<PAGE>
- -----------------------------------------------------------------
- ---------------
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -----------------------------------------------------------------
- --------------
[Logo]
PICTET INTERNATIONAL
MANAGEMENT LIMITED
SEMI-ANNUAL REPORT
JUNE 30, 1996
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
- -------------------------------
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
- -----------------------------------------------------------------
- -------------------------------
VALUE
SHARES
(NOTE 1)
- -----------------------------------------------------------------
- -------------------------------
<S> <C>
<C>
COMMON STOCKS -- 79.7%
ARGENTINA -- 2.7%
3,784 Bagley SA, Class B
$ 9,577
92,000 IPAKO Industrias Argentinas SA
340,528
410,000 Ledesma SA
586,520
30,000 Massalin Particulares SA, Class C
363,136
49,000 Molinos Rio de La Plata, Class B
514,693
100,000 Nobleza Piccardo SA
380,143
155,500 Sevel Argentina SA, Series C
451,119
530,000 Siderca SA
721,070
- ------------
3,366,786
- ------------
BANGLADESH -- 0.3%
157,500 Beximco Pharmaceuticals
253,622
2,800 Chittagong Cement
162,387
- ------------
416,009
- ------------
BRAZIL -- 1.1%
5,672,000 Cia Petroquimica Sul Copesul
361,508
30,000,000 Osa SA
289,797
82,000 Souza Cruz
714,535
- ------------
1,365,840
- ------------
CHINA -- 3.5%
15,200 China Yuchai International Ltd.
115,900
24,800 Huaneng Power International, ADS+
443,300
870,000 Inner Mongolia Erdos Cashmere Products
Company Ltd.+ 422,820
550,000 Jin Jiang, Class B
156,200
470,000 Shanghai Dazhong Taxi Company, Class B
343,100
440,100 Shanghai Diesel Engine Company Ltd., Class
B 184,842
440,000 Shanghai Narcissus Electric Appliances,
Class B 74,800
689,000 Shanghai New Asia (Group), Class B
362,414
1,300,000 Shanghai Petrochemical, H Shares
369,473
1,200,000 Shanghai Refrigerator, Class B
554,400
950,000 Shanghai Sanmao Textile Company, Class B
191,900
760,000 Shanghai Shangling Electric Appliances
Company Ltd.,
Class B
401,280
662,500 Shanghai Yaohua Pilkington Glass Company
Ltd., Class B 397,500
150,000 Weifu Fuel Injection Company Ltd., Class B
62,010
300,000 Wuxi Little Swan Company
Ltd.+
173,006
- ------------
4,252,945
- ------------
CROATIA -- 0.3%
9,275 Pliva D.D., GDR
368,681
- ------------
CZECH REPUBLIC -- 4.2%
53,300 Ceska Sporitelna AS+
565,682
5,200 Ceske Energeticke Zavody
206,957
5,400 Chemopetrol AS+
257,115
670 Cokoladovny AS+
92,538
2,100 Deza Valasske Mezirici
AS+
175,553
18,415 Fatra Napajedla AS+
702,786
5,650 Galena+
206,384
5,200 Kaucuk AS
247,592
5,150 Komercni Banka AS
420,229
489 Milo Olomouc
30,926
18,000 Nova Hut+
234,217
23,200 Skoda Koncern Plzen AS+
675,433
9,810 SPT Telekom AS+
1,198,037
450 Tabak AS+
111,220
- ------------
5,124,669
- ------------
EGYPT -- 0.3%
25,000 Egyptian Financial and Industrial
264,074
10,000 Middle Egypt Flour Mills
54,682
7,735 Unarab Spinning & Weaving
76,179
- ------------
394,935
- ------------
GREECE -- 4.5%
20,940 AEGEK
139,269
10,000 Alpha Credit Bank
527,913
8,000 Aluminum Company of Greece
340,857
23,000 Arcadia Metal Industries
254,313
71,400 Bank of Piraeus
798,379
13,000 Commercial Bank Greece
424,201
17,000 Edrassi Psallidas
183,024
24,000 Ergas Construction
184,562
18,500 Fanco SA
91,127
16,000 Fourlis SA
232,780
10,000 Hellas Can
214,075
6,040 Hellenic Sugar Industry SA
56,742
16,000 Hellenic Technodomiki
292,638
18,000 Heracles General Cement
216,236
15,500 Ionian Bank SA
278,339
21,500 Metka SA
213,597
10,500 National Investment Bank Industry
Development 226,306
9,890 OTE
164,032
22,000 Sarantis SA
201,189
31,000 Shelman SA
195,868
5,000 Titan Cement Company SA
247,121
- ------------
5,482,568
- ------------
HONG KONG -- 2.0%
390,000 China International Marine Containers
Ltd., Class B 337,564
1,500,000 China Pharmaceuticals Ltd.
149,210
380,000 Guangdong Electric Power Development,
Class B 243,000
2,450,000 Harbin Power Equipment, Class H
367,148
1,960,000 Jilin Chemical Industrial Company Ltd.
346,891
1,500,000 Luoyang Glass Company Ltd.
356,555
1,630,000 Quingling Motor Company Ltd., Class H
547,492
375,000 Wharf Holdings Ltd., Class B
164,713
- ------------
2,512,573
- ------------
HUNGARY -- 2.3%
23,500 BordsoChem RT, GDR+
458,250
9,000 Confinec AS, GDR+
429,750
4,981 Danubius Hotels and Spa RT
84,606
174,000 Fotex RT
152,993
41,620 Mol Magyar Olay Es Gazipari, GDS
462,983
25,000 OTP Bank RT
394,671
14,380 Pannonplast Muan
387,937
14,938 Soproni Sorgyar
279,606
300 Zalakeramia RT
12,290
5,000 Zalakeramia RT
199,019
- ------------
2,862,105
- ------------
INDIA -- 9.6%
104,200 Ashok Leyland Ltd., GDR
1,458,800
333,700 Arvind Mills Ltd., GDR
1,668,500
97,800 De Reddy's Labs, GDR
990,225
174,000 Finolex Cables Ltd., GDR
1,261,500
26,070 Hindalco, GDR
990,660
188,200 Indian Aluminum Company, GDR
1,317,400
79,134 Mahindra & Mahindra Ltd., GDR
850,686
162,400 Southern Petrochemical Industries
Corporation Ltd., GDR 1,318,688
100 Tata Electric Companies, GDR
57,500
82,700 Tata Engineering and Locomotive Company
Ltd., GDR 1,488,600
40,000 Wockhardt Limited, GDR
385,000
- ------------
11,787,559
- ------------
INDONESIA -- 5.8%
181,000 Bank Bali (F)
398,550
116,000 Bank Niaga (F)
291,557
240,000 Bank Tiara (F)
278,410
500,000 Barito Pacific Timber (F)
327,605
210,000 Dankos Laboratories (F)
482,707
350,000 Fajar Surya Wisesa (F)
161,654
750,000 Gadjah Tunggal (F)
370,569
35,000 Hanjaya Mandala Sampoerna (F)
398,496
360,000 Herosupermarket (F)
355,747
10,800 Indosat, ADR
361,800
75,000 Jababeka (F)
109,560
146,000 Lippo Bank (F)
247,777
240,000 Lippo Life Insurance (F)
309,345
247,000 Lippo Securities (F)
236,122
700,000 Mayora Indah (F)
390,977
90,000 Modern Photo Film (F)
386,681
400,000 Sinar Mas Multiartha (F)
292,159
784,000 Surabaya Agung Indonesia (F)
261,053
245,000 Roda Vivatex (F)
184,210
29,000 Tambang Timah, ADR
526,350
130,000 Tigaraksa Satira (F)
335,124
290,000 Unggul Indah Corporation (F)
299,033
6,000 Unilever Indonesia (F)
88,679
- ------------
7,094,165
- ------------
ISRAEL -- 1.9%
14,000 Agan Chemical Ilsi
187,719
165,000 Bank Hapoalim Ltd.
242,086
202,000 Bank Leumi Le Israel+
238,504
82,000 Dead Sea Works
217,714
2,150 First International Bank of Israel
223,451
1,785 First International Mortgages
205,050
124,568 Kitan
222,166
12,000 Koor Industries, ADR
207,000
25,000 Lanoptics Ltd.+
206,250
39,107 Osem Investment, ORD
231,174
87,300 Ytong Industries Ltd.
