Banks - 4.5%
-------------------------------------------------------------------------------------
Banco Bradesco SA, Preference 70,325,700 574,259
-------------------------------------------------------------------------------------
Banco Popular Espanol SA 2,550 454,998
-------------------------------------------------------------------------------------
Bangkok Bank Public Co. Ltd. 30,000 406,539
-------------------------------------------------------------------------------------
HSBC Holdings PLC 4,000 60,459
-------------------------------------------------------------------------------------
Malayan Banking Berhad (1) 62,000 596,512
-------------------------------------------------------------------------------------
National Australia Bank Ltd. 20,000 184,676
-------------------------------------------------------------------------------------
Thai Farmers Bank Public Co. Ltd. 33,000 361,395
----------
2,638,838
- -------------------------------------------------------------------------------------------
Diversified Financial - 8.6%
-------------------------------------------------------------------------------------
First Pacific Co. Ltd. 422,000 648,744
-------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 230,000 524,876
-------------------------------------------------------------------------------------
Hays PLC 78,000 549,961
-------------------------------------------------------------------------------------
ING Groep NV 16,032 478,469
-------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. (1) 34,000 521,022
-------------------------------------------------------------------------------------
Nichiei Co. Ltd. 9,000 600,741
-------------------------------------------------------------------------------------
Perlis Plantations Berhad 140,000 538,785
-------------------------------------------------------------------------------------
Southcorp Holdings Ltd. (1) 110,000 272,299
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - International Equity Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Diversified Financial (Continued)
--------------------------------------------------------------------------------------
Swire Pacific Ltd., Cl. B 430,000 $ 591,606
--------------------------------------------------------------------------------------
United Industrial Corp. Ltd. 230,000 234,727
----------
4,961,230
- --------------------------------------------------------------------------------------------
Insurance - 2.2%
--------------------------------------------------------------------------------------
AXA SA 8,000 436,270
--------------------------------------------------------------------------------------
Sumitomo Marine & Fire Insurance Co. 64,000 558,863
--------------------------------------------------------------------------------------
Union des Assurances Federales 2,175 268,513
----------
1,263,646
- --------------------------------------------------------------------------------------------
Industrial - 15.9%
- --------------------------------------------------------------------------------------------
Electrical Equipment - 1.2%
--------------------------------------------------------------------------------------
ABB AG (1) 395 489,090
--------------------------------------------------------------------------------------
Mabuchi Motor Co. 2,800 178,704
----------
667,794
- --------------------------------------------------------------------------------------------
Industrial Materials - 1.3%
--------------------------------------------------------------------------------------
Compagnie de Saint Gobain 2,750 368,370
--------------------------------------------------------------------------------------
THK Co. Ltd. 17,000 411,923
----------
780,293
- --------------------------------------------------------------------------------------------
Industrial Services - 3.2%
--------------------------------------------------------------------------------------
Komori Corp. (1) 22,000 563,252
--------------------------------------------------------------------------------------
Kurita Water Industries Ltd. (1) 17,000 415,032
--------------------------------------------------------------------------------------
NGK Spark Plug Co. 31,000 345,814
--------------------------------------------------------------------------------------
SGS Societe Generale de Surveillance Holding SA, Series B 230 550,992
----------
1,875,090
- --------------------------------------------------------------------------------------------
Manufacturing - 9.2%
--------------------------------------------------------------------------------------
Canadian Pacific Ltd. 75 1,635
--------------------------------------------------------------------------------------
Canon Sales Co. Inc. 22,000 613,542
--------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 88,000 553,638
--------------------------------------------------------------------------------------
Komatsu Ltd. (1) 57,000 562,886
--------------------------------------------------------------------------------------
Mannesmann AG 1,200 415,127
--------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 58,000 505,408
--------------------------------------------------------------------------------------
Nippon Electric Glass Co. Ltd. 16,000 273,579
--------------------------------------------------------------------------------------
NSK Ltd. 61,000 462,387
--------------------------------------------------------------------------------------
Shinmaywa Industries Ltd. (1) 30,000 307,228
--------------------------------------------------------------------------------------
Sidel SA 2,000 508,982
--------------------------------------------------------------------------------------
SMC Corp. (1) 8,400 651,324
--------------------------------------------------------------------------------------
Sophus Berendsen AS, Series B 3,700 495,251
----------
5,350,987
- --------------------------------------------------------------------------------------------
Transportation - 1.0%
--------------------------------------------------------------------------------------
Brambles Industries Ltd. 40,000 555,756
- --------------------------------------------------------------------------------------------
Technology - 16.7%
