<PAGE>
A Message to Our Contract Owners:
We are pleased to forward this combined Semiannual Report of the C.M. Multi-
Account A Separate Account pertaining to Panorama Premier, the six Portfolios of
the Panorama Series Fund, Inc., ("Panorama Series") and the two Funds of the
Oppenheimer Variable Account Funds available to owners of Panorama Premier
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 $24,381,327 as of June 30, 1996. Net asset values per
accumulation unit for the Total Return, Growth, International Equity, LifeSpan
Diversified Income, LifeSpan Balanced, LifeSpan Capital Appreciation, Money and
Bond 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
Total Return, Growth, International Equity, LifeSpan Diversified Income,
LifeSpan Balanced and LifeSpan Capital Appreciation Portfolios for the period
ended June 30, 1996.
The Semiannual Report for the Oppenheimer Variable Account Funds begins on page
85. This report contains a detailed description of the financial results of the
Oppenheimer Money and Bond Funds for the period ended June 30, 1996.
We appreciate the interest and confidence you have shown in the C.M. Multi-
Account A Separate Account.
C.M. Life Insurance Company
/s/ David E. Sams, Jr.
David E. Sams, Jr.
President
August 1, 1996
1
<PAGE>
C.M. Multi-Account A-Panorama Premier
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments, at market:
Panorama Series Fund, Inc.
Total Return
4,493,208 shares (Cost $7,983,455)............................................................. $ 8,010,218
Growth
1,766,185 shares (Cost $4,682,597)............................................................. 4,695,710
International Equity
697,735 shares (Cost $832,080)................................................................. 860,947
LifeSpan Diversified Income
1,563,530 shares (Cost $1,621,913)............................................................. 1,628,011
LifeSpan Balanced
2,752,578 shares (Cost $3,035,393)............................................................. 3,088,478
LifeSpan Capital Appreciation
2,743,180 shares (Cost $3,134,128)............................................................. 3,229,841
------------
21,513,205
------------
Oppenheimer Variable Account Funds
Money
2,366,481 shares (Cost $2,366,481)............................................................. 2,366,481
Bond
43,355 shares (Cost $496,204)................................................................... 495,083
------------
2,861,564
------------
Dividends receivable............................................................................... 4,064
Accounts receivable................................................................................ 2,494
------------
NET ASSETS......................................................................................... $ 24,381,327
============
</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>
Total Return................................................... 786,660 10.182656 $ 8,010,287
Growth......................................................... 444,312 10.568541 4,695,727
International Equity........................................... 80,139 10.769994 863,094
LifeSpan Diversified Income.................................... 162,650 10.009356 1,628,019
LifeSpan Balanced.............................................. 287,715 10.734704 3,088,538
LifeSpan Capital Appreciation.................................. 288,936 11.178645 3,229,916
Money.......................................................... 233,398 10.157123 2,370,658
Bond........................................................... 50,015 9.898832 495,088
------------
$ 24,381,327
============
</TABLE>
See Notes to Financial Statements.
2
<PAGE>
C.M. Multi-Account A-Panorama Premier
STATEMENT OF OPERATIONS
For the Period January 23, 1996 (Date of Commencement of Operations)
through June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Sub-Accounts
----------------------------------------------------------
Panorama
Panorama Panorama LifeSpan
Total Panorama International Diversified
Return Growth Equity Income
------ ------ ------ ------
<S> <C> <C> <C> <C>
Investment income
Dividends (Note 3B)......................... $ -- $ -- $ -- $ --
Expenses
Mortality and expense risk fees (Note 4).... 25,903 12,648 1,568 2,428
--------- ---------- --------- ---------
Net investment income (loss) (Note 3C)...... (25,903) (12,648) (1,568) (2,428)
--------- ---------- --------- ---------
Net realized and unrealized gain (loss)
on investments
Net realized gain on investments
(Notes 3B and 3C).......................... 93 7 -- --
Change in net unrealized appreciation/
depreciation of investments................ 26,763 13,113 28,867 6,098
--------- ---------- --------- ---------
Net gain (loss) on investments.............. 26,856 13,120 28,867 6,098
--------- ---------- --------- ---------
Net increase in net assets
resulting from operations................. $ 953 $ 472 $ 27,299 $ 3,670
========= ========== ========= =========
<CAPTION>
Sub-Accounts
------------------------------------------------------------
Panorama
Panorama LifeSpan
LifeSpan Capital Oppenheimer Oppenheimer
Balanced Appreciation Money Bond
-------- ------------ ----- ----
<S> <C> <C> <C> <C>
Investment income
Dividends (Note 3B)........................ $ -- $ -- $ 41,398 $ 3,227
Expenses
Mortality and expense risk fees (Note 4)... 7,613 (2,168) 12,495 1,016
--------- ---------- --------- ---------
Net investment income (loss) (Note 3C)..... (7,613) 2,168 28,903 2,211
--------- ---------- --------- ---------
Net realized and unrealized gain (loss)
on investments
Net realized gain on investments
(Notes 3B and 3C)......................... 5 4 -- --
Change in net unrealized appreciation/
depreciation of investments............... 53,085 95,713 -- (1,121)
--------- ---------- --------- ---------
Net gain (loss) on investments............. 53,090 95,717 -- (1,121)
--------- ---------- --------- ---------
Net increase in net assets
resulting from operations................ $ 45,477 $ 97,885 $ 28,903 $ 1,090
========= ========== ========= =========
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
C.M. Multi-Account A-Panorama Premier
STATEMENT OF CHANGES IN NET ASSETS
For the Period January 23, 1996 (Date of Commencement of Operations)
through June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Sub-Accounts
---------------------------------------------------
Panorama
Panorama Panorama LifeSpan
Total Panorama International Diversified
Return Growth Equity Income
------ ------ ------ ------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income (loss)........................ $ (25,903) $ (12,648) $ (1,568) $ (2,428)
Net realized gain on investments.................... 93 7 -- --
Change in net unrealized appreciation/depreciation
of investments..................................... 26,763 13,113 28,867 6,098
---------- ---------- -------- ----------
Net increase in net assets resulting
from operations.................................... 953 472 27,299 3,670
---------- ---------- -------- ----------
Capital transactions:
Net contract payments............................... 8,036,862 4,701,770 835,952 1,626,254
Withdrawal of funds................................. (27,529) (6,514) (157) (1,906)
---------- ---------- -------- ----------
Net increase in net assets resulting from
capital transactions............................... 8,009,333 4,695,256 835,795 1,624,348
---------- ---------- -------- ----------
Total increase....................................... 8,010,286 4,695,728 863,094 1,628,018
NET ASSETS, at beginning of the year................. -- -- -- --
---------- ---------- -------- ----------
NET ASSETS, at end of the period..................... $8,010,286 $4,695,728 $863,094 $1,628,018
========== ========== ======== ==========
<CAPTION>
Sub-Accounts
---------------------------------------------------
Panorama
Panorama LifeSpan
LifeSpan Capital Oppenheime Oppenheimer
Balanced Appreciation Money Bond
-------- ------------ ----- ----
<S> <C> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income (loss)........................ $ (7,613) $ 2,168 $ 28,903 $ 2,211
Net realized gain on investments.................... 5 4 -- --
Change in net unrealized appreciation/depreciation
of investments..................................... 53,085 95,713 -- (1,121)
---------- ---------- ---------- ----------
Net increase in net assets resulting
from operations.................................... 45,477 97,885 28,903 1,090
---------- ---------- ---------- ----------
Capital transactions:
Net contract payments............................... 3,047,908 3,132,932 2,361,915 494,341
Withdrawal of funds................................. (4,847) (901) (20,160) (342)
---------- ---------- ---------- ----------
Net increase in net assets resulting from
capital transactions............................... 3,043,061 3,132,031 2,341,755 493,999
---------- ---------- ---------- ----------
Total increase....................................... 3,088,538 3,229,916 2,370,658 495,089
NET ASSETS, at beginning of the year................. -- -- -- --
---------- ---------- ---------- ----------
NET ASSETS, at end of the period..................... $3,088,538 $3,229,916 $2,370,658 $ 495,089
========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
C.M. Multi-Account A-Panorama Premier
Notes To Financial Statements
(Unaudited)
1. HISTORY
C.M. Multi-Account A (the "Separate Account") was established as a separate
investment account of C.M. Life Insurance Company ("C.M. Life"). C.M. Life,
was a wholly-owned subsidiary 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 became a wholly-
owned subsidiary 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 is managed by C.M. Life. The Separate Account maintains
eight 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.) and the
Oppenheimer Variable Account Funds. Panorama Series is a Series Fund with six
of its Portfolios currently available: Total Return, Growth, International
Equity, LifeSpan Diversified Income, LifeSpan Balanced and LifeSpan Capital
Appreciation. Oppenheimer Variable Account Funds is a Series Fund with two of
its Funds currently available: Oppenheimer Money and Oppenheimer Bond.
Panorama Series and the Oppenheimer Variable Account Funds are registered,
open-end, diversified management investment companies 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 and Oppenheimer Variable Account Funds 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 1.25% of the daily net asset value of the Separate
Account's assets.
5
<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.
6
<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. - 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. - LIFESPANS
OBJECTIVE
LIFESPAN CAPITAL APPRECIATION PORTFOLIO seeds long-term appreciation by
investing in a strategically allocated portfolio consisting primarily of stocks.
Current income is not a primary consideration.
LIFESPAN BALANCED PORTFOLIO seeks a blend of capital appreciation and income by
investing in a strategically allocated portfolio of stocks and bonds with a
slightly stronger emphasis on stocks.
LIFESPAN DIVERSIFIED INCOME PORTFOLIO seeks high current income, with
opportunities for capital appreciation by investing in a strategically allocated
portfolio consisting primarily of bonds.
NARRATIVE
As the fear of inflation increased and pushed interest rates higher, market
conditions, during the fiscal period, became much more difficult for both stock
and bond investors. Though the impact of higher interest rates has meant
increased volatility in both the stock and bond market, stocks continued to move
higher while bonds have sold off sharply during the first six months of 1996.
Despite the more volatile environment, each of the LifeSpan portfolios consists
of a diversified portfolio of investments aimed at achieving good performance
and while limiting overall risk in a variety of market conditions. Over the past
six months, the strategic allocation of assets over a broad range of stocks and
bonds has helped position the Fund's to capture the strength of the stock market
while limiting some of the declines of the bond market.
The Capital Appreciation portfolio benefited from its focus on equity
investments, which generally helped to offset the declines from its fixed income
investments. The portfolio's relatively large weighting in technology stocks
contributed significantly to performance over the period. Also, the portfolio's
International Equity component increased, reflecting the fact that performance
of foreign stock markets have begun to improve over the period. Finally, the
High Yield component outperformed the Corporate/Government component, due to the
sharp rise in interest rates, which made it difficult for high quality, long
maturity bonds to show positive returns.
Given the relative strength of the stock market and the weakness of the bond
market, the Balanced portfolio benefited from maintaining a larger weighting in
equities than in bonds. In particular the Small Cap and International components
provided the bulk of the overall return of the portfolio during the period. In
the fixed-income portion of the portfolio, with the exception of high yield bond
investments, higher interest rates made it very difficult for high quality bonds
to show positive returns.
Overall, Diversified Income portfolio's focus on high current income helped it
to avoid some of the more significant declines experienced by the bond market
over the period. Of the four primary components of the portfolio, the High Yield
Bond segment, responding to an increase in U.S. economic growth, provided the
greatest contribution to performance. And, although rising interest rates
adversely affected most fixed income investments, the Growth/Income component
contributed positively to performance, benefiting from a high weighting in
technology stocks.
<PAGE>
Panorama Series Fund, Inc.
Statements of Assets and Liabilities
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Total International
Return Growth Equity
Portfolio Portfolio Portfolio
------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost * ) - see accompanying
statements $1,041,580,814 $485,052,544 $57,921,206
Cash 30,095 91,497 2,545
Unrealized appreciation on forward foreign
currency exchange contracts - Note 5 - - 2,532
Receivables:
Dividends and interest 6,739,391 695,792 252,785
Shares of capital stock sold 1,059,205 913,011 44,971
Investments sold 17,800,762 11,018,726 1,152,288
Other - - -
------------------------------------------------------
Total assets 1,067,210,267 497,771,570 59,376,327
------------------------------------------------------
LIABILITIES:
Bank overdraft - - -
Payables and other liabilities:
Investments purchased 13,223,817 6,890,172 1,362,958
Shares of capital stock redeemed 590,538 162,864 17,682
Custodian fees - - -
Other 309,715 133,940 67,952
------------------------------------------------------
Total liabilities 14,124,070 7,186,976 1,448,592
------------------------------------------------------
NET ASSETS $1,053,086,197 $490,584,594 $57,927,735
======================================================
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock $ 590,680 $ 184,514 $ 46,712
Additional paid-in capital 918,800,696 386,000,596 51,478,688
Undistributed (distributions in excess of)
net investment income 13,901,403 1,996,691 (2,212,781)
Accumulated net realized gain from investments
and foreign currency transactions 68,709,737 40,063,240 1,557,335
Net unrealized appreciation on investments and
translation of assets and liabilities
denominated in foreign currencies 51,083,681 62,339,553 7,057,781
------------------------------------------------------
NET ASSETS $1,053,086,197 $490,584,594 $57,927,735
======================================================
SHARES OF CAPITAL STOCK OUTSTANDING 590,679,883 184,513,935 46,711,511
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $1.78 $2.66 $1.24
*Cost $ 990,497,133 $422,712,991 $50,868,489
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc.
Statements of Assets and Liabilities (Continued)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
LifeSpan LifeSpan
Diversified LifeSpan Capital
Income Balanced Appreciation
Portfolio Portfolio Portfolio
-------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost * ) - see accompanying
statements $22,899,747 $40,977,565 $32,938,644
Cash - 152,776 143,665
Unrealized appreciation on forward foreign
currency exchange contracts - Note 5 - - -
Receivables:
Dividends and interest 314,897 317,869 145,975
Shares of capital stock sold 1,178 44,196 26,183
Investments sold - 202,835 197,125
Other - - 24
-------------------------------------------------------
Total assets 23,215,822 41,695,241 33,451,616
-------------------------------------------------------
LIABILITIES:
Bank overdraft 25,306 - -
Payables and other liabilities:
Investments purchased 79,125 294,797 285,602
Shares of capital stock redeemed 696 2,809 2,915
Custodian fees 72,564 98,212 59,876
Other 9,056 2,054 1,770
-------------------------------------------------------
Total liabilities 186,747 397,872 350,163
-------------------------------------------------------
NET ASSETS $23,029,075 $41,297,369 $33,101,453
=======================================================
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock $22,116 $36,803 $28,111
Additional paid-in capital 22,186,573 37,101,796 28,523,226
Undistributed (distributions in excess of)
net investment income 336,860 177,925 (72,310)
Accumulated net realized gain from investments
and foreign currency transactions 26,212 158,743 662,194
Net unrealized appreciation on investments and
translation of assets and liabilities
denominated in foreign currencies 457,314 3,822,102 3,960,232
-------------------------------------------------------
NET ASSETS $23,029,075 $41,297,369 $33,101,453
=======================================================
SHARES OF CAPITAL STOCK OUTSTANDING 22,115,891 36,803,074 28,111,469
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $1.04 $1.12 $1.18
*Cost $22,442,433 $37,155,462 $28,978,412
</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>
Total International
Return Growth Equity
Portfolio Portfolio Portfolio
-------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest (net of withholding taxes of *) $17,629,193 $1,346,973 $94,264
Dividends (net of withholding taxes of **) 4,774,221 3,818,639 603,656
-------------------------------------------------------
Total income 22,403,414 5,165,612 697,920
-------------------------------------------------------
EXPENSES:
Management fees - see applicable note 2,844,922 1,321,946 264,164
Custodian fees and expenses 100,346 24,949 50,696
Accounting services fees - - -
Legal and auditing fees 11,295 7,058 10,261
Directors' fees and expenses 51,728 23,068 2,649
Registration and filing fees 14,685 21,643 2,882
Total expenses 3,022,976 1,398,664 330,652
-------------------------------------------------------
NET INVESTMENT INCOME 19,380,438 3,766,948 367,268
-------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments 69,267,653 39,711,549 1,300,893
Foreign currency transactions - - 11,323
Net change in unrealized appreciation or
depreciation on:
Investments (62,749,985) (17,082,813) 2,900,285
Translation of assets and liabilities
denominated in foreign currencies - - (229,084)
-------------------------------------------------------
Net realized and unrealized gain (loss) 6,517,668 22,628,736 3,983,417
-------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $25,898,106 $26,395,684 $4,350,685
======================================================
*Interest $6,497 $1,593 $13,057
**Dividends $1,759 $4,510 $71,856
</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>
LifeSpan LifeSpan
Diversified LifeSpan Capital
Income Balanced Appreciation
Portfolio Portfolio Portfolio
-----------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest (net of withholding taxes of *) $613,451 $628,673 $236,491
Dividends (net of withholding taxes of **) 99,814 223,218 220,457
-----------------------------------------------------
Total income 713,265 851,891 456,948
-----------------------------------------------------
EXPENSES:
Management fees - see applicable note 81,201 163,974 127,562
Custodian fees and expenses 46,001 72,228 52,061
Accounting services fees 30,000 52,500 45,000
Legal and auditing fees 9,149 7,950 6,982
Directors' fees and expenses 1,086 1,934 1,204
Registration and filing fees 645 1,165 1,168
Total expenses 168,082 299,751 233,977
-----------------------------------------------------
NET INVESTMENT INCOME 545,183 552,140 222,971
-----------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments 31,423 357,132 888,464
Foreign currency transactions - (11,393) (11,152)
Net change in unrealized appreciation or
depreciation on:
Investments (345,644) 1,934,110 2,140,387
Translation of assets and liabilities
denominated in foreign currencies - (16,711) (16,745)
-----------------------------------------------------
Net realized and unrealized gain (loss) (314,221) 2,263,138 3,000,954
-----------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $230,962 $2,815,278 $3,223,925
=====================================================
*Interest $456 $7,142 $5,076
**Dividends - $2,427 $4,525
</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>
Total Return Growth
Portfolio Portfolio
--------------------------------------------------------------------------
1996 1995 1996 1995
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 19,380,438 $ 38,709,494 $ 3,766,948 $ 6,203,284
Net realized gain (loss) 69,267,653 34,241,934 39,711,549 23,356,603
Net change in unrealized appreciation or
depreciation (62,749,985) 115,223,776 (17,082,813) 67,825,683
--------------------------------------------------------------------------
Net increase in net assets resulting
from operations 25,898,106 188,175,204 26,395,684 97,385,570
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (5,852,700) (38,529,255) (1,827,903) (6,148,312)
Distributions from net realized gain (3,476,504) (31,137,474) (2,683,361) (21,759,918)
CAPITAL STOCK TRANSACTIONS:
Net increase in net assets resulting
from capital stock transactions - Note 2 42,591,144 133,283,017 62,765,052 106,262,512
--------------------------------------------------------------------------
NET ASSETS:
Total increase 59,160,046 251,791,492 84,649,472 175,739,852
Beginning of period 993,926,151 742,134,659 405,935,122 230,195,270
--------------------------------------------------------------------------
End of period $1,053,086,197 $993,926,151 $490,584,594 $405,935,122
==========================================================================
<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 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 in net assets resulting
from capital stock transactions - Note 2 8,357,448 12,088,408
-----------------------------------
NET ASSETS:
Total increase 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.