196,387
- ------------
2,377,501
- ------------
KOREA -- 6.2%
10,000 Asia Paper Ltd.+
382,150
23,200 Byucksan Corporation
294,576
12,400 Choil Aluminum Manufacturing Company
305,720
4,000 Daesun Distilling
179,980
10,000 Dai Yang Metal
253,945
4,050 Il Shin Spinning
356,472
6,200 Il Sung Pharmaceutical Corporation
161,267
7,000 Il Yang Pharmaceutical Corporation
229,536
24,000 Koram Bank
381,657
15,000 Korea Export Packaging and Industrial
Company 395,710
2,500 Korea Green Cross Corporation
267,813
290 Korea Mobile Telecom
228,797
24,000 Korea Mobile Telecom, ADS
411,000
21,720 Kyongnam Bank+
281,139
22,000 Kyungki Bank
226,455
13,000 Nae Wae Semiconductor
209,936
21,830 Pusan Bank
239,506
7,970 Rocket Electric Company
252,501
19,244 Saehan Precision Company
604,933
240 Samsung Fire & Marine Insurance
157,396
3,570 Shinhan Bank
65,133
15,000 SsangYong Cement Ltd.
358,728
17,200 SsangYong Investment and Securities
Company 309,566
21,373 Tai Lim Packaging and Industrial Company
500,600
13,000 Yoosung Enterprise Company
552,885
- ------------
7,607,401
- ------------
LEBANON -- 0.2%
18,400 Banque Audi Sal, GDR
230,000
- ------------
MALAYSIA -- 1.8%
10,000 Box-Pak Berhad+
6,214
87,000 Chemical Company of Malaysia
279,014
37,342 Cold Storage Berhad
144,337
48,000 Kian Joo Can Factory Berhad
263,620
67,000 NYLEX Berhad
257,847
67,000 Perlis Plantations Berhad
257,847
70,000 Sistem Televisen Malaysia Berhad
143,115
70,000 Sistem Televisen Malaysia Berhad, A Shares
131,890
167,000 Tan Chong Motor Holdings Berhad
243,688
59,000 The Store Corporation Berhad
135,999
50,000 YTL Corporation Berhad
260,574
- ------------
2,124,145
- ------------
MEXICO -- 2.2%
34,700 Elektra
252,530
340,000 Emboteladores del Valle
282,400
130,000 Fomento Economico Mexicana, Sponsored ADR
368,490
212,500 Grupo Casa Autrey
460,020
223,125 Grupo Herdez SA
75,012
460,000 Grupo Industrial Maseca SA
480,316
80,000 Industrias Penoles
365,986
132,000 Nacionale de Drogas SA
394,173
- ------------
2,678,927
- ------------
PAKISTAN -- 1.7%
480,000 DG Khan Cement
190,601
410,000 Indus Motor
281,103
255,000 Karachi Electric Supply Company
267,712
390,000 Maple Leaf Cement+
144,836
250,000 Nishat Mills+
99,986
85,900 Pakistan Refinery, Ltd.
195,088
27,100 Pakistan State Oil Company Ltd.
319,734
530,000 Sui Northern Gas Pipelines+
605,628
- ------------
2,104,688
- ------------
PERU -- 0.2%
75,000 Southern BZ
288,887
- ------------
POLAND -- 1.1%
8,400 Bank Rozwoju Eks Portu SA
219,474
4,100 Bank Slaski
347,023
4,400 Banka Przemslowo - Handlowy
317,362
26,500 Elektrim
217,469
3,300 Jelfa
46,147
4,300 Krosno, ORD
79,911
7,000 Stomil Olsztyn+
97,630
- ------------
1,325,016
- ------------
PORTUGAL -- 1.4%
24,900 Banco Espirito Santo
399,863
20,100 Banco Totta Acores+
393,269
13,000 Cellulosa Do Caima
290,642
12,300 Lusotur+
212,137
29,800 Sonae Indust SGPS
247,651
12,700 Unicer
226,418
- ------------
1,769,980
- ------------
RUSSIA -- 4.3%
22,000 AO Norilsk Nickel, Credit Suisse Financial
Products
Finance Limited, Certificates ++
210,320
720,000 AO Surgutneftegaz, Series 3, Credit Suisse
Financial
Products Finance Limited, Certificates
++ 352,800
19,500 Lukoil Holdings, ADR (REPR 4 Shares)
789,750
40 Moscow Telecom, ADR (MGTS)
625,000
37,000 Mosenergo, Sponsored ADR, (REPR 30
Ordinary Shares) 1,054,500
5,412,116 RAO Unified Energy Systems of Russia,
Series 2, Credit
Suisse Financial Products Finance
Limited,
Certificates++
481,678
45 Rostelecom, RDC (REPR 10,000 Shares), REG+
1,001,250
165,000 Rostelecom, Series 3, Credit Suisse
Financial Products
Finance Limited, Certificates+ ++
387,750
5,000 GUM, ADR (1 ADR = 2 Shares)+
200,000
9,000 Yuganskneftegaz, Credit Suisse Financial
Products
Finance Limited, Certificates, Series 3+
++
129,375
- ------------
5,232,423
- ------------
SLOVAKIA -- 1.1%
2,700 Chirana Prema AS+
86,354
5,326 Nafta Gbely+
396,430
10,000 Slovnaft AS+
290,754
26,000 VSZ AS+
562,771
- ------------
1,336,309
- ------------
SOUTH AFRICA -- 7.2%
229,000 Automakers Ltd.
158,551
44,850 Blyvooruitzicht Gold Mining
75,561
58,000 Buffelsfontein Gold Mines+
261,020
441,000 Deelkral Gold Mines Company Ltd.
417,286
105,000 East Rand Gold & Uranium Company Ltd.
249,596
814,000 East Rand Propriety Mines+
503,466
76,700 Free State Gold Mines
721,330
59,500 Harmony Gold Mining Company Ltd.
568,498
242,500 Hartebeestfontein Gold Mining
817,101
267,000 Illovo Sugar Ltd.
517,609
35,000 Kinross Mines Ltd.
371,567
75,000 Loraine Gold Mines Ltd.+
271,752
64,000 Metro Cash and Carry Ltd.
247,404
86,500 Nampak
357,339
88,500 Randfontein Estates Gold Mining Company
541,253
134,000 Romatex Ltd.
141,484
14,668 Rustenburg Platinum Holdings
228,500
90,500 Sentrachem Ltd.
313,293
46,000 Servgro International Ltd.
270,713
30,000 Tiger Wheels
98,315
33,000 Toyota South Africa Ltd.
213,247
37,000 Trans Natal Coal Corporation Ltd.
258,308
93,000 Unisel Gold Mines Ltd.
343,411
3,900 Vaal Reefs Exploration and Mining
318,175
66,500 Winkelhaak Mines Ltd.
552,504
- ------------
8,817,283
- ------------
TAIWAN -- 3.2%
14,000 Macronix International Company Ltd., ADR+
227,500
237,000 ROC Taiwan Fund+
2,695,875
80,000 Taiwan Index Fund
980,000
- ------------
3,903,375
- ------------
THAILAND -- 1.5%
55,000 Alucon Manufacturing Company
305,459
64,000 Bang Chak Petroleum Company
82,559
42,000 Bangkok Bank Public Company Ltd.
397,038
40,000 Matichon Company
220,577
143,000 National Petrochemical Company (F)
206,997
20,000 Serm Suk Public Company Ltd.
463,211
41,000 Thai German Ceramic Industries, Ltd.