- --------------------------------------------------------------------------------------------
Computer Hardware - 1.2%
--------------------------------------------------------------------------------------
Canon, Inc. 33,000 687,971
- --------------------------------------------------------------------------------------------
Computer Software - 0.5%
--------------------------------------------------------------------------------------
Sap AG, Preference 2,000 296,876
- --------------------------------------------------------------------------------------------
Electronics - 10.2%
--------------------------------------------------------------------------------------
Bowthorpe PLC 81,000 567,340
--------------------------------------------------------------------------------------
Electrocomponents PLC 85,000 503,611
--------------------------------------------------------------------------------------
Getronics NV 16,240 359,937
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - International Equity Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Electronics (Continued)
--------------------------------------------------------------------------------------
Keyence Corp. 4,300 $ 585,836
--------------------------------------------------------------------------------------
Kyocera Corp. 6,000 425,182
--------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 29,000 540,941
--------------------------------------------------------------------------------------
Matsushita Electric Works Ltd. 40,000 435,240
--------------------------------------------------------------------------------------
Nitto Denko Corp. 29,000 511,773
--------------------------------------------------------------------------------------
Rohm Co. 8,000 529,603
--------------------------------------------------------------------------------------
Samsung Electronics Co., Sponsored GDR (1)(2) 12,000 289,560
--------------------------------------------------------------------------------------
Sony Corp. (1) 9,000 593,334
--------------------------------------------------------------------------------------
TDK Corp. 9,000 538,198
----------
5,880,555
- --------------------------------------------------------------------------------------------
Telecommunications-Technology - 4.8%
--------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR 21,560 463,540
--------------------------------------------------------------------------------------
Nokia AB, Series A 9,600 354,435
--------------------------------------------------------------------------------------
PT Indosat, ADR 7,500 258,750
--------------------------------------------------------------------------------------
Royal PTT Nederland NV (1) 15,000 568,162
--------------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 140,000 589,474
--------------------------------------------------------------------------------------
Vodafone Group PLC 150,000 557,928
----------
2,792,289
- --------------------------------------------------------------------------------------------
Utilities - 7.0%
- --------------------------------------------------------------------------------------------
Electric Utilities - 1.9%
--------------------------------------------------------------------------------------
Cia Energetica de Minas Gerais, Preference 18,700,000 497,202
--------------------------------------------------------------------------------------
Veba AG 11,650 619,622
----------
1,116,824
- --------------------------------------------------------------------------------------------
Gas Utilities - 1.8%
--------------------------------------------------------------------------------------
Hong Kong & China Gas 309,600 493,949
--------------------------------------------------------------------------------------
RWE AG, Preference (1) 17,000 523,249
----------
1,017,198
- --------------------------------------------------------------------------------------------
Telephone Utilities - 3.3%
--------------------------------------------------------------------------------------
DDI Corp. 75 655,603
--------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 67,000 91,448
--------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 82,000 183,412
--------------------------------------------------------------------------------------
Telecomunicacoes de Sao Paulo SA, Preference 2,815,711 598,468
--------------------------------------------------------------------------------------
Telefonica de Espana, ADS 21,800 401,922
----------
1,930,853
----------
Total Common Stocks 54,414,022
- --------------------------------------------------------------------------------------------
Preferred Stocks - 0.0%
- --------------------------------------------------------------------------------------------
Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks 33,200 12,511
<CAPTION>
Units
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Rights, Warrants and Certificates - 0.4%
- --------------------------------------------------------------------------------------------
Carrefour Supermarche SA Rts., Exp. 7/96 725 200,434
--------------------------------------------------------------------------------------
Haw Par Brothers International Wts., Exp. 3/01 23,000 --
--------------------------------------------------------------------------------------
Hong Kong & China Gas Wts., Exp. 9/97 25,800 6,749
--------------------------------------------------------------------------------------
Renong Berhad Wts., Exp. 2/97 20,750 5,490
----------
Total Rights, Warrants and Certificates 212,673
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - International Equity Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Certificate of Deposit - 5.7%
- --------------------------------------------------------------------------------------------
Cayman Time Deposit, 4.50%, 7/1/96 $3,282,000 $ 3,282,000
--------------------------------------------------------------------------------------
Total Investments, at Value (Cost $50,868,489) 100.0% 57,921,206
--------------------------------------------------------------------------------------
Other Assets Net of Liabilities 0.0 6,529
----------- ------------
Net Assets 100.0% $57,927,735
============ ============
</TABLE>
(1) Non-income producing security.
