- -------------------------------------------------------------------------------
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -------------------------------------------------------------------------------
[Graphic Omitted]
PICTET INTERNATIONAL
MANAGEMENT LIMITED
SEMI ANNUAL REPORT
JUNE 30, 1997
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS JUNE 30, 1997 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 85.9%
ARGENTINA -- 2.7%
505,850 Astra Cia Argentina de Petroleo SA $ 1,072,558
46,352 Banco Sud Americano, Series B+ 718,560
189,320 Central Puerto SA, Class B 579,403
164,218 Ledesma SA 193,805
142,916 Molinos Rio de La Plata, Class B 558,883
196,500 Nobleza Piccardo SA 1,297,088
56,000 Quilmes Industrial SA, ADR 651,000
413,000 Siderca SA 1,069,825
------------
6,141,122
------------
BANGLADESH -- 0.0%#
400 Chittagong Cement Company, Ltd. 18,616
------------
BRAZIL -- 1.4%
4,000 Companhia Antarctica Paulista Industria@ 410,180
141,764 Confeccoes Guararapes SA 1,030,819
82,000 Souza Cruz SA 867,624
55,500 Votorantim Celulose e Papel SA, ADR+ 839,438
------------
3,148,061
------------
CHILE -- 0.7%
27,928 Chilgener SA, ADR 781,984
32,000 Compania Cervecerias Unidas SA, ADR 702,000
------------
1,483,984
------------
CHINA -- 5.7%
468,000 China International Marine Containers Ltd., Class B 552,720
750,000 China Resources Beijing Land 556,631
101,250 China Steel Corporation+ 2,182,950
500,000 Cosco Pacific Ltd. 1,158,438
1,344,000 Founder Hong Kong Ltd. 910,745
640,000 Guangdong Kelon Electric Holding, Class H 611,294
780,000 Heilongjiang Electric Power Company Ltd., Class B+ 624,000
27,000 Huaneng Power International, ADR+ 688,500
890,000 Inner Mongolia Erdos Cashmere Products Company Ltd.,
Class B 747,600
560,000 Ng Fung Hong Ltd. 838,464
1,100,000 Quingling Motor Company Ltd., Class H 567,925
1,099,300 Shanghai Dazhong Taxi Company, Class B+ 976,178
1,059,000 Shanghai New Asia (Group), Class B@ 578,214
1,300,000 Shanghai Refrigerator, Class B+ 624,000
413,000 Shanghai Shangling Electric Appliances Company Ltd.,
Class B+@ 85,078
555,500 Shanghai Yaohua Pilkington Glass Company Ltd., Class B+@ 201,091
505,000 Wharf Holdings Ltd., Class B+@ 308,964
450,000 Wuxi Little Swan Company Ltd., Class B+ 755,082
------------
12,967,874
------------
CZECH REPUBLIC -- 2.2%
53,300 Ceska Sporitelna AS@ 468,626
27,700 Ceske Energeticke Zavody AS+@ 764,816
5,400 Chemopetrol Group AS@ 190,745
5,200 Kaucuk Group AS@ 202,129
11,300 Komercni Banka AS 585,655
34,150 Nova Hut AS+@ 458,283
23,200 Skoda Koncern Plzen AS+@ 694,246
15,170 SPT Telekom AS+ 1,591,177
------------
4,955,677
------------
EGYPT -- 1.1%
39,000 Commercial International Bank, GDR 816,075
500 Eastern Tobacco Company@ 12,652
10,329 Egypt International Pharmaceuticals+@ 638,992
4,900 Egyptian Financial and Industrial+ 292,666
18,950 Egyptian Starch & Glucose Manufacturing Company@ 209,698
36,156 Uni Arab Spinning & Weaving+@ 287,227
14,395 Upper Egypt Flour Mills 330,783
------------
2,588,093
------------
GREECE -- 3.2%
8,000 Aluminum Company Of Greece SA+ 465,987
61,200 Bank Of Piraeus SA 976,169
60,250 Elval SA 732,830
38,630 Hellas Can Packaging Manufacturers SA 713,938
54,190 Hellenic Telecommunication Organization SA 1,272,853
16,000 Intracom SA+ 728,915
13,500 National Bank of Greece SA+ 1,651,857
15,000 Titan Cement Company SA 740,168
------------
7,282,717
------------
HUNGARY -- 1.3%
12,500 BorsodChem RT, GDR+ 492,188
30,000 Euronet Services, Inc. GDR+ 331,875
5,100 Gedeon Richter, GDR+ 468,563
1,500 Gedeon Richter, Sponsored GDR 137,906
32,700 Mol Magyar Olay Es Gazipari, GDR 727,575
17,000 Mol Magyar Olay Es Gazipari, GDS 376,719
26,250 Tisza Vegyi Kombinat, GDR 454,781
------------
2,989,607
------------
INDIA -- 8.4%
107,300 Ashok Leyland Ltd., GDR 697,450
583,500 Arvind Mills Ltd., GDR 2,917,500
150,000 Crompton Greaves Ltd., GDR+ 451,500
74,305 Hindalco Industries, GDR 2,619,251
150,049 India Access Fund+ 1,763,076
375,000 Kesoram Industries Ltd., GDR+@ 517,500
79,134 Mahindra & Mahindra Ltd., GDR 1,172,172
162,400 Southern Petrochemicals Industries, GDR@ 613,060
132,100 State Bank of India, GDR+ 3,494,045
33,700 Telco Communications, Inc., GDR+ 516,453
82,700 Tata Engineering and Locomotive Company Ltd., GDR 1,271,513
145,000 Videsh Sanchar Nigam Ltd., GDR+ 3,019,625
------------
19,053,145
------------
INDONESIA -- 5.3%
310,000 Astra International Inc. (F)+ 1,274,671
1,647,878 Bank International of Indonesia (F)+ 1,422,921
2,058,000 Bank Negara Indonesia (F) 1,311,637
900,000 Barito Pacific Timber (F) 767,887
812,000 Fiskaragung Perkasa (F)+ 1,310,485
812,500 Lippo Bank (F) 835,218
817,000 Lippo Life Insurance (F) 965,820
475,500 Matahari Putra Prima (F) 958,039
602,000 Ramayana Lestari Sentosa (F)+ 1,732,730
819,500 Telekomunikas Indonesia (F) 1,339,438
------------
11,918,846
------------
ISRAEL -- 1.9%
14,000 Agan Chemical Ilsi Ltd. 355,356
165,000 Bank Hapoalim Ltd. 343,179
40,000 Bio-Technology General Corporation, ADR+ 540,000
40,000 Formula Systems Ltd.+ 654,020
20,000 Gilat Satellite Networks Ltd.+ 665,000
29,600 Orbotech, Ltd.+ 943,500
13,000 Teva Pharmaceuticals Ltd., ADR 841,750
------------
4,342,805
------------
JORDAN -- 0.3%
