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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
Pictet International Small Companies 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,
1996
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: 13,718,120 shares
Aggregate Dollar Amount: $140,481,168
10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2: Total: Shares:
13,718,120 shares Aggregate Dollar Amount: $140,481,168
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: 228,750 shares
Aggregate Dollar Amount: $2,310,035
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):
$140,481,168
(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11, if applicable): +$2,310,035
(iii) Aggregate price of shares redeemed or repurchased during
the fiscal year (if applicable)
- -$3,905,907
(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):
$138,885,296
(vi) Multiplier prescribed by Section 6(b) of the Securities Act
of 1933 or other applicable law or regulation (see Instruction
C.6): x
1/3300
(vii) Fee due [line (i) or line (v) multiplied by line (vi)]: $42,086.45
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
26, 1997
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 26, 1997
*Please print the name and title of the signing officer below the signature
February 26, 1997
VIA EDGAR
Board of Trustees
Panorama Trust
One Exchange Place
Boston, Massachusetts 02109
RE: Rule 24f-2 Opinion
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,
1996, 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 shares (the "Shares") of the Trust, sold
in reliance upon Rule 24f-2 during the fiscal year ended December 31, 1996.
I am 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 Prospectuses and Statements 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 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/ Gail A. Hanson
Gail A. Hanson
Counsel
