U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Panorama Trust
One Exchange Place
Boston, Massachusetts 02109
2. Name of each series or class of funds for which this
notice is filed:
Pictet Global Emerging Markets Fund
3. Investment Company Act File Number: 811-9050
Securities Act File Number: 33-92712
4. Last day of fiscal year for which this notice is
filed: December 31, 1995
5. Check box if this notice is being filed more than
180 days after the close of the issuer's fiscal year for
purposes of reporting securities sold after the close of
the fiscal year but before termination of the issuer's 24f-
2 declaration:
*
6. Date of termination of issuer's declaration under
rule 24f-2(a)(1), if applicable
(see Instruction A.6): N/A
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior fiscal
year, but which remained unsold at the beginning of the
fiscal year:
N/A
8. Number and amount of securities registered during
the fiscal year other than pursuant to rule 24f-2
N/A
9. Number and aggregate sale price of securities sold
during the fiscal year:
Total: Shares: 100,000 shares
Aggregate Dollar Amount: $10,000,000
10. Number and aggregate sale price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
Total: Shares: 100,000 shares
Aggregate Dollar Amount: $10,000,000
11. Number and aggregate sale price of securities
issued during the fiscal year in connection with dividend
reinvestment plans, if applicable (see Instruction B.7):
Total: Shares: 223 shares
Aggregate Dollar Amount: $21,197
12. Calculation of registration fee:
( i) Aggregate sale price of securities sold
during the fiscal
year in reliance on rule 24f-2 (from Item
10): $10,000,000
(ii) Aggregate price of shares issued in
connection with dividend
reinvestment plans (from Item 11, if
applicable): +$21,197
(iii) Aggregate price of shares redeemed or
repurchased during
the fiscal year (if applicable)
- -0
(iv) Aggregate price of shares redeemed or
repurchased and
previously applied as a reduction to filing
fees pursuant to
rule 24e-2 (if applicable):
0
( v) Net aggregate price of securities sold and
issued during
the fiscal year in reliance on rule 24f-2
[line (i), plus line
(ii), less line (iii), plus line (iv)] (if
applicable): $10,021,197
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act
of 1933 or other applicable law or
regulation (see Instruction
C.6):
* 1/2900
(vii) Fee due [line (i) or line (v) multiplied by
line (vi)]: $3,455.60
Instructions: Issuer should complete lines (ii), (iii),
(iv) and (v) only if the form is being filed within 60
days after the close of the issuer's fiscal year. See
Instruction C.3.
13. Check box if fees are being remitted to the
Commission's lockbox depository as described in section 3a
of the Commission's Rules of Informal and Other Procedures
(17 CFR 202.3a).
X
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
February 27, 1996
SIGNATURES
This report has been signed below by the following persons
on behalf of the issuer and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gail A. Hanson
Gail A.
Hanson, Assistant Secretary
Date: February 28, 1996
*Please print the name and title of the signing officer
below the signature
shared\generl2\form24f2.doc
February 28, 1996
VIA EDGAR
Board of Trustees
Panorama Trust
One Exchange Place
Boston, Massachusetts 02109
RE: Rule 24f-2 Notice
Gentlemen:
In connection with the filing by Panorama Trust (the
"Trust") of a Notice (the "Notice") pursuant to Rule 24f-2 under
the Investment Company Act of 1940, as amended (the "1940 Act"),
for the Trust's fiscal year ended December 31, 1995, you have
requested that I provide the legal opinion required by said Rule.
In accordance with Rule 24f-2, the Trust has registered an
indefinite number of shares of beneficial interest, with a par
value of $.001, under the Securities Act of 1933, as amended (the
"1933 Act"). The purpose of the Notice is to make definite the
registration of 100,000 shares (the "Shares") of Pictet Global
Emerging Markets Fund, sold in reliance upon the Rule during the
fiscal year ended December 31, 1995.
I am a Vice President and Associate General Counsel of First
Data Investor Services Group, Inc., the Trust's Administrator, and
in such capacity, from time to time and for certain purposes,
provide legal counsel to the Trust. I have examined copies of the
Trust's Master Trust Agreement, votes adopted by its Trustees, and
such other records and documents as I have deemed necessary for
purpose of this opinion.
On the basis of the foregoing, and assuming all of the
Shares were sold in accordance with the terms of the Trust's
Prospectus and Statement of Additional Information in effect at
the time of sale, I am of the opinion that the Shares were legally
issued, fully paid and non-assessable by the Trust. This opinion
is for the limited purposes expressed above and should not be
deemed to be an expression of opinion as to
Board of Trustees
February 28, 1996
Page 2
compliance with the 1933 Act, the 1940 Act or applicable state
"blue sky" or securities laws in connection with the sales of the
Shares.
The Trust is an entity of the type commonly known as a
"Massachusetts business trust." Under Massachusetts law,
shareholders could, under certain circumstances, be held
personally liable for the obligations of the Trust. However, the
Trust's Master Trust Agreement provides that if any shareholder of
the Trust is held personally liable solely by reason of being or
having been a shareholder, the shareholder shall be entitled out
of the Trust estate to be held harmless from and indemnified
against all loss and expense arising from such liability. Thus,
the risk of a shareholder incurring financial loss on account of
shareholder liability is limited to circumstances in which the
Trust itself would be unable to meet its obligations.
I hereby consent to the filing of this opinion with the
Securities and Exchange Commission as part of the Trust's Rule
24f-2 Notice.
Very truly yours,
/s/ Patricia L. Bickimer
Patricia L. Bickimer
Vice President and
Associate General
Counsel
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