(2) Represents a security sold under Rule 144A, which is exempt from
registration under the Securities Act of 1933, as amended. This security
has been determined to be liquid under guidelines established by the Board
of Directors. These securities amount to $289,560 or 0.50% of the Fund's
net assets at June 30, 1996.
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
Country Market Value Percent
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Japan $16,233,286 28.0%
Great Britain 8,567,944 14.8
France 4,743,131 8.2
Hong Kong 3,686,725 6.4
United States 3,302,333 5.7
Germany 3,070,125 5.3
Netherlands 3,042,171 5.2
Switzerland 2,771,850 4.8
Australia 2,330,342 4.0
Brazil 1,669,929 2.9
Spain 1,446,538 2.5
Sweden 1,360,808 2.4
Malaysia 1,153,298 2.0
Singapore 759,603 1.3
Thailand 767,934 1.3
Italy 751,798 1.3
New Zealand 589,474 1.0
Indonesia 533,036 0.9
Denmark 495,251 0.9
Finland 354,435 0.6
Korea, Republic of (South) 289,560 0.5
Canada 1,635 0.0
----------- ------
Total $57,921,206 100.0%
=========== ======
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
PANORAMA SERIES FUND, INC. - MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Money Market Portfolio (the Fund), a series of Panorama Series Fund, Inc. (the
Company), is registered under the Investment Company Act of 1940, as amended, as
a diversified, open-end management investment company. The Fund's investment
objective is to seek high current income consistent with the preservation of
capital and maintenance of liquidity by investing in money market instruments.
Until May 1, 1996, the Company was named Connecticut Mutual Financial Services
Series Fund I, Inc. On January 27, 1996, the policyholders of Connecticut
Mutual Life Insurance Company (CML) approved a merger of CML with Massachusetts
Mutual Life Insurance Company (MML). In line with this change, effective March
1, 1996, OppenheimerFunds, Inc. (the Manager) became the advisor of Panorama
Series Fund, Inc. The following is a summary of significant accounting policies
consistently followed by the Fund.
INVESTMENT VALUATION.
Portfolio securities are valued on the basis of amortized cost, which
approximates market value.
REPURCHASE AGREEMENTS.
The Fund requires the custodian to take possession, to have legally segregated
in the Federal Reserve Book Entry System or to have segregated within the
custodian's vault, all securities held as collateral for repurchase agreements.
The market value of the underlying securities is required to be at least 102% of
the resale price at the time of purchase. If the seller of the agreement
defaults and the value of the collateral declines, or if the seller enters an
insolvency proceeding, realization of the value of the collateral by the Fund
may be delayed or limited.
FEDERAL TAXES.
The Company intends for each Fund to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to shareholders. Therefore, no federal
income or excise tax provision is required.
DISTRIBUTIONS TO SHAREHOLDERS.
The Fund intends to declare dividends from net investment income each day the
New York Stock Exchange is open for business and pay such dividends monthly. To
effect its policy of maintaining a net asset value of $1.00 per share, the Fund
may withhold dividends or make distributions of net realized gains.
OTHER.
Investment transactions are accounted for on the date the investments are
purchased or sold (trade 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.