95,281
19,000 Thai Glass Industries, Ltd. (Local)
93,548
- ------------
1,864,670
- ------------
TURKEY -- 8.4%
5,502,000 Akcimento
495,796
1,205,000 Aksa
253,120
342,000 Aksa Akrilik Kimya Sanyaii AS
71,840
4,583,818 Anadolu Cam Sanayii
142,337
5,485,000 Ardem Pisirici ve Isitici Cihazalar
Sanyaii AS 621,170
1,319,000 Bagfas Bandirma
357,376
2,790,000 Bati Cimento
298,977
3,525,000 Beko Elektronik
223,210
19,513,950 Bolu Cimento Sanayaii AS
552,483
490,000 Cemtas Celik Makina, ORD
170,056
350,000 Cukurova Elektrik
281,296
1,900,000 Eczacibasi Yapi Gerecleri
161,958
1,220,000 Eczacibasi Yatirim Holding
163,419
6,360,000 Ege Seramik, ORD
255,577
3,000,000 Esem Spor Glyim
299,562
1,551,000 Goltas Goller
406,070
575,000 Goodyear Lastikleri
234,565
69,317,474 Izmir Demir Celik
759,690
397,500 Kepez Elektrik+
411,441
1,522,500 Koc Yatirim
245,654
3,909,000 Marshall Boya, ORD
337,968
2,500,000 Metas Izmir Metalurji Fabrik
97,419
5,086,687 Peg Profolio Elektrikli
619,420
1,590,000 Petrol Ofisi AS
435,643
10,600,000 Sabah Yayincilik AS
293,656
10,732,500 Tofas Otomobil Ticaret
516,237
770,000 Turcas Petroculur AS
225,037
4,999,851 Turk Sise ve Cam Fabrikacari
395,751
435,000 Turk Tuborg Bira ve Maut
254,262
940,000 Turkish Siemens
297,613
16,170,000 Yapi Kredi Bankasi, New
457,809
- ------------
10,336,412
- ------------
VENEZUELA -- 0.4%
110,000 Ceramica Carabobo, ADR
115,156
107,425 Ceramica Carabobo, Class A
111,059
457,145 Venezolana de Pulp Y Papel
302,080
- ------------
528,295
- ------------
ZIMBABWE -- 0.3%
237,000 Bindura Nickel
311,842
- ------------
TOTAL COMMON STOCKS (COST $94,833,114)
97,865,989
- ------------
PREFERRED STOCKS -- 4.8%
BRAZIL -- 4.8%
3,500 Bardella
392,123
1,200,000 Brasmotor SA
375,243
43,000,000 Cia San Paulo Distr Petrole
616,641
650,000 Frigobras
349,549
1,500,000 Ioche Maxion SA
156,849
320,000 Multibras SA
430,215
54,000,000 Paranapanema SA
430,215
6,000,000 Petro Brasileir
737,938
320,000,000 Refrigeracao Parana SA
796,694
12,500,000 Telebras
872,629
34,800 Vale do Rio Doce
674,063
- ------------
TOTAL PREFERRED STOCKS (COST $5,671,653)
5,832,159
- ------------
WARRANTS -- 0.0%#
INDONESIA -- 0.0%#
112,000 Surabaya Agung Indonesia, Warrants, Expire
03/31/01 14,797
- ------------
SOUTH AFRICA -- 0.0%#
5,850 Blyvooruitzicht Gold Mining, Warrants,
Expire 12/31/00 6,751
- ------------
TOTAL WARRANTS (COST $0)
21,548
- ------------
RIGHTS -- 0.0%#
INDONESIA -- 0.0%#
73,000 Lippo Bank, Expire 07/18/96
43,910
- ------------
KOREA -- 0.0%#
393 Samsung Electronics Company, Expire
01/01/97 20,120
- ------------
PAKISTAN -- 0.0%#
37,500 Nishat Mills, Expire 09/28/96
0
- ------------
TOTAL RIGHTS (COST $61,748)
64,030
- ------------
PRINCIPAL
AMOUNT
--------
TIME DEPOSIT -- 13.9% (Cost $17,078,000)
$17,078,000 Brown Brothers Harriman & Co., (Cayman
Islands),
4.6875% due 07/01/96
17,078,000
- ------------
TOTAL INVESTMENTS (COST $117,644,515*)
98.4% 120,861,726
OTHER ASSETS AND LIABILITIES (NET)
1.6 1,904,847
- -----------------------------------------------------------------
- ---------------------------------
NET ASSETS
100.0% $122,766,573
- -----------------------------------------------------------------
- ---------------------------------
* Aggregate cost for Federal tax purposes.
# Amount represents less than 0.1%.
+Non-income producing security.
++The valuations of these securities have been determined by
procedures established by The
Pricing Committee of the Fund's Board of Trustees. The cost of
these denoted securities
at June 30, 1996 was $569,539.
</TABLE>
Abbreviations:
ADR American Depositary Receipt
ADS American Depositary Share
(F) Foreign
GDR Global Depositary Receipt
GDS Global Depositary Share
ORD Ordinary
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
AT JUNE 30, 1996, SECTOR DIVERSIFICATION OF THE FUND WAS AS
FOLLOWS:
- -----------------------------------------------------------------
- -------------
# OF NET
VALUE
INDUSTRY DIVERSIFICATION ASSETS
(NOTE 1)
- -----------------------------------------------------------------
- -------------
COMMON STOCKS:
Diversified Industrial 15.6%
$ 19,084,017
Banking 8.1
9,923,830
Building Materials and Components 6.6
8,138,952
Metals 6.2
7,647,569
Chemicals 4.9
6,007,614
Gold Mines 4.5
5,553,088
Automobiles 3.8
4,598,878
Food and Household Products 3.2
3,960,298
Mutual Funds 3.0
3,675,875
Textiles and Apparel 2.8
3,392,806
Energy 2.7
3,346,299
Telecommunications 2.3
2,817,829
Health and Personal Care 2.3
2,778,202
Utilities - Electric and Gas 1.9
2,366,474
Forest Products and Paper 1.9
2,349,148
Beverages and Tobacco 1.7
2,027,421
Miscellaneous Materials and Commodities 1.6
2,000,679
Machinery and Engineering 1.0
1,236,905
Financial Services 1.0
1,218,835
Electrical and Electronics 0.6
761,051
Retail 0.6
749,012
Leisure and Tourism 0.6
717,733
Broadcasting and Publishing 0.5
636,805
Transportation 0.5
630,202
Business and Public Services 0.5
605,628
Pharmaceuticals 0.4
540,013
Insurance 0.4
466,741
Consumer Goods 0.3
386,681
Wholesale 0.2
247,404
- -----------------------------------------------------------------
- -------------
TOTAL COMMON STOCKS 79.7
97,865,989
PREFERRED STOCKS 4.8
5,832,159
WARRANTS 0.0
21,548
RIGHTS 0.0
64,030
TIME DEPOSIT 13.9
17,078,000
- -----------------------------------------------------------------
- -------------
TOTAL INVESTMENTS 98.4
120,861,726
OTHER ASSETS AND LIABILITIES (NET) 1.6
1,904,847
- -----------------------------------------------------------------
- -------------
NET ASSETS 100.0%
$122,766,573
- -----------------------------------------------------------------
- -------------
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
- -----------------------------------------------------------------
- --------------
SCHEDULE OF FOREIGN FORWARD EXCHANGE CONTRACTS JUNE 30,
1996 (UNAUDITED)
- -----------------------------------------------------------------
- --------------
CONTRACT
CLOSING
CONTRACTS DATE
VALUE
- -----------------------------------------------------------------
- --------------
FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY
8,999,770 Korean Won
07/01/96 $ 11,094
214,531 Argentine Peso
07/02/96 214,611
- -----------------------------------------------------------------
- --------------
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY
(CONTRACT AMOUNT $225,686)
$225,705
- -----------------------------------------------------------------
- --------------
FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL
(CONTRACT AMOUNT $82,127)
6,742,634,600 Turkish Lira
07/02/96 $(82,107)
- -----------------------------------------------------------------
- ---------------
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
<CAPTION>
PANORAMA TRUST
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -----------------------------------------------------------------
- -------------------------
PORTFOLIO OF INVESTMENTS JUNE 30,
1996 (UNAUDITED)
- -----------------------------------------------------------------
- -------------------------
VALUE
SHARES
(NOTE 1)
- -----------------------------------------------------------------
- -------------------------
COMMON STOCKS -- 98.4%
<S> <C> <C>
<C>
AUSTRALIA -- 2.6%
39,205 Aerodata Holdings
$ 35,476
11,080 Caltex Australia Ltd.
44,463
199,046 Croesus Mining
144,090
40,711 Futuris Corporation Ltd.
46,769
51,020 Herald Resource Ltd.
65,436
56,119 Kingstream Resources+
30,910
213,946 Lynas Gold Mines+
36,194
18,852 Mount Edon Gold Mines (Australia) Ltd.
33,969
23,523 Northern Building Society
51,455
68,840 Perseverance Corporation Ltd.