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>
LifeSpan
Diversified LifeSpan
Income Balanced
Portfolio Portfolio
----------------------------------------------------------------------
1996 1995(1) 1996 1995(1)
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 545,183 $ 347,542 $ 552,140 $ 349,522
Net realized gain (loss) 31,423 25,415 345,739 (186,996)
Net change in unrealized appreciation or
depreciation (345,644) 802,958 1,917,399 1,904,703
----------------------------------------------------------------------
Net increase in net assets resulting
from operations 230,962 1,175,915 2,815,278 2,067,229
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (218,759) (337,106) (364,413) (359,324)
Distributions from net realized gain (30,626) -- -- --
CAPITAL STOCK TRANSACTIONS:
Net increase in net assets resulting
from capital stock transactions - Note 2 1,871,583 20,337,106 3,379,275 33,759,324
----------------------------------------------------------------------
NET ASSETS:
Total increase 1,853,160 21,175,915 5,830,140 35,467,229
Beginning of period 21,175,915 -- 35,467,229 --
----------------------------------------------------------------------
End of period $23,029,075 $21,175,915 $41,297,369 $35,467,229
======================================================================
</TABLE>
<TABLE>
<CAPTION>
LifeSpan
Capital
Appreciation
Portfolio
-----------------------------
1996 1995(1)
-----------------------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 222,971 $ 147,012
Net realized gain (loss) 877,312 (215,118)
Net change in unrealized appreciation or
depreciation 2,123,642 1,836,590
-----------------------------
Net increase in net assets resulting
from operations 3,223,925 1,768,484
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (278,560) (163,733)
Distributions from net realized gain -- --
CAPITAL STOCK TRANSACTIONS:
Net increase in net assets resulting
from capital stock transactions - Note 2 3,387,604 25,163,733
-----------------------------
NET ASSETS:
Total increase 6,332,969 26,768,484
Beginning of period 26,768,484 --
-----------------------------
End of period $33,101,453 $26,768,484
=============================
</TABLE>
1. For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
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. - 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. - LifeSpan Diversified Income Portfolio
Financial Highlights
June 30, 1996
<TABLE>
<CAPTION>
Six Months
Ended Period Ended
June 30, 1996 December 31,
(Unaudited) 1995(1)
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.04 $1.00
- -------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .02 .02
Net realized and unrealized gain (loss) (.01) .04
- -------------------------------------------------------------------------------------------
Total income from investment
operations .01 .06
- -------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.02)
Distributions from net realized gain -- --
- -------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.01) (.02)
- -------------------------------------------------------------------------------------------
Net asset value, end of period $1.04 $1.04
==========================================
- -------------------------------------------------------------------------------------------
Total Return, at Net Asset Value (2) 1.10% 5.69% (3)
- -------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $23,029 $21,176
- -------------------------------------------------------------------------------------------
Average net assets (in thousands) $21,713 $20,364
- -------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.05% (3) 5.11% (3)
Expenses 1.56% (3) 1.50% (3)
- -------------------------------------------------------------------------------------------
Portfolio turnover rate (4) 61.8% 41.2% (3)
Average brokerage commission rate (5) $0.0700 --
</TABLE>
(1) For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
(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 $13,438,983 and $12,389,421, 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. - LifeSpan Balanced Portfolio
Financial Highlights
June 30, 1996
<TABLE>
<CAPTION>
Six Months
Ended Period Ended
June 30, 1996 December 31,
(Unaudited) 1995(1)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.05 $1.00
- ------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .02 .01
Net realized and unrealized gain .06 .05
- ------------------------------------------------------------------------------------------------------
Total income from investment
operations .08 .06
- ------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.01)
Distributions from net realized gain -- --
- ------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.01) (.01)
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.12 $1.05
===============================================
- ------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) 7.62% 6.08%(3)
- ------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $41,297 $35,467
- ------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $38,688 $33,925
- ------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.87%(3) 3.08%(3)
Expenses 1.56%(3) 1.50%(3)
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 47.3% 39.7%(3)
Average brokerage commission rate(5) $0.0582 --
</TABLE>
(1) For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
(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 $19,210,412 and $17,022,882, 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. - LifeSpan Capital Appreciation Portfolio
Financial Highlights
June 30, 1996
<TABLE>
<CAPTION>
Six Months
Ended Period Ended
June 30, 1996 December 31,
(Unaudited) 1995(1)
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $1.06 $1.00
- ----------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .01 .01
Net realized and unrealized gain .12 .06
- ----------------------------------------------------------------------------------------------------
Total income from investment
operations .13 .07
- ----------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.01) (.01)
Distributions from net realized gain -- --
- ----------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.01) (.01)
- ----------------------------------------------------------------------------------------------------
Net asset value, end of period $1.18 $1.06
==============================================
- ----------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) 12.26% 6.65%(3)
- ----------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $33,101 $26,768
- ----------------------------------------------------------------------------------------------------
Average net assets (in thousands) $30,097 $25,460
- ----------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.49%(3) 1.73%(3)
Expenses 1.56%(3) 1.50%(3)
- ----------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 46.0% 38.7%(3)
Average brokerage commission rate(5) $0.0433 --
</TABLE>
(1) For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
(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 $14,469,026 and $12,708,786, 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. - 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. - 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. - LifeSpan Diversified Income Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
====================================================================================================================
<S> <C> <C>
Mortgage-Backed Obligations - 6.4%
- --------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates, 5.50%, 12/1/97 $ 76,954 $ 76,501
Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 261,568 249,633
Series 1843, Cl. VB, 7%, 4/15/03 75,000 74,766
Series 1849, Cl. VA, 6%, 12/15/10 247,396 242,139
--------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 249,756 241,488
6.50%, 4/1/26 199,295 186,403
Series 1994-13, Cl. B, 6.50%, 2/25/09 150,000 139,172
--------------------------------------------------------------------------------------------------------------
GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3,
7.30%, 6/25/26 130,000 130,325
--------------------------------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Series 1996-A,
Cl. A4, 5.85%, 7/15/01 125,000 122,420
----------
Total Mortgage-Backed Obligations 1,462,847
====================================================================================================================
U.S. Government Obligations - 18.3%
- --------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 1,250,000 1,313,275
--------------------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
6.75%, 6/30/99 1,825,000 1,846,097
7.25%, 8/15/04 1,010,000 1,046,138
----------
Total U.S. Government Obligations 4,205,510
====================================================================================================================
Corporate Bonds and Notes - 43.8%
- --------------------------------------------------------------------------------------------------------------------
Basic Industry - 6.5%
- --------------------------------------------------------------------------------------------------------------------
Chemicals - 3.0%
--------------------------------------------------------------------------------------------------------------
Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97 125,000 126,437
--------------------------------------------------------------------------------------------------------------
G-I Holdings, Inc., 10% Sr. Nts., 2/15/06 (1) 42,000 41,370
--------------------------------------------------------------------------------------------------------------
IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 90,000 110,250
--------------------------------------------------------------------------------------------------------------
Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 100,000 101,203
--------------------------------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 75,000 88,634
--------------------------------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 100,000 77,625
--------------------------------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 75,000 86,543
--------------------------------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 75,000 77,625
----------
709,687
- --------------------------------------------------------------------------------------------------------------------
Containers - 0.3%
--------------------------------------------------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05 75,000 76,313
- --------------------------------------------------------------------------------------------------------------------
Metals/Mining - 0.6%
--------------------------------------------------------------------------------------------------------------
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 125,000 136,849
- --------------------------------------------------------------------------------------------------------------------
Paper - 2.6%
--------------------------------------------------------------------------------------------------------------
Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 125,000 125,938
--------------------------------------------------------------------------------------------------------------
Fort Howard Corp., 9% Sr. Sub. Nts., 2/1/06 75,000 72,000
--------------------------------------------------------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 75,000 79,031
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Diversified Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
====================================================================================================================
<S> <C> <C>
Paper (Continued)
--------------------------------------------------------------------------------------------------------------
Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 $ 250,000 $ 257,460
--------------------------------------------------------------------------------------------------------------
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 75,000 72,750
----------
607,179
- --------------------------------------------------------------------------------------------------------------------
Consumer Related - 8.4%
- --------------------------------------------------------------------------------------------------------------------
Consumer Products - 2.3%
--------------------------------------------------------------------------------------------------------------
Black & Decker Corp., 6.625% Nts., 11/15/00 125,000 123,465
--------------------------------------------------------------------------------------------------------------
Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 250,000 252,813
--------------------------------------------------------------------------------------------------------------
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 75,000 75,318
--------------------------------------------------------------------------------------------------------------
Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts.,
12.936% 3/15/98 (3) 100,000 83,125
----------
534,721
- --------------------------------------------------------------------------------------------------------------------
Food/Beverages/Tobacco - 2.0%
--------------------------------------------------------------------------------------------------------------
B.A.T. Capital Corp., 6.66% Medium-Term Nts., 3/22/00 (1) 70,000 69,209
--------------------------------------------------------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 125,000 123,309
--------------------------------------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 125,000 128,907
--------------------------------------------------------------------------------------------------------------
Philip Morris Cos., Inc., 8.75% Debs., 12/1/96 55,000 55,602
--------------------------------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05 75,000 79,500
----------
456,527
- --------------------------------------------------------------------------------------------------------------------
Healthcare - 1.0%
--------------------------------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 (1) 75,000 77,625
--------------------------------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A, 9/15/05 75,000 79,500
--------------------------------------------------------------------------------------------------------------
Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts., 10/15/02 75,000 72,000
----------
229,125
- --------------------------------------------------------------------------------------------------------------------
Hotel/Gaming - 2.8%
--------------------------------------------------------------------------------------------------------------
Bally's Grand, Inc., 10.375% First Mtg. Nts., Series B, 12/15/03 50,000 54,875
--------------------------------------------------------------------------------------------------------------
Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts., 3/15/04 75,000 79,781
--------------------------------------------------------------------------------------------------------------
Casino America, Inc., 11.50% First Mtg. Nts., 11/15/01 75,000 79,500
--------------------------------------------------------------------------------------------------------------
Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs., 9/15/03 75,000 78,000
--------------------------------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., 11/15/02 (1) 75,000 94,125
--------------------------------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 75,000 78,938
--------------------------------------------------------------------------------------------------------------
Trump Atlantic City Associates/Trump Atlantic City
Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 50,000 50,250
--------------------------------------------------------------------------------------------------------------
Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 75,000 76,688
--------------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06 50,000 50,000
----------
642,157
- --------------------------------------------------------------------------------------------------------------------
Textile/Apparel - 0.3%
--------------------------------------------------------------------------------------------------------------
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 75,000 79,313
- --------------------------------------------------------------------------------------------------------------------
Energy - 1.9%
- --------------------------------------------------------------------------------------------------------------------
Coastal Corp.:
8.125% Sr. Nts., 9/15/02 75,000 78,194
8.75% Sr. Nts., 5/15/99 50,000 52,080
--------------------------------------------------------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (4) 79,125 75,960
--------------------------------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 75,000 72,599
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Diversified Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
====================================================================================================================
<S> <C> <C>
Energy (Continued)
--------------------------------------------------------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts., 11/1/03 $ 75,000 $ 72,375
--------------------------------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19 75,000 78,440
----------
429,648
- --------------------------------------------------------------------------------------------------------------------
Financial Services - 10.5%
- --------------------------------------------------------------------------------------------------------------------
Banks & Thrifts - 2.6%
--------------------------------------------------------------------------------------------------------------
Barnett Banks, Inc., 8.50% Sub. Exch. Nts., 3/1/99 55,000 57,411
--------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 50,000 50,166
--------------------------------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 75,000 71,496
--------------------------------------------------------------------------------------------------------------
First Union Corp., 6.75% Sr. Nts., 1/15/98 50,000 50,097
--------------------------------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 125,000 139,869
--------------------------------------------------------------------------------------------------------------
Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 175,000 175,258
--------------------------------------------------------------------------------------------------------------
Security Pacific Corp., 7.75% Nts., 12/1/96 50,000 50,392
----------
594,689
- --------------------------------------------------------------------------------------------------------------------
Diversified Financial - 7.4%
--------------------------------------------------------------------------------------------------------------
American General Finance Corp., 8.50% Sr. Nts., 8/15/98 55,000 57,065
--------------------------------------------------------------------------------------------------------------
Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99 55,000 56,299
--------------------------------------------------------------------------------------------------------------
Beneficial Corp., 9.125% Debs., 2/15/98 125,000 130,104
--------------------------------------------------------------------------------------------------------------
Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 60,000 59,916
--------------------------------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 125,000 119,033
--------------------------------------------------------------------------------------------------------------
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 75,000 71,962
6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 55,000 53,999
6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 55,000 55,235
--------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 125,000 124,757
--------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 250,000 237,473
--------------------------------------------------------------------------------------------------------------
Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 50,000 51,963
--------------------------------------------------------------------------------------------------------------
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 75,000 74,813
--------------------------------------------------------------------------------------------------------------
Grand Metropolitan PLC, 8.125% Gtd. Nts., 8/15/96 50,000 50,113
--------------------------------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 125,000 122,819
--------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc.:
6.50% Nts., 4/1/01 125,000 122,800
8.25% Debs., 11/18/96 80,000 80,640
--------------------------------------------------------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 50,000 50,174
--------------------------------------------------------------------------------------------------------------
Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 50,000 51,468
--------------------------------------------------------------------------------------------------------------
Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 130,000 134,991
----------
1,705,624
- --------------------------------------------------------------------------------------------------------------------
Insurance - 0.5%
--------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 125,000 124,090
- --------------------------------------------------------------------------------------------------------------------
Manufacturing - 2.0%
- --------------------------------------------------------------------------------------------------------------------
Aerospace/Electronics/Computers - 1.5%
--------------------------------------------------------------------------------------------------------------
British Aerospace PLC, 8% Debs., 5/27/97 55,000 55,756
--------------------------------------------------------------------------------------------------------------
Digital Equipment Corp., 7% Nts., 11/15/97 165,000 165,120
--------------------------------------------------------------------------------------------------------------
Storage Technology Corp., 7% Cv. Sub. Debs., 3/15/08 70,000 116,025
----------
336,901
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Diversified Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
====================================================================================================================
<S> <C> <C>
Capital Goods - 0.5%
--------------------------------------------------------------------------------------------------------------
Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 $ 75,000 $ 71,250
--------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 35,000 35,000
----------
106,250
- --------------------------------------------------------------------------------------------------------------------
Media - 6.0%
- --------------------------------------------------------------------------------------------------------------------
Broadcasting - 1.8%
--------------------------------------------------------------------------------------------------------------
Argyle Television, Inc., 9.75% Sr. Sub. Nts., 11/1/05 75,000 70,500
--------------------------------------------------------------------------------------------------------------
New World Communications Group Holding Corp., Zero Coupon
Sr. Disc. Nts. Series B, 11.022%, 6/15/99 (3) 150,000 109,875
--------------------------------------------------------------------------------------------------------------
Paxson Communications Corp., 11.625% Sr. Sub. Nts., 10/1/02 75,000 78,000
--------------------------------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 75,000 71,625
--------------------------------------------------------------------------------------------------------------
Tele-Communications, Inc., 5.28% Medium-Term Nts., 8/20/96 80,000 79,910
----------
409,910
- --------------------------------------------------------------------------------------------------------------------
Cable Television - 1.5%
--------------------------------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 75,000 70,688
--------------------------------------------------------------------------------------------------------------
Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07 (2) 75,000 43,313
--------------------------------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred
Coupon Nts., Series A, 2/1/06 (2) 100,000 55,625
--------------------------------------------------------------------------------------------------------------
TeleWest PLC:
0%/11% Sr. Disc. Debs., 10/1/07 (2) 50,000 29,500
9.625% Sr. Debs., 10/1/06 50,000 48,875
--------------------------------------------------------------------------------------------------------------
United International Holdings, Inc.:
0%/14% Sr. Disc. Nts., 5/15/06 (1)(2) 100,000 53,500
Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (3) 50,000 32,750
----------
334,251
- --------------------------------------------------------------------------------------------------------------------
Diversified Media - 0.5%
--------------------------------------------------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts., 2/1/98 125,000 126,354
- --------------------------------------------------------------------------------------------------------------------
Entertainment/Film - 1.9%
--------------------------------------------------------------------------------------------------------------
American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (1) 50,000 49,000
--------------------------------------------------------------------------------------------------------------
Blockbuster Entertainment Group, 6.625% Sr. Nts., 2/15/98 125,000 124,339
--------------------------------------------------------------------------------------------------------------
Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 75,000 70,875
--------------------------------------------------------------------------------------------------------------
Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 190,000 186,611
----------
430,825
- --------------------------------------------------------------------------------------------------------------------
Publishing/Printing - 0.3%
--------------------------------------------------------------------------------------------------------------
Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term Nts., 2/10/97 65,000 65,473
- --------------------------------------------------------------------------------------------------------------------
Other - 0.2%
- --------------------------------------------------------------------------------------------------------------------
Conglomerates - 0.2%
--------------------------------------------------------------------------------------------------------------
First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 50,000 51,617
- --------------------------------------------------------------------------------------------------------------------
Retail - 2.0%
- --------------------------------------------------------------------------------------------------------------------
Department Stores - 1.4%
--------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 50,000 52,625
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Diversified Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
====================================================================================================================
<S> <C> <C>
Department Stores (Continued)
--------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 $ 255,000 $ 266,235
-----------
318,860
- --------------------------------------------------------------------------------------------------------------------
Drug Stores - 0.4%
--------------------------------------------------------------------------------------------------------------
Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon
Nts., 11/1/03 (2) 150,000 90,750
- --------------------------------------------------------------------------------------------------------------------
Specialty Retailing - 0.2%
--------------------------------------------------------------------------------------------------------------
Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series B,
10/15/05 50,000 52,000
- --------------------------------------------------------------------------------------------------------------------
Transportation - 1.0%
- --------------------------------------------------------------------------------------------------------------------
Railroads - 0.4%
--------------------------------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 95,000 94,792
- --------------------------------------------------------------------------------------------------------------------
Shipping - 0.6%
--------------------------------------------------------------------------------------------------------------
Federal Express Corp., 6.25% Nts., 4/15/98 135,000 133,966
- --------------------------------------------------------------------------------------------------------------------
Utilities - 5.3%
- --------------------------------------------------------------------------------------------------------------------
Electric Utilities - 2.3%
--------------------------------------------------------------------------------------------------------------
Arkla, Inc., 9.875% Nts., 4/15/97 250,000 256,528
--------------------------------------------------------------------------------------------------------------
Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 125,000 128,528
--------------------------------------------------------------------------------------------------------------
El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 65,000 63,999
--------------------------------------------------------------------------------------------------------------
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec.
Debs., 2/1/06 75,000 69,438
-----------
518,493
- --------------------------------------------------------------------------------------------------------------------
Telecommunications - 3.0%
--------------------------------------------------------------------------------------------------------------
A+ Network, Inc., 11.875% Sr. Sub. Nts., 11/1/05 75,000 77,063
--------------------------------------------------------------------------------------------------------------
Arch Communications Group, Inc., 0%/10.875% Sr. Disc.
Nts., 3/15/08 (2) 100,000 51,500
--------------------------------------------------------------------------------------------------------------
GTE Corp., 8.85% Debs., 3/1/98 55,000 57,022
--------------------------------------------------------------------------------------------------------------
In-Flight Phone Corp., 0%/14% Sr. Disc. Nts., 5/15/02 (2) 75,000 24,375
--------------------------------------------------------------------------------------------------------------
MCI Communications Corp.:
7.125% Sr. Nts., 1/20/00 125,000 126,195
7.625% Sr. Nts., 11/7/96 55,000 55,317
--------------------------------------------------------------------------------------------------------------
Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 75,000 69,375
--------------------------------------------------------------------------------------------------------------
MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 100,000 75,000
--------------------------------------------------------------------------------------------------------------
PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03 (2) 100,000 78,500
--------------------------------------------------------------------------------------------------------------
Teleport Communications Group, Inc.:
0%/11.125% Sr. Disc. Nts., 7/1/07 (2)(5) 50,000 29,563
9.875% Sr. Nts., 7/1/06 (5) 50,000 50,516
-----------
694,426
-----------
Total Corporate Bonds and Notes 10,090,790
<CAPTION>
Shares
====================================================================================================================
<S> <C> <C>
Common Stocks - 21.0%
- --------------------------------------------------------------------------------------------------------------------
Basic Industry - 0.9%
- --------------------------------------------------------------------------------------------------------------------
Steel - 0.9%
--------------------------------------------------------------------------------------------------------------
Carpenter Technology Corp. 2,800 89,600
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Diversified Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
====================================================================================================================
<S> <C> <C>
Steel (Continued)
--------------------------------------------------------------------------------------------------------------
UNR Industries, Inc. 12,000 $ 115,500
-----------
205,100
- --------------------------------------------------------------------------------------------------------------------
Consumer Related - 1.6%
- --------------------------------------------------------------------------------------------------------------------
Food/Beverages/Tobacco - 0.4%
--------------------------------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 1,300 97,500
- --------------------------------------------------------------------------------------------------------------------
Healthcare - 0.9%
--------------------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 1,500 135,000
--------------------------------------------------------------------------------------------------------------
Glaxo Wellcome PLC, Sponsored ADR 3,100 82,925
-----------
217,925
- --------------------------------------------------------------------------------------------------------------------
Restaurants - 0.3%
--------------------------------------------------------------------------------------------------------------
Piccadilly Cafeterias, Inc. 6,300 66,150
- --------------------------------------------------------------------------------------------------------------------
Energy - 3.6%
- --------------------------------------------------------------------------------------------------------------------
Amoco Corp. 1,200 86,850
--------------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 1,100 130,350
--------------------------------------------------------------------------------------------------------------
Chevron Corp. 2,200 129,800
--------------------------------------------------------------------------------------------------------------
El Paso Natural Gas Co. 3,400 130,900
--------------------------------------------------------------------------------------------------------------
Exxon Corp. 1,400 121,625
--------------------------------------------------------------------------------------------------------------
Mobil Corp. 1,100 123,338
--------------------------------------------------------------------------------------------------------------
Ultramar Corp. 3,900 113,100
-----------
835,963
- --------------------------------------------------------------------------------------------------------------------
Financial Services - 2.4%
- --------------------------------------------------------------------------------------------------------------------
Banks & Thrifts - 1.9%
--------------------------------------------------------------------------------------------------------------
Bank of Boston Corp. 2,300 113,850
--------------------------------------------------------------------------------------------------------------
BankAmerica Corp. 1,700 128,775
--------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 1,352 95,485
--------------------------------------------------------------------------------------------------------------
PNC Bank Corp. 3,700 110,075
-----------
448,185
- --------------------------------------------------------------------------------------------------------------------
Insurance - 0.5%
--------------------------------------------------------------------------------------------------------------
Hartford Steam Boiler Inspection & Insurance Co. 2,500 122,813
- --------------------------------------------------------------------------------------------------------------------
Housing Related - 1.7%
- --------------------------------------------------------------------------------------------------------------------
Homebuilders/Real Estate - 1.7%
--------------------------------------------------------------------------------------------------------------
Camden Property Trust 4,300 102,125
--------------------------------------------------------------------------------------------------------------
Capstone Capital Trust, Inc. 4,900 100,450
--------------------------------------------------------------------------------------------------------------
Health & Retirement Property Trust 5,700 98,325
--------------------------------------------------------------------------------------------------------------
Meditrust Corp. 2,800 93,450
-----------
394,350
- --------------------------------------------------------------------------------------------------------------------
Manufacturing - 3.2%
- --------------------------------------------------------------------------------------------------------------------
Aerospace/Electronics/Computers - 2.3%
--------------------------------------------------------------------------------------------------------------
General Dynamics Corp. 2,500 155,000
--------------------------------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 2,800 104,650
--------------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. 1,100 92,400
--------------------------------------------------------------------------------------------------------------
Rockwell International Corp. 1,700 97,325
--------------------------------------------------------------------------------------------------------------
TRW, Inc. 900 80,888
-----------
530,263
- --------------------------------------------------------------------------------------------------------------------
Automotive - 0.9%
--------------------------------------------------------------------------------------------------------------
Chrysler Corp. 1,800 111,600
--------------------------------------------------------------------------------------------------------------
Ford Motor Co. 3,300 106,838
-----------
218,438
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Diversified Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Other - 0.8%
- --------------------------------------------------------------------------------------------------------------------
Conglomerates - 0.4%
--------------------------------------------------------------------------------------------------------------
Hanson PLC, ADR 6,700 $ 95,475
- --------------------------------------------------------------------------------------------------------------------
Services - 0.4%
--------------------------------------------------------------------------------------------------------------
Helix Technology Corp. 2,200 85,250
- --------------------------------------------------------------------------------------------------------------------
Retail - 0.7%
- --------------------------------------------------------------------------------------------------------------------
Department Stores - 0.3%
--------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co. 1,600 77,800
- --------------------------------------------------------------------------------------------------------------------
Specialty Retailing - 0.4%
--------------------------------------------------------------------------------------------------------------
New England Business Service, Inc. 4,200 81,900
- --------------------------------------------------------------------------------------------------------------------
Utilities - 6.1%
- --------------------------------------------------------------------------------------------------------------------
Electric Utilities - 4.2%
--------------------------------------------------------------------------------------------------------------
American Electric Power Co., Inc. 2,400 102,300
--------------------------------------------------------------------------------------------------------------
Entergy Corp. 4,200 119,175
--------------------------------------------------------------------------------------------------------------
FPL Group, Inc. 3,100 142,600
--------------------------------------------------------------------------------------------------------------
Illinova Corp. 3,400 97,750
--------------------------------------------------------------------------------------------------------------
Kansas City Power & Light Co. 4,500 123,750
--------------------------------------------------------------------------------------------------------------
PanEnergy Corp. 5,600 184,100
--------------------------------------------------------------------------------------------------------------
Texas Utilities Co. 2,000 85,500
--------------------------------------------------------------------------------------------------------------
Western Resources, Inc. 3,500 104,563
-----------
959,738
- --------------------------------------------------------------------------------------------------------------------
Telecommunications - 1.9%
--------------------------------------------------------------------------------------------------------------
Ameritech Corp. 2,000 118,750
--------------------------------------------------------------------------------------------------------------
AT&T Corp. 1,400 86,800
--------------------------------------------------------------------------------------------------------------
GTE Corp. 2,500 111,875
--------------------------------------------------------------------------------------------------------------
NYNEX Corp. 2,300 109,250
-----------
426,675
-----------
Total Common Stocks 4,863,525
====================================================================================================================
Preferred Stocks - 0.8%
- --------------------------------------------------------------------------------------------------------------------
K-III Communications Corp., $2.875 Cv. Exchangeable (1)(6) 500 47,000
--------------------------------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,100 130,075
-----------
Total Preferred Stocks 177,075
<CAPTION>
Units
====================================================================================================================
<S> <C> <C>
Rights, Warrants and Certificates - 0.0%
- --------------------------------------------------------------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp. 8/02 (1) 75 --
<CAPTION>
Principal
Amount
====================================================================================================================
<S> <C> <C>
Repurchase Agreement - 9.1%
- --------------------------------------------------------------------------------------------------------------------
Repurchase agreement with State Street Bank and Trust Co.,
4.50%, dated 6/28/96, to be repurchased at $2,100,788 on
7/1/96, collateralized by U.S. Treasury Bills maturing
12/19/96, with a value of $2,149,474 $2,100,000 2,100,000
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Diversified Income Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
(Note 1)
--------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Total Investments, at Value (Cost $22,442,433) 99.4% $22,899,747
--------------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 0.6 129,328
---------- -----------
Net Assets 100.0% $23,029,075
========== ===========
</TABLE>
1. 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 $431,829 or 1.88% of the Fund's
net assets, at June 30, 1996.
2. Denotes a step bond: a zero coupon bond that converts to a fixed rate
of interest at a designated future date.
3. For zero coupon bonds, the interest rate shown is the effective yield
on the date of purchase.
4. Interest or dividend is paid in kind.
5. When-issued security to be delivered and settled after June 30, 1996.
6. Non-income producing security.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Mortgage-Backed Obligations - 2.5%
- -------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Collateralized Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates, 5.50%, 6/1/98 $ 42,789 $ 41,112
Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 204,499 195,168
Series 1843, Cl. VB, 7%, 4/15/03 50,000 49,844
Series 1849, Cl. VA, 6%, 12/15/10 168,229 164,655
-------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 178,397 172,491
6.50%, 4/1/26 149,472 139,803
Series 1994-13, Cl. B, 6.50%, 2/25/09 100,000 92,781
-------------------------------------------------------------------------------------------------------------
GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3, 7.30%, 6/25/26 100,000 100,250
-------------------------------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Series 1996-A,
Cl. A4, 5.85%, 7/15/01 90,000 88,142
----------
Total Mortgage-Backed Obligations 1,044,246
- -------------------------------------------------------------------------------------------------------------------
U.S. Government Obligations - 7.3%
-------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 940,000 987,583
-------------------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
6.75%, 6/30/99 1,285,000 1,299,855
7.25%, 8/15/04 720,000 745,762
----------
Total U.S. Government Obligations 3,033,200
- -------------------------------------------------------------------------------------------------------------------
Non-Convertible Corporate Bonds and Notes - 24.4%
- -------------------------------------------------------------------------------------------------------------------
Basic Materials - 3.3%
- -------------------------------------------------------------------------------------------------------------------
Chemicals - 1.5%
-------------------------------------------------------------------------------------------------------------
Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97 85,000 85,977
-------------------------------------------------------------------------------------------------------------
G-I Holdings, Inc., 10% Sr. Nts., 2/15/06 (1) 64,000 63,040
-------------------------------------------------------------------------------------------------------------
Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 70,000 70,842
-------------------------------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 50,000 59,089
-------------------------------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 175,000 135,844
-------------------------------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 50,000 57,695
-------------------------------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 125,000 129,375
----------
601,862
- -------------------------------------------------------------------------------------------------------------------
Metals - 0.3%
-------------------------------------------------------------------------------------------------------------
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 100,000 109,480
- -------------------------------------------------------------------------------------------------------------------
Paper - 1.5%
-------------------------------------------------------------------------------------------------------------
Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 85,000 85,638
-------------------------------------------------------------------------------------------------------------
Fort Howard Corp., 9% Sr. Sub. Nts., 2/1/06 125,000 120,000
-------------------------------------------------------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 125,000 131,719
-------------------------------------------------------------------------------------------------------------
Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 170,000 175,073
-------------------------------------------------------------------------------------------------------------
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 125,000 121,250
----------
633,680
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Consumer Cyclicals - 8.4%
- -------------------------------------------------------------------------------------------------------------------
Autos & Housing - 0.2%
-------------------------------------------------------------------------------------------------------------
Black & Decker Corp., 6.625% Nts., 11/15/00 $ 85,000 $ 83,956
- -------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment - 3.6%
-------------------------------------------------------------------------------------------------------------
American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (1) 100,000 98,000
-------------------------------------------------------------------------------------------------------------
Bally's Grand, Inc., 10.375% First Mtg. Nts., Series B, 12/15/03 75,000 82,313
-------------------------------------------------------------------------------------------------------------
Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts., 3/15/04 125,000 132,969
-------------------------------------------------------------------------------------------------------------
Blockbuster Entertainment Group, 6.625% Sr. Nts., 2/15/98 85,000 84,551
-------------------------------------------------------------------------------------------------------------
Casino America, Inc., 11.50% First Mtg. Nts., 11/15/01 125,000 132,500
-------------------------------------------------------------------------------------------------------------
Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs., 9/15/03 125,000 130,000
-------------------------------------------------------------------------------------------------------------
Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 125,000 118,125
-------------------------------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., 11/15/02 (1) 125,000 156,875
-------------------------------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 125,000 131,563
-------------------------------------------------------------------------------------------------------------
Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25%
First Mtg. Nts., 5/1/06 75,000 75,750
-------------------------------------------------------------------------------------------------------------
Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 125,000 127,813
-------------------------------------------------------------------------------------------------------------
Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 130,000 127,681
-------------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06 100,000 100,000
----------
1,498,140
- -------------------------------------------------------------------------------------------------------------------
Media - 3.1%
-------------------------------------------------------------------------------------------------------------
Cablevision Systems Corp., 9.875% Sr. Sub. Nts., 5/15/06 50,000 48,250
-------------------------------------------------------------------------------------------------------------
Century Communications Corp., 9.75% Sr. Nts., 2/15/02 100,000 99,500
-------------------------------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 125,000 117,813
-------------------------------------------------------------------------------------------------------------
Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07 (2) 125,000 72,188
-------------------------------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon
Nts. Series A, 2/1/06 (2) 200,000 111,250
-------------------------------------------------------------------------------------------------------------
New World Communications Group Holding Corp., Zero Coupon Sr.