<PAGE>
PANORAMA SERIES FUND, INC. - MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
---------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 20,393,831 $ 20,393,831 53,290,457 $ 53,290,457
Dividends and distributions
reinvested 1,484,237 1,484,237 3,649,242 3,649,242
Redeemed (76,241,395) (76,241,395) (52,362,552) (52,362,552)
----------- ------------ ----------- ------------
Net increase (decrease) (54,363,327) $(54,363,327) 4,577,147 $ 4,577,147
=========== ============ =========== ============
</TABLE>
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.50% of the first $200
million of net assets, 0.45% of the next $100 million and 0.40% of net assets in
excess of $300 million. Prior to March 1, 1996, management fees were paid to
G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses. Effective July 1,
1996, the Manager acts as the accounting agent for the Fund at an annual fee of
$15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to
July 1, accounting services fees were paid to State Street Bank and Trust Co.
<PAGE>
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Income Portfolio (the Fund), a series of Panorama Series Fund, Inc. (the
Company), is registered under the Investment Company Act of 1940, as amended, as
a diversified, open-end management investment company. The Fund's investment
objective is to seek high current income consistent with prudent investment risk
and preservation of capital by investing primarily in fixed income debt
securities anticipated to have an average maturity of eight to twelve years.
Until May 1, 1996, the Company was named Connecticut Mutual Financial Services
Series Fund I, Inc. On January 27, 1996, the policyholders of Connecticut
Mutual Life Insurance Company (CML) approved a merger of CML with Massachusetts
Mutual Life Insurance Company (MML). In line with this change, effective March
1, 1996, OppenheimerFunds, Inc. (the Manager) became the advisor of Panorama
Series Fund, Inc. The following is a summary of significant accounting policies
consistently followed by the Fund.
INVESTMENT VALUATION.
Portfolio securities are valued at the close of the New York Stock Exchange on
each trading day. Listed and unlisted securities for which such information is
regularly reported are valued at the last sale price of the day or, in the
absence of sales, at values based on the closing bid or asked price or the last
sale price on the prior trading day. Long-term and short-term "non-money
market" debt securities are valued by a portfolio pricing service approved by
the Board of Directors. Such securities which cannot be valued by the approved
portfolio pricing service are valued using dealer-supplied valuations provided
the Manager is satisfied that the firm rendering the quotes is reliable and that
the quotes reflect current market value, or are valued under consistently
applied procedures established by the Board of Directors to determine fair value
in good faith. Short-term "money market type" debt securities having a
remaining maturity of 60 days or less are valued at cost (or last determined
market value) adjusted for amortization to maturity of any premium or discount.
REPURCHASE AGREEMENTS.
The Fund requires the custodian to take possession, to have legally segregated
in the Federal Reserve Book Entry System or to have segregated within the
custodian's vault, all securities held as collateral for repurchase agreements.
The market value of the underlying securities is required to be at least 102% of
the resale price at the time of purchase. If the seller of the agreement
defaults and the value of the collateral declines, or if the seller enters an
insolvency proceeding, realization of the value of the collateral by the Fund
may be delayed or limited.
FEDERAL TAXES.
The Company intends for each Fund to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
DISTRIBUTIONS TO SHAREHOLDERS.
Dividends and distributions to shareholders are recorded on the ex-dividend
date.
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes primarily because of paydown gains and
losses. The character of the distributions made during the year from net
investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gain (loss) was recorded by the
Fund.
<PAGE>
PANORAMA SERIES FUND, INC. - INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
OTHER.
Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the ex-
dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
---------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 8,537,215 $ 10,348,531 17,090,150 $ 20,870,078
Dividends and distributions
reinvested 54,868 65,696 5,794,307 7,122,105
Redeemed (77,950,964) (93,067,917) (20,375,036) (24,667,477)
----------- ------------ ----------- ------------
Net increase (decrease) (69,358,881) $(82,653,690) 2,509,421 $ 3,324,706
=========== ============ =========== ============
</TABLE>
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized depreciation on investments of $253,872 was
composed of gross appreciation of $258,429, and gross depreciation of $512,301.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.575% of the first $300
million of net assets, 0.50% of the next $100 million and 0.45% of net assets in
excess of $400 million. Prior to March 1, 1996, management fees were paid to
G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses. Effective July 1,
1996, the Manager acts as the accounting agent for the Fund at an annual fee of
$15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to
July 1, accounting services fees were paid to State Street Bank and Trust Co.