15,000 Jordan Petroleum Refinery 207,334
46,500 Jordan Phosphate Mines 259,062
12,000 Jordan Worsted Mills 106,629
------------
573,025
------------
KENYA -- 0.7%
356,000 Kenya Breweries Ltd.@ 391,927
147,414 Kenya Commercial Bank Ltd.@ 311,057
262,062 Kenya Power & Lighting Company Ltd.@ 822,250
------------
1,525,234
------------
LEBANON -- 0.2%
18,400 Banque Audi Sal, GDR 466,900
------------
MALAYSIA -- 4.3%
451,000 Commerce Asset Holding Berhad 1,188,253
382,000 Kuala Lumpur Kepong Berhad 945,919
238,000 Malaysian Assurance Alliance Berhad 1,386,133
12,000 Malaysian Assurance Alliance Berhad, Class A+ 69,889
122,000 Malaysian Banking Berhad 1,280,903
268,000 Malaysian Pacific Industries Berhad 1,167,987
257,000 Perusahaan Otomobil Nasional Berhad 1,201,506
247,000 Star Publications (Malaysia) Berhad@ 1,056,894
191,000 United Engineers (Malaysia) Berhad 1,377,258
------------
9,674,742
------------
MEXICO -- 4.9%
908,000 Controladora Comercial Mexicana SA de CV 844,704
340,000 Embotelladores del Valle de Anahuac SA, Class B+ 239,153
212,000 Grupo Casa Autrey 429,184
214,000 Grupo Financiero Banamex, Class B+ 550,309
243,000 Grupo Financiero Banamex, Class L+ 572,197
1,789,000 Grupo Financiero Bancomer, SA de CV, Class B+ 863,717
1,400,000 Grupo Gigante SA, Series B+ 529,434
398,125 Grupo Herdez SA, Class B 205,762
56,300 Grupo Minsa SA de CV, Class C+@ 730,985
26,000 Grupo Televisa SA, GDR+ 789,750
132,000 Nacional de Drogas SA de CV, Class L 450,095
150,441 Tablex SA de CV, Series 2 493,063
74,900 Telefonos de Mexico SA, ADR 3,576,475
78,000 Vitro SA, ADR+ 877,500
------------
11,152,328
------------
PAKISTAN -- 1.4%
890,500 DG Khan Cement+@ 268,784
210,000 Fauji Fertilizer Company Ltd. 413,043
1,700 Indus Motor Company Ltd. 557
549,500 Karachi Electric Supply Company+@ 163,139
814,000 Maple Leaf Cement+@ 171,180
396,500 Nishat Textile+ 196,192
111,247 Pakistan Refinery, Ltd.@ 110,092
69,680 Pakistan State Oil Company Ltd. 561,136
680,000 Pakistan Telecom Corporation, Class A 516,483
930,575 Sui Northern Gas Pipelines Ltd.+ 730,978
------------
3,131,584
------------
PERU -- 0.7%
671,623 Cerveceria del Sur SA@ 371,859
75,000 Southern BZ 371,186
23,550 Southern Peru Copper Corporation 459,225
353,797 Union Cerveceria Backus & Johnston SA+ 367,789
------------
1,570,059
------------
PHILIPPINES -- 2.9%
2,965,000 Cosmos Bottling Company@ 865,579
246,780 Manila Electric Company, Class B 1,216,310
55,535 Metropolitan Bank & Trust Company 1,179,087
1,344,000 PCI Leasing and Finance, Inc.+@ 254,777
33,000 Philippine National Bank+ 223,954
1,585,000 Republic Glass Holdings Corporation@ 144,222
1,880,000 RFM Corporation@ 456,172
341,200 San Miguel Corporation, Class B 899,052
4,774,400 SM Prime Holdings Inc. 1,411,902
------------
6,651,055
------------
POLAND -- 0.5%
25,000 Bank Handlowy W Warszawie+ 309,375
37,500 Elektrim SA 326,335
17,220 Relpol SA+@ 529,201
------------
1,164,911
------------
PORTUGAL -- 1.6%
48,000 Banco Espirito Santo 1,086,983
5,300 Cellulosa Do Caima 97,485
50,000 Electricidad de Portugal+ 916,832
13,200 Portugal Telecom SA 532,047
13,800 Sonae Investimento SA 576,521
15,020 Tranquilidade 302,702
------------
3,512,570
------------
RUSSIA -- 7.0%
110 AO Norilsk Nickel, Barings RDC (Represents 1,000
Shares)+@ 1,058,750
22,000 AO Norilsk Nickel, Credit Suisse Financial Products
Finance Limited, Certificates ##@ 195,360
5,000 GUM, ADR (Represents 2 Shares)+ 410,000
65,000 Irkutskenegro, ADR 1,121,250
27,000 LUkoil Holdings, ADR (Represents 4 Shares) 2,106,000
40 Moscow City Telecom, RDC (Represents 10,000 Shares)+@ 1,875,000
90,000 RAO Unified Energy Systems of Russia, GDR+ 3,257,100
65 Rostelecom, RDC (Represents 10,000 Shares), REG+ 2,535,000
165,000 Rostelecom, Series 3, Credit Suisse Financial Products
Finance Limited, Certificates+## 660,000
49,000 Surgutneftegaz, ADR 2,621,500
------------
15,839,960
------------
SLOVAKIA -- 0.4%
2,700 Chirana Prema AS+@ 25,042
5,326 Nafta Gbely AS+@ 174,161
10,000 Slovnaft AS+@ 246,737
26,000 VSZ AS+@ 486,935
------------
932,875
------------
SLOVENIA -- 0.2%
13,000 SKB Banka, GDR@ 448,500
------------
SOUTH AFRICA -- 7.4%
127,159 Avgold Ltd.+@ 124,789
46,000 De Beers Centenary AG 1,699,195
190,000 Dimension Data Holdings Ltd.+ 754,218
105,000 East Rand Gold & Uranium Company Ltd. 147,039
684,000 East Rand Proprietary Mines+@ 199,113
27,300 Edgars Stores Ltd. 713,430
86,953 Evander Gold Mines Ltd. 369,136
55,700 Free State Consolidated Gold Mines@ 278,838
265,500 Gencor Ltd. 1,223,718
72,500 Harmony Gold Mining Company, Ltd.+@ 331,762
467,000 Illovo Sugar Ltd. 1,071,077
770,000 Metro Cash and Carry Ltd. 679,237
105,000 Nedcor Ltd. 2,327,158
387,059 New Clicks Holdings Ltd. 418,258
212,600 Polifin Ltd.@ 398,522
24,700 Pretoria Portland Cement Company Ltd. 370,405
65,000 Randfontein Estates Gold Mining Company@ 136,178
75,000 Randgold & Exploration Company Ltd.+ 330,797
111,250 Rembrandt Group Ltd. 1,187,452
100,418 Rustenburg Platinum Holdings 1,838,062
50,000 Sasol, Ltd. 656,081
87,000 Tongaat-Hulett Group Ltd. 1,539,696
------------
16,794,161
------------
SOUTH KOREA -- 4.0%
39,820 Hyundai Electronics Industries Company+ 2,040,327
29,250 Hyundai Motor Company Ltd.+ 876,182