Disc. Nts. Series B, 11.022% 6/15/99 (3) 250,000 183,125
-------------------------------------------------------------------------------------------------------------
Paxson Communications Corp., 11.625% Sr. Sub. Nts., 10/1/02 125,000 130,000
-------------------------------------------------------------------------------------------------------------
Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term Nts., 2/10/97 45,000 45,328
-------------------------------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 125,000 121,875
-------------------------------------------------------------------------------------------------------------
Tele-Communications, Inc., 5.28% Medium-Term Nts., 8/20/96 60,000 59,932
-------------------------------------------------------------------------------------------------------------
TeleWest PLC:
9.625% Sr. Debs., 10/1/06 75,000 73,313
0%/11% Sr. Disc. Debs., 10/1/07 (2) 75,000 44,250
-------------------------------------------------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts., 2/1/98 85,000 85,921
-------------------------------------------------------------------------------------------------------------
United International Holdings, Inc., 0%/14% Sr. Disc. Nts.,
5/15/06 (1)(2) 150,000 80,250
----------
1,272,995
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Retail: General - 0.8%
-------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 $ 35,000 $ 36,838
-------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 175,000 182,711
-------------------------------------------------------------------------------------------------------------
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 125,000 132,188
--------
351,737
- -------------------------------------------------------------------------------------------------------------------
Retail: Specialty - 0.7%
-------------------------------------------------------------------------------------------------------------
Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series B, 10/15/05 125,000 130,000
-------------------------------------------------------------------------------------------------------------
Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts.,
11/1/03 (2) 250,000 151,250
--------
281,250
- -------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals - 3.0%
- -------------------------------------------------------------------------------------------------------------------
Food - 1.0%
-------------------------------------------------------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 95,000 93,715
-------------------------------------------------------------------------------------------------------------
Fresh Del Monte Produce NV, 10% Sr. Nts., Series B,
5/1/03 125,000 116,250
-------------------------------------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 85,000 87,657
-------------------------------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05 125,000 132,500
--------
430,122
- -------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 0.9%
-------------------------------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 (1) 125,000 129,375
-------------------------------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A, 9/15/05 125,000 132,500
-------------------------------------------------------------------------------------------------------------
Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts., 10/15/02 125,000 120,000
--------
381,875
- -------------------------------------------------------------------------------------------------------------------
Household Goods - 0.9%
-------------------------------------------------------------------------------------------------------------
Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 170,000 171,913
-------------------------------------------------------------------------------------------------------------
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 50,000 50,212
-------------------------------------------------------------------------------------------------------------
Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts.,
12.936%, 3/15/98 (3) 175,000 145,469
--------
367,594
- -------------------------------------------------------------------------------------------------------------------
Tobacco - 0.2%
-------------------------------------------------------------------------------------------------------------
B.A.T. Capital Corp., 6.66% Medium-Term Nts., 3/22/00 (1) 50,000 49,435
-------------------------------------------------------------------------------------------------------------
Philip Morris Cos., Inc., 8.75% Debs., 12/1/96 40,000 40,438
--------
89,873
- -------------------------------------------------------------------------------------------------------------------
Energy - 1.1%
- -------------------------------------------------------------------------------------------------------------------
Energy Services & Producers - 0.5%
-------------------------------------------------------------------------------------------------------------
Coastal Corp.:
8.125% Sr. Nts., 9/15/02 50,000 52,130
8.75% Sr. Nts., 5/15/99 35,000 36,456
-------------------------------------------------------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts., 11/1/03 125,000 120,625
--------
209,211
- -------------------------------------------------------------------------------------------------------------------
Oil-Integrated - 0.6%
-------------------------------------------------------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (4) 131,875 126,600
-------------------------------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 50,000 48,400
-------------------------------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19 50,000 52,294
--------
227,294
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Financial - 4.3%
- -------------------------------------------------------------------------------------------------------------------
Banks - 1.0%
-------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 $ 35,000 $ 35,116
-------------------------------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 50,000 47,664
-------------------------------------------------------------------------------------------------------------
First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 35,000 36,132
-------------------------------------------------------------------------------------------------------------
First Union Corp., 6.75% Sr. Nts., 1/15/98 35,000 35,068
-------------------------------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 85,000 95,111
-------------------------------------------------------------------------------------------------------------
Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 115,000 115,169
-------------------------------------------------------------------------------------------------------------
Security Pacific Corp., 7.75% Nts., 12/1/96 35,000 35,274
----------
399,534
- -------------------------------------------------------------------------------------------------------------------
Diversified Financial - 3.1%
-------------------------------------------------------------------------------------------------------------
American General Finance Corp., 8.50% Sr. Nts., 8/15/98 40,000 41,502
-------------------------------------------------------------------------------------------------------------
Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99 40,000 40,945
-------------------------------------------------------------------------------------------------------------
Beneficial Corp., 9.125% Debs., 2/15/98 85,000 88,471
-------------------------------------------------------------------------------------------------------------
Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 45,000 44,937
-------------------------------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 85,000 80,942
-------------------------------------------------------------------------------------------------------------
Countrywide Funding Corp.:
6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 50,000 47,975
6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 40,000 39,272
6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 40,000 40,171
-------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 85,000 84,835
-------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 175,000 166,231
-------------------------------------------------------------------------------------------------------------
Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 35,000 36,374
-------------------------------------------------------------------------------------------------------------
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 125,000 124,688
-------------------------------------------------------------------------------------------------------------
Grand Metropolitan PLC, 8.125% Gtd. Nts., 8/15/96 35,000 35,079
-------------------------------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 85,000 83,504
-------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc.:
6.50% Nts., 4/1/01 85,000 83,504
8.25% Debs., 11/18/96 55,000 55,440
-------------------------------------------------------------------------------------------------------------
Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 35,000 35,121
-------------------------------------------------------------------------------------------------------------
Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 35,000 36,027
-------------------------------------------------------------------------------------------------------------
Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 100,000 103,839
----------
1,268,857
- -------------------------------------------------------------------------------------------------------------------
Insurance - 0.2%
-------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 85,000 84,381
- -------------------------------------------------------------------------------------------------------------------
Industrial - 1.0%
- -------------------------------------------------------------------------------------------------------------------
Industrial Materials - 0.3%
-------------------------------------------------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05 125,000 127,188
- -------------------------------------------------------------------------------------------------------------------
Manufacturing - 0.3%
-------------------------------------------------------------------------------------------------------------
Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 125,000 118,750
-------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 25,000 25,000
----------
143,750
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Transportation - 0.4%
-------------------------------------------------------------------------------------------------------------
Federal Express Corp., 6.25% Nts., 4/15/98 $ 90,000 $ 89,311
-------------------------------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 85,000 84,814
-----------
174,125
- -------------------------------------------------------------------------------------------------------------------
Technology - 2.4%
- -------------------------------------------------------------------------------------------------------------------
Aerospace/Defense - 0.1%
-------------------------------------------------------------------------------------------------------------
British Aerospace PLC, 8% Debs., 5/27/97 40,000 40,550
- -------------------------------------------------------------------------------------------------------------------
Computer Hardware - 0.3%
-------------------------------------------------------------------------------------------------------------
Digital Equipment Corp., 7% Nts., 11/15/97 115,000 115,084
- -------------------------------------------------------------------------------------------------------------------
Telecommunications-Technology - 2.0%
-------------------------------------------------------------------------------------------------------------
A+ Network, Inc., 11.875% Sr. Sub. Nts., 11/1/05 125,000 128,438
-------------------------------------------------------------------------------------------------------------
Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts.,
3/15/08 (2) 150,000 77,250
-------------------------------------------------------------------------------------------------------------
In-Flight Phone Corp., 0%/14% Sr. Disc. Nts., 5/15/02 (2) 125,000 40,625
-------------------------------------------------------------------------------------------------------------
MCI Communications Corp.:
7.125% Sr. Nts., 1/20/00 85,000 85,813
7.625% Sr. Nts., 11/7/96 40,000 40,231
-------------------------------------------------------------------------------------------------------------
Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 125,000 115,625
-------------------------------------------------------------------------------------------------------------
MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 175,000 131,250
-------------------------------------------------------------------------------------------------------------
PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03 (2) 175,000 137,375
-------------------------------------------------------------------------------------------------------------
Teleport Communications Group, Inc.:
0%/11.125% Sr. Disc. Nts., 7/1/07 (2)(5) 50,000 29,563
9.875% Sr. Nts., 7/1/06 (5) 50,000 50,516
-----------
836,686
- -------------------------------------------------------------------------------------------------------------------
Utilities - 0.9%
- -------------------------------------------------------------------------------------------------------------------
Electric Utilities - 0.3%
-------------------------------------------------------------------------------------------------------------
Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 85,000 87,399
-------------------------------------------------------------------------------------------------------------
El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 40,000 39,384
-----------
126,783
- -------------------------------------------------------------------------------------------------------------------
Gas Utilities - 0.5%
-------------------------------------------------------------------------------------------------------------
Arkla, Inc., 9.875% Nts., 4/15/97 170,000 174,439
-------------------------------------------------------------------------------------------------------------
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 50,000 46,292
-----------
220,731
- -------------------------------------------------------------------------------------------------------------------
Telephone Utilities - 0.1%
-------------------------------------------------------------------------------------------------------------
GTE Corp., 8.85% Debs., 3/1/98 40,000 41,471
-----------
Total Non-Convertible Corporate Bonds and Notes 10,118,209
- -------------------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds and Notes - 0.7%
-------------------------------------------------------------------------------------------------------------
Barnett Banks, Inc., 8.50% Sub. Exch. Nts., 3/1/99 35,000 36,534
-------------------------------------------------------------------------------------------------------------
IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 90,000 110,250
-------------------------------------------------------------------------------------------------------------
Storage Technology Corp., 7% Cv. Sub. Debs., 3/15/08 70,000 116,025
-----------
Total Convertible Corporate Bonds and Notes 262,809
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks - 56.9%
- -------------------------------------------------------------------------------------------------------------------
Basic Materials - 1.8%
- -------------------------------------------------------------------------------------------------------------------
Chemicals - 0.6%
-------------------------------------------------------------------------------------------------------------
Cabot Corp. 2,200 $ 53,900
-------------------------------------------------------------------------------------------------------------
Daicel Chemical Industries Ltd. 10,000 61,720
-------------------------------------------------------------------------------------------------------------
Union Carbide Corp. 3,000 119,250
-------------------------------------------------------------------------------------------------------------
W.R. Grace & Co. 400 28,350
----------
263,220
- -------------------------------------------------------------------------------------------------------------------
Metals - 1.2%
-------------------------------------------------------------------------------------------------------------
Acerinox SA 500 52,146
-------------------------------------------------------------------------------------------------------------
Carpenter Technology Corp. 2,800 89,600
-------------------------------------------------------------------------------------------------------------
Potash Corp. of Saskatchewan, Inc. 1,200 79,500
-------------------------------------------------------------------------------------------------------------
RTZ Corp. PLC 4,000 59,202
-------------------------------------------------------------------------------------------------------------
UCAR International, Inc. (6) 1,600 66,600
-------------------------------------------------------------------------------------------------------------
UNR Industries, Inc. 12,000 115,500
-------------------------------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 5,000 35,756
----------
498,304
- -------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals - 10.4%
- -------------------------------------------------------------------------------------------------------------------
Autos & Housing - 2.7%
-------------------------------------------------------------------------------------------------------------
Autoliv AB 2,000 61,026
-------------------------------------------------------------------------------------------------------------
Autopistas Concesionaria Espanola SA 4,000 46,561
-------------------------------------------------------------------------------------------------------------
Bridgestone Corp. 3,000 57,331
-------------------------------------------------------------------------------------------------------------
Camden Property Trust 4,300 102,125
-------------------------------------------------------------------------------------------------------------
Capstone Capital Trust, Inc. 4,900 100,450
-------------------------------------------------------------------------------------------------------------
Chrysler Corp. 3,100 192,200
-------------------------------------------------------------------------------------------------------------
Ford Motor Co. 5,800 187,776
-------------------------------------------------------------------------------------------------------------
Health & Retirement Property Trust 5,700 98,325
-------------------------------------------------------------------------------------------------------------
Honda Motor Co. 3,000 77,904
-------------------------------------------------------------------------------------------------------------
Meditrust Corp. 2,800 93,450
-------------------------------------------------------------------------------------------------------------
Rinnai Corp. (6) 2,000 47,547
-------------------------------------------------------------------------------------------------------------
Valeo SA 700 37,493
----------
1,102,188
- -------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment - 2.5%
-------------------------------------------------------------------------------------------------------------
AMR Corp. 1,200 109,200
-------------------------------------------------------------------------------------------------------------
Atlas Air, Inc. (6) 2,500 143,750
-------------------------------------------------------------------------------------------------------------
Boston Chicken, Inc. (6) 1,900 61,750
-------------------------------------------------------------------------------------------------------------
CDL Hotels International Ltd. 150,000 82,356
-------------------------------------------------------------------------------------------------------------
Granada Group PLC 5,000 66,897
-------------------------------------------------------------------------------------------------------------
Grand Casinos, Inc. (6) 1,900 48,925
-------------------------------------------------------------------------------------------------------------
Landry's Seafood Restaurants, Inc. (6) 1,500 37,125
-------------------------------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A (6) 1,500 59,250
-------------------------------------------------------------------------------------------------------------
Papa John's International, Inc. (6) 1,350 65,812
-------------------------------------------------------------------------------------------------------------
Piccadilly Cafeterias, Inc. 6,300 66,150
-------------------------------------------------------------------------------------------------------------
Regal Cinemas, Inc. (6) 2,700 123,525
-------------------------------------------------------------------------------------------------------------
THORN EMI PLC 2,500 69,654
-------------------------------------------------------------------------------------------------------------
VideoServer, Inc. (6) 1,800 70,200
-------------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp. (6) 2,100 43,837
----------
1,048,431
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Media - 0.9%
-------------------------------------------------------------------------------------------------------------
Elsevier NV 2,200 $ 33,410
-------------------------------------------------------------------------------------------------------------
Emmis Broadcasting Corp., Cl. A (6) 1,500 75,000
-------------------------------------------------------------------------------------------------------------
HA-LO Industries, Inc. (6) 1,200 31,200
-------------------------------------------------------------------------------------------------------------
Reed International PLC (6) 3,500 58,515
-------------------------------------------------------------------------------------------------------------
Reuters Holdings PLC (6) 5,000 60,491
-------------------------------------------------------------------------------------------------------------
Television Broadcasts Ltd. 15,000 56,293
-------------------------------------------------------------------------------------------------------------
Wolters Kluwer NV 400 45,476
----------
360,385
- -------------------------------------------------------------------------------------------------------------------
Retail: General - 2.6%
-------------------------------------------------------------------------------------------------------------
Eckerd Corp. (6) 2,300 52,037
-------------------------------------------------------------------------------------------------------------
Express Scripts, Inc., Cl. A (6) 1,200 55,200
-------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc. (6) 1,500 51,187
-------------------------------------------------------------------------------------------------------------
Marks & Spencer PLC 8,000 58,456
-------------------------------------------------------------------------------------------------------------
Nautica Enterprises, Inc. (6) 4,400 126,500
-------------------------------------------------------------------------------------------------------------
Price/Costco, Inc. (6) 3,000 64,875
-------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co. 3,600 175,050
-------------------------------------------------------------------------------------------------------------
St. John Knits, Inc. 2,400 107,100
-------------------------------------------------------------------------------------------------------------
Tommy Hilfiger Corp. (6) 1,900 101,887
-------------------------------------------------------------------------------------------------------------
U.S. Industries, Inc. (6) 3,900 94,087
-------------------------------------------------------------------------------------------------------------
Waban, Inc. (6) 2,200 52,525
-------------------------------------------------------------------------------------------------------------
Wolverine World Wide, Inc. 1,800 58,500
-------------------------------------------------------------------------------------------------------------
Zeneca Group PLC 4,000 88,461
----------
1,085,865
- -------------------------------------------------------------------------------------------------------------------
Retail: Specialty - 1.7%
-------------------------------------------------------------------------------------------------------------
adidas AG 140 11,776
-------------------------------------------------------------------------------------------------------------
CDW Computer Centers, Inc. (6) 1,600 111,200
-------------------------------------------------------------------------------------------------------------
Jusco Co. 2,000 65,652
-------------------------------------------------------------------------------------------------------------
MSC Industrial Direct Co., Inc., Cl. A (6) 1,500 48,375
-------------------------------------------------------------------------------------------------------------
New England Business Service, Inc. 4,200 81,900
-------------------------------------------------------------------------------------------------------------
Next PLC 7,000 61,205
-------------------------------------------------------------------------------------------------------------
Regis Corp. of Minnesota 1,100 34,375
-------------------------------------------------------------------------------------------------------------
Shimamura Co. Ltd. (6) 1,000 44,073
-------------------------------------------------------------------------------------------------------------
Sunglass Hut International, Inc. (6) 1,800 43,875
-------------------------------------------------------------------------------------------------------------
Tandy Corp. 1,400 66,325
-------------------------------------------------------------------------------------------------------------
U.S. Office Products Co. (6) 2,900 121,800
----------
690,556
- -------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals - 8.3%
- -------------------------------------------------------------------------------------------------------------------
Beverages - 0.9%
-------------------------------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 2,700 202,500
-------------------------------------------------------------------------------------------------------------
Heineken Holding NV, Cl. A 550 111,193
-------------------------------------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton 270 64,041
----------
377,734
- -------------------------------------------------------------------------------------------------------------------
Food - 1.1%
-------------------------------------------------------------------------------------------------------------
American Stores Co. 2,800 115,500
-------------------------------------------------------------------------------------------------------------
Archer-Daniels-Midland Co. 4,400 84,150
-------------------------------------------------------------------------------------------------------------
Carrefour Supermarche SA 115 64,480
-------------------------------------------------------------------------------------------------------------
Dole Food Co. 1,100 47,300
-------------------------------------------------------------------------------------------------------------
Kroger Co. (6) 2,400 94,800
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Food (Continued)
-------------------------------------------------------------------------------------------------------------
Nestle SA 50 $ 57,151
----------
463,381
- -------------------------------------------------------------------------------------------------------------------
Healthcare/Drugs - 2.2%
-------------------------------------------------------------------------------------------------------------
Astra AB Free, Series A 1,500 66,389
-------------------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 2,500 225,000
-------------------------------------------------------------------------------------------------------------
Ciba-Geigy AG 100 121,980
-------------------------------------------------------------------------------------------------------------
Dura Pharmaceuticals, Inc. (6) 1,000 56,000
-------------------------------------------------------------------------------------------------------------
Glaxo Wellcome PLC, Sponsored ADR 3,200 85,600
-------------------------------------------------------------------------------------------------------------
Idexx Laboratories, Inc. (6) 1,200 47,100
-------------------------------------------------------------------------------------------------------------
Jones Medical Industries, Inc. 1,150 38,237
-------------------------------------------------------------------------------------------------------------
Sandoz AG 100 114,462
-------------------------------------------------------------------------------------------------------------
Schering AG 1,000 72,805
-------------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 5,000 88,694
----------
916,267
- -------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 3.3%
-------------------------------------------------------------------------------------------------------------
CNS, Inc. (6) 2,400 58,200
-------------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 1,100 58,712
-------------------------------------------------------------------------------------------------------------
Compdent Corp. (6) 1,700 79,050
-------------------------------------------------------------------------------------------------------------
CONMED Corp. (6) 1,900 50,587
-------------------------------------------------------------------------------------------------------------
Gulf South Medical Supply, Inc. (6) 2,400 93,600
-------------------------------------------------------------------------------------------------------------
Omnicare, Inc. 3,000 79,500
-------------------------------------------------------------------------------------------------------------
OrNda Healthcorp (6) 2,700 64,800
-------------------------------------------------------------------------------------------------------------
OrthoLogic Corp. (6) 2,500 31,875
-------------------------------------------------------------------------------------------------------------
Pediatrix Medical Group, Inc. (6) 1,600 77,600
-------------------------------------------------------------------------------------------------------------
Physician Reliance Network, Inc. (6) 3,400 75,650
-------------------------------------------------------------------------------------------------------------
Physician Sales & Service, Inc. (6) 4,600 111,550
-------------------------------------------------------------------------------------------------------------
Physicians Resource Group, Inc. (6) 1,400 46,725
-------------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp. (6) 1,300 85,475
-------------------------------------------------------------------------------------------------------------
Renal Treatment Centers, Inc. (6) 2,800 80,500
-------------------------------------------------------------------------------------------------------------
Rural/Metro Corp. (6) 2,000 68,500
-------------------------------------------------------------------------------------------------------------
SmithKline Beecham PLC 13,209 141,239
-------------------------------------------------------------------------------------------------------------
Techne Corp. (6) 1,400 40,950
-------------------------------------------------------------------------------------------------------------
Total Renal Care Holdings, Inc. (6) 1,400 59,150
-------------------------------------------------------------------------------------------------------------
Veterinary Centers of America, Inc. (6) 2,100 46,987
----------
1,350,650
- -------------------------------------------------------------------------------------------------------------------
Household Goods - 0.7%
-------------------------------------------------------------------------------------------------------------
Black & Decker Corp. 1,500 57,937
-------------------------------------------------------------------------------------------------------------
Blyth Industries, Inc. (6) 2,800 127,050
-------------------------------------------------------------------------------------------------------------
Premark International, Inc. 1,800 33,300
-------------------------------------------------------------------------------------------------------------
Tupperware Corp. (6) 1,800 76,050
----------
294,337
- -------------------------------------------------------------------------------------------------------------------
Tobacco - 0.1%
-------------------------------------------------------------------------------------------------------------
PT Gudang Garam (6) 7,000 30,000
- -------------------------------------------------------------------------------------------------------------------
Energy - 2.8%
- -------------------------------------------------------------------------------------------------------------------
Oil-Integrated - 2.8%
-------------------------------------------------------------------------------------------------------------
Amoco Corp. 2,300 166,462
-------------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 1,100 130,350
-------------------------------------------------------------------------------------------------------------
Chevron Corp. 3,800 224,200
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Oil-Integrated (Continued)
-------------------------------------------------------------------------------------------------------------
El Paso Natural Gas Co. 3,400 $ 130,900
-------------------------------------------------------------------------------------------------------------
Elf Acquitaine SA 560 41,219
-------------------------------------------------------------------------------------------------------------
Exxon Corp. 1,400 121,625
-------------------------------------------------------------------------------------------------------------
Mobil Corp. 2,100 235,463
-------------------------------------------------------------------------------------------------------------
Ultramar Corp. 3,900 113,100
----------
1,163,319
- -------------------------------------------------------------------------------------------------------------------
Financial - 6.5%
- -------------------------------------------------------------------------------------------------------------------
Banks - 3.1%
-------------------------------------------------------------------------------------------------------------
Banco Bradesco SA, Preference 9,210,438 75,210
-------------------------------------------------------------------------------------------------------------
Banco Popular Espanol SA 400 71,372
-------------------------------------------------------------------------------------------------------------
Bangkok Bank Public Co. Ltd. 4,000 54,205
-------------------------------------------------------------------------------------------------------------
Bank of Boston Corp. 4,600 227,700
-------------------------------------------------------------------------------------------------------------
BankAmerica Corp. 3,300 249,975
-------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 2,604 183,907
-------------------------------------------------------------------------------------------------------------
HSBC Holdings PLC 2,000 30,229
-------------------------------------------------------------------------------------------------------------
Malayan Banking Berhad (6) 6,000 57,727
-------------------------------------------------------------------------------------------------------------
PNC Bank Corp. 6,300 187,425
-------------------------------------------------------------------------------------------------------------
Thai Farmers Bank Public Co. Ltd. 4,600 50,376
-------------------------------------------------------------------------------------------------------------
Wells Fargo & Co. 400 95,550
----------
1,283,676
- -------------------------------------------------------------------------------------------------------------------