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Total Return Portfolio (the Fund), a series of Panorama Series Fund, Inc. (the
Company), is registered under the Investment Company Act of 1940, as amended, as
a diversified, open-end management investment company. The Fund's investment
objective is to seek maximum total investment return (including both capital
appreciation and income) principally by allocating its assets among stocks,
corporate bonds, U.S. government securities and money market instruments
according to changing market conditions. Until May 1, 1996, the Company was
named Connecticut Mutual Financial Services Series Fund I, Inc. On January 27,
1996, the policyholders of Connecticut Mutual Life Insurance Company (CML)
approved a merger of CML with Massachusetts Mutual Life Insurance Company (MML).
In line with this change, effective March 1, 1996, OppenheimerFunds, Inc. (the
Manager) became the advisor of Panorama Series Fund, Inc. The following is a
summary of significant accounting policies consistently followed by the Fund.
INVESTMENT VALUATION.
Portfolio securities are valued at the close of the New York Stock Exchange on
each trading day. Listed and unlisted securities for which such information is
regularly reported are valued at the last sale price of the day or, in the
absence of sales, at values based on the closing bid or asked price or the last
sale price on the prior trading day. Long-term and short-term "non-money
market" debt securities are valued by a portfolio pricing service approved by
the Board of Directors. Such securities which cannot be valued by the approved
portfolio pricing service are valued using dealer-supplied valuations provided
the Manager is satisfied that the firm rendering the quotes is reliable and that
the quotes reflect current market value, or are valued under consistently
applied procedures established by the Board of Directors to determine fair value
in good faith. Short-term "money market type" debt securities having a
remaining maturity of 60 days or less are valued at cost (or last determined
market value) adjusted for amortization to maturity of any premium or discount.
REPURCHASE AGREEMENTS.
The Fund requires the custodian to take possession, to have legally segregated
in the Federal Reserve Book Entry System or to have segregated within the
custodian's vault, all securities held as collateral for repurchase agreements.
The market value of the underlying securities is required to be at least 102% of
the resale price at the time of purchase. If the seller of the agreement
defaults and the value of the collateral declines, or if the seller enters an
insolvency proceeding, realization of the value of the collateral by the Fund
may be delayed or limited.
FEDERAL TAXES.
The Company intends for each Fund to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
DISTRIBUTIONS TO SHAREHOLDERS.
Dividends and distributions to shareholders are recorded on the ex-dividend
date.
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of the distributions made
during the year from net investment income or net realized gains may differ from
their ultimate characterization for federal income tax purposes. Also, due to
timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain (loss) was
recorded by the Fund.
OTHER.
Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the ex-
dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
<PAGE>
PANORAMA SERIES FUND, INC. - TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
2. SHARES OF CAPITAL STOCK
The Fund has authorized 650 million shares of $0.001 value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
--------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 57,463,538 $102,376,227 92,416,138 $157,945,504
Dividends and distributions
reinvested 5,232,785 9,329,203 39,845,299 69,666,729
Redeemed (38,776,335) (69,114,286) (55,425,167) (94,329,216)
----------- ------------ ----------- ------------
Net increase 23,919,988 $ 42,591,144 76,836,270 $133,283,017
=========== ============ =========== ============
</TABLE>
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $51,083,681 was
composed of gross appreciation of $62,205,024, and gross depreciation of
$11,121,343.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreements with the Fund. The annual fees are 0.625% of the first $600
million of net assets and 0.45% of net assets in excess of $600 million. Prior
to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the
former Manager). The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as
the accounting agent for the Fund at an annual fee of $15,000, plus out-of-
pocket costs and expenses reasonably incurred. Prior to July 1, accounting
services fees were paid to State Street Bank and Trust Co.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Growth Portfolio (the Fund), a series of Panorama Series Fund, Inc. (the
Company), is registered under the Investment Company Act of 1940, as amended, as
a diversified, open-end management investment company. The Fund's investment
objective is to seek long-term growth of capital by investing primarily in
common stocks with low price-earnings ratios and better-than-anticipated
earnings. Until May 1, 1996, the Company was named Connecticut Mutual Financial
Services Series Fund I, Inc. On January 27, 1996, the policyholders of
Connecticut Mutual Life Insurance Company (CML) approved a merger of CML with
Massachusetts Mutual Life Insurance Company (MML). In line with this change,
effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became the advisor
of Panorama Series Fund, Inc. The following is a summary of significant
accounting policies consistently followed by the Fund.