4,040 Il Shin Spinning Company@ 316,649
22,445 Kookmin Bank, GDS 485,373
67,200 Korea Electric Power Corporation 2,005,405
2,100 Korea Export Packaging Industrial Company@ 38,547
12,235 Korea Green Cross Corporation 964,471
27,710 Rocket Electric Company 833,172
8,700 Samsung Display Devices Company 451,655
298 SK Telecom Company Ltd. 153,363
104,670 SsangYong Cement Industrial Company Ltd.+ 991,300
------------
9,156,444
------------
SRI LANKA -- 0.5%
95,985 John Keells Holdings Ltd.+ 501,341
545,000 Sampath Bank Ltd. 703,496
------------
1,204,837
------------
TAIWAN -- 2.8%
116,000 Accton Technology Corporation, GDR+ 1,023,700
190,000 Acer Inc., GDR+ 3,396,250
69,381 Macronix International Company Ltd., ADR+ 1,986,031
------------
6,405,981
------------
THAILAND -- 2.7%
129,600 Advanced Information Service Public Company, Ltd. (F) 1,178,656
56,900 Alucon Manfacturing Company@ 228,974
158,900 Bangkok Bank Public Company Ltd. 1,138,197
386,500 Bangkok Expressway Public Company Ltd. (F)+ 427,716
318,500 Electricity Generation Power Company (F) 813,873
45,800 Grammy Entertainment Public Company Ltd.@ 530,801
10,000 Grammy Entertainment Public Company Ltd. (F)@ 115,895
62,300 K.R. Precision Public Company Ltd.@ 466,310
75,400 Singer Thailand Public Company Ltd.@ 303,421
684,000 TelecomAsia Corporation Public Company Ltd. (F)+ 860,161
25,000 Thai German Ceramic Industries, Ltd.+@ 10,563
------------
6,074,567
------------
TURKEY -- 6.6%
11,215,000 Akbank 963,066
19,936,905 Akbank Receipts+ 1,712,043
4,992,484 Akcansa Cimento 689,314
7,600,000 Alcatel Teletas Telecom 1,407,644
10,970,000 Ardem Pisirici ve Isitici Cihazalar Sanyaii AS 1,052,854
4,736,250 Bati Cimento 526,339
2,262,713 Bolu Cimento Sanayaii AS 42,671
350,000 Cukurova Elektrik 624,684
820,000 Otosan Otomobil Sanayii 436,302
3,300,000 Petrol Ofisi AS 622,327
16,098,750 Tofas Otomobil Ticaret 780,677
1,595,250 Tupras Turkiye Petrol Rafinerileri AS+ 902,516
8,600,000 Turkiye Is Bankasi 3,359,488
220,000 Usas Ucak Servisi AS 518,606
45,292,000 Yapi Kredi Bankasi 1,037,163
13,688,360 Yapi Kredi Bankasi, Receipts 313,456
------------
14,989,150
------------
VENEZUELA -- 2.0%
146,666 Ceramica Carabobo, ADR, Class A 173,020
143,232 Ceramica Carabobo, Class A 155,959
27,420 Cia Anonima Telefonos de Venezuela, ADR 1,182,488
1,651,532 Electricidad de Caracas 2,646,353
1,523,816 Venezolana de Pulp Y Papel, Class A@ 422,630
------------
4,580,450
------------
ZIMBABWE -- 0.9%
192,000 Bindura Nickel Corporation@ 105,217
266,600 Meikles African Ltd.+ 655,836
780,000 Trans Zambesi Industries 1,209,000
------------
1,970,053
------------
TOTAL COMMON STOCKS (COST $168,176,366) 194,709,933
------------
PREFERRED STOCKS -- 9.3%
BRAZIL -- 8.6%
126,000,000 Banco Bradesco 1,274,448
1,954,000 Banco Itau SA 1,098,408
2,987,000 Brasmotor SA 668,295
15,168,720 Caemi Mineracao e Metal SA+ 729,660
14,600,000 Companhia Energetica de Minas Gerais 755,384
85,500,000 Companhia Energetica de Paranaense 1,594,108
3,432,000 Electrobras, "B" 2,054,017
16,393,300 Mineracao da Trinidade Samitri SA 506,608
88,745,000 Paranapanema SA+ 661,844
15,391,000 Petroleo Brasileiro 4,290,168
71,000,000 Petroleo Ipiranga 1,158,954
744,000 Sadia Concordia 776,806
17,650,000 Telebras 2,686,907
59,900 Vale do Rio Doce 1,329,560
59,900 Vale do Rio Doce, "B"+ 558
------------
19,585,725
------------
PHILIPPINES -- 0.1%
988,333 Cosmos Bottling Company, Convertible Preferred+ 157,378
------------
RUSSIA -- 0.6%
50,000 LUkoil Holdings, ADR 1,275,000
------------
TOTAL PREFERRED STOCKS (COST $16,515,673) 21,018,103
------------
WARRANTS -- 0.0%# (COST $47,681)
INDONESIA -- 0.0%#
199,324 Bank International of Indonesia, Warrants, Expire 01/17/
00+ $ 80,115
------------
RIGHTS -- 0.0%#
BANGLADESH -- 0.0%#
400 Chittagong Cement Company, Ltd., Rights, Expire 08/31/
97+ 14,951
------------
GREECE -- 0.0%#
54,190 Hellenic Telecommunication Organization SA, Rights,
Expire 07/23/97+ 6,315
------------
MALAYSIA -- 0.0%#
25,000 Commerce Asset Holding Berhad, Rights, Expire 07/07/97+ 3,863
40,000 Commerce Asset Holding Berhad, Rights, Expire 07/07/97+ 1,426
------------
5,289
------------
TOTAL RIGHTS (COST $14,005) 26,555
------------
<PAGE>
<CAPTION>
PRINCIPAL
AMOUNT
----------
TIME DEPOSIT -- 3.0% (COST $6,775,000)
<C> <S> <C> <C>
$6,775,000 Morgan Guaranty (London), 5.000% due 07/01/97 6,775,000
------------
TOTAL INVESTMENTS (COST $191,528,725*) 98.2% 222,609,706
OTHER ASSETS AND LIABILITIES (NET) 1.8 3,963,112
- -------------------------------------------------------------------------------------------------
NET ASSETS 100.0% $226,572,818
- -------------------------------------------------------------------------------------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
# Amount represents less than 0.1%.
## The valuations of these securities have been determined by procedures established by the
Pricing Committee of the Trust's Board of Trustees. The cost of these denoted securities at
June 30, 1997 was $250,756 with a value of $855,360, representing 0.4% of total net assets.
@ Illiquid Security. The value of the denoted securities at June 30, 1997 was $21,808,313,
representing 9.6% of total net assets.