Diversified Financial - 2.3%
-------------------------------------------------------------------------------------------------------------
Amresco, Inc. 4,400 75,350
-------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. 600 51,300
-------------------------------------------------------------------------------------------------------------
First Pacific Co. Ltd. 42,000 64,567
-------------------------------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 25,000 57,052
-------------------------------------------------------------------------------------------------------------
Hays PLC 9,000 63,457
-------------------------------------------------------------------------------------------------------------
ING Groep NV 2,500 74,612
-------------------------------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. (6) 3,500 53,635
-------------------------------------------------------------------------------------------------------------
Nichiei Co. Ltd. 1,000 66,749
-------------------------------------------------------------------------------------------------------------
Oxford Resources Corp., Cl. A (6) 2,200 51,150
-------------------------------------------------------------------------------------------------------------
Perlis Plantations Berhad 14,000 53,879
-------------------------------------------------------------------------------------------------------------
Salomon, Inc. 3,700 162,800
-------------------------------------------------------------------------------------------------------------
Sirrom Capital Corp. 1,900 51,775
-------------------------------------------------------------------------------------------------------------
Southcorp Holdings Ltd. (6) 24,000 59,411
-------------------------------------------------------------------------------------------------------------
Swire Pacific Ltd., Cl. B 46,000 63,288
----------
949,025
- -------------------------------------------------------------------------------------------------------------------
Insurance - 1.1%
-------------------------------------------------------------------------------------------------------------
AXA SA 1,028 56,061
-------------------------------------------------------------------------------------------------------------
CRA Managed Care, Inc. (6) 1,100 49,225
-------------------------------------------------------------------------------------------------------------
General Re Corp. 100 15,225
-------------------------------------------------------------------------------------------------------------
Hartford Steam Boiler Inspection & Insurance Co. 2,500 122,812
-------------------------------------------------------------------------------------------------------------
HCC Insurance Holdings, Inc. 1,500 33,750
-------------------------------------------------------------------------------------------------------------
Sumitomo Marine & Fire Insurance Co. 6,000 52,393
-------------------------------------------------------------------------------------------------------------
TIG Holdings, Inc. 1,700 49,300
-------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., Cl. A (6) 2,800 79,450
----------
458,216
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Industrial - 7.2%
- -------------------------------------------------------------------------------------------------------------------
Electrical Equipment - 0.3%
-------------------------------------------------------------------------------------------------------------
ABB AG (6) 65 $ 80,483
-------------------------------------------------------------------------------------------------------------
Mabuchi Motor Co. 800 51,058
----------
131,541
- -------------------------------------------------------------------------------------------------------------------
Industrial Materials - 0.1%
-------------------------------------------------------------------------------------------------------------
THK Co. Ltd. 1,000 24,231
- -------------------------------------------------------------------------------------------------------------------
Industrial Services - 3.9%
-------------------------------------------------------------------------------------------------------------
AccuStaff, Inc. (6) 4,000 109,000
-------------------------------------------------------------------------------------------------------------
Alternative Resources Corp. (6) 1,300 47,775
-------------------------------------------------------------------------------------------------------------
Career Horizons, Inc. (6) 2,700 94,500
-------------------------------------------------------------------------------------------------------------
Computer Horizons Corp. (6) 1,700 67,150
-------------------------------------------------------------------------------------------------------------
Corestaff, Inc. (6) 1,700 76,075
-------------------------------------------------------------------------------------------------------------
Corrections Corp. of America (6) 2,200 154,000
-------------------------------------------------------------------------------------------------------------
Fritz Cos., Inc. (6) 1,800 58,050
-------------------------------------------------------------------------------------------------------------
Helix Technology Corp. 3,700 143,375
-------------------------------------------------------------------------------------------------------------
Komori Corp. (6) 2,000 51,205
-------------------------------------------------------------------------------------------------------------
Kurita Water Industries Ltd. (6) 3,000 73,241
-------------------------------------------------------------------------------------------------------------
NOVA Corp. (6) 1,600 54,000
-------------------------------------------------------------------------------------------------------------
PMT Services, Inc. (6) 2,250 64,406
-------------------------------------------------------------------------------------------------------------
Sanifill, Inc. (6) 1,200 59,100
-------------------------------------------------------------------------------------------------------------
SGS Societe Generale de Surveillance Holding SA, Series B 30 71,869
-------------------------------------------------------------------------------------------------------------
SITEL Corp. (6) 2,400 100,800
-------------------------------------------------------------------------------------------------------------
Tetra Tech, Inc. (6) 3,875 77,500
-------------------------------------------------------------------------------------------------------------
Transaction Systems Architects, Inc., Cl. A (6) 1,600 107,200
-------------------------------------------------------------------------------------------------------------
United Waste Systems, Inc. (6) 5,600 180,600
----------
1,589,846
- -------------------------------------------------------------------------------------------------------------------
Manufacturing - 2.6%
-------------------------------------------------------------------------------------------------------------
AGCO Corp. 3,200 88,800
-------------------------------------------------------------------------------------------------------------
Canadian Pacific Ltd. 8 183
-------------------------------------------------------------------------------------------------------------
Canon Sales Co. Inc. 2,000 55,777
-------------------------------------------------------------------------------------------------------------
Case Corp. 2,000 96,000
-------------------------------------------------------------------------------------------------------------
Chicago Miniature Lamp, Inc. (6) 1,200 45,600
-------------------------------------------------------------------------------------------------------------
Hanson PLC, ADR 6,700 95,475
-------------------------------------------------------------------------------------------------------------
Harnischfeger Industries, Inc. 1,400 46,550
-------------------------------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 10,000 62,913
-------------------------------------------------------------------------------------------------------------
Komatsu Ltd. (6) 6,000 59,251
-------------------------------------------------------------------------------------------------------------
Mannesmann AG 195 67,458
-------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc. 1,995 45,137
-------------------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 6,000 52,284
-------------------------------------------------------------------------------------------------------------
NSK Ltd. 3,000 22,740
-------------------------------------------------------------------------------------------------------------
Shinmaywa Industries Ltd. (6) 2,000 20,482
-------------------------------------------------------------------------------------------------------------
SMC Corp. (6) 100 7,754
-------------------------------------------------------------------------------------------------------------
Textron, Inc. 1,700 135,787
-------------------------------------------------------------------------------------------------------------
Tyco International Ltd. 2,600 105,950
-------------------------------------------------------------------------------------------------------------
U.S. Filter Corp. (6) 1,300 45,175
----------
1,053,316
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Transportation - 0.3%
-------------------------------------------------------------------------------------------------------------
Brambles Industries Ltd. 4,000 $ 55,576
-------------------------------------------------------------------------------------------------------------
Wisconsin Central Transportation Corp. (6) 2,700 87,750
----------
143,326
- -------------------------------------------------------------------------------------------------------------------
Technology - 13.6%
- -------------------------------------------------------------------------------------------------------------------
Aerospace/Defense - 2.6%
-------------------------------------------------------------------------------------------------------------
General Dynamics Corp. 3,800 235,600
-------------------------------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 4,400 164,450
-------------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. 2,400 201,600
-------------------------------------------------------------------------------------------------------------
McDonnell Douglas Corp. 2,200 106,700
-------------------------------------------------------------------------------------------------------------
Rockwell International Corp. 3,500 200,375
-------------------------------------------------------------------------------------------------------------
TRW, Inc. 2,000 179,750
----------
1,088,475
- -------------------------------------------------------------------------------------------------------------------
Computer Hardware - 1.4%
-------------------------------------------------------------------------------------------------------------
Canon, Inc. 6,000 125,086
-------------------------------------------------------------------------------------------------------------
Dell Computer Corp. (6) 1,200 61,050
-------------------------------------------------------------------------------------------------------------
Gateway 2000, Inc. (6) 900 30,600
-------------------------------------------------------------------------------------------------------------
HCIA, Inc. (6) 1,100 69,300
-------------------------------------------------------------------------------------------------------------
Microcom, Inc. (6) 2,600 32,825
-------------------------------------------------------------------------------------------------------------
Storage Technology Corp. (New) (6) 2,800 107,100
-------------------------------------------------------------------------------------------------------------
Xerox Corp. 3,000 160,500
----------
586,461
- -------------------------------------------------------------------------------------------------------------------
Computer Software - 3.8%
-------------------------------------------------------------------------------------------------------------
Applix, Inc. (6) 1,500 43,125
-------------------------------------------------------------------------------------------------------------
Aspen Technologies, Inc. (6) 400 22,000
-------------------------------------------------------------------------------------------------------------
Cambridge Technology Partners, Inc. (6) 5,100 155,550
-------------------------------------------------------------------------------------------------------------
Cooper & Chyan Technology, Inc. (6) 500 10,938
-------------------------------------------------------------------------------------------------------------
Dendrite International, Inc. (6) 800 27,600
-------------------------------------------------------------------------------------------------------------
Electronics for Imaging, Inc. (6) 2,400 166,500
-------------------------------------------------------------------------------------------------------------
EPIC Design Technology, Inc. (6) 2,600 65,650
-------------------------------------------------------------------------------------------------------------
Inso Corp. (6) 1,300 68,088
-------------------------------------------------------------------------------------------------------------
McAfee Associates, Inc. (6) 2,925 143,325
-------------------------------------------------------------------------------------------------------------
MDL Information Systems, Inc. (6) 1,300 38,675
-------------------------------------------------------------------------------------------------------------
Medic Computer Systems, Inc. (6) 500 40,563
-------------------------------------------------------------------------------------------------------------
Project Software & Development, Inc. (6) 2,800 131,250
-------------------------------------------------------------------------------------------------------------
Rational Software Corp. (6) 2,700 145,125
-------------------------------------------------------------------------------------------------------------
Remedy Corp. (6) 1,150 83,950
-------------------------------------------------------------------------------------------------------------
Sap AG, Preference 400 59,375
-------------------------------------------------------------------------------------------------------------
Sapient Corp. (6) 1,400 59,150
-------------------------------------------------------------------------------------------------------------
Scopus Technology, Inc. (6) 1,800 27,900
-------------------------------------------------------------------------------------------------------------
Security Dynamics Technologies, Inc. (6) 1,000 82,250
-------------------------------------------------------------------------------------------------------------
Shiva Corp. (6) 500 40,000
-------------------------------------------------------------------------------------------------------------
Veritas Software Corp. (6) 1,500 64,500
-------------------------------------------------------------------------------------------------------------
Visio Corp. (6) 1,300 46,800
-------------------------------------------------------------------------------------------------------------
Zebra Technologies Corp., Cl. A (6) 2,300 40,825
----------
1,563,139
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Electronics - 2.7%
-------------------------------------------------------------------------------------------------------------
Bowthorpe PLC 9,000 $ 63,038
-------------------------------------------------------------------------------------------------------------
Electrocomponents PLC 9,000 53,324
-------------------------------------------------------------------------------------------------------------
Getronics NV 2,400 53,193
-------------------------------------------------------------------------------------------------------------
Input/Output, Inc. (6) 2,400 77,700
-------------------------------------------------------------------------------------------------------------
Intel Corp. 1,000 73,438
-------------------------------------------------------------------------------------------------------------
Keyence Corp. 600 81,745
-------------------------------------------------------------------------------------------------------------
Kyocera Corp. 1,000 70,864
-------------------------------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 74,613
-------------------------------------------------------------------------------------------------------------
Matsushita Electric Works Ltd. 5,000 54,405
-------------------------------------------------------------------------------------------------------------
Nitto Denko Corp. 4,000 70,589
-------------------------------------------------------------------------------------------------------------
Rohm Co. 1,000 66,200
-------------------------------------------------------------------------------------------------------------
Samsung Electronics Co., Sponsored GDR (1)(6) 1,300 31,369
-------------------------------------------------------------------------------------------------------------
SDL, Inc. (6) 1,400 38,850
-------------------------------------------------------------------------------------------------------------
Sony Corp. (6) 1,000 65,926
-------------------------------------------------------------------------------------------------------------
TDK Corp. 1,000 59,800
-------------------------------------------------------------------------------------------------------------
Varian Associates, Inc. 1,200 62,100
-------------------------------------------------------------------------------------------------------------
Vitesse Semiconductor Corp. (6) 2,300 55,200
-------------------------------------------------------------------------------------------------------------
Waters Corp. (6) 1,400 46,200
----------
1,098,554
- -------------------------------------------------------------------------------------------------------------------
Telecommunications-Technology - 3.1%
-------------------------------------------------------------------------------------------------------------
APAC Teleservices, Inc. (6) 1,700 61,200
-------------------------------------------------------------------------------------------------------------
Aspect Telecommunications Corp. (6) 2,400 118,800
-------------------------------------------------------------------------------------------------------------
AT&T Corp. 3,000 186,000
-------------------------------------------------------------------------------------------------------------
Cable Design Technologies Corp. (6) 1,750 57,313
-------------------------------------------------------------------------------------------------------------
Cidco, Inc. (6) 2,100 74,025
-------------------------------------------------------------------------------------------------------------
Coherent Communications Systems Corp. (6) 2,700 57,375
-------------------------------------------------------------------------------------------------------------
Comverse Technology, Inc. (6) 3,200 97,600
-------------------------------------------------------------------------------------------------------------
DSP Communications, Inc. (6) 3,800 195,225
-------------------------------------------------------------------------------------------------------------
Inter-Tel, Inc. (6) 1,500 39,281
-------------------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR 3,520 75,680
-------------------------------------------------------------------------------------------------------------
Nokia AB, Series A 1,200 44,304
-------------------------------------------------------------------------------------------------------------
Octel Communications Corp. (6) 2,400 47,400
-------------------------------------------------------------------------------------------------------------
Premisys Communications, Inc. (6) 1,200 73,200
-------------------------------------------------------------------------------------------------------------
PT Indosat, ADR 800 26,800
-------------------------------------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 15,000 63,158
-------------------------------------------------------------------------------------------------------------
Vodafone Group PLC 15,000 58,515
----------
1,275,876
- -------------------------------------------------------------------------------------------------------------------
Utilities - 6.3%
- -------------------------------------------------------------------------------------------------------------------
Electric Utilities - 3.2%
-------------------------------------------------------------------------------------------------------------
American Electric Power Co., Inc. 3,700 157,713
-------------------------------------------------------------------------------------------------------------
Calenergy, Inc. (6) 2,900 73,950
-------------------------------------------------------------------------------------------------------------
Cia Energetica de Minas Gerais, Preference 2,600,000 69,130
-------------------------------------------------------------------------------------------------------------
Entergy Corp. 7,100 201,463
-------------------------------------------------------------------------------------------------------------
FPL Group, Inc. 4,900 225,400
-------------------------------------------------------------------------------------------------------------
Illinova Corp. 3,400 97,750
-------------------------------------------------------------------------------------------------------------
Kansas City Power & Light Co. 4,500 123,750
-------------------------------------------------------------------------------------------------------------
Texas Utilities Co. 3,300 141,075
-------------------------------------------------------------------------------------------------------------
Veba AG 2,000 106,373
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Electric Utilities (Continued)
-------------------------------------------------------------------------------------------------------------
Western Resources, Inc. 3,500 $ 104,563
1,301,167
- -------------------------------------------------------------------------------------------------------------------
Gas Utilities - 1.3%
-------------------------------------------------------------------------------------------------------------
Columbia Gas System, Inc. (The) 2,600 135,525
-------------------------------------------------------------------------------------------------------------
Hong Kong & China Gas 32,400 51,692
-------------------------------------------------------------------------------------------------------------
PanEnergy Corp. 9,400 309,025
-------------------------------------------------------------------------------------------------------------
RWE AG, Preference (6) 1,850 56,942
-----------
553,184
- -------------------------------------------------------------------------------------------------------------------
Telephone Utilities - 1.8%
-------------------------------------------------------------------------------------------------------------
Ameritech Corp. 3,500 207,813
-------------------------------------------------------------------------------------------------------------
DDI Corp. 7 61,190
-------------------------------------------------------------------------------------------------------------
GTE Corp. 4,700 210,325
-------------------------------------------------------------------------------------------------------------
NYNEX Corp. 2,300 109,250
-------------------------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 19,000 42,498
-------------------------------------------------------------------------------------------------------------
Telecomunicacoes de Sao Paulo SA, Preference 350,000 74,935
-------------------------------------------------------------------------------------------------------------
Telecomunicacoes de Sao Paulo SA 14,999 2,644
-------------------------------------------------------------------------------------------------------------
Telefonica de Espana, ADS 3,000 55,310
-----------
763,965
-----------
Total Common Stocks 23,508,635
- -------------------------------------------------------------------------------------------------------------------
Preferred Stocks - 0.6%
- -------------------------------------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,100 130,075
-------------------------------------------------------------------------------------------------------------
K-III Communications Corp., $2.875 Cv. Exchangeable (1)(6) 1,000 94,000
-------------------------------------------------------------------------------------------------------------
Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks 4,400 1,658
-----------
Total Preferred Stocks 225,733
<CAPTION>
Units
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Rights, Warrants and Certificates - 0.1%
- -------------------------------------------------------------------------------------------------------------------
Carrefour Supermarche SA Rts., Exp. 7/96 115 31,793
-------------------------------------------------------------------------------------------------------------
Haw Par Brothers International Wts., Exp. 3/01 2,500 1,506
-------------------------------------------------------------------------------------------------------------
Hong Kong & China Gas Wts., Exp. 9/97 2,700 706
-------------------------------------------------------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp. 8/02 (1) 125 --
-------------------------------------------------------------------------------------------------------------
Renong Berhad Wts., Exp. 2/97 2,750 728
-----------
Total Rights, Warrants and Certificates 34,733
<CAPTION>
Principal
Amount
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreements - 6.7%
- -------------------------------------------------------------------------------------------------------------------
Repurchase agreement with State Street Bank and Trust Co.,
4.50%, dated 6/28/96, to be repurchased at $2,751,031 on
7/1/96, collaterallized by U.S. Treasury Bills maturing
12/19/96, with a value of $2,817,224 $2,750,000 2,750,000
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Balanced Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
(Note 1)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Total Investments, at Value (Cost $37,155,462) 99.2% 40,977,565
-------------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 0.8 319,804
----- -----------
Net Assets 100.0% $41,297,369
===== ===========
</TABLE>
(1) 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 $702,344 or 1.70% of the Fund's
net assets at June 30, 1996.
(2) Denotes a step bond: a zero coupon bond that converts to a fixed rate
of interest at a designated future date.
(3) For zero coupon bonds, the interest rate shown is the effective yield
on the date of purchase.
(4) Interest or dividend is paid in kind.
(5) When-issued security to be delivered and settled after June 30, 1996.
(6) Non-income producing security.
See accompanying Notes to Financial Statements.
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Mortgage-Backed Obligations - 0.9%
- -------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 $ 19,974 $ 19,063
Series 1843, Cl. VB, 7%, 4/15/03 15,000 14,953
Series 1849, Cl. VA, 6%, 12/15/10 29,687 29,057
---------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6%, 12/1/03 60,655 58,674
6.50%, 4/1/26 49,823 46,601
Series 1994-13, Cl. B, 6.50%, 2/25/09 75,000 69,586
---------------------------------------------------------------------------------------------------------------
GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3,
7.30%, 6/25/26 35,000 35,088
---------------------------------------------------------------------------------------------------------------
Olympic Automobile Receivables Trust, Series 1996-A,
Cl. A4, 5.85%, 7/15/01 15,000 14,690
----------
Total Mortgage-Backed Obligations 287,712
- -------------------------------------------------------------------------------------------------------------------
U.S. Government Obligations - 4.9%
- -------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 520,000 550,489
---------------------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
6.75%, 6/30/99 480,000 485,549
7.25%, 8/15/04 250,000 258,945
7.50%, 11/15/01 325,000 339,271
----------
Total U.S. Government Obligations 1,634,254
- -------------------------------------------------------------------------------------------------------------------
Non-Convertible Corporate Bonds and Notes - 10.7%
- -------------------------------------------------------------------------------------------------------------------
Basic Materials - 1.5%
- -------------------------------------------------------------------------------------------------------------------
Chemicals - 0.6%
---------------------------------------------------------------------------------------------------------------
Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97 15,000 15,172
---------------------------------------------------------------------------------------------------------------
G-I Holdings, Inc., 10% Sr. Nts., 2/15/06 (1) 31,000 30,535
---------------------------------------------------------------------------------------------------------------
Morton International, Inc., 9.25% Credit Sensitive Nts.,
6/1/20 15,000 17,727
---------------------------------------------------------------------------------------------------------------
NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 75,000 58,219
---------------------------------------------------------------------------------------------------------------
PPG Industries, Inc., 9% Debs., 5/1/21 15,000 17,309
---------------------------------------------------------------------------------------------------------------
Rexene Corp. (New), 11.75% Sr. Nts., 12/1/04 50,000 51,750
----------
190,712
- -------------------------------------------------------------------------------------------------------------------
Metals - 0.1%
---------------------------------------------------------------------------------------------------------------
Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 35,000 38,318
- -------------------------------------------------------------------------------------------------------------------
Paper - 0.8%
---------------------------------------------------------------------------------------------------------------
Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 15,000 15,113
---------------------------------------------------------------------------------------------------------------
Doman Industries Ltd., 8.75% Sr. Nts., 3/15/04 50,000 45,000
---------------------------------------------------------------------------------------------------------------
Fort Howard Corp., 9% Sr. Sub. Nts., 2/1/06 50,000 48,000
---------------------------------------------------------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs.,
5/15/05 50,000 52,688
---------------------------------------------------------------------------------------------------------------
Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 30,000 30,895
---------------------------------------------------------------------------------------------------------------
Kimberly-Clark Corp., 7.875% Debs., 2/1/23 15,000 15,064
---------------------------------------------------------------------------------------------------------------
Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 48,500
----------
255,260
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Consumer Cyclicals - 4.5%
- -------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment - 2.1%
---------------------------------------------------------------------------------------------------------------
American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (1) $ 50,000 $ 49,000
---------------------------------------------------------------------------------------------------------------
Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts.,
9.799%, 6/15/98 (3) 100,000 86,375
---------------------------------------------------------------------------------------------------------------
Bally's Grand, Inc., 10.375% First Mtg. Nts., Series B,
12/15/03 50,000 54,875
---------------------------------------------------------------------------------------------------------------
Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts.,
3/15/04 50,000 53,188
---------------------------------------------------------------------------------------------------------------
Blockbuster Entertainment Group, 6.625% Sr. Nts., 2/15/98 15,000 14,921
---------------------------------------------------------------------------------------------------------------
Casino America, Inc., 11.50% First Mtg. Nts., 11/15/01 50,000 53,000
---------------------------------------------------------------------------------------------------------------
Griffin Gaming & Entertainment, Inc., 11% Mtg. Debs.,
9/15/03 50,000 52,000
---------------------------------------------------------------------------------------------------------------
Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B,
2/15/98 50,000 47,250
---------------------------------------------------------------------------------------------------------------
Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts.,
11/15/02 (1) 50,000 62,750
---------------------------------------------------------------------------------------------------------------
Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 50,000 52,625
---------------------------------------------------------------------------------------------------------------
Trump Atlantic City Associates/Trump Atlantic City
Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 50,000 50,250
---------------------------------------------------------------------------------------------------------------
Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 50,000 51,125
---------------------------------------------------------------------------------------------------------------
Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A,
3/30/01 25,000 24,554
---------------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp., 10.50% Sr. Sub. Nts., 5/15/06 50,000 50,000
--------
701,913
- -------------------------------------------------------------------------------------------------------------------
Media - 1.7%
---------------------------------------------------------------------------------------------------------------
Argyle Television, Inc., 9.75% Sr. Sub. Nts., 11/1/05 50,000 47,000
---------------------------------------------------------------------------------------------------------------
Cablevision Systems Corp., 9.875% Sr. Sub. Nts., 5/15/06 50,000 48,250
---------------------------------------------------------------------------------------------------------------
Century Communications Corp., 9.75% Sr. Nts., 2/15/02 50,000 49,750
---------------------------------------------------------------------------------------------------------------
Comcast Corp., 9.125% Sr. Sub. Debs., 10/15/06 50,000 47,125
---------------------------------------------------------------------------------------------------------------
Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs.,
11/15/07 (2) 50,000 28,875
---------------------------------------------------------------------------------------------------------------
International CableTel, Inc., 0%/11.50% Sr. Deferred
Coupon Nts., Series A, 2/1/06 (2) 100,000 55,625
---------------------------------------------------------------------------------------------------------------
New World Communications Group Holding Corp., Zero
Coupon Sr. Disc. Nts., Series B, 11.022%, 6/15/99 (3) 100,000 73,250
---------------------------------------------------------------------------------------------------------------
Paxson Communications Corp., 11.625% Sr. Sub. Nts.,
10/1/02 50,000 52,000
---------------------------------------------------------------------------------------------------------------
Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 47,750
---------------------------------------------------------------------------------------------------------------
TeleWest PLC:
0%/11% Sr. Disc. Debs., 10/1/07 (2) 25,000 14,750
9.625% Sr. Debs., 10/1/06 25,000 24,438
---------------------------------------------------------------------------------------------------------------
Time Warner, Inc., 7.45% Nts., 2/1/98 15,000 15,162
---------------------------------------------------------------------------------------------------------------
United International Holdings, Inc., Zero Coupon Sr. Sec.