INVESTMENT VALUATION.
Portfolio securities are valued at the close of the New York Stock Exchange on
each trading day. Listed and unlisted securities for which such information is
regularly reported are valued at the last sale price of the day or, in the
absence of sales, at values based on the closing bid or asked price or the last
sale price on the prior trading day. Long-term and short-term "non-money
market" debt securities are valued by a portfolio pricing service approved by
the Board of Directors. Such securities which cannot be valued by the approved
portfolio pricing service are valued using dealer-supplied valuations provided
the Manager is satisfied that the firm rendering the quotes is reliable and that
the quotes reflect current market value, or are valued under consistently
applied procedures established by the Board of Directors to determine fair value
in good faith. Short-term "money market type" debt securities having a
remaining maturity of 60 days or less are valued at cost (or last determined
market value) adjusted for amortization to maturity of any premium or discount.
REPURCHASE AGREEMENTS.
The Fund requires the custodian to take possession, to have legally segregated
in the Federal Reserve Book Entry System or to have segregated within the
custodian's vault, all securities held as collateral for repurchase agreements.
The market value of the underlying securities is required to be at least 102% of
the resale price at the time of purchase. If the seller of the agreement
defaults and the value of the collateral declines, or if the seller enters an
insolvency proceeding, realization of the value of the collateral by the Fund
may be delayed or limited.
FEDERAL TAXES.
The Company intends for each Fund to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
DISTRIBUTIONS TO SHAREHOLDERS.
Dividends and distributions to shareholders are recorded on the ex-dividend
date.
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
Net investment income and net realized gain may differ for financial statement
and tax purposes. The character of the distributions made during the year from
net investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gain (loss) was recorded by the
Fund.
OTHER.
Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the ex-
dividend date. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis, which
is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
<PAGE>
PANORAMA SERIES FUND, INC. - GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
----------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 30,558,457 $ 80,624,251 47,879,137 $113,288,953
Dividends and distributions
reinvested 1,696,733 4,511,263 11,118,683 27,908,230
Redeemed (8,477,973) (22,370,462) (14,920,252) (34,934,671)
---------- ------------ ----------- ------------
Net increase 23,777,217 $ 62,765,052 44,077,568 $106,262,512
========== ============ =========== ============
</TABLE>
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $62,339,553 was
composed of gross appreciation of $66,607,058, and gross depreciation of
$4,267,505.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.625% of the first $300
million of net assets, 0.50% of the next $100 million and 0.45% of net assets in
excess of $400 million. Prior to March 1, 1996, management fees were paid to
G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses. Effective July 1,
1996, the Manager acts as the accounting agent for the Fund at an annual fee of
$15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to
July 1, accounting services fees were paid to State Street Bank and Trust Co.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Government Securities Portfolio (the Fund), a series of Panorama Series Fund,
Inc. (the Company), is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek a high level of current income with a high
degree of safety of principal by investing primarily in U.S. Government
securities and U.S. Government related securities. Until May 1, 1996, the
Company was named Connecticut Mutual Financial Services Series Fund I, Inc. On
January 27, 1996, the policyholders of Connecticut Mutual Life Insurance Company
(CML) approved a merger of CML with Massachusetts Mutual Life Insurance Company
(MML). In line with this change, effective March 1, 1996, OppenheimerFunds,
Inc. (the Manager) became the advisor of Panorama Series Fund, Inc. The
following is a summary of significant accounting policies consistently followed
by the Fund.
INVESTMENT VALUATION.