56,875
11,080 Siddons Ramset
47,951
215,626 Titan Resources, Inc.+
88,226
- -----------
681,814
- -----------
AUSTRIA -- 0.8%
350 BWT Benchiser Wassertechnik AG
44,552
900 Mayer Melnhof
38,691
2,310 Semperit Holding AG
103,399
2,520 Steyer-Daimler Puch AG
38,774
- -----------
225,416
- -----------
BELGIUM -- 1.4%
2,000 Deceuninck Plastics Industries SA
277,702
280 Tessenderlo Chemie
101,441
- -----------
379,143
- -----------
CANADA -- 1.5%
175,230 Black Hawk Mining, Inc.+
74,530
6,300 Blue Range Resource Corporation+
45,507
40,401 Breakwater Resources Inc.+
71,105
4,500 Corel Systems Corporation+
46,200
6,500 DY-4 Systems, Inc.+
47,666
7,960 International Forest Products, Ltd., Class
A+ 70,047
4,700 Tri-Link Resources Ltd.+
57,731
- -----------
412,786
- -----------
DENMARK -- 1.2%
350 Cheminova Holdings AS, Class B
71,836
480 Hygaea AS, Class B
61,319
400 Icopal
98,791
700 Kansas Erhv Berlae, Class B
44,286
870 Neurosearch AS, New+
34,231
- -----------
310,463
- -----------
FINLAND -- 1.3%
800 Asko Oy, Class A
36,030
590 Hartwall Oy AB
14,367
2,000 Huhtamaki Oy, Class I
66,802
3,000 Kone Corporation
75,638
5,000 Nokian Tyres
73,267
1,789 Tietotehdas Oy
85,584
- -----------
351,688
- -----------
FRANCE -- 5.0%
470 Brioche Pasquier SA
73,564
500 But SA
34,178
1,035 Compagnie de Fives-Lille
115,368
1,500 De Dietrich et Compagnie
75,736
700 Deveaux SA
87,271
464 Ecco Travail Temporaire SA
38,926
500 Equipements et Composants pour Industrie
Automobile 68,744
750 Europeenne de Propulsion
86,659
458 Gautier France SA
25,971
2,128 Groupe Zannier SA
47,523
480 Infogrames Entertainment SA+
93,306
2,302 Ingenico
29,504
400 Manitou BF SA
45,053
1,344 Naf Naf SA+
19,836
605 NRJ SA
79,891
400 Pochet SA
72,706
600 Radiall SA
66,181
650 Rochefortaise Communication
35,343
900 Sylea
99,971
1,200 Synthelabo
101,369
459 Thermador Holding
25,287
- -----------
1,322,387
- -----------
GERMANY -- 6.0%
224 Andreae-Noris Zahn AG
75,120
232 Balcke Durr AG
46,743
78 Bankgesellschaft Berlin AG
16,560
400 Bausch AG
111,567
1,700 Berentzen Gruppe AG
70,287
50 Bien-Haus AG
14,602
449 Bijou Brigitte Modische Accessoires AG
85,454
600 Brilliant AG
103,167
700 Cewe Color Holding AG
254,963
200 Chemische Werke Brockhues
114,192
134 Duerr Beteiligungs AG
50,830
1,600 Effeff Fritz Fuss GmbH & Company+
74,553
1,000 Leifheit AG
46,267
250 Leonische Drahtwerke AG
84,496
1,008 SGL Carbon AG
117,752
534 Simona AG
77,099
200 Storvorz New
99,754
179 Vossloh AG
63,201
73 Weru AG
27,068
106 Westag & Getalit AG
29,148
155 WMF Wuerttembergische Metallwarenfabrik AG
31,534
- -----------
1,594,357
- -----------
HONG KONG -- 2.1%
70,000 ASM Pacific Technology
55,163
134,000 Chen Hsong Holdings
71,841
82,000 Dickson Concepts International, Ltd.
104,874
260,000 Grand Hotel Holdings Ltd.
102,446
166,000 International Bank of Asia
107,225
10,000 Tungtex Holdings
891
314,000 Wo Kee Hong Holdings Ltd.
40,565
240,000 Yue Yuen Industrial Holdings
68,211
- -----------
551,216
- -----------
IRELAND -- 1.5%
10,036 Ardagh
25,609
92,500 Heiton Holdings Plc
151,945
7,642 IAWS Group Plc
19,794
33,604 Irish Permanent
213,691
- -----------
411,039
- -----------
ITALY -- 3.5%
18,000 Carraro SpA
94,295
20,000 Esaote Biomedica SpA+
71,608
18,000 Falck Acciaierie & Ferriere Lombarde+
67,320
15,000 Industrie Zignago, ORD
73,058
19,750 La Giovanni Crespi SpA
81,072
6,000 Marzotto (Gaetano) & Figli SpA
37,491
1,700 Recordati Di Risp
11,631
7,500 Saes Getters Priv
209,643
20,000 Saipem
84,053
60,000 Snia BPD SpA
67,125
11,000 UNICEM SpA
80,274
30,000 Vianini Lavori SpA
58,641
- -----------
936,211
- -----------
JAPAN -- 39.5%
2,000 Agro-Kanesho Company
32,847
1,000 Aichi Bank
104,927
4,000 Aiphone Company
100,730
2,060 Almetax Manufacturing Company
24,058
8,000 Amatsuji Steel Ball Manufacturing
142,336
4,000 Aoki Marine
27,372
4,000 Aomori Bank
23,796
1,000 Art Life Company, Ltd.
17,792
6,300 Asahi Printing & Packing Company
109,790
1,000 Bank of Iwate
57,847
15,000 Biofermin Pharmaceutical
161,496
3,000 Biwako Bank
18,613
6,000 Bourbon Corporation
50,912
3,000 B-R 31 Ice Cream Company
34,626
15,000 Cesar Company
149,179
8,000 Charle Company
122,628
7,000 Chiyoda Shoe Company
164,142
6,000 Chofu Seisakusho
149,453
4,000 Circle K Japan Company Ltd.
207,299
7,000 Dainippon Shigyo Company, Ltd.
54,927
4,800 Daiseki Company, Ltd.
132,263
20,000 Daito Bank
87,591
1,000 Daiwa Densetsu Corporation
6,296
8,000 Daiwa Rakuda Industry
105,839
11,000 Denkyosh Company
110,401
6,000 Denny's Japan
212,956
9,000 Denyo Company, Ltd.
124,818
5,000 Enix Corporation
156,478
3,000 Fast Retailing Company Ltd.
125,639
4,000 FCC Company Ltd.
148,540
1,000 Fuji Glass
12,956
1,700 Fuji Hensokuki Company, Ltd.
11,633
6,000 Fukuda Denshi
153,832
3,000 Fukuoka Shuo Bank
19,024
13,000 Fukushima Bank
52,190
7,000 Futaba Industrial
126,460
1,000 Getz Brothers
16,971
2,000 Heiwa Paper Company
22,993
10,000 Hibiya Engineering
119,526
8,000 Higashi Nihon House
140,146
14,000 Hokkaido Coca-Cola Bottling Company
195,438
3,000 Horipro
42,974
16,000 Isamu Paint
118,248
6,000 Inaba Denkisangyo
150,547
1,000 Itec Corporation
12,956
10,000 Japan Airport Terminal Company
141,423
7,000 Japan Digital Laboratory Company
163,504
3,000 Jastec
46,807
2,000 Kagawa Bank
19,343
9,000 Key Coffee Inc.
142,062
1,000 Kita-Nippon Bank
58,394
10,000 Kyoto Tool
78,376
1,000 Levi Strauss Japan
19,434
3,000 Matsudo Kousan
42,427
1,000 Matsumoto Yushi-Seiyaku Company
25,547
7,000 Meitec
159,033
26,000 Meiwa Industry
148,266
3,000 Michinoku Bank
24,772
5,000 Nagawa Company, Ltd.
83,029
18,000 Nakakita Seisakusho
90,328
16,000 NHK Precision Company
132,847
6,000 Nichiden Corporation
158,759
5,000 Nihon Decoluxe
79,836
6,000 Nihon Dempa Kogyo
142,336
18,000 Nihon Electric Wire & Cable
174,088
15,000 Nippon Cable System
154,653
15,000 Nippon Denwa Shisetsu
161,496
5,000 Nippon Filing Company, Ltd.
76,414
10,000 Nissei Industries
114,051
9,000 Odawara Engineering Company
135,493
9,000 Oita Bank
76,040
2,000 OYO Corporation
115,146
6,000 Ricoh Elemex
93,066
12,000 Riken Corundum
52,555
5,000 Ryoyo Electro Corporation
107,664
7,700 Santen Pharmaceutical Company
179,151
14,000 Sanyo Engineering & Construction
167,336
4,000 Seihyo Company, Ltd.
26,642
8,000 Seiwa Electric
131,387
10,000 Shibazaki Seisakusho
65,693
1,000 Shimizu Bank
68,887
4,000 Shingakukai Company
40,146
15,000 Shinkigosei Company, Ltd.
140,967
600 Shohkoh Fund
125,912
14,000 Sodick+
167,336
9,000 Sonton Food Industry
125,639
16,000 Taisei Prefab Construction Company
116,058
3,000 Takeda Machinery Company, Ltd.
29,015
6,000 Takigami Steel Construction
61,314
18,000 Technology Eight Company
134,672
2,000 Tecmo Ltd.
22,628
14,000 Teikoku Hormone Manufacturing Company
197,993
2,000 Tenryu Saw Manufacturing
50,547
20,000 Toa Valve
79,380
11,000 TOC+
130,474
5,000 Tohoku Telecommunication Construction
35,128
5,000 Toko Seiki
36,724
3,150 Tokushima Bank Ltd.
25,033
3,000 Tokyo Kisen
23,787
1,500 Tokyo Ohka Kogyo
39,827
11,000 Tokyo Style
191,697
11,000 Tomato Bank
48,175
2,000 Tonichi Cable Ltd.