Disc. Nts., Series B, 14%, 11/15/99 (3) 100,000 65,500
--------
569,475
- -------------------------------------------------------------------------------------------------------------------
Retail: General - 0.5%
---------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 5,000 5,263
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Retail: General (Continued)
---------------------------------------------------------------------------------------------------------------
Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon
Nts., 11/1/03 (2) $100,000 $ 60,500
---------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 30,000 31,322
---------------------------------------------------------------------------------------------------------------
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 50,000 52,875
--------
149,960
- -------------------------------------------------------------------------------------------------------------------
Retail: Speciality - 0.2%
---------------------------------------------------------------------------------------------------------------
Hines Horticulture, Inc., 11.75% Gtd. Sr. Sub. Nts., Series B,
10/15/05 50,000 51,375
- -------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals - 1.3%
- -------------------------------------------------------------------------------------------------------------------
Food - 0.5%
---------------------------------------------------------------------------------------------------------------
Dole Food Co., 6.75% Nts., 7/15/00 40,000 39,459
---------------------------------------------------------------------------------------------------------------
Fresh Del Monte Produce NV, 10% Sr. Nts., Series B,
5/1/03 50,000 46,500
---------------------------------------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 15,000 15,469
---------------------------------------------------------------------------------------------------------------
Van De Kamps, Inc., 12% Sr. Sub. Nts., 9/15/05 50,000 53,000
--------
154,428
- -------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 0.5%
---------------------------------------------------------------------------------------------------------------
Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 (1) 50,000 51,750
---------------------------------------------------------------------------------------------------------------
Graphic Controls Corp., 12% Sr. Sub. Nts., Series A,
9/15/05 50,000 53,000
---------------------------------------------------------------------------------------------------------------
Regency Health Services, Inc., 9.875% Gtd. Sr. Sub. Nts.,
10/15/02 50,000 48,000
--------
152,750
- -------------------------------------------------------------------------------------------------------------------
Household Goods - 0.3%
---------------------------------------------------------------------------------------------------------------
Black & Decker Corp., 6.625% Nts., 11/15/00 15,000 14,816
---------------------------------------------------------------------------------------------------------------
Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 30,000 30,338
---------------------------------------------------------------------------------------------------------------
Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts.,
12.936%, 3/15/98 (3) 75,000 62,344
--------
107,498
- -------------------------------------------------------------------------------------------------------------------
Energy - 0.4%
- -------------------------------------------------------------------------------------------------------------------
Energy Services & Producers - 0.2%
---------------------------------------------------------------------------------------------------------------
Coastal Corp., 8.125% Sr. Nts., 9/15/02 15,000 15,639
---------------------------------------------------------------------------------------------------------------
Maxus Energy Corp., 9.375% Nts., 11/1/03 50,000 48,250
--------
63,889
- -------------------------------------------------------------------------------------------------------------------
Oil-Integrated - 0.2%
---------------------------------------------------------------------------------------------------------------
Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 52,750 50,640
---------------------------------------------------------------------------------------------------------------
Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 15,000 14,520
---------------------------------------------------------------------------------------------------------------
Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19 15,000 15,688
--------
80,848
- -------------------------------------------------------------------------------------------------------------------
Financial - 0.8%
- -------------------------------------------------------------------------------------------------------------------
Banks - 0.2%
---------------------------------------------------------------------------------------------------------------
Citicorp, 5.625% Sr. Nts., 2/15/01 15,000 14,299
---------------------------------------------------------------------------------------------------------------
Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 15,000 16,784
---------------------------------------------------------------------------------------------------------------
Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 25,000 25,037
--------
56,120
- -------------------------------------------------------------------------------------------------------------------
Diversified Financial - 0.6%
---------------------------------------------------------------------------------------------------------------
Beneficial Corp., 9.125% Debs., 2/15/98 15,000 15,612
---------------------------------------------------------------------------------------------------------------
Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 10,000 9,986
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
Diversified Financial (Continued)
---------------------------------------------------------------------------------------------------------------
Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 $ 15,000 $ 14,284
---------------------------------------------------------------------------------------------------------------
Countrywide Funding Corp., 6.05% Gtd. Medium-Term
Nts., Series D, 3/1/01 15,000 14,392
---------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 15,000 14,971
---------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.625% Nts., 2/15/01 25,000 23,747
---------------------------------------------------------------------------------------------------------------
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 50,000 49,875
---------------------------------------------------------------------------------------------------------------
Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 15,000 14,738
---------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 20,000 19,648
---------------------------------------------------------------------------------------------------------------
Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D,
3/1/99 35,000 36,344
--------
213,597
- -------------------------------------------------------------------------------------------------------------------
Insurance - 0.0%
---------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., 6.75% Nts.,
4/15/01 15,000 14,891
- -------------------------------------------------------------------------------------------------------------------
Industrial - 0.5%
- -------------------------------------------------------------------------------------------------------------------
Industrial Materials - 0.2%
---------------------------------------------------------------------------------------------------------------
Portola Packaging, Inc., 10.75% Sr. Nts., 10/1/05 50,000 50,875
- -------------------------------------------------------------------------------------------------------------------
Manufacturing - 0.2%
---------------------------------------------------------------------------------------------------------------
Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 50,000 47,500
---------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 10,000 10,000
--------
57,500
- -------------------------------------------------------------------------------------------------------------------
Transportation - 0.1%
---------------------------------------------------------------------------------------------------------------
Federal Express Corp., 6.25% Nts., 4/15/98 15,000 14,885
---------------------------------------------------------------------------------------------------------------
Union Pacific Corp., 7% Nts., 6/15/00 15,000 14,967
--------
29,852
- -------------------------------------------------------------------------------------------------------------------
Technology - 1.5%
- -------------------------------------------------------------------------------------------------------------------
Computer Hardware - 0.1%
---------------------------------------------------------------------------------------------------------------
Digital Equipment Corp., 7% Nts., 11/15/97 45,000 45,033
- -------------------------------------------------------------------------------------------------------------------
Telecommunications-Technology - 1.4%
---------------------------------------------------------------------------------------------------------------
A+ Network, Inc., 11.875% Sr. Sub. Nts., 11/1/05 50,000 51,375
---------------------------------------------------------------------------------------------------------------
American Communications Services, Inc., 0%/13% Sr. Disc.
Nts., 11/1/05 (2) 100,000 56,000
---------------------------------------------------------------------------------------------------------------
Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts.,
3/15/08 (2) 75,000 38,625
---------------------------------------------------------------------------------------------------------------
In-Flight Phone Corp., 0%/14% Sr. Disc. Nts., 5/15/02 (2) 50,000 16,250
---------------------------------------------------------------------------------------------------------------
MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 15,000 15,143
---------------------------------------------------------------------------------------------------------------
MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts.,
1/15/04 (2) 75,000 56,250
---------------------------------------------------------------------------------------------------------------
Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 50,000 46,250
---------------------------------------------------------------------------------------------------------------
Mobilemedia Communications Corp., 9.375% Sr. Sub. Nts.,
11/1/07 50,000 44,750
---------------------------------------------------------------------------------------------------------------
Paging Network, Inc., 10.125% Sr. Sub. Nts., 8/1/07 50,000 49,125
---------------------------------------------------------------------------------------------------------------
PriCellular Wireless Corp., 0%/12.25% Sr. Sub. Disc. Nts.,
10/1/03 (2) 75,000 58,875
---------------------------------------------------------------------------------------------------------------
Teleport Communications Group, Inc.:
0%/11.125% Sr. Disc. Nts., 7/1/07 (2)(4) 25,000 14,781
9.875% Sr. Nts., 7/1/06 (4) 25,000 25,258
--------
472,682
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Utilities - 0.2%
- -------------------------------------------------------------------------------------------------------------------
Electric Utilities - 0.1%
---------------------------------------------------------------------------------------------------------------
Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 $15,000 $ 15,423
---------------------------------------------------------------------------------------------------------------
El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 10,000 9,846
----------
25,269
- -------------------------------------------------------------------------------------------------------------------
Gas Utilities - 0.1%
---------------------------------------------------------------------------------------------------------------
Arkla, Inc., 9.875% Nts., 4/15/97 30,000 30,783
---------------------------------------------------------------------------------------------------------------
Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 25,000 23,146
----------
53,929
----------
Total Non-Convertible Corporate Bonds and Notes 3,536,174
- -------------------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds and Notes - 0.7%
- -------------------------------------------------------------------------------------------------------------------
IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 90,000 110,250
---------------------------------------------------------------------------------------------------------------
Storage Technology Corp., 7% Cv. Sub. Debs., 3/15/08 70,000 116,025
----------
226,275
<CAPTION>
Shares
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks - 73.1%
- -------------------------------------------------------------------------------------------------------------------
Basic Materials - 2.0%
- -------------------------------------------------------------------------------------------------------------------
Chemicals - 0.9%
---------------------------------------------------------------------------------------------------------------
Cabot Corp. 2,200 53,900
---------------------------------------------------------------------------------------------------------------
Daicel Chemical Industries Ltd. 10,000 61,542
---------------------------------------------------------------------------------------------------------------
Potash Corp. of Saskatchewan, Inc. 1,200 79,500
---------------------------------------------------------------------------------------------------------------
Union Carbide Corp. 3,000 119,250
---------------------------------------------------------------------------------------------------------------
W.R. Grace & Co. 400 28,350
----------
342,542
- -------------------------------------------------------------------------------------------------------------------
Metals - 1.1%
---------------------------------------------------------------------------------------------------------------
Acerinox SA 500 52,063
---------------------------------------------------------------------------------------------------------------
Carpenter Technology Corp. 2,800 89,600
---------------------------------------------------------------------------------------------------------------
RTZ Corp. PLC 4,000 59,293
---------------------------------------------------------------------------------------------------------------
UNR Industries, Inc. 12,000 115,500
---------------------------------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 6,000 42,973
----------
359,429
- -------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals - 13.3%
- -------------------------------------------------------------------------------------------------------------------
Autos & Housing - 3.5%
---------------------------------------------------------------------------------------------------------------
Autoliv AB 2,000 60,885
---------------------------------------------------------------------------------------------------------------
Autopistas Concesionaria Espanola SA 4,000 46,486
---------------------------------------------------------------------------------------------------------------
Black & Decker Corp. 1,500 57,937
---------------------------------------------------------------------------------------------------------------
Bridgestone Corp. 3,000 57,166
---------------------------------------------------------------------------------------------------------------
Camden Property Trust 4,300 102,125
---------------------------------------------------------------------------------------------------------------
Capstone Capital Trust, Inc. 4,900 100,450
---------------------------------------------------------------------------------------------------------------
Chrysler Corp. 3,100 192,200
---------------------------------------------------------------------------------------------------------------
Ford Motor Co. 5,800 187,775
---------------------------------------------------------------------------------------------------------------
Health & Retirement Property Trust 5,700 98,325
---------------------------------------------------------------------------------------------------------------
Honda Motor Co. 3,000 77,679
---------------------------------------------------------------------------------------------------------------
Meditrust Corp. 2,800 93,450
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Autos & Housing (Continued)
---------------------------------------------------------------------------------------------------------------
Rinnai Corp. (5) 2,000 $ 47,410
---------------------------------------------------------------------------------------------------------------
Valeo SA 700 37,460
----------
1,159,348
- -------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment - 3.2%
---------------------------------------------------------------------------------------------------------------
AMR Corp. 1,200 109,200
---------------------------------------------------------------------------------------------------------------
Atlas Air, Inc. (5) 2,700 155,250
---------------------------------------------------------------------------------------------------------------
CDL Hotels International Ltd. 150,000 82,359
---------------------------------------------------------------------------------------------------------------
Granada Group PLC 5,000 66,813
---------------------------------------------------------------------------------------------------------------
Grand Casinos, Inc. (5) 1,900 48,925
---------------------------------------------------------------------------------------------------------------
Landry's Seafood Restaurants, Inc. (5) 1,800 44,550
---------------------------------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A (5) 1,500 59,250
---------------------------------------------------------------------------------------------------------------
Papa John's International, Inc. (5) 1,750 85,312
---------------------------------------------------------------------------------------------------------------
Piccadilly Cafeterias, Inc. 6,300 66,150
---------------------------------------------------------------------------------------------------------------
Regal Cinemas, Inc. (5) 3,050 139,537
---------------------------------------------------------------------------------------------------------------
THORN EMI PLC 2,700 75,137
---------------------------------------------------------------------------------------------------------------
VideoServer, Inc. (5) 1,900 74,100
---------------------------------------------------------------------------------------------------------------
Wyndham Hotel Corp. (5) 2,300 48,012
----------
1,054,595
- -------------------------------------------------------------------------------------------------------------------
Media - 1.2%
---------------------------------------------------------------------------------------------------------------
Elsevier NV 2,200 33,381
---------------------------------------------------------------------------------------------------------------
Emmis Broadcasting Corp., Cl. A (5) 1,800 90,000
---------------------------------------------------------------------------------------------------------------
HA-LO Industries, Inc. (5) 1,500 39,000
---------------------------------------------------------------------------------------------------------------
Reed International PLC (5) 3,500 58,394
---------------------------------------------------------------------------------------------------------------
Reuters Holdings PLC (5) 5,000 60,521
---------------------------------------------------------------------------------------------------------------
Television Broadcasts Ltd. 15,000 56,295
---------------------------------------------------------------------------------------------------------------
Wolters Kluwer NV 400 45,437
----------
383,028
- -------------------------------------------------------------------------------------------------------------------
Retail: General - 3.1%
---------------------------------------------------------------------------------------------------------------
Eckerd Corp. (5) 2,300 52,037
---------------------------------------------------------------------------------------------------------------
Express Scripts, Inc., Cl. A (5) 1,400 64,400
---------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc. (5) 1,500 51,187
---------------------------------------------------------------------------------------------------------------
Marks & Spencer PLC 8,000 58,485
---------------------------------------------------------------------------------------------------------------
Nautica Enterprises, Inc. (5) 4,900 140,875
---------------------------------------------------------------------------------------------------------------
Price/Costco, Inc. (5) 3,000 64,875
---------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co. 3,500 170,187
---------------------------------------------------------------------------------------------------------------
St. John Knits, Inc. 2,900 129,412
---------------------------------------------------------------------------------------------------------------
U.S. Industries, Inc. (5) 3,900 94,087
---------------------------------------------------------------------------------------------------------------
Waban, Inc. (5) 2,200 52,525
---------------------------------------------------------------------------------------------------------------
Wolverine World Wide, Inc. 2,000 65,000
---------------------------------------------------------------------------------------------------------------
Zeneca Group PLC 4,000 88,505
----------
1,031,575
- -------------------------------------------------------------------------------------------------------------------
Retail: Specialty - 2.3%
---------------------------------------------------------------------------------------------------------------
adidas AG 140 11,658
---------------------------------------------------------------------------------------------------------------
CDW Computer Centers, Inc. (5) 1,700 118,150
---------------------------------------------------------------------------------------------------------------
Jusco Co. 2,000 65,462
---------------------------------------------------------------------------------------------------------------
MSC Industrial Direct Co., Inc., Cl. A (5) 1,900 61,275
---------------------------------------------------------------------------------------------------------------
New England Business Service, Inc. 4,200 81,900
---------------------------------------------------------------------------------------------------------------
Next PLC 7,000 61,235
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Retail: Specialty (Continued)
---------------------------------------------------------------------------------------------------------------
Regis Corp. of Minnesota 1,200 $ 37,500
---------------------------------------------------------------------------------------------------------------
Shimamura Co. Ltd. (5) 1,000 43,945
---------------------------------------------------------------------------------------------------------------
Sunglass Hut International, Inc. (5) 2,300 56,062
---------------------------------------------------------------------------------------------------------------
Tandy Corp. 1,400 66,325
---------------------------------------------------------------------------------------------------------------
U.S. Office Products Co. (5) 3,700 155,400
--------
758,912
- -------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals - 10.4%
- -------------------------------------------------------------------------------------------------------------------
Beverages - 1.1%
---------------------------------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 2,700 202,500
---------------------------------------------------------------------------------------------------------------
Heineken Holding NV, Cl. A 550 111,097
---------------------------------------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton 270 64,037
--------
377,634
- -------------------------------------------------------------------------------------------------------------------
Food - 1.4%
---------------------------------------------------------------------------------------------------------------
American Stores Co. 2,800 115,500
---------------------------------------------------------------------------------------------------------------
Archer-Daniels-Midland Co. 4,300 82,237
---------------------------------------------------------------------------------------------------------------
Carrefour Supermarche SA 115 64,424
---------------------------------------------------------------------------------------------------------------
Dole Food Co. 1,100 47,300
---------------------------------------------------------------------------------------------------------------
Kroger Co. (5) 2,400 94,800
---------------------------------------------------------------------------------------------------------------
Nestle SA 50 57,085
--------
461,346
- -------------------------------------------------------------------------------------------------------------------
Healthcare/Drugs - 2.7%
---------------------------------------------------------------------------------------------------------------
Astra AB Free, Series A 1,500 66,235
---------------------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 2,500 225,000
---------------------------------------------------------------------------------------------------------------
Ciba-Geigy AG 100 121,840
---------------------------------------------------------------------------------------------------------------
Dura Pharmaceuticals, Inc. (5) 1,200 67,200
---------------------------------------------------------------------------------------------------------------
Glaxo Wellcome PLC, Sponsored ADR 3,200 85,600
---------------------------------------------------------------------------------------------------------------
Jones Medical Industries, Inc. 1,300 43,225
---------------------------------------------------------------------------------------------------------------
Sandoz AG 100 114,330
---------------------------------------------------------------------------------------------------------------
Schering AG 1,000 72,497
---------------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 5,000 88,438
--------
884,365
- -------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 4.3%
---------------------------------------------------------------------------------------------------------------
CNS, Inc. (5) 2,600 63,050
---------------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 1,100 58,712
---------------------------------------------------------------------------------------------------------------
Compdent Corp. (5) 1,800 83,700
---------------------------------------------------------------------------------------------------------------
CONMED Corp. (5) 2,000 53,250
---------------------------------------------------------------------------------------------------------------
Gulf South Medical Supply, Inc. (5) 2,600 101,400
---------------------------------------------------------------------------------------------------------------
Omnicare, Inc. 800 21,200
---------------------------------------------------------------------------------------------------------------
OrNda Healthcorp (5) 2,700 64,800
---------------------------------------------------------------------------------------------------------------
OrthoLogic Corp. (5) 2,800 35,700
---------------------------------------------------------------------------------------------------------------
Pediatrix Medical Group, Inc. (5) 1,700 82,450
---------------------------------------------------------------------------------------------------------------
Physician Reliance Network, Inc. (5) 7,700 82,325
---------------------------------------------------------------------------------------------------------------
Physician Sales & Service, Inc. (5) 5,100 123,675
---------------------------------------------------------------------------------------------------------------
Physicians Resource Group, Inc. (5) 1,600 53,400
---------------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp. (5) 1,400 92,050
---------------------------------------------------------------------------------------------------------------
Renal Treatment Centers, Inc. (5) 3,500 100,625
---------------------------------------------------------------------------------------------------------------
Rural/Metro Corp. (5) 2,200 75,350
---------------------------------------------------------------------------------------------------------------
SmithKline Beecham PLC 13,209 141,309
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Healthcare/Supplies & Services (Continued)
---------------------------------------------------------------------------------------------------------------
Techne Corp. (5) 1,500 $ 43,875
---------------------------------------------------------------------------------------------------------------
Total Renal Care Holdings, Inc. (5) 1,800 76,050
---------------------------------------------------------------------------------------------------------------
Veterinary Centers of America, Inc. (5) 2,600 58,175
----------
1,411,096
- -------------------------------------------------------------------------------------------------------------------
Household Goods - 0.8%
---------------------------------------------------------------------------------------------------------------
Blyth Industries, Inc. (5) 3,100 140,662
---------------------------------------------------------------------------------------------------------------
Premark International, Inc. 1,800 33,300
---------------------------------------------------------------------------------------------------------------
Tupperware Corp. (5) 1,800 76,050
----------
250,012
- -------------------------------------------------------------------------------------------------------------------
Tobacco - 0.1%
---------------------------------------------------------------------------------------------------------------
PT Gudang Garam (5) 7,000 30,001
- -------------------------------------------------------------------------------------------------------------------
Energy - 3.5%
- -------------------------------------------------------------------------------------------------------------------
Oil-Integrated - 3.5%
---------------------------------------------------------------------------------------------------------------
Amoco Corp. 2,300 166,462
---------------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 1,100 130,350
---------------------------------------------------------------------------------------------------------------
Chevron Corp. 3,800 224,200
---------------------------------------------------------------------------------------------------------------
El Paso Natural Gas Co. 3,500 134,750
---------------------------------------------------------------------------------------------------------------
Elf Acquitaine SA 560 41,183
---------------------------------------------------------------------------------------------------------------
Exxon Corp. 1,400 121,625
---------------------------------------------------------------------------------------------------------------
Mobil Corp. 2,100 235,462
---------------------------------------------------------------------------------------------------------------
Ultramar Corp. 3,900 113,100
----------
1,167,132
- -------------------------------------------------------------------------------------------------------------------
Financial - 8.3%
- -------------------------------------------------------------------------------------------------------------------
Banks - 3.9%
---------------------------------------------------------------------------------------------------------------
Banco Bradesco SA, Preference 9,210,438 75,221
---------------------------------------------------------------------------------------------------------------
Banco Popular Espanol SA 400 71,258
---------------------------------------------------------------------------------------------------------------
Bangkok Bank Public Co. Ltd. 4,000 54,175
---------------------------------------------------------------------------------------------------------------
Bank of Boston Corp. 4,600 227,700
---------------------------------------------------------------------------------------------------------------
BankAmerica Corp. 3,300 249,975
---------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 2,704 190,970
---------------------------------------------------------------------------------------------------------------
HSBC Holdings PLC 2,000 30,231
---------------------------------------------------------------------------------------------------------------
Malayan Banking Berhad (5) 6,000 57,710
---------------------------------------------------------------------------------------------------------------
PNC Bank Corp. 6,300 187,425
---------------------------------------------------------------------------------------------------------------
Thai Farmers Bank Public Co. Ltd. 4,600 50,348
---------------------------------------------------------------------------------------------------------------
Wells Fargo & Co. 400 95,550
----------
1,290,563
- -------------------------------------------------------------------------------------------------------------------
Diversified Financial - 2.9%
---------------------------------------------------------------------------------------------------------------
Amresco, Inc. 4,700 80,487
---------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. 600 51,300
---------------------------------------------------------------------------------------------------------------
First Pacific Co. Ltd. 42,000 64,569
---------------------------------------------------------------------------------------------------------------
Haw Par Brothers International Ltd. 25,000 57,034
---------------------------------------------------------------------------------------------------------------
Hays PLC 9,000 63,488
---------------------------------------------------------------------------------------------------------------
ING Groep NV 2,500 74,612
---------------------------------------------------------------------------------------------------------------
Lend Lease Corp. Ltd. (5) 4,000 61,390
---------------------------------------------------------------------------------------------------------------
Nichiei Co. Ltd. 1,000 66,556
---------------------------------------------------------------------------------------------------------------
Oxford Resources Corp., Cl. A (5) 2,300 53,475
---------------------------------------------------------------------------------------------------------------
Perlis Plantations Berhad 14,000 53,863
---------------------------------------------------------------------------------------------------------------
Salomon, Inc. 3,800 167,200
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Diversified Financial (Continued)
---------------------------------------------------------------------------------------------------------------
Sirrom Capital Corp. 2,000 $ 54,500
---------------------------------------------------------------------------------------------------------------