Portfolio securities are valued at the close of the New York Stock Exchange on
each trading day. Listed and unlisted securities for which such information is
regularly reported are valued at the last sale price of the day or, in the
absence of sales, at values based on the closing bid or asked price or the last
sale price on the prior trading day. Long-term and short-term "non-money
market" debt securities are valued by a portfolio pricing service approved by
the Board of Directors. Such securities which cannot be valued by the approved
portfolio pricing service are valued using dealer-supplied valuations provided
the Manager is satisfied that the firm rendering the quotes is reliable and that
the quotes reflect current market value, or are valued under consistently
applied procedures established by the Board of Directors to determine fair value
in good faith. Short-term "money market type" debt securities having a
remaining maturity of 60 days or less are valued at cost (or last determined
market value) adjusted for amortization to maturity of any premium or discount.
REPURCHASE AGREEMENTS.
The Fund requires the custodian to take possession, to have legally segregated
in the Federal Reserve Book Entry System or to have segregated within the
custodian's vault, all securities held as collateral for repurchase agreements.
The market value of the underlying securities is required to be at least 102% of
the resale price at the time of purchase. If the seller of the agreement
defaults and the value of the collateral declines, or if the seller enters an
insolvency proceeding, realization of the value of the collateral by the Fund
may be delayed or limited.
FEDERAL TAXES.
The Company intends for each Fund to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
DISTRIBUTIONS TO SHAREHOLDERS.
Dividends and distributions to shareholders are recorded on the ex-dividend
date.
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes primarily because of paydown gains and
losses. The character of the distributions made during the year from net
investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gain (loss) was recorded by the
Fund.
OTHER.
Investment transactions are accounted for on the date the investments are
purchased or sold (trade date). Discount on securities purchased is amortized
over the life of the respective securities, in accordance with federal income
tax requirements. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis, which
is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
<PAGE>
PANORAMA SERIES FUND, INC. - GOVERNMENT SECURITIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 1,841,362 $ 1,937,680 5,051,043 $ 5,332,595
Dividends and distributions
reinvested 13,298 13,793 1,202,560 1,281,570
Redeemed (1,896,596) (1,977,946) (3,205,837) (3,331,875)
---------- ----------- ---------- -----------
Net increase (decrease) (41,936) $ (26,473) 3,047,766 $ 3,282,290
========== =========== ========== ===========
</TABLE>
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized depreciation on investments of $337,618 was
composed of gross appreciation of $143,992, and gross depreciation of $481,610.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.525% of the first $300
million of net assets, 0.50% of the next $100 million and 0.45% of net assets in
excess of $400 million. Prior to March 1, 1996, management fees were paid to
G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses. Effective July 1,
1996, the Manager acts as the accounting agent for the Fund at an annual fee of
$15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to
July 1, accounting services fees were paid to State Street Bank and Trust Co.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
International Equity Portfolio (the Fund), a series of Panorama Series Fund,
Inc. (the Company), is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Fund's
investment objective is to seek long-term growth of capital by investing
primarily in equity securities of companies wherever located, the primary stock
market of which is outside the United States. Until May 1, 1996, the Company
was named Connecticut Mutual Financial Services Series Fund I, Inc. On January
27, 1996, the policyholders of Connecticut Mutual Life Insurance Company (CML)
approved a merger of CML with Massachusetts Mutual Life Insurance Company (MML).
In line with this change, effective March 1, 1996, OppenheimerFunds, Inc. (the
Manager) became the advisor of Panorama Series Fund, Inc. The following is a
summary of significant accounting policies consistently followed by the Fund.
INVESTMENT VALUATION.
Portfolio securities are valued at the close of the New York Stock Exchange on
each trading day. Listed and unlisted securities for which such information is
regularly reported are valued at the last sale price of the day or, in the
absence of sales, at values based on the closing bid or asked price or the last
sale price on the prior trading day. Long-term and short-term "non-money
market" debt securities are valued by a portfolio pricing service approved by
the Board of Directors. Such securities which cannot be valued by the approved
portfolio pricing service are valued using dealer-supplied valuations provided
the Manager is satisfied that the firm rendering the quotes is reliable and that
the quotes reflect current market value, or are valued under consistently
applied procedures established by the Board of Directors to determine fair value
in good faith. Short-term "money market type" debt securities having a
remaining maturity of 60 days or less are valued at cost (or last determined
market value) adjusted for amortization to maturity of any premium or discount.