Abbreviations:
ADR American Depositary Receipt
(F) Foreign Shares
GDR Global Depositary Receipt
GDS Global Depositary Share
RDC Russian Depositary Certificates
</TABLE>
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET INTERNATIONAL SMALL COMPANIES
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS JUNE 30, 1997 (UNAUDITED)
- -------------------------------------------------------------------------------
AT JUNE 30, 1997, SECTOR DIVERSIFICATION OF THE FUND WAS AS FOLLOWS:
% OF NET VALUE
INDUSTRY DIVERSIFICATION ASSETS (NOTE 1)
- ------------------------------------------------------------------------------
COMMON STOCKS:
Banking 13.5% $ 30,580,075
Telecommunications 10.6 24,081,182
Utilities -- Electrical and Gas 6.3 14,233,355
Metals 5.7 12,930,007
Energy 4.9 11,187,762
Automobiles 4.7 10,538,135
Electrical and Electronics 4.6 10,314,858
Beverages and Tobacco 3.8 8,685,985
Food and Household Products 2.6 5,906,114
Miscellaneous Materials and Commodities 2.5 5,611,626
Textiles and Apparel 2.5 5,568,446
Merchandising 2.3 5,323,403
Multi-Industry 2.3 5,259,372
Machinery and Engineering 2.1 4,675,533
Electronic Components and Instruments 1.8 4,071,983
Health and Personal Care 1.8 4,041,777
Financial Services 1.7 3,777,707
Data Processing and Reproduction 1.5 3,375,438
Building Materials and Components 1.4 3,189,201
Broadcasting and Publishing 1.1 2,511,644
Appliances and Household Durables 1.0 2,378,875
Chemicals 1.0 2,372,952
Forest Products and Paper 1.0 2,299,988
Transportation 0.9 2,020,122
Gold Mines 0.8 1,917,652
Insurance 0.8 1,758,724
Leisure and Tourism 0.8 1,743,516
Real Estate 0.6 1,411,902
Recreation, Other Consumer Goods 0.6 1,254,704
Business and Public Services 0.5 1,158,694
Construction and Housing 0.2 529,201
- ----------------------------------------------------------------------------
TOTAL COMMON STOCKS 85.9 194,709,933
PREFERRED STOCKS 9.3 21,018,103
RIGHTS 0.0# 80,115
WARRANTS 0.0# 26,555
TIME DEPOSIT 3.0 6,775,000
- ----------------------------------------------------------------------------
TOTAL INVESTMENTS 98.2% 222,609,706
OTHER ASSETS AND LIABILITIES (NET) 1.8 3,963,112
- ----------------------------------------------------------------------------
NET ASSETS 100.0% $226,572,818
- ----------------------------------------------------------------------------
# Amount represents less than 0.1%
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET INTERNATIONAL SMALL COMPANIES
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS JUNE 30, 1997 (UNAUDITED)
- -------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
- -------------------------------------------------------------------------------
COMMON STOCKS -- 97.4%
AUSTRALIA -- 5.7%
34,000 Adsteam Marine Ltd.+ $ 72,090
80,000 Australian Hospital Care Ltd. 138,837
42,000 Becker Group Ltd.+ 40,248
100,000 Ci Technologies Group Ltd.+ 113,183
99,046 Croesus Mining Ltd. 33,631
110,000 Datacraft Ltd.+ 190,901
55,000 Email Ltd. 196,711
8,500 Foodland Associated Ltd. 57,723
52,279 Futuris Corporation Ltd. 84,022
31,000 Hardie (James) Industries Ltd. 99,412
61,000 Just Jeans Holdings Ltd. 74,565
100,000 MacMahon Holdings Ltd. 75,455
37,000 McPherson's Ltd.+ 72,029
37,500 New Cap Reinsurance Corporation
Holdings Ltd.+ 84,123
58,000 Portman Mining Ltd.+ 144,421
77,000 Savage Resources Ltd. 69,720
-----------
1,547,071
-----------
AUSTRIA -- 0.6%
900 Mayr-Melnhof Karton AG 46,235
1,500 Semperit Holding AG 127,574
-----------
173,809
-----------
BELGIUM -- 2.6%
9 Banque Nationale de Belgique 12,876
500 B.M.T. NV 92,924
2,000 Deceuninck Plastics Industries SA 437,814
3,080 Tessenderlo Chemie 151,446
-----------
695,060
-----------
CANADA -- 3.3%
175,230 Black Hawk Mining, Inc.+ 63,450
13,800 Boliden Ltd.+ 73,455
20,401 Breakwater Resources Inc.+ 70,916
5,500 CFM Majestic, Inc.+ 88,822
28,200 Dylex Ltd.+ 144,998
4,300 Hummingbird Communications Ltd.+ 111,015
10,000 Premdor, Inc.+ 94,869
10,900 Westburne, Inc.+ 131,035
25,000 Westmin Resources Ltd. + 119,492
-----------
898,052
-----------
DENMARK -- 1.9%
4,660 Cheminova Holdings AS, Class B 111,541
1,080 Jyske Bank AS 92,998
700 Kansas Erhv Berlae, Class B 45,734
650 Martin Gruppen 50,393
2,670 Neurosearch AS, New+ 168,414
3,880 Scandinavian Mobility International AS 41,763
-----------
510,843
-----------
FINLAND -- 1.0%
2,850 Asko OY 52,582
1,000 Kone Corporation 43,909
2,000 Nokian Tyres 53,924
22,430 Tamrock OY+ 63,931
1,700 Werner Soderstrom Osakeyhtio-Wsoy, Class B 58,931
-----------
273,277
-----------
FRANCE -- 5.1%
1,200 Cie Generale de Geophysique 116,794
700 Deveaux SA 86,949
855 Europeenne D'Extinteurs SA 58,775
171 Europeenne D'Extinteurs SA New 10,891
458 Gautier France SA 17,924
540 GFI Industries SA 82,971
1,140 Grande Paroisse SA+ 79,336
1,080 Infogrames Entertainment SA+ 139,847
4,202 Ingenico 106,534
300 Le Carbone-Lorraine 72,996
2,000 Louis Dreyfus Citrus+ 74,698
200 Manitou BF SA 24,843
7,000 Medasys Digital Systems+ 83,376
600 Radiall SA 69,423
650 Rochefortaise Communication SA 37,593
1,050 Salomon SA 80,059
1,000 UBI Soft Entertainment SA+ 78,271
1,290 Union Financiere de France Banque SA 153,211
-----------
1,374,491
-----------
GERMANY -- 4.5%
540 Andreae-Noris Zahn AG 21,984