19,617
6,000 Toyo Exterior Company Ltd.
140,146
24,000 Tsukiji Uochiba
107,299
19,000 Tsurumi Soda Company, Ltd.
125,858
17,000 Uehara Sei Shoji
118,969
6,000 Union Tool
144,526
4,000 Yamagata Bank
21,350
11,000 Yokogawa Construction Company
184,672
5,000 Zojirushi
58,394
- -----------
10,561,053
- -----------
MEXICO -- 1.0%
25,000 Industrias Penoles
114,205
52,000 Nacional de Drogas, Class L
155,055
- -----------
269,260
- -----------
NETHERLANDS -- 2.5%
3,588 Cap Volmac Group
70,398
2,240 Content Beheer
81,471
548 Eriks Holdings
50,551
2,600 European Vinyls Corporation International
80,707
1,560 Gamma Holding NV
72,180
1,045 Hoek's Machine & Zuurstoffab
75,893
490 IHC Caland NV
24,107
3,816 Macintosh Confectie NV
94,763
3,070 NKF Holdings
54,616
2,236 Welna
57,491
- -----------
662,177
- -----------
NEW ZEALAND -- 0.3%
25,000 Independent Newspaper
85,819
- -----------
NORWAY -- 0.9%
1,523 Ark AS
28,686
3,000 Blom AS
59,966
2,791 Bolig-Og Naerings Kredit
53,213
5,000 Fesilas Asa
56,891
1,400 Rieber Son AS, Class B
30,137
- -----------
228,893
- -----------
SINGAPORE -- 1.2%
34,724 First Capital Corporation+
86,121
48,000 Haw Par Brothers International Inc.
109,524
11,761 Pentex-Schweizer Circuits
19,835
13,442 Robinson & Company
57,151
20,880 Venture Manufacturing Ltd.+
38,469
- -----------
311,100
- -----------
SOUTH AFRICA -- 1.7%
66,000 Deelkraal Gold Mines
62,487
35,000 Ergo East Rand Gold & Uranium Company
83,247
9,000 Free State Consolidated Gold Mines
84,690
6,500 Harmony Gold Mining Company, Ltd.
62,141
22,000 Hartebeestfontein Gold Mining
74,171
9,000 Winkelhaak Mines Ltd.
74,818
- -----------
441,554
- -----------
SPAIN -- 2.7%
1,500 Azkoyen SA
104,974
1,031 Banco Pastor
64,350
3,000 Elec Reunidas de Zaragoza SA
81,919
5,000 Hullas del Coto Cortes SA
92,842
2,500 Prosegur, Cia de Seguridad SA
87,771
10,417 Sarrio SA
34,053
3,800 Sol Melia SA+
80,046
183 Uniland Cementera SA
7,067
3,355 Vidrala
170,138
- -----------
723,160
- -----------
SWEDEN -- 4.3%
4,500 Allgon AB, B Shares
74,864
3,500 Celsius Industriar AB, B Shares
45,844
6,000 Dahl International AB+
86,269
2,000 Elektra Instruments AB, B Shares
75,880
3,500 Enator AB+
80,359
3,600 Esselte AB, B Shares
73,441
3,500 Forsheda AB
75,617
22,560 Frontec AB, B Shares+
276,818
6,000 Lindab AB, B Shares
66,395
6,641 Om Gruppen AB
181,971
6,000 Scandiaconsult AB
44,264
4,000 Svedala Industri AB
75,579
- -----------
1,157,301
- -----------
SWITZERLAND -- 2.7%
108 Bucherer AG PC
41,820
24 Daetwyler Holding Bearer
42,731
134 Fust (Dipling) SA Bearer
39,050
309 Generale D'Affichage PC
157,892
75 Keramik Holding AG PC
47,605
35 Kuoni Reisen Holding, Class B Registered
80,200
83 Orell Fuessli Graph Betr, Class R PC
64,942
79 Orior Holding SA Bearer
44,782
150 Phoenix Mecano AG PC
74,012
168 Siegfried AG PC+
139,497
- -----------
732,531
- -----------
UNITED KINGDOM -- 14.7%
19,000 Admiral Plc
79,566
32,000 Alexon Group Plc+
71,966
56,007 Allied Colloids Plc
113,796
50,000 Amec Plc
75,999
9,860 Atlas Converting Equipment Plc
113,626
12,658 Berkeley Group Plc
119,170
9,703 Bespak Plc
59,896
25,091 British Vita Plc
83,670
19,706 Carclo Engineering Group Plc
89,247
49,042 Castings Plc
177,990
21,160 Chemring Group Plc
126,354
10,641 Epwin Group Plc
36,804
127,000 Hampson Industries, Inc.+
118,186
96,000 Heath (CE) Plc
156,341
16,500 Hicking Pentecost Plc
89,826
25,000 Hunting Associates Plc
67,081
8,513 James Halstead Group Plc
50,702
33,684 John Maunders Group Plc
112,847
107,117 Keller Group Plc
279,113
9,500 Kewill Systems Plc
66,453
67,208 Kunick Plc
28,927
38,000 Lloyd Thompson Group Plc
106,678
8,000 Logica Plc
80,032
6,721 Macro 4 Plc
50,037
7,247 Mayborn Group Plc
32,372
10,000 Meyer International Plc
59,093
6,161 Micro Focus Group Plc+
78,644
2,800 MJ Gleeson Group Plc
37,478
23,601 MTL Instruments Group Plc
105,423
39,205 Neotronics Technology Plc
30,403
16,308 Oxford Instruments Plc
124,951
70,000 Perkins Foods Plc
91,199
11,425 Prism Leisure Corporation Plc
25,340
65,000 Radius Plc
63,513
19,103 RCO Holdings Plc
71,998
5,601 Redrow Group Plc
11,467
40,000 Ricardo Group Plc
83,754
93,989 Shanks & McEwan Group Plc
177,848
16,802 Titon Holdings Plc
31,011
14,002 Trinity Holdings Plc
79,050
13,000 TT Group Plc
69,562
25,081 Tunstall Group Plc
146,655
5,265 Warner Howard Plc
20,987
16,580 Wilson Bowden Plc
113,920
10,204 Wilson Holdings Plc
25,955
13,691 Yorklyde Plc
63,704
7,841 Yorkshire Chemicals Plc
31,012
- -----------
3,929,646
- -----------
TOTAL COMMON STOCKS (COST $25,168,364)
26,279,014
- -----------
PREFERRED STOCKS -- 1.0%
GERMANY -- 1.0%
200 Biotest AG
63,659
1,050 Gerry Weber
54,783
241 Hans Einhell
35,587
500 Jungheinrich AG
88,597
78 WMF Wuerttembergische Metallwarenfabrik AG
14,077
- -----------
TOTAL PREFERRED STOCKS (COST $252,136)
256,703
- -----------
RIGHTS -- 0.1%
BELGIUM -- 0.0%#
280 Tessenderlo Chemie, Expire 06/20/97+
10,242
- -----------
DENMARK -- 0.1%
350 Cheminova Holdings AS, Class B, Expire
07/01/96+ 23,846
- -----------
GERMANY -- 0.0%#
600 Brilliant AG, Expire 07/09/96+
1,969
- -----------
SINGAPORE -- 0.0%#
5,220 Venture Manufacturing Ltd., Expire
07/22/96+ 1,849
- -----------
TOTAL RIGHTS (COST $35,673)
37,906
- -----------
WARRANTS -- 0.0%# (COST $7,366)
SINGAPORE -- 0.0%
4,800 Haw Par Brothers International, Inc.,
Expire 07/18/01+ 8,061
- -----------
PRINCIPAL
VALUE
AMOUNT
(NOTE 1)
- -----------------------------------------------------------------
- --------------------------------
TIME DEPOSIT -- 1.2% (COST $328,000)
$ 328,000 Brown Brothers Harriman & Co. (Cayman
Islands), 4.6875%
due 07/01/96
$ 328,000
- -----------
TOTAL INVESTMENTS (COST $25,791,539*)
100.7% 26,909,684
OTHER ASSETS AND LIABILITIES (NET)
(0.7) (201,413)
- -----------------------------------------------------------------
- --------------------------------
NET ASSETS
100.0% $26,708,271
- -----------------------------------------------------------------
- --------------------------------
*Aggregate cost for Federal tax purposes.
+Non-income producing security.
#Amount represents less than 0.1%.