Southcorp Holdings Ltd. (5) 25,000 61,980
---------------------------------------------------------------------------------------------------------------
Swire Pacific Ltd., Cl. B 47,000 64,664
----------
975,118
- -------------------------------------------------------------------------------------------------------------------
Insurance - 1.5%
---------------------------------------------------------------------------------------------------------------
AXA SA 1,028 56,232
---------------------------------------------------------------------------------------------------------------
CRA Managed Care, Inc. (5) 1,400 62,650
---------------------------------------------------------------------------------------------------------------
General Re Corp. 100 15,225
---------------------------------------------------------------------------------------------------------------
Hartford Steam Boiler Inspection & Insurance Co. 2,500 122,812
---------------------------------------------------------------------------------------------------------------
HCC Insurance Holdings, Inc. 1,750 39,375
---------------------------------------------------------------------------------------------------------------
Sumitomo Marine & Fire Insurance Co. 8,000 69,656
---------------------------------------------------------------------------------------------------------------
TIG Holdings, Inc. 1,700 49,300
---------------------------------------------------------------------------------------------------------------
Travelers/Aetna Property Casualty Corp., Cl. A (5) 2,800 79,450
----------
494,700
- -------------------------------------------------------------------------------------------------------------------
Industrial - 9.5%
- -------------------------------------------------------------------------------------------------------------------
Electrical Equipment - 0.4%
---------------------------------------------------------------------------------------------------------------
ABB AG (5) 65 80,390
---------------------------------------------------------------------------------------------------------------
Mabuchi Motor Co. 800 50,911
----------
131,301
- -------------------------------------------------------------------------------------------------------------------
Industrial Materials - 0.1%
---------------------------------------------------------------------------------------------------------------
THK Co. Ltd. 1,000 24,161
- -------------------------------------------------------------------------------------------------------------------
Industrial Services - 5.2%
---------------------------------------------------------------------------------------------------------------
AccuStaff, Inc. (5) 2,300 62,675
---------------------------------------------------------------------------------------------------------------
Alternative Resources Corp. (5) 1,600 58,800
---------------------------------------------------------------------------------------------------------------
Career Horizons, Inc. (5) 2,900 101,500
---------------------------------------------------------------------------------------------------------------
Computer Horizons Corp. (5) 1,900 75,050
---------------------------------------------------------------------------------------------------------------
Corestaff, Inc. (5) 2,000 89,500
---------------------------------------------------------------------------------------------------------------
Corrections Corp. of America (5) 2,300 161,000
---------------------------------------------------------------------------------------------------------------
Fritz Cos., Inc. (5) 1,900 61,275
---------------------------------------------------------------------------------------------------------------
Helix Technology Corp. 4,000 155,000
---------------------------------------------------------------------------------------------------------------
Komori Corp. (5) 2,000 51,057
---------------------------------------------------------------------------------------------------------------
Kurita Water Industries Ltd. (5) 3,000 73,030
---------------------------------------------------------------------------------------------------------------
NOVA Corp. (5) 1,800 60,750
---------------------------------------------------------------------------------------------------------------
PMT Services, Inc. (5) 2,700 77,287
---------------------------------------------------------------------------------------------------------------
Sanifill, Inc. (5) 1,500 73,875
---------------------------------------------------------------------------------------------------------------
SGS Societe Generale de Surveillance Holding SA, Series B 30 71,786
---------------------------------------------------------------------------------------------------------------
SITEL Corp. (5) 3,000 126,000
---------------------------------------------------------------------------------------------------------------
Tetra Tech, Inc. (5) 4,500 90,000
---------------------------------------------------------------------------------------------------------------
Transaction Systems Architects, Inc., Cl. A (5) 1,900 127,300
---------------------------------------------------------------------------------------------------------------
United Waste Systems, Inc. (5) 6,400 206,400
----------
1,722,285
- -------------------------------------------------------------------------------------------------------------------
Manufacturing - 3.4%
---------------------------------------------------------------------------------------------------------------
AGCO Corp. 3,200 88,800
---------------------------------------------------------------------------------------------------------------
Canadian Pacific Ltd. 8 183
---------------------------------------------------------------------------------------------------------------
Canon Sales Co. Inc. 2,000 55,616
---------------------------------------------------------------------------------------------------------------
Case Corp. 2,000 96,000
---------------------------------------------------------------------------------------------------------------
Chicago Miniature Lamp, Inc. (5) 1,500 57,000
---------------------------------------------------------------------------------------------------------------
Hanson PLC, ADR 6,700 95,475
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Manufacturing (Continued)
---------------------------------------------------------------------------------------------------------------
Harnischfeger Industries, Inc. 1,400 $ 46,550
---------------------------------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 10,000 62,914
---------------------------------------------------------------------------------------------------------------
Komatsu Ltd. (5) 7,000 68,927
---------------------------------------------------------------------------------------------------------------
Mannesmann AG 195 67,129
---------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc. 1,995 45,137
---------------------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 6,000 52,133
---------------------------------------------------------------------------------------------------------------
NSK Ltd. 3,000 22,675
---------------------------------------------------------------------------------------------------------------
Shinmaywa Industries Ltd. (5) 2,000 20,423
---------------------------------------------------------------------------------------------------------------
SMC Corp. (5) 100 7,731
---------------------------------------------------------------------------------------------------------------
Textron, Inc. 1,700 135,787
---------------------------------------------------------------------------------------------------------------
Tyco International Ltd. 2,600 105,950
---------------------------------------------------------------------------------------------------------------
U.S. Filter Corp. (5) 1,400 48,650
---------------------------------------------------------------------------------------------------------------
UCAR International, Inc. (5) 1,600 66,600
---------
1,143,680
- -------------------------------------------------------------------------------------------------------------------
Transportation - 0.4%
---------------------------------------------------------------------------------------------------------------
Brambles Industries Ltd. 4,000 55,660
---------------------------------------------------------------------------------------------------------------
Wisconsin Central Transportation Corp. (5) 2,600 84,500
---------
140,160
- -------------------------------------------------------------------------------------------------------------------
Technology - 18.2%
- -------------------------------------------------------------------------------------------------------------------
Aerospace/Defense - 3.3%
---------------------------------------------------------------------------------------------------------------
General Dynamics Corp. 3,800 235,600
---------------------------------------------------------------------------------------------------------------
Goodrich (B.F.) Co. 4,400 164,450
---------------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. 2,400 201,600
---------------------------------------------------------------------------------------------------------------
McDonnell Douglas Corp. 2,200 106,700
---------------------------------------------------------------------------------------------------------------
Rockwell International Corp. 3,500 200,375
---------------------------------------------------------------------------------------------------------------
TRW, Inc. 2,000 179,750
---------
1,088,475
- -------------------------------------------------------------------------------------------------------------------
Computer Hardware - 1.8%
---------------------------------------------------------------------------------------------------------------
Canon, Inc. 6,000 124,725
---------------------------------------------------------------------------------------------------------------
Dell Computer Corp. (5) 1,100 55,962
---------------------------------------------------------------------------------------------------------------
Gateway 2000, Inc. (5) 1,000 34,000
---------------------------------------------------------------------------------------------------------------
HCIA, Inc. (5) 1,300 81,900
---------------------------------------------------------------------------------------------------------------
Microcom, Inc. (5) 2,900 36,612
---------------------------------------------------------------------------------------------------------------
Storage Technology Corp. (New) (5) 2,800 107,100
---------------------------------------------------------------------------------------------------------------
Xerox Corp. 3,000 160,500
---------
600,799
- -------------------------------------------------------------------------------------------------------------------
Computer Software - 5.4%
---------------------------------------------------------------------------------------------------------------
Applix, Inc. (5) 1,600 46,000
---------------------------------------------------------------------------------------------------------------
Aspen Technologies, Inc. (5) 400 22,000
---------------------------------------------------------------------------------------------------------------
Cambridge Technology Partners, Inc. (5) 5,700 173,850
---------------------------------------------------------------------------------------------------------------
Cooper & Chyan Technology, Inc. (5) 700 15,313
---------------------------------------------------------------------------------------------------------------
Dendrite International, Inc. (5) 900 31,050
---------------------------------------------------------------------------------------------------------------
Electronics for Imaging, Inc. (5) 2,600 180,375
---------------------------------------------------------------------------------------------------------------
EPIC Design Technology, Inc. (5) 2,800 70,700
---------------------------------------------------------------------------------------------------------------
Inso Corp. (5) 1,600 83,800
---------------------------------------------------------------------------------------------------------------
McAfee Associates, Inc. (5) 3,125 153,125
---------------------------------------------------------------------------------------------------------------
MDL Information Systems, Inc. (5) 1,700 50,575
---------------------------------------------------------------------------------------------------------------
Medic Computer Systems, Inc. (5) 600 48,675
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Computer Software (Continued)
---------------------------------------------------------------------------------------------------------------
Project Software & Development, Inc. (5) 3,100 $ 145,313
---------------------------------------------------------------------------------------------------------------
Rational Software Corp. (5) 3,000 161,250
---------------------------------------------------------------------------------------------------------------
Remedy Corp. (5) 1,200 87,600
---------------------------------------------------------------------------------------------------------------
Sap AG, Preference 400 59,443
---------------------------------------------------------------------------------------------------------------
Sapient Corp. (5) 1,900 80,275
---------------------------------------------------------------------------------------------------------------
Scopus Technology, Inc. (5) 2,000 31,000
---------------------------------------------------------------------------------------------------------------
Security Dynamics Technologies, Inc. (5) 1,100 90,475
---------------------------------------------------------------------------------------------------------------
Shiva Corp. (5) 700 56,000
---------------------------------------------------------------------------------------------------------------
Veritas Software Corp. (5) 1,900 81,700
---------------------------------------------------------------------------------------------------------------
Visio Corp. (5) 1,600 57,600
---------------------------------------------------------------------------------------------------------------
Zebra Technologies Corp., Cl. A (5) 2,700 47,925
----------
1,774,044
- -------------------------------------------------------------------------------------------------------------------
Electronics - 3.4%
---------------------------------------------------------------------------------------------------------------
Bowthorpe PLC 9,000 63,069
---------------------------------------------------------------------------------------------------------------
Electrocomponents PLC 9,000 53,560
---------------------------------------------------------------------------------------------------------------
Getronics NV 2,400 53,147
---------------------------------------------------------------------------------------------------------------
Input/Output, Inc. (5) 2,700 87,413
---------------------------------------------------------------------------------------------------------------
Intel Corp. 1,000 73,438
---------------------------------------------------------------------------------------------------------------
Keyence Corp. 600 81,745
---------------------------------------------------------------------------------------------------------------
Kyocera Corp. 1,000 70,659
---------------------------------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. 4,000 74,397
---------------------------------------------------------------------------------------------------------------
Matsushita Electric Works Ltd. 6,000 65,098
---------------------------------------------------------------------------------------------------------------
Nitto Denko Corp. 4,000 70,386
---------------------------------------------------------------------------------------------------------------
Rohm Co. 1,000 66,009
---------------------------------------------------------------------------------------------------------------
Samsung Electronics Co., Sponsored GDR (1)(5) 1,300 31,363
---------------------------------------------------------------------------------------------------------------
SDL, Inc. (5) 1,500 41,625
---------------------------------------------------------------------------------------------------------------
Sony Corp. (5) 1,000 65,736
---------------------------------------------------------------------------------------------------------------
TDK Corp. 1,000 59,627
---------------------------------------------------------------------------------------------------------------
Varian Associates, Inc. 1,400 72,450
---------------------------------------------------------------------------------------------------------------
Vitesse Semiconductor Corp. (5) 2,500 60,000
---------------------------------------------------------------------------------------------------------------
Waters Corp. (5) 1,400 46,200
----------
1,135,922
- -------------------------------------------------------------------------------------------------------------------
Telecommunications-Technology - 4.3%
---------------------------------------------------------------------------------------------------------------
APAC Teleservices, Inc. (5) 2,200 79,200
---------------------------------------------------------------------------------------------------------------
Aspect Telecommunications Corp. (5) 2,500 123,750
---------------------------------------------------------------------------------------------------------------
AT&T Corp. 3,100 192,200
---------------------------------------------------------------------------------------------------------------
Cable Design Technologies Corp. (5) 2,150 70,413
---------------------------------------------------------------------------------------------------------------
Cidco, Inc. (5) 2,500 88,125
---------------------------------------------------------------------------------------------------------------
Coherent Communications Systems Corp. (5) 2,900 61,625
---------------------------------------------------------------------------------------------------------------
Comverse Technology, Inc. (5) 3,800 115,900
---------------------------------------------------------------------------------------------------------------
DSP Communications, Inc. (5) 4,200 215,775
---------------------------------------------------------------------------------------------------------------
Inter-Tel, Inc. 1,700 44,519
---------------------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR 3,520 75,680
---------------------------------------------------------------------------------------------------------------
Nokia AB, Series A 1,200 44,168
---------------------------------------------------------------------------------------------------------------
Octel Communications Corp. (5) 2,600 51,350
---------------------------------------------------------------------------------------------------------------
Premisys Communications, Inc. (5) 1,200 73,200
---------------------------------------------------------------------------------------------------------------
PT Indosat, ADR 900 30,150
---------------------------------------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 24,000 100,623
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications-Technology (Continued)
---------------------------------------------------------------------------------------------------------------
Vodafone Group PLC 15,000 $ 55,820
-----------
1,422,498
- -------------------------------------------------------------------------------------------------------------------
Utilities - 7.9%
- --------------------------------------------------------------------------------------------------------------------
Electric Utilities - 3.9%
---------------------------------------------------------------------------------------------------------------
American Electric Power Co., Inc. 3,700 157,713
---------------------------------------------------------------------------------------------------------------
Calenergy, Inc. (5) 2,900 73,950
---------------------------------------------------------------------------------------------------------------
Cia Energetica de Minas Gerais, Preference 2,600,000 69,140
---------------------------------------------------------------------------------------------------------------
Entergy Corp. 7,100 201,463
---------------------------------------------------------------------------------------------------------------
FPL Group, Inc. 4,900 225,400
---------------------------------------------------------------------------------------------------------------
Illinova Corp. 3,400 97,750
---------------------------------------------------------------------------------------------------------------
Kansas City Power & Light Co. 4,500 123,750
---------------------------------------------------------------------------------------------------------------
Texas Utilities Co. 3,300 141,075
---------------------------------------------------------------------------------------------------------------
Veba AG 2,000 106,298
---------------------------------------------------------------------------------------------------------------
Western Resources, Inc. 3,500 104,563
-----------
1,301,102
- -------------------------------------------------------------------------------------------------------------------
Gas Utilities - 1.7%
---------------------------------------------------------------------------------------------------------------
Columbia Gas System, Inc. (The) 2,600 135,525
---------------------------------------------------------------------------------------------------------------
Hong Kong & China Gas 31,200 49,780
---------------------------------------------------------------------------------------------------------------
PanEnergy Corp. 9,400 309,025
---------------------------------------------------------------------------------------------------------------
RWE AG, Preference (5) 1,850 56,820
-----------
551,150
- -------------------------------------------------------------------------------------------------------------------
Telephone Utilities - 2.3%
---------------------------------------------------------------------------------------------------------------
Ameritech Corp. 3,500 207,813
---------------------------------------------------------------------------------------------------------------
DDI Corp. 7 61,013
---------------------------------------------------------------------------------------------------------------
GTE Corp. 4,700 210,325
---------------------------------------------------------------------------------------------------------------
NYNEX Corp. 2,300 109,250
---------------------------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 19,000 42,451
---------------------------------------------------------------------------------------------------------------
Telecomunicacoes de Sao Paulo SA, Preference 364,999 78,158
---------------------------------------------------------------------------------------------------------------
Telefonica de Espana, ADS 3,000 55,222
-----------
764,232
-----------
Total Common Stocks 24,231,205
- -------------------------------------------------------------------------------------------------------------------
Preferred Stocks - 0.6%
- -------------------------------------------------------------------------------------------------------------------
Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,100 130,350
---------------------------------------------------------------------------------------------------------------
K-III Communications Corp., $2.875 Cv. Exchangeable (1)(5) 500 46,625
---------------------------------------------------------------------------------------------------------------
Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks 4,400 1,657
-----------
Total Preferred Stocks 178,632
<CAPTION>
Units
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Rights, Warrants and Certificates - 0.1%
- -------------------------------------------------------------------------------------------------------------------
American Communications Services, Inc. Wts., Exp. 11/05 (1) 100 10,000
---------------------------------------------------------------------------------------------------------------
Carrefour Supermarche SA Rts., Exp. 7/96 115 31,765
---------------------------------------------------------------------------------------------------------------
Haw Par Brothers International Wts., Exp. 3/01 2,500 1,506
---------------------------------------------------------------------------------------------------------------
Hong Kong & China Gas Wts., Exp. 9/97 2,600 680
---------------------------------------------------------------------------------------------------------------
Renong Berhad Wts., Exp. 2/97 2,750 441
</TABLE>
<PAGE>
Panorama Series Fund, Inc. - LifeSpan Capital Appreciation Portfolio
Statement of Investments (Continued)
<TABLE>
<CAPTION>
Market Value
Units (Note 1)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Rights, Warrants and Certificates (Continued)
- -------------------------------------------------------------------------------------------------------------------
In-Flight Phone Corp. Wts., Exp. 8/02 (1) 50 $ --
-----------
Total Rights, Warrants and Certificates 44,392
Principal
Amount
===================================================================================================================
Repurchase Agreement - 8.5%
- -------------------------------------------------------------------------------------------------------------------
Repurchase agreement with State Street Bank and Trust
Company, 4.50%, dated 6/28/96, to be repurchased at
$2,801,050 on 7/1/96, collateralized by U.S. Treasury Bills,
12/19/96, with a value of $2,875,713 $2,800,000 2,800,000
---------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $28,978,412) 99.5% 32,938,644
---------------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 0.5 162,809
---------- -----------
Net Assets 100.0% $33,101,453
========== ===========
</TABLE>
1. 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 $282,023 or 0.85% of the Fund's net
assets, at June 30, 1996.
2. Denotes a step bond: a zero coupon bond that converts to a fixed rate
of interest at a designated future date.
3. For zero coupon bonds, the interest rate shown is the effective yield on
the date of purchase.
4. When-issued security to be delivered and settled after June 30, 1996.
5. Non-income producing security.
See accompanying Notes to Financial Statements.
<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. - 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>
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Diversified 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, with opportunities
for capital appreciation by investing in a strategically allocated portfolio
consisting primarily of bonds. 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.
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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN DIVERSIFIED 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 200 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995/(1)/
--------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 1,618,673 $1,691,235 20,000,000 $20,000,000
Dividends and distributions
reinvested 239,497 249,385 324,034 337,106
Redeemed (66,313) (69,037) -- --
--------- ---------- ---------- -----------
Net increase 1,791,857 $1,871,583 20,324,034 $20,337,106
========= ========== ========== ===========
</TABLE>
/(1)/ For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $457,314 was
composed of gross appreciation of $720,773, and gross depreciation of $263,459.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.75% of the first $250
million of net assets and 0.65% 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 BEA Associates (the
Sub-Advisor) to assist in the selection of portfolio investments for the
components of the Fund. The Manager pays BEA Associates based on the fee
schedule set forth in the Prospectus.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Balanced 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 blend of capital appreciation and income by
investing in a strategically allocated portfolio of stocks and bonds with a
slightly stronger emphasis on stocks. 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.
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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
OTHER.
Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the ex-
dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
2. SHARES OF CAPITAL STOCK
The Fund has authorized 200 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995 /(1)/
---------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 3,039,351 $3,347,261 33,400,000 $33,400,000
Dividends and distributions
reinvested 324,756 364,414 343,194 359,324
Redeemed (304,227) (332,400) -- --
--------- ---------- ---------- -----------
Net increase 3,059,880 $3,379,275 33,743,194 $33,759,324
========= ========== ========== ===========
</TABLE>
/(1)/ For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $3,817,930 was
composed of gross appreciation of $4,406,713, and gross depreciation of
$588,783.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.85% of the first $250
million of net assets and 0.75% 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 sub-advisory agreements with three Sub-Advisors to
assist in the selection of portfolio investments for the components of the Fund.
The Manager pays Babson-Stewart Ivory International, BEA Associates and Pilgrim
Baxter & Associates (the Sub-Advisors) based on the fee schedule set forth in
the Prospectus.
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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
5. FORWARD CONTRACTS (continued)
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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
LifeSpan Capital Appreciation 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 capital appreciation by
investing in a strategically allocated portfolio consisting primarily of stocks.
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.
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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
OTHER.
Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the ex-
dividend date. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis, which
is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
2. SHARES OF CAPITAL STOCK
The Fund has authorized 200 million shares of $0.001 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995/(1)/
---------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 4,130,270 $ 4,775,356 25,000,000 $25,000,000
Dividends and distributions
reinvested 236,570 278,563 154,663 163,733
Redeemed (1,410,034) (1,666,315) -- --
---------- ----------- ---------- -----------
Net increase 2,956,806 $ 3,387,604 25,154,663 $25,163,733
========== =========== ========== ===========
</TABLE>
/(1)/ For the period from September 1, 1995 (commencement of operations) to
December 31, 1995.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At June 30, 1996, net unrealized appreciation on investments of $3,956,060 was
composed of gross appreciation of $4,426,134, and gross depreciation of
$470,074.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund. The annual fees are 0.85% of the first $250
million of net assets and 0.75% 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 sub-advisory agreements with three Sub-Advisors to
assist in the selection of portfolio investments for the components of the Fund.
The Manager pays Babson-Stewart Ivory International, BEA Associates and Pilgrim
Baxter & Associates (the Sub-Advisors) based on the fee schedule set forth in
the Prospectus.
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.
<PAGE>
PANORAMA SERIES FUND, INC. - LIFESPAN CAPITAL APPRECIATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
5. FORWARD CONTRACTS (continued)
Forward contracts are valued based on the closing prices of the forward currency
contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. The Fund will realize a gain or loss
upon the closing or settlement of the forward transaction.
Securities held in 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.
<PAGE>
Oppenheimer Money Fund
Objective
Oppenheimer Money Fund primarily seeks maximum current income from investments
in "money market" securities consistent with low capital risk and the
maintenance of liquidity. This includes short-term U.S. government securities,
certificates of deposit, bankers' acceptances and commercial paper. An
investment in the Money Fund is neither insured nor guaranteed by the U.S.
Government. While the Money Fund 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 Art Zimmer and Dorothy Warmack, Fund Managers
During what was a very difficult year for the fixed income market, Oppenheimer
Money Fund performed well. By positioning our investments in securities offering
competitive yields and relatively steady prices, we successfully provided
investors with a current 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.
As we move through the remainder of the year, we will continue to focus on
maximizing the portfolio's yield while watching interest rates carefully. At
this time, we believe reports of stronger than expected economic growth are
making further interest rate cuts unlikely this year. We feel it is likely that
the Federal Reserve will tighten monetary policy slightly this summer. We're
currently maintaining our focus on shorter securities and watching carefully for
ways to increase yield. This should be accomplished through purchase of floating
rate securities, new commercial paper programs and structuring the maturities of
our investments./1/
Because the securities in which we must invest have short maturities, the yields
paid are directly related to prevailing interest rates. As a result, Oppenheimer
Money 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
with a competitive income stream as well as safety of principal as the year
progresses.
We appreciate your confidence in Oppenheimer Money Fund. We look forward to
helping you with your financial goals in the future.
- ---------------------
/1/The Fund's portfolio is subject to change.
<PAGE>
Oppenheimer Bond Fund
Objective
Oppenheimer Bond Fund primarily seeks a high level of current income from
investing in high yield fixed-income securities rated "Baa" or better by
Moody's of "BBB" or better by Standard & Poor's. Secondarily, the Fund seeks
capital growth when consistent with its primary objective of high current
income.
Narrative by David Negri, Fund Manager
There were two major factors that contributed to the performance of Oppenheimer
Bond 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 the 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 international bonds performed well, avoiding the difficulties
experienced by most types of domestic bonds. 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./2/
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 move through the second half of the year, we will continue to work on
capturing as much income as possible. Because we believe the economy is
relatively healthy, we will continue 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. Within the financial
services industry, companies with ongoing consolidations should improve balance
sheets and profitability, while in the oil and gas industry, technology stocks
are experiencing improving profits.
We also believe that foreign government bonds offer greater income and relative
value than domestic government bonds, so we'll continue to emphasize the bonds
of developed nations where we see compelling yield and total return
opportunities.
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.
