Panorama Series to reorganize portfolio into Oppenheimer Main Street

By Caroline Salls

Pittsburgh, Feb. 3 - Panorama Series Fund, Inc.'s board of directors has decided that it is in the best interest of shareholders to reorganize Panorama's Growth Portfolio series into Oppenheimer Main Street Fund/VA, a series of Oppenheimer Variable Account Funds, according to a news release.

Panorama said the board unanimously approved a plan of reorganization under which Oppenheimer Main Street Fund will acquire substantially all of the portfolio's assets and assume some liabilities in exchange for the newly issued shares of Oppenheimer Main Street Fund.

If the reorganization takes place, portfolio shareholders will receive non-service shares of Oppenheimer Main Street Fund equal in value to the value of the net assets of the shares of the portfolio they hold immediately before the reorganization, the release said.

The shares will be issued at net asset value without a sales charge, and the reorganization is expected to be tax-free for both the portfolio and Oppenheimer Main Street Fund and their respective shareholders.

Following the reorganization, the portfolio will liquidate and dissolve.

The reorganization is conditioned on approval by the portfolio's shareholders. Shareholders of record as of Feb. 3 will be entitled to vote on the reorganization.

A shareholders meeting is expected to be held on April 20. If approved by the shareholders, the reorganization is expected to take place on April 27.

Panorama is a New York-based open-ended variable annuity equity mutual fund launched and managed by OppenheimerFunds Inc.

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