Abbreviations:
ORD Ordinary
PC Participating Certificates
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET INTERNATIONAL SMALL COMPANIES FUND
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
- ------------------------------
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
- -----------------------------------------------------------------
- ------------------------------
AT JUNE 30, 1996, SECTOR DIVERSIFICATION OF THE FUND WAS AS
FOLLOWS:
% OF NET VALUE
INDUSTRY DIVERSIFICATION
ASSETS (NOTE 1)
- -----------------------------------------------------------------
- ------------------------------
<S>
<C> <C>
COMMON STOCKS:
Diversified Industrial
23.4% $ 6,255,727
Machinery and Engineering
7.7 2,066,427
Building and Building Materials
7.5 1,995,187
Electrical and Electronics
7.2 1,929,093
Food and Household Products
4.6 1,217,573
Business and Public Services
4.4 1,173,741
Chemicals
3.9 1,044,405
Banking
3.9 1,032,231
Industrial Components
3.7 981,244
Textiles and Apparel
2.8 758,518
Metals
2.7 727,793
Health and Personal Care
2.7 718,601
Gold Mines
2.7 718,476
Wholesale
2.5 675,898
Miscellaneous Materials and Commodities
2.4 639,001
Retail
2.3 603,407
Broadcasting and Publishing
1.8 468,735
Transportation
1.7 461,094
Real Estate
1.7 460,891
Leisure and Tourism
1.3 334,146
Automobiles
1.0 266,090
Insurance
1.0 263,019
Telecommunications
0.9 245,824
Aerospace and Defense
0.9 235,087
Financial Services
0.8 207,941
Forest Products and Paper
0.7 201,884
Beverages and Tobacco
0.7 195,438
Data Processing
0.6 165,616
Energy
0.6 147,701
Utilities - Electric Gas
0.3 88,226
- -----------------------------------------------------------------
- ------------------------------
TOTAL COMMON STOCKS
98.4 26,279,014
PREFERRED STOCKS
1.0 256,703
RIGHTS
0.1 37,906
WARRANTS
0.0 8,061
TIME DEPOSITS
1.2 328,000
- -----------------------------------------------------------------
- ------------------------------
TOTAL INVESTMENTS
100.7% 26,909,684
OTHER ASSETS AND LIABILITIES (NET)
(0.7) (201,413)
- -----------------------------------------------------------------
- ------------------------------
NET ASSETS
100.0% $26,708,271
- -----------------------------------------------------------------
- ------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET INTERNATIONAL SMALL COMPANIES FUND
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
- ------------------------------
SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS
JUNE 30, 1996 (UNAUDITED)
- -----------------------------------------------------------------
- ------------------------------
<S>
<C> <C>
CONTACT
CLOSING
CONTRACTS
DATE VALUE
- -----------------------------------------------------------------
- ------------------------------
FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY
119,005,920 Italian Lire
07/01/96 $ 77,541
42,793 German Deutsche marks
07/02/96 28,084
- -----------------------------------------------------------------
- ------------------------------
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY
(CONTRACT AMOUNT $105,776)
$105,625
- -----------------------------------------------------------------
- ------------------------------
FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL
71,348 Swiss Francs
07/01/96 $(56,965)
867,506 French Francs
07/02/96 (168,464)
- -----------------------------------------------------------------
- ------------------------------
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL
(CONTRACT AMOUNT $225,786)
$225,429
- -----------------------------------------------------------------
- ------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -----------------------------------------------------------------
- --------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1996
(UNAUDITED)
- -----------------------------------------------------------------
- --------------
PICTET
PICTET
GLOBAL EMERGING
INTERNATIONAL SMALL
MARKETS FUND
COMPANIES FUND
- -----------------------------------------------------------------
- --------------
ASSETS:
Investments, at value (Note 1)
See accompanying schedules $120,861,726
$26,909,684
Cash 371,427
483
Foreign currency (Cost $1,089,035
and $107,808, respectively) 1,094,125
107,909
Receivable from investment
adviser (Note 2) 601
68,106
Dividends receivable 359,510
84,471
Interest receivable 2,356
44
Receivable for investment
securities sold 3,426,434
148,891
Net unrealized appreciation of
forward currency contract 39
206
Unamortized organization costs
(Note 1) 48,406
- --
Prepaid expenses and other assets 473
7,336
- -----------------------------------------------------------------
- -------------
TOTAL ASSETS 126,165,097
27,327,130
- -----------------------------------------------------------------
- -------------
LIABILITIES:
Payable for investment securities
purchased 3,068,418
514,409
Investment advisory fee (Note 2) 148,082
- --
Administration fee payable (Note 2) 19,192
7,475
Transfer agent fees payable (Note 2) 2,479
1,000
Custodian fees payable (Note 2) 88,296
59,963
Other accrued expenses and payables 72,057
36,012
- -----------------------------------------------------------------
- -------------
TOTAL LIABILITIES 3,398,524
618,859
- -----------------------------------------------------------------
- -------------
NET ASSETS $122,766,573
$26,708,271
- -----------------------------------------------------------------
- -------------
Investments, at cost $117,644,515
$25,791,539
- -----------------------------------------------------------------
- -------------
NET ASSETS CONSIST OF:
Undistributed net investment
income (Note 1) $ 524,612
$ 160,910
Accumulated net realized gain on
investments sold (Note 1) 1,814,029
229,848
Net unrealized appreciation of
investments 3,220,569
1,118,759
Par value 11,437
2,503
Paid-in capital in excess of par
value (Notes 1 and 4) 117,195,926
25,196,251
- -----------------------------------------------------------------
- -------------
TOTAL NET ASSETS $122,766,573
$26,708,271
- -----------------------------------------------------------------
- -------------
SHARES OF BENEFICIAL INTEREST
OUTSTANDING 1,143,726
250,296
- -----------------------------------------------------------------
- -------------
NET ASSET VALUE:
Net asset value, offering and
redemption price per share $107.34
$106.71
- -----------------------------------------------------------------
- -------------
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -----------------------------------------------------------------
- --------------
STATEMENT OF OPERATIONS
- -----------------------------------------------------------------
- --------------
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
PICTET
PICTET
GLOBAL EMERGING
INTERNATIONAL SMALL
MARKETS FUND
COMPANIES FUND*
- -----------------------------------------------------------------
- --------------
INVESTMENT INCOME:
Dividends (net of foreign $ 873,916
$ 228,624
withholding taxes of $78,524
and $33,983, respectively)
Interest 252,396
39,867
- -----------------------------------------------------------------
- -------------
TOTAL INVESTMENT INCOME 1,126,312
268,491
- -----------------------------------------------------------------
- -------------
EXPENSES:
Investment advisory fee (Note 2) 440,942
89,654
Administration fee (Note 2) 115,357
39,471
Transfer agent fees (Note 2) 9,735
4,759
Custodian fees (Note 2) 190,064
70,988
Professional fees 27,796
13,313
Trustees' fees and expenses
(Note 2) 11,850
2,691
Registration and filing fees 41,783
19,079
Amortization of organization 25,056
- --
costs (Note 1)
Other 29,957
25,386
- -----------------------------------------------------------------
- -------------
TOTAL EXPENSES BEFORE WAIVERS
AND/OR REIMBURSEMENTS 892,540
265,341
- -----------------------------------------------------------------
- -------------
Fees waived and/or expenses
reimbursed by investment
adviser (Note 2) (292,860)
(157,760)
- -----------------------------------------------------------------
- -------------
NET EXPENSES 599,680
107,581
- -----------------------------------------------------------------
- -------------
NET INVESTMENT INCOME 526,632
160,910
- -----------------------------------------------------------------
- -------------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
(Notes 1 and 3):
Net realized gain/(loss) on:
Securities transactions 1,927,709
204,644
Forward foreign currency (310,737)
5,414
contracts
Foreign currency transactions 223,436
19,790
- -----------------------------------------------------------------
- -------------
Net realized gain on investments
during the period 1,840,408
229,848
- -----------------------------------------------------------------
- -------------
Change in unrealized
appreciation/depreciation of:
Securities 3,685,358
1,118,145
Forward foreign currency
contracts 39
206
Foreign currency transactions
and other assets, net 3,444
408
- -----------------------------------------------------------------
- -------------
Net unrealized appreciation of
investments during the period 3,688,841
1,118,759
- -----------------------------------------------------------------
- -------------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 5,529,249
1,348,607
- -----------------------------------------------------------------
- -------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $6,055,881
$1,509,517
- -----------------------------------------------------------------
- -------------
*The Pictet International Small Companies Fund commenced
operations on
February 7, 1996.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -----------------------------------------------------------------
- --------------
STATEMENT OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------
- --------------
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
PICTET
PICTET
GLOBAL EMERGING
INTERNATIONAL SMALL
MARKETS FUND
COMPANIES FUND*
- -----------------------------------------------------------------
- --------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 526,632 $
160,910
Net realized gain on investments
during the period 1,840,408
229,848
Change in unrealized appreciation
of investments during the
period 3,688,841
1,118,759
- -----------------------------------------------------------------
- -------------
Net increase in net assets
resulting from operations 6,055,881
1,509,517
Net increase in net assets from
Fund share transactions (Note 4) 107,087,615
25,198,654
- -----------------------------------------------------------------
- -------------
Net increase in net assets 113,143,496
26,708,271
NET ASSETS:
Beginning of period (original capital
for Pictet International Small
Companies Fund was January 29, 1996) 9,623,077
100
- -----------------------------------------------------------------
