N-Q 1 rq375_41845nq.txt RQ375_41845NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-3346 Oppenheimer Series Fund, Inc. ----------------------------- (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 ------------------------------------------------------ (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: OCTOBER 31 Date of reporting period: 07/31/2007 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Value Fund STATEMENT OF INVESTMENTS JULY 31, 2007 / UNAUDITED --------------------------------------------------------------------------------
SHARES VALUE -------------------------------------------------------------------------------------------------- COMMON STOCKS--97.0% -------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--9.2% -------------------------------------------------------------------------------------------------- MEDIA--8.2% Cinemark Holdings, Inc. 1,115,348 $ 18,235,940 -------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 4,135,308 164,750,671 -------------------------------------------------------------------------------------------------- News Corp., Inc., Cl. A 2,812,100 59,391,552 --------------- 242,378,163 -------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--1.0% Office Depot, Inc. 1 1,192,930 29,775,533 -------------------------------------------------------------------------------------------------- CONSUMER STAPLES--9.8% -------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--6.2% Costco Wholesale Corp. 2,534,027 151,534,815 -------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 723,720 30,157,412 --------------- 181,692,227 -------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.0% ConAgra Foods, Inc. 1,179,401 29,897,815 -------------------------------------------------------------------------------------------------- TOBACCO--2.6% Altria Group, Inc. 1,132,700 75,290,569 -------------------------------------------------------------------------------------------------- ENERGY--11.2% -------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.1% Halliburton Co. 866,600 31,214,932 -------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--10.1% Exxon Mobil Corp. 1,676,400 142,711,932 -------------------------------------------------------------------------------------------------- Murphy Oil Corp. 959,800 59,545,992 -------------------------------------------------------------------------------------------------- Petroleo Brasileiro SA, ADR 807,700 52,419,730 -------------------------------------------------------------------------------------------------- Total SA, Sponsored ADR 543,100 42,693,091 --------------- 297,370,745 -------------------------------------------------------------------------------------------------- FINANCIALS--30.3% -------------------------------------------------------------------------------------------------- CAPITAL MARKETS--8.1% Bear Stearns Cos., Inc. (The) 533,400 64,658,748 -------------------------------------------------------------------------------------------------- E*TRADE Financial Corp. 1 1,485,641 27,514,071 -------------------------------------------------------------------------------------------------- UBS AG 2,624,200 144,514,694 --------------- 236,687,513 -------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--7.6% Wachovia Corp. 3,033,200 143,197,372 -------------------------------------------------------------------------------------------------- Wells Fargo & Co. 2,402,920 81,146,608 --------------- 224,343,980 -------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--6.1% Bank of America Corp. 1,041,178 49,372,661 -------------------------------------------------------------------------------------------------- Citigroup, Inc. 2,818,300 131,248,231 --------------- 180,620,892 -------------------------------------------------------------------------------------------------- INSURANCE--5.4% AMBAC Financial Group, Inc. 598,100 40,162,415 -------------------------------------------------------------------------------------------------- Everest Re Group Ltd. 686,164 67,415,613 -------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 470,300 14,353,556 -------------------------------------------------------------------------------------------------- National Financial Partners Corp. 468,371 21,713,680 -------------------------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 471,433 15,651,576 --------------- 159,296,840
1 | OPPENHEIMER VALUE FUND Oppenheimer Value Fund STATEMENT OF INVESTMENTS JULY 31, 2007 / UNAUDITED --------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--3.1% Freddie Mac 1,571,223 $ 89,983,941 -------------------------------------------------------------------------------------------------- HEALTH CARE--4.9% -------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.2% Vanda Pharmaceuticals, Inc. 1 362,500 6,782,375 -------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.4% Medco Health Solutions, Inc. 1 376,106 30,566,135 -------------------------------------------------------------------------------------------------- WellPoint, Inc. 1 544,680 40,916,362 --------------- 71,482,497 -------------------------------------------------------------------------------------------------- PHARMACEUTICALS--2.3% Abbott Laboratories 581,200 29,461,028 -------------------------------------------------------------------------------------------------- Medicines