Looking forward, we think the Fund will continue to do well because of its
strategic positioning. 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. In light of our outlook on the economy, we will continue to position
the portfolio around income opportunities and avoid taking on unnecessary
interest rate risk. By investing in quality bonds, with an attractive inflation-
adjusted real rate of return, we expect to provide investors with relative price
stability and competitive income going forward.
We appreciate your confidence in Oppenheimer Bond Fund. We look forward to
helping your reach your financial goals in the future.
- ---------------------
/1/The Fund's portfolio is subject to change.
<PAGE>
Oppenheimer Variable Account Funds
Statements of Assets and Liabilities
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Oppenheimer Oppenheimer
Money Bond
Fund Fund
--------------------------------------
<S> <C> <C>
ASSETS:
Investments, at value (cost * ) - see accompanying
statements $115,072,969 $311,908,746
Cash 19,755 33,484
Unrealized appreciation on forward foreign
currency exchange contracts - Note 5 -- 44,513
Receivables:
Closed forward foreign currency exchange contracts -- 4,502
Dividends and interest 174,385 5,038,216
Shares of beneficial interest sold 36,125 173,827
Investments sold -- 1,426,309
Other 2,633 4,736
--------------------------------------
Total assets 115,305,867 318,634,333
--------------------------------------
LIABILITIES:
Options written, at value (premiums received **)
- see accompanying statements and notes -- 45,966
Unrealized depreciation on forward foreign currency
exchange contracts - see applicable note -- 15,592
Payables and other liabilities:
Closed forward foreign currency exchange contracts -- 18,999
Dividends 158,183 --
Investments purchased -- 759,038
Shares of beneficial interest redeemed 544,471 142,079
Custodian fees 3,308 14,005
Other 13,647 21,754
--------------------------------------
Total liabilities 719,609 1,017,433
--------------------------------------
NET ASSETS $114,586,258 $317,616,900
======================================
COMPOSITION OF NET ASSETS:
Paid-in capital $114,602,218 $315,750,262
Undistributed net investment income -- 901,640
Accumulated net realized loss from investments
and foreign currency transactions (15,960) (92,383)
Net unrealized appreciation on investments and
translation of assets and liabilities
denominated in foreign currencies -- 1,057,381
--------------------------------------
NET ASSETS $114,586,258 $317,616,900
======================================
SHARES OF BENEFICIAL INTEREST
OUTSTANDING 114,602,218 27,823,143
NET ASSET VALUE, REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $1.00 $11.42
*Cost $115,072,969 $310,870,304
**Premiums received -- $30,995
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Oppenheimer Variable Account Funds
Statements of Operations
For the Six Months Ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Oppenheimer Oppenheimer
Money Bond
Fund Fund
------------------------------------
<S> <C> <C>
INVESTMENT INCOME:
Interest (net of withholding taxes of *) $2,079,835 $ 8,882,639
Dividends -- 47,527
------------------------------------
Total income 2,079,835 8,930,166
------------------------------------
EXPENSES:
Management fees - see applicable note 169,884 874,928
Custodian fees and expenses 2,230 18,960
Legal and auditing fees 6,597 6,595
Insurance expenses 1,769 2,887
Trustees' fees and expenses 1,177 1,790
Registration and filing fees -- 14,607
Other 1,713 590
------------------------------------
Total expenses 183,370 920,357
------------------------------------
NET INVESTMENT INCOME 1,896,465 8,009,809
------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments 2,387 104,747
Closing of futures contracts -- (67,865)
Closing and expiration of options written -- 83,599
Foreign currency transactions -- (85,215)
Net change in unrealized appreciation or
depreciation on:
Investments -- (7,873,177)
Translation of assets and liabilities
denominated in foreign currencies -- 104,084
------------------------------------
Net realized and unrealized gain (loss) 2,387 (7,733,827)
------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,898,852 $275,982
====================================
*Interest -- $36,464
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Oppenheimer Variable Account Funds
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>
Oppenheimer Oppenheimer
Money Bond
Fund Fund
----------------------------------------------------------------------------
1996 1995 1996 1995
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 1,896,465 $ 4,149,627 $ 8,009,809 $ 11,813,502
Net realized gain 2,387 5,356 35,266 1,310,131
Net change in unrealized appreciation or depreciation -- -- (7,769,093) 13,318,419
----------------------------------------------------------------------------
Net increase in net assets resulting
from operations 1,898,852 4,154,983 275,982 26,442,052
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income (1,896,465) (4,149,626) (8,450,650) (11,209,883)
Distributions from net realized gain -- -- (133,010) --
BENEFICIAL INTEREST TRANSACTIONS:
Net increase (decrease) in net assets resulting
from beneficial interest transactions - Note 2 49,197,411 (24,289,814) 114,692,808 60,932,217
----------------------------------------------------------------------------
NET ASSETS:
Total increase (decrease) 49,199,798 (24,284,457) 106,385,130 76,164,386
Beginning of period 65,386,460 89,670,917 211,231,770 135,067,384
----------------------------------------------------------------------------
End of period $114,586,258 $65,386,460 $317,616,900 $211,231,770
============================================================================
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Money Fund
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 .06 .04 .03 .04 .06
Dividends and distributions to shareholders (.02) (.06) (.04) (.03) (.04) (.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) 2.52% 5.62% 4.25% 3.09% 3.93% 6.18%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $114,586 $65,386 $89,671 $61,221 $58,266 $58,709
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $76,205 $75,136 $90,264 $57,654 $61,317 $75,747
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.99%(2) 5.52% 4.18% 3.12% 3.76% 5.97%
Expenses 0.48%(2) 0.51% 0.43% 0.43% 0.50% 0.49%
</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>
Oppenheimer Variable Account Funds - Oppenheimer Bond Fund
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Six Months
Ended
June 30, 1996 Year Ended December 31,
(Unaudited) 1995 1994 1993 1992 1991
-----------------------------------------------------------------------------
PER SHARE OPERATING DATA:
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.84 $10.78 $11.65 $10.99 $11.15 $10.33
Income (loss) from investment operations:
Net investment income 0.33 0.72 0.76 0.65 0.87 0.95
Net realized and unrealized gain (loss) (0.37) 1.07 (0.98) 0.76 (0.17) 0.80
-----------------------------------------------------------------------------
Total income (loss) from investment operations (0.04) 1.79 (0.22) 1.41 0.70 1.75
-----------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (0.37) (0.73) (0.62) (0.75) (0.86) (0.93)
Distributions from net realized gain (0.01) -- (0.03) -- -- --
-----------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.38) (0.73) (0.65) (0.75) (0.86) (0.93)
-----------------------------------------------------------------------------
Net asset value, end of period $11.42 $11.84 $10.78 $11.65 $10.99 $11.15
=============================================================================
TOTAL RETURN, AT NET ASSET VALUE/(1)/ (0.33)% 17.00% (1.94)% 13.04% 6.50% 17.63%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $317,617 $211,232 $135,067 $111,846 $63,354 $32,762
Average net assets (in thousands) $236,650 $170,929 $121,884 $87,215 $45,687 $22,169
Ratios to average net assets:
Net investment income 6.79%/(2)/ 6.91% 7.30% 7.20% 7.81% 8.73%
Expenses 0.78%/(2)/ 0.80% 0.57% 0.46% 0.56% 0.64%
Portfolio turnover rate/(3)/ 40.20% 79.40% 35.10% 36.30% 41.30% 7.60%
</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 $194,115,687 and
$84,471,602, respectively.
See accompanying Notes to Financial Statements.
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Money Fund
STATEMENT OF INVESTMENTS
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
---------- ------------
<S> <C> <C>
Certificates of Deposit - 2.6%
Eurodollar Certificates of Deposit - 2.6%
Deutsche Bank, 5.10%, 8/23/96
(Cost $3,000,043)......................... $ 3,000,000 $ 3,000,043
-----------
Direct Bank Obligations - 12.0%
Credit Suisse, guaranteeing commercial
paper of Guandong Enterprises
(Holdings) Ltd., 5.46%, 7/24/96........... 5,253,000 5,234,676
Huntington National Bank, 5.09%,
8/21/96.................................... 3,000,000 3,000,000
National Westminster Bank of Canada,
5.40%, 7/26/96............................. 3,000,000 2,988,750
Societe Generale, guaranteeing
commercial paper of Banco Nacional de
Comercio Exterior, SNC-Series A,
5.20%, 7/10/96............................. 2,500,000 2,496,750
---------
Total Direct Bank Obligations
(Cost $13,720,176)......................... 13,720,176
----------
Short-Term Notes - 85.2%
Banks - 4.4%
Barnett Banks, Inc., 5.36%, 7/1/96......... 5,000,000 5,000,000
---------
Broker/Dealers - 9.0%
Dean Witter, Discover & Co., 5.77%,
1/15/97/(1)/............................... 2,000,000 2,002,556
Merrill Lynch & Co., Inc.:
5.29%, 7/15/96............................. 1,478,400 1,475,359
5.36%, 7/8/96.............................. 4,000,000 3,995,839
Morgan Stanley Group, Inc., 5.27%,
9/30/96/(1)/............................... 2,800,000 2,800,000
-----------
10,273,754
-----------
Chemicals - 0.8%
Monsanto Co., 5.27%, 7/23/96............... 924,000 921,024
-----------
Commercial Finance - 10.7%
CIT Group Holdings, Inc., 5.60%,
7/11/96/(1)(2)(3)/......................... 1,000,000 1,000,000
Countrywide Home Loan, 5.35%,
7/3/96..................................... 1,500,000 1,499,554
FINOVA Capital Corp.:
5.45%, 9/3/96.............................. 3,500,000 3,466,400
5.50%, 7/2/96.............................. 720,000 719,890
Heller Financial, Inc.:
5.48%, 8/15/96/(1)/......................... 2,600,000 2,582,190
5.70%, 12/1/96/(1)/......................... 3,000,000 3,001,696
-----------
12,269,730
-----------
Computer Software - 3.0%
First Data Corp., 5.38%, 7/2/96............ 3,400,000 3,399,492
Diversified Financial - 9.9%
General Electric Capital Corp., 4.94%,
8/21/96.................................... 3,000,000 2,979,005
General Motors Acceptance Corp.:
5.42%, 11/8/96............................. 3,500,000 3,431,497
5.42%, 8/19/96............................. 2,000,000 1,985,246
Prudential Funding Corp., 5.06%,
7/8/96..................................... 3,000,000 2,997,048
-----------
11,392,796
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal Market Value
Amount (Note 1)
---------- ------------
<S> <C> <C>
Short-Term Notes (Continued)
Electronics - 6.9%
ITT Industries, Inc., 5.40%, 7/8/96/(2)/... $ 3,000,000 $ 2,996,850
Mitsubishi Electric Finance America, Inc.:
5.12%, 7/24/96/(2)/........................ 3,000,000 2,990,187
5.41%, 8/7/96/(2)/......................... 2,000,000 1,988,879
-----------
7,975,916
-----------
Environmental - 2.6%
WMX Technologies, Inc., 5.32%,
9/10/96/(2)/............................... 3,000,000 2,968,523
-----------
Healthcare/Supplies & Services - 0.8%
Allergan, Inc., 5.33%, 7/16/96............. 916,600 914,564
-----------
Leasing & Factoring - 7.7%
CSW Credit, Inc., 5.42%, 8/7/96............ 5,600,000 5,568,805
The Hertz Corp., 5.37%, 7/10/96............ 3,250,000 3,245,637
-----------
8,814,442
-----------
Special Purpose Financial - 22.8%
Asset Securitization Cooperative Corp.,
5.31%, 7/8/96/(2)/......................... 739,200 738,424
CIESCO L.P., 5.42%,5/19/97/(1)//(2)/........ 3,000,000 2,999,545
Cooperative Association of Tractor
Dealers, Inc.:
5.08%, 7/2/96.............................. 1,478,400 1,478,182
5.45%, 7/3/96.............................. 1,550,000 1,549,531
Corporate Asset Funding Co., Inc.,
5.60% 7/1/96............................... 4,761,000 4,761,000
Falcon Asset Securitization Corp.,
5.41%, 7/25/96/(2)/........................ 5,645,000 5,624,640
First Deposit Master Trust 1993-3,
5.42%, 8/12/96/(2)/........................ 4,600,000 4,570,913
Sheffield Receivables Corp., 5.35%,
7/8/96..................................... 4,400,000 4,395,406
-----------
26,117,641
-----------
Specialty Retailing - 1.9%
St. Michael Finance Ltd., guaranteed by
Marks & Spencer PLC, 5.35%, 9/4/96......... 2,200,000 2,178,749
-----------
Telecommunications-Technology - 4.7%
NYNEX Corp.:
5.33%, 7/12/96............................. 3,400,000 3,394,463
5.35%, 7/29/96............................. 2,000,000 1,991,538
-----------
5,386,001
-----------
Total Short-Term Notes
(Cost $97,612,632)......................... 97,612,632
-----------
U.S. Government Obligations - 0.6%
U.S. Treasury Nts., 6.13%, 7/31/96
(Cost $740,118)............................ 740,000 740,118
-----------
Total Investments, at Value................. 100.4% 115,072,969
-------- -----------
Liabilities in Excess of Other Assets....... (0.4) (486,711)
-------- -----------
Net Assets.................................. 100.0% $114,586,258
======== ===========
</TABLE>
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Money Fund
STATEMENT OF INVESTMENTS (CONTINUED)
June 30, 1996
(Unaudited)
Short-term notes and direct bank obligations 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.
(1) Floating or variable rate obligation maturing in more than one year. The
interest rate, which is based on specific, or an index of, market interest
rates, is subject to change periodically and is the effective rate on June
30, 1996. This instrument may also have a demand feature which allows the
recovery of principal at any time, or at specified intervals not exceeding
one year, on up to 30 days' notice. Maturity date shown represents
effective maturity based on variable rate and, if applicable, demand
feature.
(2) Restricted securities amount to $25,877,961, or 22.58% of the Fund's net
assets, at June 30, 1996. In addition to being restricted, the security may
be considered illiquid by virtue of the absence of a readily available
market or because of legal or contractual restrictions on resale. Illiquid
securities amount to $1,000,000, or 0.87% of the Fund's net assets, at June
30, 1996. The Fund may not invest more than 10% of its net assets
determined at the time of purchase in illiquid securities.
(3) Put obligation redeemable at full face value on the date reported.
See accompanying Notes to Financial Statements
<PAGE>
Oppenheimer Variable Account Funds--Oppenheimer Bond Fund
STATEMENT OF INVESTMENTS
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount/(1)/ (Note 1)
---------- ------------
<S> <C> <C>
Mortgage-Backed Obligations--26.4%
Government Agency--21.0%
FHLMC/FMNA/Sponsored--16.9%
Federal Home Loan Mortgage Corp.,
Gtd. Multiclass Mtg. Participation
Certificates, 7%, 4/1/25.................. $ 5,188,488 $ 4,997,967
Federal National Mortgage Assn.:
6.50%, 3/1/11-5/1/11....................... 25,017,373 24,211,064
7%, 4/1/04-11/1/25......................... 10,090,581 9,725,799
7.50%, 1/1/08-1/1/25....................... 5,457,662 5,398,311
8%, 5/1/17................................. 625,038 636,345
Collateralized Mtg. Obligations, Gtd.
Real Estate Mtg. Investment Conduit
Pass-Through Certificates, 8.75%,
11/25/05.................................. 3,000,000 3,123,750
Gtd. Real Estate Mtg. Investment
Conduit Pass-Through Certificates,
10.40%, 4/25/19........................... 1,793,536 1,914,026
Interest-Only Stripped Mfg.-Backed Security:
Trust 218, C1. 2, 12.588%-13.20%,
4/1/23/(2)/............................... 7,725,412 2,569,907
Trust 257, C1. 2, 11.448%-15.373%,
2/1/24/(2)/............................... 3,529,536 1,219,897
-----------
53,797,066
-----------
GNMA/Guaranteed--4.1%
Government National Mortgage Assn.:
6%, 10/20/25............................... 4,842,429 4,863,639
7%, 1/15/09-10/20/24....................... 6,199,401 8,049,413
-----------
12,913,052
-----------
Private--5.4%
Commercial--3.8%
FDIC Trust, Gtd. Real Estate Mtg.
Investment Conduit Pass-Through
Certificates, Series 1994-C1:
C1. 2-D, 8.70%,9/25/25/(3)/............... 1,500,000 1,549,688
C1. 2-E, 8.70%, 9/25/25/(3)/.............. 1,500,000 1,537,031
Merrill Lynch Mortgage Investors, Inc.,
Mtg. Pass-Through Certificates, Series
1995-C2, C1. C, 7.906%, 6/15/21/(4)/...... 964,447 967,160
Morgan Stanley Capital I, Inc. Commercial
Mtg. Pass-Through Certificates, Series
1996-C1, Cl. D-1, 7.51%, 2/1/28/(3)//(4)/. 1,000,000 951,250
Resolution Trust Corp., Commercial Mtg.
Pass-Through Certificates:
Series 1992-CHF, C1, C, 8.25%, 12/25/20... 1,030,504 1,041,936
Series 1994-C1,C1. C, 8%, 6/25/26......... 1,500,000 1,505,625
Series 1995-C1, C1. D, 6.90%, 2/25/27..... 3,000,000 2,725,313
Structured Asset Securities Corp.,
Multiclass Pass-Through Certificates, Series
1996-CFL, C1. D, 7.034%, 2/25/26.......... 1,800,000 1,713,375
-----------
11,991,378
-----------
Manufactured Housing--0.2%
Green Tree Financial Corp., Series
1994-6, C1. A3, 7.70%, 1/15/20............. 738,000 750,678
-----------
Multi-Family--1.1%
Countrywide Funding Corp., Series
1993-12, C1. B1, 6.625%, 2/25/24.......... 1,000,000 875,547
Merrill Lynch Trust, Collateralized
Mtg. Obligations, Gtd. Multiclass Mtg.
Participation Certificates, Series 43,
C1. E, 6.50%, 8/27/15..................... 500,000 471,715
Resolution Trust Corp., Commercial
Mtg. Pass-Through Certificates, Series
1991-M5, C1. A, 9%, 3/25/17............... 2,092,478 2,152,637
-----------
3,499,899
-----------
Other--0.0%
Salomon Brothers Mortgage Securities VI:
Interest-Only Stripped Mtg.-Backed
Security, Series 1987-3, C1. B, 9.549%,
10/23/17/(2)/............................. 108,078 27,898
Principal-Only Stripped Mtg.-Backed
Security, Series 1987-3, C1. A, 9.489%,
10/23/17/(5)/............................. 159,996 106,198
-----------
134,096
-----------
Residential--0.3%
Contimortgage Home Equity Loan Trust,
Series 1995-2, C1. A2, 7.95%, 4/15/10..... 554,000 559,367
Ryland Mortgage Securities Corp. III,
Sub. Bonds, Series 1992-A, C1. 1A,
7.17%, 3/29/30/(4)/....................... 293,427 291,502
-----------
850,869
-----------
Total Mortgage-Backed Obligations
(Cost $83,636,632)......................... 83,937,039
-----------
U.S. Government Obligations--31.5%
Treasury--31.5%
U.S. Treasury Bonds:
10.375%, 11/15/12......................... 365,000 483,550
6.875%, 8/15/25/(6)/...................... 3,500,000 3,463,904
7.125%, 2/15/23........................... 3,000,000 3,030,936
7.50%, 11/15/16........................... 6,780,000 7,123,237
8%, 11/15/21.............................. 5,000,000 5,565,625
6.125%, 8/15/19........................... 2,060,000 2,311,062
8.875%, 8/15/17........................... 740,000 888,231
9.25%, 2/15/16............................ 740,000 915,518
STRIPS, Zero Coupon, 7.329%,
5/15/15/(7)/.............................. 1,107,000 292,936
STRIPS, Zero Coupon, 7.341%,
8/15/14/(7)/.............................. 3,690,000 1,031,118
U.S. Treasury Nts.:
5.875%, 11/15/05.......................... 3,000,000 2,826,561
6%, 12/31/97.............................. 3,000,000 3,000,936
6.375%, 6/30/97........................... 1,000,000 1,005,625
6.50%, 5/15/05-8/15/05.................... 18,000,000 17,740,305
6.75%, 6/30/99............................ 16,340,000 16,539,134
7.25%, 6/15/04-8/15/04.................... 11,980,000 12,406,787
7.375%, 11/15/97.......................... 2,000,000 2,035,626
7.50%, 11/15/01-2/15/05................... 12,486,000 13,115,585
7.75%, 12/31/99........................... 2,000,000 2,085,000
7.875%, 11/15/04.......................... 2,000,000 2,150,624
9.25%, 8/15/98............................ 2,000,000 2,120,624
-----------
Total U.S. Government Obligations
(Cost $99,580,053)........................ 100,112,924
------------
Foreign Government Obligations--14.2%
Bonos de la Tesoreria de la Federacion,
Zero Coupon, 37.779%, 3/6/97/(7)/ MXP..... 5,300,000 567,967
Canada (Government of) Real Return
Debs., 4.517%, 12/1/21/(6)/ CAD........... 3,390,000 2,443,167
CEZ AS, Zero Coupon Disc.
Promissory Nts., 10.762%, 7/1/96/(7)/ CZK. 14,000,000 508,534
</TABLE>
<PAGE>
Oppenheimer Variable Account Funds--Oppenheimer Bond Fund
STATEMENT OF INVESTMENTS (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount/(1)/ (Note 1)
---------- ------------
<S> <C> <C>
Foreign Government Obligations (Continued)
Corporacion Andian de Fomento
Sr. Unsec. Debs.:
6.625%, 10/14/98/(3)/..................... $ 1,000,000 $ 998,125
7.25%, 4/20/98/(2)/....................... 1,000,000 1,004,688
Denmark (Kingdom of) Bonds:
8%, 3/15/06 DKK........................... 17,000,000 3,014,340
8%, 5/15/03 DKK........................... 22,140,000 3,995,567
Financiera Energetica Nacional SA,
9.375% Eurobonds, 6/15/06/(3)/............ 2,350,000 2,355,875
Germany (Republic of) Bonds:
7.375%, 12/2/02 DEM....................... 1,250,000 875,495
8.25%, 9/20/02 DEM........................ 1,950,000 1,424,830
Italy (Republic of) Certificati di
Credito del Tesoro Nts., 11.20%
8/1/00/(4)/............................... 2,835,000,000 1,893,759
National Treasury Management Agency
(Irish Government) Bonds, 8%,
10/16/00 IEP.............................. 1,495,000 2,493,462
New South Wales Treasury Corp. Gtd.