Forward foreign currency exchange contracts are valued based on the closing
prices of the forward currency contract rates in the London foreign exchange
markets on a daily basis as provided by a reliable bank or dealer.
FOREIGN CURRENCY TRANSLATION.
The accounting records of the Fund are maintained in U.S. dollars. Prices of
securities purchased that are denominated in foreign currencies are translated
into U.S. dollars at the closing rates of exchange. Amounts related to the
purchase and sale of securities and investment income are translated at the
rates of exchange prevailing on the respective dates of such transactions.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
REPURCHASE AGREEMENTS.
The Fund requires the custodian to take possession, to have legally segregated
in the Federal Reserve Book Entry System or to have segregated within the
custodian's vault, all securities held as collateral for repurchase agreements.
The market value of the underlying securities is required to be at least 102% of
the resale price at the time of purchase. If the seller of the agreement
defaults and the value of the collateral declines, or if the seller enters an
insolvency proceeding, realization of the value of the collateral by the Fund
may be delayed or limited.
FEDERAL TAXES.
The Company intends for each Fund to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
DISTRIBUTIONS TO SHAREHOLDERS.
Dividends and distributions to shareholders are recorded on the ex-dividend
date.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes primarily because of the recognition of
certain foreign currency gains (losses) as ordinary income (loss) for tax
purposes. The character of the distributions made during the year from net
investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gain (loss) was recorded by the
Fund.
OTHER.
Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the ex-
dividend date. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis, which
is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
2. SHARES OF CAPITAL STOCK
The Fund has authorized 150 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 8,762,781 $10,549,810 13,867,469 $15,578,087
Dividends and distributions
reinvested 447,471 554,916 1,701,124 1,953,318
Redeemed (2,277,129) (2,747,278) (4,839,804) (5,442,997)
---------- ----------- ---------- -----------
Net increase 6,933,123 $ 8,357,448 10,728,789 $12,088,408
========== =========== ========== ===========
</TABLE>
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $7,061,713 was
composed of gross appreciation of $7,761,673 and gross depreciation of $699,960.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 1.00% of the first $250
million of net assets and 0.90% of net assets in excess of $250 million. Prior
to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the
former Manager). The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as
the accounting agent for the Fund at an annual fee of $15,000, plus out-of-
pocket costs and expenses reasonably incurred. Prior to July 1, accounting
services fees were paid to State Street Bank and Trust Co.
The Manager has entered into a sub-advisory agreement with Babson-Stewart Ivory
International (the Sub-Advisor) to assist in the selection of portfolio
investments for the components of the Fund. The Manager pays Babson-Stewart
Ivory International based on the fee schedule set forth in the Prospectus.
<PAGE>
PANORAMA SERIES FUND, INC. - INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
5. FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign currency risks. They
may also be used to tactically shift portfolio currency risk. The Fund generally
enters into forward contracts as a hedge upon the purchase or sale of a security
denominated in a foreign currency. In addition, the Fund may enter into such
contracts as a hedge against changes in foreign currency exchange rates on
portfolio positions.
Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss
upon the closing or settlement of the forward transaction.
Securities held in segregated accounts to cover net exposure on outstanding
forward contracts are noted in the Statement of Investments where applicable.
Unrealized appreciation or depreciation on forward contracts is reported in the
Statement of Assets and Liabilities. Realized gains and losses are reported with
all other foreign currency gains and losses in the Fund's Statement of
Operations.
Risks include the potential inability of the counterparty to meet the terms of
the contract and unanticipated movements in the value of a foreign currency
relative to the U.S. dollar.
At June 30, 1996, the Fund had outstanding forward contracts to purchase foreign
currencies as follows:
<TABLE>
<CAPTION>
CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED
CONTRACTS TO PURCHASE EXPIRATION DATE (000'S) JUNE 30, 1996 APPRECIATION DEPRECIATION
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
German Deutsche Mark (DEM) 7/8/96 2 DEM $ 1,299 $ 1 $ --
French Franc (FRF) 7/1/96-7/8/96 4,866 FRF 945,996 2,530 --
Japanese Yen (JPY) 7/8/96 340 JPY 3,107 1 --
-------- ------ -----
$950,402 $2,532 $ --
======== ====== =====
</TABLE>