8,000 Bausch AG 165,138
250 Bien-Haus AG 86,009
680 Brilliant AG 127,110
4,450 Data Mogul AG 130,132
1,340 Duerr Beteiligungs AG 55,321
1,600 Effeff Fritz Fuss GmbH & Company 65,138
5,150 Grammer AG 144,696
312 Leonische Drahtwerke AG 125,408
3,550 Rinol AG 101,574
500 Simona AG 106,078
1,850 Turbon International AG 56,221
790 Vossloh AG 40,089
-----------
1,224,898
-----------
HONG KONG -- 2.7%
70,000 ASM Pacific Technology 48,790
330,000 Champion Technology Holdings 42,594
134,000 Chen Hsong Holdings 77,832
32,800 Dickson Concepts International, Ltd. 119,388
365,000 Elec & Eltek International Holding Ltd. 107,180
340,000 First Sign International Holding Ltd. 65,828
186,000 Goodwill Investment Holding Ltd. 93,630
220,000 Jiangxi Copper Company Ltd.+ 60,342
289,811 Kantone Holding Ltd. 30,300
130,000 Moulin International Holding Ltd. 94,805
-----------
740,689
-----------
INDONESIA -- 0.7%
90,000 Matahari Putra Prima (F) 181,332
-----------
IRELAND -- 0.4%
60,500 Heiton Holdings Plc 119,021
-----------
ITALY -- 3.6%
12,000 Carraro SpA 61,470
16,000 De Rigo SpA 135,000
46,030 Editoriale L' Expresso SpA 153,397
6,980 Ericsson SpA 120,621
20,000 Esaote Biomedica SpA+ 52,873
120,000 Gruppo Ceramiche Ricchetti+ 133,679
9,000 Industrie Zignago, ORD 58,820
19,750 La Giovanni Crespi SpA 50,003
1,700 Recordati ORD 12,312
18,000 Sorin Biomedica Group SpA 56,171
32,500 Tecnost SpA 58,938
11,000 UNICEM SpA+ 77,202
-----------
970,486
-----------
JAPAN -- 24.0%
500 Aichi Bank Ltd. 42,132
61 Almetax Manufacturing Company 447
7,000 Amatsuji Steel Ball Manufacturing
Company, Ltd.@ 86,186
5,300 Asahi Printing & Packaging Company 46,743
5,000 Benesse Corporation 279,427
15,000 Biofermin Pharmaceuticals 129,672
5,000 Bourbon Corporation 25,541
15,000 Cesar Company 68,372
7,000 Charle Company 89,853
7,000 Chiyoda Shoe Company Ltd. 119,193
6,600 Chofu Seisakusuo 113,535
400 Circle K Japan Company Ltd. 22,983
10,560 Daiseki Company, Ltd. 221,306
9,600 Daito Bank Ltd. 35,795
25,000 Daiwa Rakuda Industry Company Ltd. 233,584
11,000 Denkyosha Company 81,645
6,600 Denny's Japan 198,830
9,000 Denyo Company, Ltd. 88,805
5,000 Enix Corporation 128,362
6,300 Fast Retailing Company Ltd. 203,545
6,000 Fukuda Denshi Ltd. 123,123
12,000 Futaba Industrial Company 201,188
6,000 Geomatec Company Ltd. 141,984
22,000 Hibiya Engineering 166,364
8,000 Higashi Nihon House 85,924
9,000 Hokkaido Coca-Cola Bottling Company 123,385
12,000 Isamu Paint Company Ltd.@ 69,158
3,000 Inaba Denkisangyo 53,702
10,000 Japan Airport Terminal Company 121,376
5,000 Japan Associated Finance 392,944
7,000 Japan Digital Laboratory Company 139,364
3,000 Jastec Company Ltd. 41,390
9,000 Key Coffee Inc. 94,307
4,000 Max Company@ 75,096
24,000 Meiwa Industry Company Ltd. 139,364
16,000 Nakakita Seisakusho Company 67,761
10,000 NHK Precision Company Ltd. 49,773
10,000 Nihon Dempa Kogyo 181,628
12,000 Nihon Electric Wire & Cable Company Ltd. 99,546
10,000 Nissei Industries Ltd. 82,082
5,500 Nitto Electric Works Ltd. 97,974
200 OYO Corporation 7,772
7,000 Riken Corundum Company Ltd.@ 22,555
5,000 Ryoyo Electro Corporation 98,673
11,000 Sanden Corporation 92,211
9,570 Santen Pharmaceutical Company 193,038
400 Shimizu Bank Ltd. 24,974
8,000 Shinkigosei Company, Ltd.@ 55,885
800 Shohkoh Fund and Company 242,403
9,000 Sodick Company+ 73,166
5,000 SRL Inc. 76,842
16,000 Taisei Prefab Construction Company Ltd. 37,862
15,000 Takara Standard Company 130,981
9,000 Technology Eight Company Ltd. 36,544
14,000 Teikoku Hormone Manufacturing Company Ltd. 167,482
6,000 Toa Medical Electronics Company Ltd. 104,261
11,000 TOC Company 130,632
150 Tokushima Bank Ltd. 1,231
19,000 Tsukiji Uochiba Company 56,243
13,000 Tsurumi Soda Company, Ltd.@ 57,894
14,000 Uehara Sei Shoji 64,792
11,000 Yokogawa Construction Company 85,487
-----------
6,524,317
-----------
MALAYSIA -- 0.6%
50,000 Bolton Properties Bhd 71,315
16,500 Carlsberg Brewery Malaysia Bhd 84,984
-----------
156,299
-----------
MEXICO -- 0.3%
15,000 Grupo Financiero Banamex, Class B+ 38,573
16,500 Grupo Financiero Banamex, Class L+ 38,853
-----------
77,426
-----------
NETHERLANDS -- 2.3%
5,650 BE Semiconductor Industries NV+ 81,454
1,160 Gamma Holding NV 62,343
3,750 Konin Emballage Ind Van Leer NV 82,145
13 KoninklijkeVan Ommeren NV 505
1,135 NKF Holdings NV 29,315
6,200 Nutreco Holding NV+ 128,548
4,200 Toolex Alpha NV+ 43,861
4,450 Wegener NV 103,146
2,236 Welna NV 94,885
-----------
626,202
-----------
NEW ZEALAND -- 0.8%
23,300 Fisher & Paykel Industries 87,264
210,000 Wrightson Ltd. 134,341
-----------
221,605
-----------
NORWAY -- 1.7%
4,092 Ark AS 34,647
3,000 Blom AS 108,160
5,000 Fesilas Asa 59,065
30,810 NCL Holdings+ 97,195
1,680 Petroleum Geo-Services Asa+ 80,989
5,750 Unitor Asa 82,451
-----------
462,507
-----------
PORTUGAL -- 0.7%
6,300 Electricidade de Portugal 115,521
6,700 Engil-SGPS 81,777
-----------
197,298
-----------
SINGAPORE -- 1.9%
18,000 Elec & Eltek International Company, Ltd. 100,800
24,724 First Capital Corporation 64,330
25,000 Overseas Union Enterprises Ltd. 115,409
40,100 Venture Manufacturing Ltd. 130,703
60,000 Wong's Circuits Holdings Ltd. 100,800
-----------
512,042
-----------
SOUTH AFRICA -- 0.9%