Co. (The) 1 466,110 7,415,810 -------------------------------------------------------------------------------------------------- Novartis AG, ADR 558,775 30,145,911 --------------- 67,022,749 -------------------------------------------------------------------------------------------------- INDUSTRIALS--14.5% -------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--9.4% Alliant Techsystems, Inc. 1 302,610 29,991,677 -------------------------------------------------------------------------------------------------- Boeing Co. 1,508,700 156,044,841 -------------------------------------------------------------------------------------------------- United Technologies Corp. 1,226,000 89,461,220 --------------- 275,497,738 -------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--1.7% Siemens AG, Sponsored ADR 408,800 51,766,344 -------------------------------------------------------------------------------------------------- MACHINERY--3.4% Deere & Co. 372,900 44,904,618 -------------------------------------------------------------------------------------------------- Navistar International Corp. 1 884,063 55,695,969 --------------- 100,600,587 -------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--5.5% -------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.0% Cisco Systems, Inc. 1 518,400 14,986,944 -------------------------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, Sponsored ADR 1,190,300 44,529,123 --------------- 59,516,067 -------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.8% Applied Materials, Inc. 2,361,170 52,040,187 -------------------------------------------------------------------------------------------------- SOFTWARE--1.7% Take-Two Interactive Software, Inc. 1 2,786,425 49,124,673 -------------------------------------------------------------------------------------------------- MATERIALS--3.0% -------------------------------------------------------------------------------------------------- CHEMICALS--3.0% BASF AG, ADR 348,380 45,097,791 -------------------------------------------------------------------------------------------------- Lubrizol Corp. (The) 694,760 43,533,662 --------------- 88,631,453 -------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.0% -------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% AT&T, Inc. 755,900 29,601,044 -------------------------------------------------------------------------------------------------- UTILITIES--7.6% -------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--6.3% Exelon Corp. 1,636,377 114,791,847 --------------------------------------------------------------------------------------------------
2 | OPPENHEIMER VALUE FUND Oppenheimer Value Fund STATEMENT OF INVESTMENTS JULY 31, 2007 / UNAUDITED --------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES CONTINUED FirstEnergy Corp. 1,137,666 $ 69,113,210 --------------- 183,905,057 -------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.5% Dynegy, Inc., Cl. A 1 1,573,610 14,020,865 -------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.8% CMS Energy Corp. 1,527,800 24,689,244 --------------- Total Common Stocks (Cost $2,591,912,806) 2,853,234,030 -------------------------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--2.9% -------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.28% 2,3 (Cost $86,246,177) 86,246,177 86,246,177 -------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,678,158,983) 99.9% 2,939,480,207 -------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.1 2,994,303 ----------------------------- NET ASSETS 100.0% $2,942,474,510 =============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Rate shown is the 7-day yield as of July 31, 2007. 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended July 31, 2007, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES OCTOBER 31, 2006 ADDITIONS REDUCTIONS JULY 31, 2007 ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 112,899,057 1,046,939,005 1,073,591,885 86,246,177
DIVIDEND VALUE INCOME ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 86,246,177 $ 4,782,640
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Directors. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(R) are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing "bid" and "asked" prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Directors. Investments in open- 3 | OPPENHEIMER VALUE FUND Oppenheimer Value Fund STATEMENT OF INVESTMENTS JULY 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- end registered investment companies (including affiliated funds) are valued at that fund's net asset value. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Directors. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of July 31, 2007, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2007 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 2,680,967,319 ================ Gross unrealized appreciation $ 365,505,739 Gross unrealized depreciation (106,992,849) ---------------- Net unrealized appreciation $ 258,512,890 ================ 4 | OPPENHEIMER VALUE FUND ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 07/31/2007, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Series Fund, Inc. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 09/13/2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 09/13/2007 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 09/13/2007