Bonds, 12%, 12/1/01 AUD................... 3,490,000 3,120,520
New Zealand (Republic of) Bonds, 8%
2/15/01 NZD............................... 2,760,000 1,817,748
Ontario, Canada (Province of) Bonds,
9%, 10/17/01.............................. 554,000 584,492
Poland (Republic of):
Disc. Bonds, 8.437%, 10/27/24/(4)/........ 5,250,000 4,935,000
Treasury Bills, Zero Coupon:
21.658%, 10/2/96/(7)/ PLZ................. 720,000 251,334
21.466%, 12/4/96/(7)/ PLZ................. 2,250,000 759,038
20.371%, 3/19/97/(7)/ PLZ................. 600,000 255,785
22.37%, 7/24/96/(7)/ PLZ.................. 3,000,000 1,088,816
Portugal (Republic of) Gtd. Bonds,
Obligation do les Medio Prazo, 11.875%,
2/23/00 PTE............................... 65,000,000 464,182
South Africa (Republic of) Debs.,
9.625%, 12/15/99.......................... 1,000,000 1,046,250
Spain (Kingdom of) Gtd. Bonds, Bonos
y Obliagcion del Estado, 12.25%,
3/25/00 ESP............................... 100,000,000 884,090
Sweden (Kingdom of) Bonds, Series
1030, 13%, 6/15/01 SEK.................... 12,600,000 2,321,861
United Kingdom Treasury Nts.:
13%, 7/14/00 GBP.......................... 1,630,000 3,040,818
7.50%, 12/7/06 GBP........................ 2,000,000 3,020,201
-----------
Total Foreign Government Obligations
(Cost $44,980,690)........................ 45,165,964
-----------
Loan Participations--0.5%
Colombia (Republic of) 1989-1990
Integrated Loan Facility Bonds, 8.563%,
7/1/01 (Cost $1,457,891)/(4)(9)/.......... 1,571,600 1,465,517
-----------
Municipal Bonds and Notes--0.6%
Dade County, Florida Educational
Facilities Authority:
Exchangeable Revenue Bonds, University
of Miami, Prerefunded, MBIA Insured,
7.65%, 4/1/10............................. 175,000 196,550
Revenue Bonds, University of Miami,
MBIA Insured, 7.65%, 4/1/10............... 205,000 225,008
Taxable Exchange Revenue Bonds,
University of Miami, MBIA Insured,
9.70%, 4/1/10............................. 120,000 131,712
Pinole, California Redevelopment Agency
Tax Allocation TAxable Bonds, Pinole
Vista Redevelopment, Series B, 8.35%, 8/1/17. 670,000 675,954
Port of Portland, Oregon Special
Obligation Taxable Revenue Bonds,
PAMCO Project, 9.20% 5/15/22.............. 500,000 537,055
-----------
Total Municipal Bonds and Notes
(Cost $1,663,889)......................... 1,766,278
-----------
Corporate Bonds and Notes--16.7%
Basic Industry--2.1%
Chemicals--1.0%
Lyondell Petrochemical Co., 8.25% Nts.,
3/15/97................................... 738,000 748,040
Quantum Chemical Corp., 10.375% First
Mtg. Nts., 6/1/03......................... 2,100,000 2,305,911
-----------
3,053,951
-----------
Paper--1.1%
Boise Cascade Corp., 9.90% Nts.,
3/15/00................................... 750,000 817,223
Noranda Forest, Inc., 11% Debs.,
7/15/98 CAD............................... 1,000,000 792,138
Potiaich Corp., 9.46% Medium-Term
Nts., 4/2/02.............................. 369,000 409,524
Scotia Pacific Holding Co., 7.95%
Timber Collateralized Nts., 7/20/15....... 1,508,981 1,484,643
-----------
3,503,628
-----------
Consumer Related--2.4%
Consumer Products--0.7%
Fletcher, Challenge Capital Canada, Inc., 7.75%
Nts., 6/20/06............................. 1,800,000 1,827,324
Procter & Gamble Co., 9.36% Debs.,
1/1/21.................................... 369,000 441,729
-----------
2,269,053
-----------
Food/Beverages/Tobacco--0.4%
Bass America, Inc., 6.75% Gtd. Nts.,
8/1/99.................................... 554,000 555,750
Phillip Morris Cos., Inc. 8.875% Nts.,
7/1/96.................................... 500,000 500,000
Unilever CR spol. s.r.o., guaranteed by
Unilever NV, Rotterdam, The
Netherlands, Zero Coupon Promissory
Nts., 11.189% 10/11/96/(7)/ CZK........... 7,000,000 246,639
-----------
1,302,339
-----------
Healthcare--0.5%
R.P. Scherer Corp., 6.75% Sr. Nts.,
2/1/04.................................... 1,250,000 1,195,314
Roche Holdings, Inc., 2.75% Bonds,
4/14/00................................... 920,000 811,325
-----------
2,006,639
-----------
Hotel/Gaming--0.1%
Circus Circus Enterprises, Inc., 6.75%
Nts., 7/15/03............................ 375,000 363,378
-----------
Textile/Apparel--0.3%
Fruit of the Loom, Inc., 7% Debs.,
3/15/11................................... 1,097,000 985,410
-----------
Toys--0.3%
Mattel, Inc., 6.875% Sr. Nts., 8/1/97...... 1,000,000 1,006,052
-----------
</TABLE>
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Bond Fund
STATEMENT OF INVESTMENTS (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount/(1)/ (Note 1)
------------ ------------
<S> <C> <C>
Corporate Bonds and Notes (Continued)
Consumer Related (Continued)
Energy - 1.9%
BP America Inc., 10.875% Nts.,
8/1/01 CAD..................................... $ 650,000 $ 540,231
Coastal Corp.:
8.75% Sr. Nts. 5/15/99......................... 369,000 368,071
9.75% Sr. Debs., 8/1/03........................ 200,000 225,716
Colorado International Gas Corp., 10%
Sr. Debs., 6/15/05............................. 369,000 431,634
Enron Corp., 9.875% Debs., 6/15/03.............. 375,000 429,130
McDermott Inc., 9.375% Nts., 3/15/02............ 400,000 425,047
Mitchell Energy & Development Corp.,
9.25% Sr. Nts., 1/15/02........................ 1,000,000 1,027,077
Norsk Hydro AS, 8.75% Bonds,
10/23/01....................................... 738,000 784,125
Sonat, Inc. 9.50% Nts., 8/15/99................. 250,000 268,589
Southwest Gas Corp., 9.75% Debs.,
Series F, 6/15/02.............................. 500,000 549,655
Texaco Capital, Inc., 8.875% Gtd. Debs.,
9/1/21......................................... 369,000 421,875
TransCanada Pipelines Ltd., 9.875%
Debs., 1/1/21.................................. 554,000 680,090
------------
6,172,240
------------
Financial Services - 3.7%
Banks & Thrifts - 1.1%
Banco Ganadero SA, 9.75% Sr. Unsub.
Unsec. Nts. 8/26/99/(3)/....................... 185,000 190,781
BankAmerica Corp.:
7.50% Sr. Nts., 3/15/97........................ 100,000 101,060
7.75% Sub. Nts.. 7/15/02....................... 554,000 574,663
Chase Manhattan Corp. (New), 10,125%
Sub. Nts., 11/1/00............................. 554,000 620,844
First Chicago Corp.:
11.25% Sub. Nts., 2/20/01...................... 750,000 877,050
9% Sub. Nts., 6/15/99.......................... 150,000 159,482
First Fidelity Bancorporation, 8.50%
Sub. Capital Nts., 4/1/98...................... 654,000 675,462
------------
3,199,342
------------
Diversified Financial - 2.4%
Allied-Lyons Finance BV, 6.50% Debs.,
8/26/97........................................ 369,000 368,539
American Car Line Co., 8.25%
Equipment Trust Certificates, Series
1993-A, 4/15/08................................ 578,000 585,004
American General Finance Corp., 5.875%
Sr. Nts., 7/1/00............................... 554,000 536,764
Associates Corp. of North America, 8.625%
Sr. Nts., 06/15/97............................. 369,000 377,618
AVCO Financial Services Asia Ltd.,
5.875% Sr. Nts., 10/15/97...................... 369,000 367,643
Catepillar Financial Services, Inc.,
6.85% Medium-Term Nts., Series D,
9/15/97........................................ 369,000 372,310
Chrysler Financial Corp., 6.65%
Medium-Term Nts., 04/28/97..................... 369,000 370,506
Countrywide Funding Corp., 6.57% Gtd.
Medium-Term Nts, Series A, 8/4/97.............. 554,000 556,366
Fleet Mtg. Group, Inc., 6.50% Nts.,
8/15/99........................................ 369,000 366,900
General Motors Acceptance Corp.
7.875% Medium-Term Nts., 2/27/97............... 369,000 373,702
Golden West Financial Corp.:
10.25% Sub. Nts., 5/15/97...................... 369,000 381,747
8.625% Sub. Nts., 8/30/98...................... 185,000 192,463
</TABLE>
<TABLE>
<CAPTION>
Principal Market Value
Amount/(1)/ (Note 1)
------------ ------------
<S> <C> <C>
Corporate Bonds and Notes (Continued)
Financial Services (Continued)
Diversified Financial (Continued)
Household Finance Corp., 8.95% Debs.,
9/15/99........................................ $ 369,000 $ 392,637
Household International, BV, 6% Gtd.
Sr. Nts., 3/15/99.............................. 369,000 362,189
Lehman Brothers Holdings, Inc., 8.375%
Nts., 2/15/99.................................. 700,000 726,461
Penske Truck Leasing Co. LP, 7.75%
Sr. Nts., 5/15/99.............................. 738,000 761,374
U.S. Leasing International, 7% Nts.,
11/1/97........................................ 554,000 559,271
------------
7,651,444
------------
Insurance - 0.2%
SunAmerica, Inc., 9% Sr. Nts., 1/15/99.......... 554,000 561,652
------------
Manufacturing - 0.7%
Aerospace/Electronics/Computers - 0.2%
British Aerospace PLC, 8% Debs.,
5/27/97........................................ 740,000 750,175
------------
Automotive - 0.5%
Chrysler Corp., 10.95% Debs., 8/1/17............ 800,000 876,920
General Motors Acceptance Corp.,
7.75% Nts., 4/15/97............................ 700,000 708,659
------------
1,585,579
------------
Media - 2.8%
Broadcasting - 0.2%
Tele-Communications, Inc., 5.28%
Medium-Term Nts., 8/20/96...................... 701,000 700,546
------------
Cable Television - 1.3%
Time Warner Entertainment LP/Time
Warner, Inc., 8.375% Sr. Debs., 3/15/23........ 1,850,000 1,801,214
TKR Cable I, Inc., 10.50% Sr. Debs.,
10/30/07....................................... 2,200,000 2,449,365
------------
4,250,579
------------
Diversified Media - 0.8%
GSPI Corp., 10.15% First Mtg. Bonds,
6/24/10/(3)/................................... 1,142,150 1,286,062
News America Holdings, Inc.:
10.125% Sr. Gtd. Debs., 10/15/12............... 500,000 566,122
12% Sr. Nts., 12/15/01......................... 500,000 541,698
------------
2,393,882
------------
Entertainment/Film - 0.2%
Columbia Pictures Entertainment, Inc.,
9.875% Sr. Sub. Nts., 2/1/98................... 500,000 525,797
------------
Publishing/Printing - 0.3%
Reed Elsevier, Inc., 6.625% Nts.,
10/15/23/(3)/.................................. 600,000 519,270
Reed Publishing (USA), Inc., 7.24%
Gtd. Medium-Term Nts., 2/10/97................. 500,000 503,640
------------
1,022,910
------------
Other - 0.7%
Conglomerates - 0.6%
Tenneco, Inc.:
10% Debs., 3/15/06.............................. 400,000 472,077
10% Debs., 8/1/98............................... 554,000 590,198
7.875% Nts., 10/1/02............................ 650,000 669,822
------------
1,732,097
------------
Services - 0.1%
PHH Corp., 8.50% Nts., 2/1/00................... 369,000 365,606
------------
</TABLE>
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Bond Fund
STATEMENT OF INVESTMENTS (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal Market Value
Amount\(1)\ (Note 1)
------------ ------------
<S> <C> <C>
Corporate Bonds and Notes (Continued)
Retail -- 0.2%
Drug Stores -- 0.2%
Hook-SuperRx, Inc. 10.125% Sr. Nts.,
6/1/02.......................................................... $ 600,000 $ 641,269
------------
Transportation -- 0.1%
Railroads -- 0.1%
Union Pacific Corp., 9.65% Medium-Term Nts., 4/17/00............ 400,000 435,511
------------
Utilities -- 2.1%
Electric Utilities -- 0.7%
Commonwealth Edison Co., 6.50% Nts.,
7/15/97........................................................ 775,000 773,183
HNG Internorth/Enron Corp., 9.625%
Debs., 3/15/06................................................. 369,000 419,709
Long Island Lighting Co., 7% Nts.,
3/1/04......................................................... 150,000 134,636
Public Service Co. of Colorado, 8.75%
First Mtg. Bonds, 3/1/22....................................... 750,000 792,497
------------
2,120,025
------------
Telecommunications -- 1.4%
360 Communications Co.:
7.125% Sr. Nts., 3/1/03........................................ 1,450,000 1,392,654
7.50% Sr. Nts., 3/1/06......................................... 2,000,000 1,900,920
GTE Corp.
8.85% Debs., 3/1/98............................................ 554,000 574,946
9.375% Debs., 12/1/00.......................................... 500,000 546,176
------------
4,414,696
------------
Total Corporate Bonds and Notes
(Cost $53,354,901).............................................. 53,033,700
------------
Preferred Stocks -- 0.4% Shares
Bank America Corp. 8.375%, Series K ---------
(Cost $1,177,404).............................................. 45,400 1,157,700
------------
<CAPTION>
Principal
Amount\(1)\
------------
<S> <C> <C>
Structured Instruments -- 2.0%
Bayerische Landesbank Girozenriale,
New York Branch, 14% CD Linked Nts.,
12/17/96 (indexed to the cross currency
rates of Greek Drachma and European
currency unit)................................................ $ 1,000,000 1,001,600
Bayerische Landesbank Girozenriale,
New York Branch, 5.60% CD Linked
Nts., 1/30/97 (indexed to the closing
Nikkei 225 Index on 1/23/97, 10 yr.
Japanese Yen swap rate and New
Zealand Dollar on 1/26/97) NZD............................... 1,508,523 1,119,691
Canadian Imperial Bank of Commerce,
New York Branch, 14% CD Linked Nts.,
11/25/96 (Indexed to the cross currency
rates of Greek Drachma and European
currency unit)................................................ 250,000 245,325
<CAPTION>
Principal Market Value
Amount\(1)\ (Note 1)
------------ ------------
<S> <C> <C>
International Naderlandan Bank NV,
Prague Branch, Zero Coupon
Promissory Nts., 10.488%
4/28/97 /(7)/ CZK............................................ $ 13,800,000 $ 461,167
International Nederlanden (U.S.) Capital
Holdings Corp., Zero Coupon Chilean
Peso Linked Nts.:
11.813%, 6/23/97/(7)/......................................... 900,000 797,850
11.738%, 6/24/97/(7)/......................................... 900,000 797,670
Merrill Lynch & Co., Inc. Units, 9.75%
6/15/99 (representing debt of Chemical
Banking Corp., sub. capital nts., and
equity of Citicorp, 7.75% preferred,
series 22)/(9)/............................................... 1,000,000 1,138,200
Swiss Bank Corp., New York Branch,
6.05% CD Linked Nts., 6/20/97
(indexed to the colosing Nikkei 225
Index on 1/23/97 5 yr. & 3 mos.
Japanese Yen swap rate and New Zealand Dollar)................ 800,000 808,120
------------
Total Structured Instruments
(Cost $6,218,844)............................................. 6,369,623
------------
Repurchase Agreement - 5.9%
Repurchase agreement with Canadian
Imperial Bank of Commerce, 5.45%, date
6/26/96, to be repurchased at $18,908,584
on 7/1/96, collateralized by U.S. Treasury
Bonds, 9.125%-11.25%, 2/15/15-5/11/18, with
a value of $6,680,920, and U.S. Treasury
Nts., 5.25%-8.50%, 1/11/97-11/15/04, with a
value of $12,626,048 (Cost $18,900,000)....................... 16,900,000 18,900,000
------------
Total Investments, at Value
(Cost $310,870,304)........................................... 98.2% 311,908,745
------------ ------------
Other Assets Net of Liabilities................................. 1.8 5,708,154
Net Assets...................................................... 100.0% $317,616,900
============ ============
</TABLE>
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Bond Fund
STATEMENT OF INVESTMENTS (Continued)
June 30, 1996
(Unaudited)
/1/ Principal amount is reported in U.S. Dollars, except for those denoted in
the following currencies:
AUD - Australian Dollar IEP - Irish Punt
CAD - Canadian Dollar ITL - Italian Lira
CZD - Czech Koruna MXP - Mexican Peso
DEM - German Deutsche Mark NZD - New Zealand
DKK - Danish Krone PLZ - Polish Zloty
ESP - Spanish Peseta PTE - Portuguese Escudo
GBP - British Pound Sterling SEK - Swedish Krona
/2/ Interest-Only Strips represent the right to receive the monthly interest
payments on an underlying pool of mortgage loans. These securities
typically decline in price as interest rates decline. Most other fixed-
income securities increase in price when interest rates decline. The
principal amount of the underlying pool represents the national amount on
which current interest is calculated. The price of these securities is
typically more sensitive to changes in prepayment rates than traditional
mortgage-backed securities (for example, GNMA pass-throughs). Interest
rates disclosed represent current yields based upon the current cost basis
and estimated timing and amount of future cash flows.
/3/ Represents a security said 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 Trustees. These securities amount to $10,392,770 or 3.27% of the Fund's
net assets at June 30, 1996.
/4/ Represents the current interest rate for a variable rate security.
/5/ 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.
/6/ A sufficient amount of liquid assets has been designated to cover
outstanding written call options, as follows:
<TABLE>
<CAPTION>
Contracts
Subject Expiration Exercise Premium Market Value
To Call Date Price Received (Note 1)
----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Call option on Australian Dollar 352,000 7/3/96 1.25 /AUD/ $ 2,675 $ 282
Call option on Czech Koruna 1,190,000 9/6/96 28.357/CZK/ 15,946 29,310
Call option on Mexican Peso 460,000 8/5/96 8.03 /MXP/ 12,374 16,374
----------- ------------
$ 30,995 $ 45,966
</TABLE>
/7/ For zero coupon bonds, the interest rate shown is the effective yield on
the date of purchase.
/8/ Indexed instrument for which the principal amount and/or interest due at
maturity is affected by the relative value of a foreign index.
/9/ Identifies issues considered to be illiquid - See applicable note of Notes
to Financial Statements.
See accompanying Notes to Financial Statements
<PAGE>
Oppenheimer Variable Account Funds- Oppenheimer Money Fund
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies.
Oppenheimer Money Fund (the Fund), is a separate series of Oppenheimer
Variable Account Funds (the Trust), a diversified, open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek the maximum current
income from investments in "money market" securities consistent with low
capital risk and the maintenance of liquidity. The Trust's investment advisor
is OppenheimerFunds, Inc. (the Manager). 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 Trust 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 form 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.
2. Shares of Beneficial Interest.
The Fund has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Six Months Ended June 30, 1996 Year Ended December 31, 1995
------------------------------ ----------------------------
<S> <C> <C> <C> <C>
Shares Amount Shares Amount
------ ------- ------ ------
Sold 191,400,358 $191,400,358 202,748,102 $202,748,102
Dividends and distributions reinvested 1,901,540 1,901,540 4,222,747 4,222,747
Redeemed (144,104,487) (144,104,487) (231,260,663) (231,260,663)
------------- ------------- ------------- -------------
Net increase (decrease) 49,197,411 49,197,411 (24,289,814) $(24,289,814)
============ ============= ============= =============
</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 Trust. The annual fees are 0.45% of the first $500
million of net assets, 0.425% of the next $500 million, 0.40% of the next $500
million and 0.375% of net assets in excess of $1.5 billion.
104
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Bond Fund
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies
Oppenheimer Bond Fund (the Fund), is a separate series of Oppenheimer
Variable Account Funds (the Trust), a diversified, open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek a high level of current
income from investments in high yield fixed-income securities. The Trust's
investment advisor is OppenheimerFunds, Inc. (the Manager). 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 Trustees. 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 Trustees 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. Options are valued
based upon the last sale price on the principal exchange on which the option
is traded or, in the absence of any transactions that day, the value is
based upon the last sale on the prior trading date if it is within the
spread between the closing bid and asked prices. If the last sale price is
outside the spread, the closing bid or asked price closest to the last
reported sale price is used.
Securities Purchased on a When-Issued Basis.
Delivery and payment for securities that have been purchased by the Fund on
a forward commitment or when-issued basis can take place a month or more
after the transaction date. During this period, such securities do not earn
interest, are subject to market fluctuation and may increase or decrease in
value prior to their delivery. The Fund maintains, in a segregated account
with its custodian, assets with a market value equal to the amount of its
purchase commitments. The purchase of securities on a when-issued or forward
commitment basis may increase the volatility of the Fund's net asset value
to the extent the Fund makes such purchases while remaining substantially
fully invested.
In connection with its ability to purchase securities on a when-issued or
forward commitment basis, the Fund may enter into mortgage "dollar-rolls" in
which the Fund sells securities for delivery in the current month and
simultaneously contracts with the same counterparty to repurchase similar
(same type coupon and maturity) but not identical securities on a specified
future date. The Fund records each dollar-roll as a sale and a new purchase
transaction.
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.
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Bond Fund
Notes to Financial Statements (Unaudited) (Continued)
1. Significant Accounting Policies (continued)
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 Trust 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 and the recognition of certain foreign currency gains (losses) as
ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may
differ from 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. Dividends-in-
kind are recognized as income on the ex-dividend date, at the current market
value of the underlying security. Interest on payment-in-kind debt
instruments is accrued as income at the coupon rate, and a market adjustment
is made periodically.
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 Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Six Months Ended June 30, 1996 Year Ended December 31, 1995
------------------------------ ----------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 10,641,027 $122,534,894 7,311,733 $83,544,442
Dividends and distributions reinvested 754,523 8,583,660 976,291 11,209,883
Redeemed (1,414,825) (16,425,746) (2,972,687) (33,822,108)
----------- ------------ ----------- ------------
Net increase 9,980,725 $114,692,808 5,315,337 $60,932,217
=========== ============= =========== ============
</TABLE>
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Bond Fund
Notes to Financial Statement (Unaudited)(Continued)
3. Unrealized Gains and Losses on Investments
At June 30, 1996, net unrealized appreciation on investments and options written
of $1,023,471 was composed of gross appreciation of $4,733,340, and gross
depreciation of $3,709,869.
4. Management Fees and Other Transactions with Affiliates
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Trust. The annual fees are 0.75% of the first $200
million of net assets, 0.72% of the next $200 million, 0.69% of the next $200
million, 0.66% of the next $200 million, 0.60% of net assets in excess of $800
million and 0.50% of net assets in excess of $1 billion.
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 and
sell 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>
Italian Lira (ITL) 5/9/97 671,747 ITL $ 429,803 $ 7,629 $ -
=========== ------- -------
Contracts to Sell
- -----------------
Japanese Yen (JPY) 8/26/96 43,000 JPY $ 396,015 $ 4,749 $ -
Swiss Franc (CHF) 7/18/96-5/6/97 12,703 10,233,684 32,135 15,592
----------- ------- -------
$10,629,699 36,884 15,592
Total Unrealized Appreciation and Depreciation =========== ------- -------
$44,513 $15,592
======= =======
</TABLE>
6. Option Activity
The Fund may buy and sell put and call options, or write put and covered call
options on portfolio securities in order to produce incremental earnings or
protect against changes in the value of portfolio securities.
The Fund generally purchases put options or writes covered call options to hedge
against adverse movements in the value of portfolio holdings. When an option is
written, the Fund receives a premium and becomes obligated to sell or purchase
the underlying security at a fixed price, upon exercise of the option.
Options are valued daily based upon the last sale price on the principal
exchange on which the option is traded and unrealized appreciation or
depreciation is recorded. The Fund will realize a gain or loss upon the
expiration or closing of the option transaction. When an option is exercised,
the proceeds on sales for a written call option, the purchase cost for a written
put option, or the cost of the security for a purchase put or call option is
adjusted by the amount of premium received or paid.
<PAGE>
Oppenheimer Variable Account Funds - Oppenheimer Bond Fund
Notes to Financial Statements (Unaudited)(Continued)
6. Option Activity (continued)
Securities designated to cover outstanding call options are noted in the
Statement of Investments where applicable. Shares subject to call, expiration
date, exercise price, premium received and market value are detailed in a
footnote to the Statement of Investments. Options written are reported as a
liability in the Statement of Assets and Liabilities. Gains and losses are
reported in the Statement of Operations.
The risk in writing a call option is that the Fund gives up the opportunity for
profit if the market price of the security increases and the option is
exercised. The risk in writing a put option is that the Fund may incur a loss if
the market price of the security decreases and the option is exercised. The risk
in buying an option is that the Fund pays a premium whether or not the option is
exercised. The Fund also has the additional risk of not being able to enter into
a closing transaction if a liquid secondary market does not exist. The Fund may
also write over-the-counter options where the completion of the obligation is
dependent upon the credit standing of the counterparty.
Written option activity for the six months ended June 30, 1996 was as follows:
CALL OPTIONS
---------------------------
Number of Amount of
Options Premiums
--------- ---------
Options outstanding at December 31, 1995 - $ -
Options written 6,637,802 115,114
Options cancelled in closing transactions (1,980,331) (47,726)
Options expired prior to exercise (1,460,029) (26,575)
Options exercised (1,195,442) (9,818)
----------- ---------
Options outstanding at June 30, 1996 2,002,000 $ 30,995
=========== =========
7. Illiquid and Restricted Securities
At June 30, 1996, investments in securities included issues that are illiquid or
restricted. The securities are often purchased in private placement transac-
tions, are not registered under the Securities Act of 1933, may have contractual
restrictions on resale, and are valued under methods approved by the Board of
Trustees as reflecting fair value. A security may also be considered illiquid if
its valuation has not changed for a certain period of time. The Fund intends to
invest no more than 10% of its net assets (determined at the time of purchase
and reviewed from time to time) in illiquid or restricted securities. The aggre-
gate value of illiquid or restricted securities subject to this 10% limitation
at June 30, 1996 was $2,603,717, which represents 0.82% of the Fund's net
assets. Information concerning these securities is as follows:
Valuation Per
Acquisition Cost Unit as of
Security Date Per Unit June 30, 1996
- --------------------------------------------------------------------------------
Columbia (Republic of) 1989-1990
Integrated Loan Facility Bonds,
6,563%, 7/1/01 12/5/95 $ 92.00 $ 93.25
Merrill Lynch & Co., Inc.
Units, 9.75%, 6/15/99 5/15/95 $110.05 $113.82
Pursuant to guidelines adopted by the Board of Trustees, certain unregistered
securities are determined to be liquid and are not included within the 10%
limitation specified above.