- -------------
End of period (including
undistributed net investment income
of $524,612 and $160,910,
respectively) $122,766,573
$26,708,271
- -----------------------------------------------------------------
- -------------
*The Pictet International Small Companies Fund commenced
operations on
February 7, 1996.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
- -----------------------------------------------------------------
- --------------
STATEMENT OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------
- --------------
PERIOD ENDED DECEMBER 31, 1995*
PICTET
GLOBAL EMERGING
MARKETS FUND
- -----------------------------------------------------------------
- --------------
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $
15,778
Net realized loss on investments during the period
(24,365)
Change in unrealized depreciation of investments during
the period
(468,272)
- -----------------------------------------------------------------
- -------------
Net decrease in net assets resulting from operations
(476,859)
Distributions to shareholders:
Distributions to shareholders from net investment income
(15,778)
Distributions in excess of net investment income
(5,483)
Net increase in net assets from Fund share transactions
(Note 4)
10,021,197
- -----------------------------------------------------------------
- -------------
Net increase in net assets
9,523,077
NET ASSETS:
Beginning of period (original capital September 26, 1995)
100,000
- -----------------------------------------------------------------
- -------------
End of period (including accumulated distributions
in excess of net investment income of $2,020) $
9,623,077
- -----------------------------------------------------------------
- -------------
*The Pictet Global Emerging Markets Fund commenced operations on
October 4,
1995.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
- -----------------------------------------------------------------
- --------------
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------
- --------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
SIX MONTHS
ENDED
PERIOD
6/30/96
ENDED
(UNAUDITED) 12/31/95*
- -----------------------------------------------------------------
- ---------------
Net asset value, beginning of period $ 95.07
$100.00
- -----------------------------------------------------------------
- ---------------
Income from investment operations:
Net investment income 0.74
0.16
Net realized and unrealized gain/(loss) on
investments 11.53
(4.88)
- -----------------------------------------------------------------
- ---------------
Total from investment operations 12.27
(4.72)
- -----------------------------------------------------------------
- ---------------
Distributions to shareholders:
Distributions from net investment income --
(0.16)
Distributions in excess of net investment income --
(0.05)
- -----------------------------------------------------------------
- ---------------
Total distributions --
(0.21)
- -----------------------------------------------------------------
- ---------------
NET ASSET VALUE, END OF PERIOD $107.34
$ 95.07
- -----------------------------------------------------------------
- ---------------
Total return++ 12.91%
(4.72)%
- -----------------------------------------------------------------
- ---------------
Ratios to average daily net assets/supplemental
data:
Net assets, end of period (in 000's) $122,767
$9,623
Ratio of net operating expenses to average net
assets 1.70%+
1.95%+
Ratio of operating expenses to average net
assets without waivers and/or reimbursements 2.53%+
8.39%+
Ratio of net investment income to average net
assets 1.49%+
0.68%+
Net investment income/(loss) per share without
waivers and/or reimbursements $ 0.33
$ (1.33)
Portfolio turnover rate 23%
5%
Average commission rate (per share of security)(a) $0.0009
$0.0010
- ----------
* The Fund commenced operations on October 4, 1995.
+ Annualized.
++ Total return represents aggregate total return for the
period.
(a) Average commission rate paid per share of securities
purchased and sold by
the Fund.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
- -----------------------------------------------------------------
- ---------------
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------
- ---------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT THE PERIOD.
PERIOD
ENDED
6/30/96*
(UNAUDITED)
- -----------------------------------------------------------------
- ---------------
Net asset value, beginning of period
$100.00
- -----------------------------------------------------------------
- ---------------
Income from investment operations:
Net investment income
0.64
Net realized and unrealized gain on investments
6.07
- -----------------------------------------------------------------
- ---------------
Total from investment operations
6.71
- -----------------------------------------------------------------
- ---------------
NET ASSET VALUE, END OF PERIOD
$106.71
- -----------------------------------------------------------------
- ---------------
Total return++
6.71%
- -----------------------------------------------------------------
- ---------------
Ratios to average daily net assets/supplemental data:
Net assets, end of period (in 000's)
$26,708
Ratio of operating expenses to average daily net assets
1.20%+
Ratio of operating expenses to average daily net assets
without waivers and reimbursements
2.96%+
Ratio of net investment income to average daily net assets
1.79%+
Net investment income per share without waivers and
reimbursements
$ 0.01
Portfolio turnover rate
21%
Average commission rate (per share of security)(a)
$0.0154
- ----------
* The Fund commenced operations on February 7, 1996.
+ Annualized.
++ Total return represents aggregate total return for the
period.
(a) Average commission rate paid per share of securities
purchased and sold by
the Fund.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -----------------------------------------------------------------
- ---------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- -----------------------------------------------------------------
- ---------------
1. SIGNIFICANT ACCOUNTING POLICIES
Panorama Trust (the "Trust"), a Massachusetts business trust
registered
under the Investment Company Act of 1940, as amended (the "1940
Act"), is a
no-load, diversified, open-end management investment company
which currently
offers shares of two series, the Pictet Global Emerging Markets
Fund and
Pictet International Small Companies Fund (the "Funds"). The
accompanying
financial statements and financial highlights are those of the
Funds. The
Funds' financial statements are prepared in accordance with
generally accepted
accounting principles which require the use of management
estimates. The
following is a summary of the significant accounting policies
followed
consistently by the Funds in the preparation of its financial
statements.
Securities Valuations: Equity securities listed on a U.S.
securities
exchange for which market quotations are available are valued at
the last
quoted sale price as of the close of the New York Stock
Exchange's regular
trading hours on the day the valuation is made. Generally,
securities listed
on a foreign exchange and unlisted foreign securities are valued
at the latest
quoted sales price available before the time when assets are
valued. Portfolio
securities primarily traded on the London Stock Exchange are
generally valued
at the mid price between the current bid and asked prices. Price
information
on listed securities is taken from the exchange where the
security is
primarily traded. Generally, unlisted U.S. equity securities and
listed
securities not traded on the valuation date for which market
quotations are
readily available are valued at the mean between the asked and
bid prices. The
value of securities for which no quotations are readily available
(including
restricted securities) is determined in good faith at fair value
using methods
determined by the Board of Trustees. One or more pricing services
may be used
to provide security valuations in connection with the
determination of the net
asset value of the Funds. Short-term investments that mature in
60 days or
less are valued at amortized cost.
Repurchase Agreements: Each Fund may engage in repurchase
agreement
transactions. Under the terms of a typical repurchase agreement,
the Fund pays
a counterparty cash for, and takes possession of, a debt
obligation of the
seller to repurchase, and the Fund to resell, the obligation at
an agreed-upon
price and time, thereby determining the yield during the Fund's
holding
period. This arrangement results in a fixed rate of return that
is not subject
to market fluctuations during the Fund's holding period. The
value of the
collateral held by the Fund, at all times, is at least equal to
the total
amount of the repurchase obligations, including interest. In the
event of
counterparty default, the Fund generally has the right to use the
collateral
to offset losses incurred. There is potential loss to the Fund in
the event
the Fund is delayed or prevented from exercising its rights to
dispose of the
collateral securities, including the risk of a possible decline
in the value
of the underlying securities during the period while the Fund
seeks to assert
its rights. The Funds' Investment Adviser, acting under the
supervision of the
Board of Trustees, reviews the value of the collateral and the
creditworthiness of those banks and dealers with which the Funds
enter into
repurchase agreements to evaluate potential risks.
Forward Foreign Currency Contracts: Each Fund may invest in
forward
foreign currency contracts to hedge against anticipated future
changes in
exchange rates which otherwise might either adversely affect the
value of the
portfolio securities of the Fund or adversely affect the prices
of securities
which the Fund intends to purchase or sell at a later date.
Forward foreign
currency contracts are valued at the forward rate and are marked-
to-market
daily. The change in market value is recorded by the Fund as an
unrealized
gain or loss. When the contract is closed, the Fund records a
realized gain or
loss equal to the difference between the value of the contract at
the time it
was opened and the value at the time it was closed.
The use of forward foreign currency contracts does not
eliminate
fluctuations in the underlying prices of a Fund's investment
securities, but
it does establish a rate of exchange that can be achieved in the
future.
Although forward foreign currency contracts limit the risk of
loss due to a
decline in the value of the hedged currency, they also limit any
potential
gain that might result should the value of the currency increase.
