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SIGNATURE GAIL HANSON
TITLE SECRETARY
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<SHARES-COMMON-STOCK> 17,069,782
<SHARES-COMMON-PRIOR> 13,857,133
<ACCUMULATED-NII-CURRENT> (228,533)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (48,501,128)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51,256,225
<NET-ASSETS> 190,275,201
<DIVIDEND-INCOME> 1,984,527
<INTEREST-INCOME> 93,964
<OTHER-INCOME> 0
<EXPENSES-NET> 2,342,198
<NET-INVESTMENT-INCOME> (263,707)
<REALIZED-GAINS-CURRENT> 14,632,254
<APPREC-INCREASE-CURRENT> 55,534,127
<NET-CHANGE-FROM-OPS> 69,902,674
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,501,546
<NUMBER-OF-SHARES-REDEEMED> 288,897
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 95,913,325
<ACCUMULATED-NII-PRIOR> (183,470)
<ACCUMULATED-GAINS-PRIOR> (63,813,302)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,723,832
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,652,119
<AVERAGE-NET-ASSETS> 137,978,739
<PER-SHARE-NAV-BEGIN> 6.81
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 4.35
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.15
<EXPENSE-RATIO> 1.70
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000945774
<NAME> PANORAMA TRUST
<SERIES>
<NUMBER> 2
<NAME> PICTET INTERNATIONAL SMALL COMPANIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2,923,265
<INVESTMENTS-AT-VALUE> 4,688,074
<RECEIVABLES> 47,648
<ASSETS-OTHER> 115,208
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,850,930
<PAYABLE-FOR-SECURITIES> 27,699
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,643
<TOTAL-LIABILITIES> 75,342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,809,531
<SHARES-COMMON-STOCK> 466,116
<SHARES-COMMON-PRIOR> 870,757
<ACCUMULATED-NII-CURRENT> (13,674)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 214,874
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,764,857
<NET-ASSETS> 4,775,588
<DIVIDEND-INCOME> 57,834
<INTEREST-INCOME> 1,505
<OTHER-INCOME> 0
<EXPENSES-NET> 60,324
<NET-INVESTMENT-INCOME> (985)
<REALIZED-GAINS-CURRENT> 1,366,881
<APPREC-INCREASE-CURRENT> 1,472,274
<NET-CHANGE-FROM-OPS> 2,838,170
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 760,216
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 479,539
<SHARES-REINVESTED> 74,898
<NET-CHANGE-IN-ASSETS> (923,823)
<ACCUMULATED-NII-PRIOR> (15,538)
<ACCUMULATED-GAINS-PRIOR> (389,194)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 239,166
<AVERAGE-NET-ASSETS> 5,021,680
<PER-SHARE-NAV-BEGIN> 6.55
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 5.66
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.94
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.25
<EXPENSE-RATIO> 1.20
</TABLE>
Report of Independent Accountants
To the Board of Trustees and the Shareholders of Panorama Trust:
In planning and performing our audit of the financial statements
of Pictet Global Emerging Markets Fund, Pictet International Small
Companies Fund and Pictet Eastern European Fund (constituting
Panorama Trust, hereafter referred to as the "Trust") for the year
ended December 31, 1999, we considered its internal control,
including control activities for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any evaluation
of internal control to future periods is subject to the risk that
controls may become inadequate because of changes in conditions or
that the effectiveness of their design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which
the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However,
we noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of the
Board of Trustees, management and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers, LLP
Philadelphia, Pennsylvania
February 11, 2000