35,000 East Rand Gold & Uranium Company Ltd. 49,013
7,031 Evander Gold Mines Ltd. 29,848
9,000 Free State Consolidated Gold Mines 45,055
6,500 Harmony Gold Mining Company, Ltd. 29,744
4,200 Nedcor Ltd. 93,086
-----------
246,746
-----------
SPAIN -- 4.1%
8,150 Amper SA 231,625
430 Azkoyen SA 53,374
107 Azkoyen SA New 13,282
3,100 Banco de Valencia SA 65,183
4,010 Ebro Agricolas, Compania de Alimentacion, SA 78,198
6,000 Grupo Duro Felguera SA+ 73,662
4,440 Miquel Y Costas SA+ 200,572
53,920 Tubacex SA+ 185,061
5,190 Vidrala SA 226,004
-----------
1,126,961
-----------
SWEDEN -- 4.3%
8,500 Array Printers AB, B Shares+ 46,247
6,000 Dahl International AB+ 118,142
3,500 Enator AB+ 62,569
3,600 Esselte AB, B Shares Free 84,876
17,060 Frontec AB, B Shares+ 143,649
20,300 Frontline AB Free+ 69,687
1,330 Hoeganaes AB, B Shares 44,365
6,000 Lindab AB, B Shares 84,721
3,141 Om Gruppen AB 97,654
2,500 OXiGENE, Inc.+ 81,935
2,500 Pricer AB+ 86,146
3,600 Prosolvia AB+ 55,496
6,000 Scandiaconsult AB 39,640
3,520 Spectra-Physics AB 63,382
4,000 Svedala Industri AB Free 83,425
-----------
1,161,934
-----------
SWITZERLAND -- 5.6%
800 AGIE Charmilles Holding AG+ 79,460
30 Christ AG 21,989
70 Disetronic Holding AG+ 141,693
200 Fotolabo SA $ 63,705
50 Gurit Heberlein AG Bearer 155,838
70 Huber Suhner AG Registered 88,708
500 Interroll Holding AG 83,742
25 Kuoni Reisen Holding, Class B Registered 85,625
600 Mikron Holding AG, New+ 106,860
700 Oerlikon-Buehrle Holding AG 81,995
290 Phoenix Mecano AG Bearer 150,974
310 Saurer AG Arbon Registered+ 205,343
40 SEZ Holding AG 79,186
168 Siegfried AG Registered 187,006
-----------
1,532,124
-----------
UNITED KINGDOM -- 18.1%
45,000 Adwest Group Plc 79,771
7,900 AIM Group Plc@ 76,793
60,000 Alexon Group Plc+ 185,259
90,000 Alfred McAlpine Group Plc 208,978
33,000 Amec Plc 82,667
250,000 Anite Group Plc+ 143,563
6,658 Berkeley Group Plc 76,523
22,800 Bradford Property Trust Plc 102,467
25,091 British Vita Plc 87,704
120,000 Budgens Plc 78,398
19,706 Carclo Engineering Group Plc 60,681
53,000 Countryside Properties Plc 80,279
60,540 Crest Packaging Plc@ 83,134
65,000 Dawson International Plc 77,358
10,641 Epwin Group Plc 41,092
56,000 Finlay (James) Plc@ 102,067
6,000 Graseby Plc@ 15,630
31,204 Great Portland Estates Plc 108,033
127,000 Hampson Industries, Inc. 142,689
16,200 Hardys & Hanson Plc 71,592
96,000 Heath (CE) Plc 220,513
18,000 Heywood Williams Group Plc 62,019
27,000 ISA International Plc 86,962
38,000 Jardine Lloyd Thompson Group Plc 110,689
7,000 John Laing Plc Non-Voting A Shares 43,577
33,684 John Maunders Group Plc 105,126
66,317 Keller Group Plc 288,656
108,428 Kunick Plc 40,608
50,000 Lambert Fenchurch Group Plc 97,789
17,300 Lex Service Plc 108,416
32,000 London International Group Plc 92,147
7,247 Mayborn Group Plc 21,894
6,500 McKechnie Group Plc 45,711
10,000 Meyer International Plc 70,242
6,161 Micro Focus Group Plc+ 185,872
16,308 Oxford Instruments Plc 95,956
70,000 Perkins Foods Plc@ 96,125
27,000 Protean Plc@ 59,547
19,103 RCO Holdings Plc@ 55,645
35,601 Redrow Group Plc 96,590
214,695 Regalian Properties Plc 144,731
40,000 Ricardo Group Plc@ 90,882
48,989 Shanks & McEwan Group Plc 120,275
28,000 Somerfield Plc 85,289
63,700 TBI Plc 93,305
24,800 The Body Shop International, Plc 62,539
14,500 Thorntons Plc 47,667
14,002 Trinity Holdings Plc 58,615
25,081 Tunstall Group Plc 54,689
17,000 Waddington Plc 77,815
16,580 Wilson Bowden Plc 141,161
10,204 Wilson Holdings Plc 27,260
7,841 Yorkshire Group Plc 25,059
-----------
4,918,049
-----------
TOTAL COMMON STOCKS (COST $25,408,087) 26,472,539
-----------
PREFERRED STOCKS -- 0.7%
GERMANY -- 0.7%
2,000 Biotest AG $ 82,225
91 Hans Einhell AG 16,697
600 Koegel Fahrzeugwerke AG 86,009
-----------
TOTAL PREFERRED STOCKS (COST $157,967) 184,931
-----------
WARRANTS -- 0.0%#
HONG KONG -- 0.0%#
62,800 Wo Kee Hong Holdings Ltd., Warrants,
Expire 06/03/98+ 503
-----------
SINGAPORE -- 0.0%#
4,800 Haw Par Brothers International,
Inc., Warrants, Expire 07/18/01+ 4,163
-----------
TOTAL WARRANTS (COST $2,885) 4,666
-----------
RIGHTS -- 0.0%# (COST $849)
GERMANY -- 0.0%#
680 Brilliant AG, Rights, Expire 07/10/97+ 936
-----------
PRINCIPAL
AMOUNT
- ------------------
TIME DEPOSIT -- 0.7% (COST $194,000)
$194,000 First National Bank of Chicago,
5.000% due 07/01/97 194,000
-----------
TOTAL INVESTMENTS (COST $25,763,788*) 98.8% 26,857,072
OTHER ASSETS AND LIABILITIES (NET) 1.2 337,467
- ---------------------------------------------------------------------------
NET ASSETS 100.0% $27,194,539
- ---------------------------------------------------------------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
# Amount represents less than 0.1%.
@ Illiquid Security. The value of the denoted securities at June 30, 1997 was
$946,597, representing 3.5% of total net assets.
Abbreviations:
ORD Ordinary
(F) Foreign Shares
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED)
- -------------------------------------------------------------------------------
AT JUNE 30, 1997, SECTOR DIVERSIFICATION OF THE FUND WAS AS FOLLOWS:
% OF NET VALUE
INDUSTRY DIVERSIFICATION ASSETS (NOTE 1)
- ------------------------------------------------------------------------------
COMMON STOCKS:
Machinery and Engineering 9.0% $ 2,443,515
Building Materials and Components 7.4 2,017,065
Health and Personal Care 5.6 1,530,179
Construction and Housing 5.5 1,505,384
Business and Public Services 5.5 1,498,931
Electrical and Electronics 5.0 1,370,152
Chemicals 4.6 1,253,647
Food and Household Products 4.1 1,114,943
Electronics Components and Instruments 4.0 1,089,666
Multi-Industry 3.8 1,043,741
Wholesale and International Trade 3.3 910,556
Financial Services 3.1 839,443
Merchandising 3.0 799,715
Metals 2.7 735,685
Appliances and Household Durables 2.7 723,843
Industrial Components 2.5 672,408
Data Processing and Reproduction 2.5 668,815
Real Estate 2.2 588,223
Textiles and Apparel 2.1 571,788
Leisure and Tourism 2.0 545,143
Insurance 1.9 513,114
Miscellaneous Materials and Commodities 1.7 449,821
Banking 1.5 407,128
Automobiles 1.5 396,599
Broadcasting and Publishing 1.4 381,127
Beverages and Tobacco 1.3 354,659
Energy Equipment and Services 1.2 335,258
Forest Products and Paper 1.2 317,049
Gold Mines 1.1 298,081
Transportation 1.0 267,690
Recreation, Other Consumer Goods 0.8 219,906
Telecommunications 0.8 218,595
Utilites -- Electrical and Gas 0.7 189,183
Energy 0.4 119,492
Aerospace and Military Technology 0.3 81,995
- ------------------------------------------------------------------------------
TOTAL COMMON STOCKS 97.4 26,472,539
PREFERRED STOCKS 0.7 184,931
WARRANTS 0.0# 4,666
RIGHTS 0.0# 936
TIME DEPOSIT 0.7 194,000
- ------------------------------------------------------------------------------
TOTAL INVESTMENTS 98.8% 26,857,072
OTHER ASSETS AND LIABILITIES (NET) 1.2 337,467
- ------------------------------------------------------------------------------
NET ASSETS 100.0% $27,194,539
- ------------------------------------------------------------------------------
# Amount represents less than 0.1%.
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET INTERNTIONAL SMALL COMPANIES FUND
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED)
- -------------------------------------------------------------------------------
SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS
CONTRACT
VALUE MARKET
CONTRACTS DATE VALUE
- -----------------------------------------------------------------------------
FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY
31,598 Swiss Franc 07/02/97 $ 21,645
103,799 Australian Dollar 07/02/97 78,321
- -----------------------------------------------------------------------------
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY
(CONTRACT AMOUNT $100,136) $ 99,966
- -----------------------------------------------------------------------------
FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL
136,500 German Deutschemarks 07/02/97 $ (78,268)
445,108 Finnish Markka 07/02/97 (85,722)
34,000 British Pound Sterling 07/02/97 (56,593)
3,864,688 Japanese Yen 07/02/97 (33,747)
- ------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL
(CONTRACT AMOUNT $254,358) $ (254,330)
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
PICTEL INTERNATIONAL SMALL COMPANIES FUND
- -------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES JUNE 30, 1997 (UNAUDITED)
- -------------------------------------------------------------------------------
PICTET PICTET
GLOBAL EMERGING INTERNATIONAL SMALL
MARKETS FUND COMPANIES FUND
- -------------------------------------------------------------------------------
ASSETS:
Investments, at value (Cost
$191,528,725 and $25,763,788,
respectively) (Note 1) See
accompanying schedules $222,609,706 $26,857,072
Cash 1,657,370 45,122
Foreign currency (Cost $3,008,749 and
$399,134, respectively) 2,967,498 398,111
Receivable from investment securities
sold 4,338,445 294,148
Dividends receivable 605,449 86,390
Unamortized organization costs
Note 1) 29,150 864
Prepaid expenses 1,085 2,452
- ----------------------------------------------------------------------------
TOTAL ASSETS 232,208,703 27,684,159
- ----------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities
purchased 4,825,068 433,870
Net unrealized depreciation of forward
foreign currency contracts -- 142
Investment advisory fee (Note 2) 605,415 2,173
Custodian fees payable (Note 2) 92,514 19,469
Administration fee payable (Note 2) 23,488 6,186
Trustees fees and expenses payable
(Note 2) 6,452 798
Transfer agent fees payable (Note 2) 4,483 1,000
Other accrued expenses and payables 78,465 25,982
- ----------------------------------------------------------------------------
TOTAL LIABILITIES 5,635,885 489,620
- ----------------------------------------------------------------------------
NET ASSETS $226,572,818 $27,194,539
- ----------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Undistributed net investment income
(Note 1) $ 810,099 $ 132,750
Accumulated net realized gain/(loss)
on investments sold (Note 1) (700,457) 430,401
Net unrealized appreciation of
investments 31,039,730 1,091,657
Par value 185,018 25,375
Paid-in capital in excess of par value
(Notes 1 and 4) 195,238,428 25,514,356
- ----------------------------------------------------------------------------
TOTAL NET ASSETS $226,572,818 $27,194,539
- ----------------------------------------------------------------------------
SHARES OF BENEFICIAL INTEREST
OUTSTANDING (NOTE 4) 18,501,786 2,537,498
- ----------------------------------------------------------------------------
NET ASSET VALUE:
Net asset value, offering and
redemption price per share (Note 4) $12.25 $10.72
- ----------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
- -------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
PICTET PICTET
GLOBAL EMERGING INTERNATIONAL SMALL
MARKETS FUND COMPANIES FUND
- ----------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of foreign withholding $2,197,990 $ 298,742
taxes of $111,149
and $55,922, respectively)
Interest 218,737 3,010
- ----------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 2,416,727 301,752
- ----------------------------------------------------------------------------
EXPENSES:
Investment advisory fee (Note 2) 1,205,540 126,992
Custodian fees (Note 2) 304,622 57,162
Administration fee (Note 2) 135,617 37,976
Professional fees 29,373 16,538
Transfer agent fees (Note 2) 24,096 6,000
Trustees' fees and expenses (Note 2) 14,426 1,909
Amortization of organization costs 4,485 118
(Note 1)
Other 80,594 25,881
- ----------------------------------------------------------------------------
TOTAL EXPENSES BEFORE WAIVERS 1,798,753 272,576
- ----------------------------------------------------------------------------
Fees waived by investment adviser (Note 2) (159,218) (120,234)
- ----------------------------------------------------------------------------
NET EXPENSES 1,639,535 152,342
- ----------------------------------------------------------------------------
NET INVESTMENT INCOME 777,192 149,410
- ----------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
(Notes 1 and 3):
Net realized gain/(loss) on:
Securities transactions (205,583) 471,000
Forward foreign currency contracts (122,546) (1,822)
Foreign currency transactions (208,355) (33,118)
- ----------------------------------------------------------------------------
Net realized gain/(loss) on
investments during the period (536,484) 436,060
- ----------------------------------------------------------------------------
Change in unrealized appreciation/
(depreciation) of:
Securities 32,307,323 855,840
Forward foreign currency contracts -- (142)
Foreign currency transactions and
other assets, net (17,547) 10,144
- ----------------------------------------------------------------------------
Net unrealized appreciation of
investments during the period 32,289,776 865,842
- ----------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 31,753,292 1,301,902
- ----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $32,530,484 $1,451,312
- ----------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
- -------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1997 YEAR ENDED
INCREASE/(DECREASE) IN NET ASSETS (UNAUDITED) DECEMBER 31, 1996
- --------------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
<S> <C> <C>
Net investment income $ 777,192 $ 838,421
Net realized gain/(loss) on investments during the period (536,484) 990,570
Change in unrealized appreciation/depreciation) of investments during the period 32,289,776 (781,774)
- --------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 32,530,484 1,047,217
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders from net investment income -- (838,421)
Distributions to shareholders in excess of net investment income -- (4,335)
Distributions to shareholders from net realized gains on investments -- (990,570)
Distributions to shareholders in excess of net realized gains on investments -- (129,364)
Net increase in net assets from Fund share transactions (Note 4) 71,995,433 113,339,297
- --------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 104,525,917 112,423,824
NET ASSETS:
Beginning of period 122,046,901 9,623,077
- --------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income of
$810,099 and $32,907, respectively) $226,572,818 $122,046,901
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET INTERNATIONAL SMALL COMPANIES FUND
- -------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1997 PERIOD ENDED
INCREASE/(DECREASE) IN NET ASSETS (UNAUDITED) DECEMBER 31, 1996*
- --------------------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
<S> <C> <C>
Net investment income $ 149,410 $ 227,839
Net realized gain on investments during the period 436,060 90,819
Change in unrealized appreciation of investments during the period 865,842 225,815
- ----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 1,451,312 544,473
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders from net investment income -- (227,839)
Distributions in excess of net investment income -- (63,792)
Distributions from net realized gains on investments -- (49,542)
Distributions from tax return of capital -- (6,172)
Net increase in net assets from Fund share transactions (Note 4) -- 25,545,999
- ----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 1,451,312 25,743,127
NET ASSETS:
Beginning of period 25,743,227 100**
- ----------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income/
(accumulated distributions in excess of net investment income) of $132,750 and
$(16,660), respectively) $ 27,194,539 $ 25,743,227
- ----------------------------------------------------------------------------------------------------------------------------
*Pictet International Small Companies Fund commenced operations on February 7, 1996.
**Original capital January 29, 1996.
</TABLE>
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTET GLOBAL EMERGING MARKETS FUND
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED YEAR PERIOD
6/30/97 ENDED ENDED
(UNAUDITED) 12/31/96(b) 12/31/95*(b)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $10.13 $ 9.51 $10.00
- -----------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.04 0.07 0.02
Net realized and unrealized gain/(loss) on
investments 2.08 0.71 (0.49)
- -----------------------------------------------------------------------------------------------------
Total from investment operations 2.12 0.78 (0.47)
- -----------------------------------------------------------------------------------------------------
Distributions to shareholders:
Distributions from net investment income -- (0.07) (0.02)
Distributions in excess of net investment
income -- (0.00)# (0.00)#
Distributions from net realized gains on
investments -- (0.08) --
Distributions in excess of net realized gains
on investments -- (0.01) --
- -----------------------------------------------------------------------------------------------------
Total distributions -- (0.16) (0.02)
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $12.25 $10.13 $ 9.51
- -----------------------------------------------------------------------------------------------------
Total return++ 20.93% 8.32% (4.72)%
- -----------------------------------------------------------------------------------------------------
Ratios to average daily net assets/supplemental data:
Net assets, end of period (in 000's) $226,573 $122,143 $ 9,623
Ratio of operating expenses 1.70%+ 1.70% 1.95%+
Ratio of operating expenses without waivers
and/or reimbursements 1.87%+ 2.20% 8.39%+
Ratio of net investment income 0.81%+ 0.88% 0.68%+
Ratio of net investment income/(loss) without
waivers and/or reimbursements 0.64%+ 0.38% (5.77)%+
Net investment income/(loss) per share without
waivers and/or reimbursements $ 0.03 $ 0.03 $ (0.13)
Portfolio turnover rate 43% 48% 5%
Average commission rate (per share of security)(a) $ 0.0012 $ 0.0009 $0.0010
- ------------
* Pictet Global Emerging Markets Fund commenced operations on October 4, 1995.
+ Annualized.
++ Total return represents aggregate total return for the period.
# Amount represents less than $0.00 per share.
(a) Average commission rate paid per share of securities purchased and sold by the Fund.