In addition,
the Fund could be exposed to risks if the counterparties to the
contracts are
unable to meet the terms of their contracts.
Each Fund may enter into spot foreign currency contracts for
the purchase
or sale of securities denominated in foreign currencies to "lock"
in the U.S.
exchange rate of the transaction covering the period between
trade date and
settlement date.
Foreign Currency: The books and records of the Funds are
maintained in
United States (U.S.) dollars. Foreign currencies, investments and
other assets
and liabilities are translated into U.S. dollars at the bid
prices of such
currencies against U.S. dollars last quoted by a major bank.
Unrealized gains
and losses on investments which result from changes in foreign
currency
exchange rates have been included in the unrealized appreciation/
(depreciation) of investments. Net realized foreign currency
gains and losses
resulting from changes in exchange rates include foreign currency
gains and
losses between trade date and settlement date of investment
securities
transactions, foreign currency transactions and the difference
between the
amounts of interest and dividends recorded on the books of the
Funds and the
amount actually received. The portion of foreign currency gains
and losses
related to fluctuation in exchange rates between the initial
purchase trade
date and subsequent sale trade date is included in realized gains
and losses
on investment securities sold.
Securities Transactions and Investment Income: Securities
transactions are
recorded on a trade date basis. Realized gains and losses from
securities
transactions are recorded on the identified cost basis. Interest
income is
recorded on the accrual basis. Dividend income is recorded on ex-
dividend
date, except that certain dividends from foreign securities are
recorded as
soon as the Fund is informed of the ex-dividend date.
Dividends and Distributions to Shareholders: Distributions
from net
investment income, if any, are declared and paid annually. The
Funds' net
realized capital gains (including net short-term capital gains),
unless offset
by any available capital loss carryforward, are distributed to
shareholders
annually. Additional distributions of net investment income and
capital gains
may be made at the discretion of the Board of Trustees in order
to avoid the
application of a 4% non-deductible Federal excise tax. Income
distributions
and capital gain distributions are determined in accordance with
income tax
regulations which may differ from generally accepted accounting
principles.
These differences are primarily due to timing differences and
differing
characterization of distributions made by a Fund. Dividends and
other
distributions are automatically reinvested in additional shares
of the Fund at
net asset value next determined after such dividend or
distribution is
declared.
Income Taxes: Each Fund intends to qualify each year as a
regulated
investment company by complying with the requirements of the
Internal Revenue
Code of 1986, as amended, applicable to regulated investment
companies and by
distributing substantially all of its earnings to shareholders.
Therefore, no
Federal income tax provision is required.
Organization Costs: The Pictet Global Emerging Markets Fund
bears all
costs in connection with the organization of the Pictet Global
Emerging
Markets Fund. All such costs are being amortized on the straight-
line method
over a period of five years from the commencement of operations
of Pictet
Global Emerging Markets Fund. In the event that any of the shares
issued by
Pictet Global Emerging Markets Fund are redeemed by any holders
thereof during
such amortization period, the redemption proceeds will be reduced
by any
unamortized costs in the same proportion as the number of shares
redeemed
bears to the number of initial shares outstanding at the time of
the
redemption.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER PARTY
TRANSACTIONS
The Trust, on behalf of the Funds, has entered into
Investment Advisory
Agreements (the "Advisory Agreements") with Pictet International
Management
Limited ("Pictet International"), a wholly-owned subsidiary of
Pictet (Canada)
& Company ("Pictet Canada"). Pictet Canada is a partnership,
whose principal
activity is investment accounting, custody and securities
brokerage. Pictet
Canada has two general partners, Pictet Advisory Services
Overseas and
FINGEST, and seven limited partners, each of whom is also a
partner of Pictet
& Cie, a Swiss private bank founded in 1805. Under the terms of
the Advisory
Agreements the Pictet Global Emerging Markets Fund and the Pictet
International Small Companies Fund will pay Pictet International
a fee,
computed daily and payable monthly, at an annual rate of 1.25%
and 1.00%,
respectively, of the average daily net assets of each Fund.
Pictet
International has voluntarily agreed to waive its fees and
reimburse expenses
to the extent necessary to ensure that the Pictet Global Emerging
Markets
Fund's and the Pictet International Small Companies Fund's total
ordinary
operating expenses do not exceed 1.70% and 1.20%, respectively,
of each Fund's
average daily net assets.
For the period ended June 30, 1996, Pictet International
waived fees and
reimbursed expenses as follows:
EXPENSES
FEES
WAIVED REIMBURSED
- -----------------------------------------------------------------
- ---------------
Pictet Global Emerging Markets Fund $292,860
- --
Pictet International Small Companies Fund 89,654
$68,106
First Data Investor Services Group, Inc. ("FDISG"), a wholly-
owned
subsidiary of First Data Corporation, serves as the Trust's
administrator,
accounting agent and transfer agent. FDISG, as accounting agent,
is paid a fee
computed daily and payable monthly at an annual rate of 0.04% of
the average
daily net assets of each Fund, subject to a $50,000 annual
minimum from each
Fund. For administrative services, FDISG is entitled to receive
$220,000 per
annum from the Trust. In addition, for its services as transfer
agent, FDISG
is paid separate compensation.
No officer, director or employee of Pictet, FDISG, or any
affiliate
thereof, receives any compensation from the Trust for serving as
Trustee or
officer of the Trust. The Trust pays each Trustee who is not an
affiliated
person of Pictet an annual fee of $5,000 plus an additional $500
for each
board and committee meeting attended. The Trust also reimburses
expenses
incurred by the Trustee in attending such meetings.
Brown Brothers Harriman & Co. serves as the Funds' custodian.
440
Financial Distributors, Inc., a wholly-owned subsidiary of FDISG,
serves as
the Funds' principal underwriter and distributor.
3. PURCHASES AND SALES OF SECURITIES
Cost of purchases and proceeds from sales of investment
securities,
excluding short-term securities and U.S. government securities,
for the period
ended June 30, 1996 were as follows:
PURCHASES
SALES
- -----------------------------------------------------------------
- ---------------
Pictet Global Emerging Markets Fund $103,041,455
$14,079,476
Pictet International Small Companies Fund 29,163,154
3,904,259
At June 30, 1996, aggregate gross unrealized appreciation and
unrealized
depreciation for tax purposes were as follows:
TAX BASIS
TAX BASIS
UNREALIZED
UNREALIZED
APPRECIATION
DEPRECIATION
- -----------------------------------------------------------------
- ---------------
Pictet Global Emerging Markets Fund $9,869,844
$6,652,633
Pictet International Small Companies Fund 1,997,301
879,156
4. SHARES OF BENEFICIAL INTEREST
Each Fund has one class of shares of beneficial interest, par
value $0.001
per share, of which an unlimited number of shares is authorized.
Transactions
in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED PERIOD ENDED
JUNE 30, 1996 DECEMBER 31, 1995*
SHARES
AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------
- -----------------------------------------------------------
<S> <C>
<C> <C> <C>
Pictet Global Emerging Markets Fund:
Sold
1,077,132 $110,746,839 100,000
$10,000,000
Issued as reinvestment of dividends --
- -- 223 21,197
Redeemed
(34,629) (3,659,224) -- --
- -----------------------------------------------------------------
- -----------------------------------------------------------
Net increase
1,042,503 $107,087,615 100,223
$10,021,197
- -----------------------------------------------------------------
- -----------------------------------------------------------
PERIOD ENDED
JUNE 30, 1996**
SHARES
AMOUNT
- -----------------------------------------------------------------
- -----------------------------------------------------------
Pictet International Small Companies Fund:
Sold
250,295 $25,198,654
- -----------------------------------------------------------------
- -----------------------------------------------------------
Net increase
250,295 $25,198,654
- -----------------------------------------------------------------
- -----------------------------------------------------------
*The Pictet Global Emerging Markets Fund commenced operations on
October 4,
1995.
**The Pictet International Small Companies Fund commenced
operations on
February 7, 1996.
</TABLE>
5. FOREIGN SECURITIES
The Pictet Global Emerging Markets Fund invests primarily in
foreign
emerging markets securities and the Pictet International Small
Companies Fund
invests primarily in foreign securities. Investing in securities
of foreign
companies and foreign governments involves special risks and
considerations
not typically associated with investing in U.S. companies and the
U.S.
government. These risks include re-valuation of currencies, less
reliable
information about issuers, varying securities transaction
clearance and
settlement practices, and future adverse political and economic
developments.
These risks are heightened for investments in emerging markets
countries.
Moreover, securities of many foreign companies and foreign
governments and
their markets may be less liquid and their prices more volatile
than those of
securities of comparable U.S. companies and the U.S. government.