(b) Per share amounts have been restated to reflect the stock dividend of 9 additional shares for
each share outstanding. On December 2, 1996, the Board of Trustees declared a stock dividend of
nine additional shares for each share outstanding of the Pictet Global Emerging Markets Fund.
The record date of the stock dividend was December 31, 1996, payable on January 1, 1997.
</TABLE>
See Notes to Financial Statements.
<PAGE>
PANORAMA TRUST
PICTEL INTERNATIONAL SMALL COMPANIES FUND
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED PERIOD
6/30/97 ENDED
(UNAUDITED) 12/31/96*(b)
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $10.15 $10.00
- -------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.06 0.09
Net realized and unrealized gain on investments 0.51 0.20
- -------------------------------------------------------------------------------------------------
Total from investment operations 0.57 0.29
- -------------------------------------------------------------------------------------------------
Distributions to shareholders:
Distributions from net investment income 0.00# (0.09)
Distributions in excess of net investment income -- (0.03)
Distributions from net realized gains on investments -- (0.02)
Distributions from tax return of capital -- (0.00)#
- -------------------------------------------------------------------------------------------------
Total distributions 0.00# (0.14)
- -------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.72 $10.15
- -------------------------------------------------------------------------------------------------
Total return++ 5.62% 2.85%
- -------------------------------------------------------------------------------------------------
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $27,195 $25,743
Ratio of operating expenses 1.20%+ 1.20%+
Ratio of operating expenses without waivers and/or
reimbursements 2.15%+ 2.46%+
Ratio of net investment income 1.18%+ 1.04%+
Ratio of net investment income/(loss) without waivers and/
or reimbursements 0.23%+ (0.22)%+
Net investment income/(loss) per share without waivers and/
or reimbursements $ 0.01 $(0.02)
Portfolio turnover rate 37% 53%
Average commission rate (per share of security)(a) $0.0140 $0.0152
- ------------
*Pictet International Small Companies Fund commenced operations on February 7,
1996.
+Annualized.
++Total return represents aggregate total return for the period.
#Amount represents less than $0.00 per share.
(a) Average commission rate paid per share of securities purchased and sold by
the Fund.
(b) Per share amounts have been restated to reflect the stock dividend of 9
additional shares for each share outstanding. On December 2, 1996, the Board
of Trustees declared a stock dividend of nine additional shares for each
share outstanding of the Pictet International Small Companies Fund. The
record date of the stock dividend was December 31, 1996, payable on January
1, 1997.
</TABLE>
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: Pictet Global Emerging Markets Fund and Pictet
International Small Companies Fund (individually, a "Fund" and collectively, 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 their
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 bid and asked 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 approved by the Board of
Trustees. In the absence of readily ascertainable market values for such
securities, inherent uncertainty of valuation exists. Methods for valuing these
securities may differ from the values that would have been used had a ready
market for the securities existed, and the differences could be material. 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 and the seller
agrees 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 enter into 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, such 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 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 the 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 gain), unless offset by
any available capital loss carryforward, are distributed to shareholders
annually. Additional distributions of net investment income and capital gain 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 due primarily to timing differences and differing
characterizations of distributions made by a Fund. Dividends and other
distributions are reinvested automatically in additional shares of the Funds at
the 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: Expenses incurred in connection with the organization of
each Fund are being amortized on the straight-line method over a period of five
years from the commencement of operations. In the event that any of the shares
issued by the Funds 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.
Expenses: General expenses of the Trust are allocated between the Funds
based upon relative net assets. Operating expenses directly attributable to a
Fund are charged to that Fund's operations.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER PARTY TRANSACTIONS
The Trust, on behalf of the Funds, has entered into an investment advisory
agreement (the "Advisory Agreement") 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 Agreement,
Pictet Global Emerging Markets Fund and Pictet International Small Companies
Fund 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 total ordinary
operating expenses of Pictet Global Emerging Markets Fund and Pictet
International Small Companies Fund do not exceed 1.70% and 1.20%, respectively,
of each Fund's average daily net assets.
For the six months ended June 30, 1997, Pictet International waived fees as
follows:
FEES WAIVED
- -----------------------------------------------------------------------------
Pictet Global Emerging Markets Fund $159,218
Pictet International Small Companies Fund 120,234
First Data Investor Services Group, Inc., a wholly-owned subsidiary of First
Data Corporation, serves as the Trust's administrator, accounting agent and
transfer agent. First Data Investor Services Group, Inc., 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, First Data Investor Services Group,
Inc. is entitled to receive $220,000 per annum from the Trust. In addition, for
its services as transfer agent, First Data Investor Services Group, Inc. is paid
separate compensation.
No officer, director or employee of Pictet International, First Data
Investor Services Group, Inc., 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 International
an annual fee of $5,000, plus an additional $500 for each board and committee
meeting attended. The Trust also reimburses expenses incurred by each Trustee in
attending such meetings.
Brown Brothers Harriman & Co. serves as the Funds' custodian. First Data
Distributors, Inc., a wholly-owned subsidiary of First Data Investor Services
Group, Inc., 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 six
months ended June 30, 1997 were as follows:
PURCHASES SALES
- ------------------------------------------------------------------------------
Pictet Global Emerging Markets Fund $144,868,942 $78,299,454
Pictet International Small Companies Fund 9,429,752 9,259,011
At June 30, 1997, 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 $44,006,691 $12,925,710
Pictet International Small Companies Fund 3,693,660 2,600,376
4. SHARES OF BENEFICIAL INTEREST
Each Fund has one class of shares of beneficial interest, par value $0.01
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 YEAR ENDED
JUNE 30, 1997 DECEMBER 31, 1996
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------------------------
Pictet Global Emerging Markets Fund:
<S> <C> <C> <C> <C>
Sold 6,601,217 $73,719,504 11,215,170 $115,282,514
Issued as reinvestment of dividends -- -- 194,200 1,962,690
Redeemed (150,391) (1,724,071) (370,640) (3,905,907)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase 6,450,826 $71,995,433 11,038,730 $113,339,297
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED PERIOD ENDED
JUNE 30, 1997 DECEMBER 31, 1996*
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------------------------
Pictet International Small Companies Fund:
<S> <C> <C> <C> <C>
Sold -- -- 2,502,950 $25,198,654
Issued as reinvestment of dividends -- -- 34,550 347,345
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase -- -- 2,537,500 $25,545,999
- -----------------------------------------------------------------------------------------------------------------------------------
* Pictet International Small Companies Fund commenced operations on February 7, 1996.
</TABLE>
At June 30, 1997, Pictet Global Emerging Markets Fund had 3 institutional
shareholders owning 34.9%, 18.7% and 12.4%, respectively, of the outstanding
shares of beneficial interest of the Fund.
At June 30, 1997, Pictet International Small Companies Fund had 2
institutional shareholders owning 59.4% and 40.1%, respectively, of the
outstanding shares of beneficial interest of the Fund.
5. FOREIGN SECURITIES
Pictet Global Emerging Markets Fund invests primarily in foreign emerging
markets securities and 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.
6. POST OCTOBER LOSS
Under the current tax law, capital and currency losses realized after
October 31 may be deferred and treated as occurring on the first day of the
following fiscal year. In the fiscal period ended December 31, 1996, the Funds
elected to defer capital losses and currency losses occurring between November
1, 1995 and December 31, 1996 as follows:
<TABLE>
<CAPTION>
CAPITAL LOSSES CURRENCY LOSSES
-------------------- ---------------------
<S> <C> <C>
Pictet Global Emerging Markets Fund $154,958 --
Pictet International Small Companies Fund 5,659 $131
</TABLE>
Such losses will be treated as arising on the first day of the year ending
December 31, 1997.
