-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HlVDaAVgzDEAxnDN8ke679FucrGcVCUWtKhM/0vUiV8DgKKEbINeP5k8fUYLCa2Z d3OKC3QP8pZ5BwQt1A1Dxw== 0000935069-08-002313.txt : 20080924 0000935069-08-002313.hdr.sgml : 20080924 20080924171508 ACCESSION NUMBER: 0000935069-08-002313 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080731 FILED AS OF DATE: 20080924 DATE AS OF CHANGE: 20080924 EFFECTIVENESS DATE: 20080924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER SERIES FUND INC CENTRAL INDEX KEY: 0000356865 IRS NUMBER: 061207374 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03346 FILM NUMBER: 081087080 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: CONNECTICUT MUTUAL INVESTMENT ACCOUNTS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CONNECTICUT MUTUAL LIQUID ACCOUNT INC DATE OF NAME CHANGE: 19851106 0000356865 S000007309 Oppenheimer Value Fund C000020080 A C000020081 B C000020082 C C000020083 N C000033091 Y N-Q 1 rq375_49376nq.txt RQ375_49376NQ.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: 07/31/2008 ITEM 1. SCHEDULE OF INVESTMENTS. OPPENHEIMER VALUE FUND STATEMENT OF INVESTMENTS JULY 31, 2008 / UNAUDITED
SHARES VALUE ---------- -------------- COMMON STOCKS--97.8% CONSUMER DISCRETIONARY--5.8% MEDIA--5.8% Cinemark Holdings, Inc. 2,723,561 $ 39,927,404 Liberty Global, Inc., Series C(1) 3,610,576 98,929,782 News Corp., Inc., Cl. A 3,517,600 49,703,688 -------------- 188,560,874 -------------- CONSUMER STAPLES--8.4% BEVERAGES--5.0% Coca-Cola Co. (The) 3,177,089 163,620,084 TOBACCO--3.4% Philip Morris International, Inc. 2,158,670 111,495,306 ENERGY--12.4% OIL, GAS & CONSUMABLE FUELS--12.4% Devon Energy Corp. 1,540,353 146,164,096 Exxon Mobil Corp. 2,072,000 166,650,960 Hess Corp. 375,800 38,106,120 Murphy Oil Corp. 684,442 54,570,561 -------------- 405,491,737 -------------- FINANCIALS--27.2% CAPITAL MARKETS--17.2% Credit Suisse Group AG, ADR 3,156,948 157,468,566 Goldman Sachs Group, Inc. (The) 741,910 136,541,116 Julius Baer Holding AG 2,261,450 144,660,254 Morgan Stanley 1,553,630 61,337,312 UBS AG 3,245,539 62,671,358 -------------- 562,678,606 -------------- CONSUMER FINANCE--2.8% American Express Co. 1,087,700 40,375,424 Capital One Financial Corp. 1,209,769 50,640,930 -------------- 91,016,354 -------------- DIVERSIFIED FINANCIAL SERVICES--2.9% Citigroup, Inc. 5,121,470 95,720,274 INSURANCE--4.3% Everest Re Group Ltd. 1,204,039 98,490,390 National Financial Partners Corp.(2) 1,974,732 41,173,162 -------------- 139,663,552 -------------- HEALTH CARE--9.8% HEALTH CARE PROVIDERS & SERVICES--2.6% Aetna, Inc. 1,201,700 49,281,717 WellPoint, Inc.(1) 715,503 37,528,132 -------------- 86,809,849 -------------- PHARMACEUTICALS--7.2% Abbott Laboratories 2,863,900 161,352,126 Schering-Plough Corp. 3,519,577 74,192,683 -------------- 235,544,809 --------------
1 | OPPENHEIMER VALUE FUND OPPENHEIMER VALUE FUND STATEMENT OF INVESTMENTS JULY 31, 2008 / UNAUDITED
SHARES VALUE ---------- -------------- INDUSTRIALS--9.2% INDUSTRIAL CONGLOMERATES--4.1% Siemens AG, Sponsored ADR 1,103,700 $ 133,967,106 MACHINERY--4.0% Deere & Co. 425,430 29,848,169 Navistar International Corp.(1) 1,841,904 103,146,624 -------------- 132,994,793 -------------- TRADING COMPANIES & DISTRIBUTORS--1.1% Aircastle Ltd. 3,198,989 35,028,930 INFORMATION TECHNOLOGY--6.2% SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--6.2% Lam Research Corp.(1) 3,829,610 125,955,873 Varian Semiconductor Equipment Associates, Inc.(1) 2,637,447 77,066,201 -------------- 203,022,074 -------------- MATERIALS--9.3% CHEMICALS--7.3% Eastman Chemical Co. 1,739,679 104,311,153 FMC Corp. 72,461 5,388,925 Lubrizol Corp. (The) 2,627,075 130,828,335 -------------- 240,528,413 -------------- METALS & MINING--2.0% Carpenter Technology Corp. 587,609 22,740,468 Teck Cominco Ltd., Cl. B 893,300 41,065,001 -------------- 63,805,469 -------------- TELECOMMUNICATION SERVICES--2.8% DIVERSIFIED TELECOMMUNICATION SERVICES--2.8% AT&T, Inc. 3,008,900 92,704,209 UTILITIES--6.7% ELECTRIC UTILITIES--6.7% Exelon Corp. 1,425,259 112,053,863 FirstEnergy Corp. 1,452,845 106,856,751 -------------- 218,910,614 -------------- Total Common Stocks (Cost $3,314,350,945) 3,201,563,053 -------------- INVESTMENT COMPANY--0.4% Oppenheimer Institutional Money Market Fund, Cl. E, 2.67%(2,3) (Cost $14,471,880) 14,471,880 14,471,880 -------------- TOTAL INVESTMENTS, AT VALUE (COST $3,328,822,825) 98.2% 3,216,034,933 -------------- OTHER ASSETS NET OF LIABILITIES 1.8 57,597,386 ---------- -------------- NET ASSETS 100.0% $3,273,632,319 ========== ==============
FOOTNOTES TO STATEMENT OF INVESTMENTS (1.) Non-income producing security. (2.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended July 31, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES SHARES OCTOBER 31, GROSS GROSS JULY 31, 2007 ADDITIONS REDUCTIONS 2008 ----------- ------------- ------------- ---------- National Financial Partners Corp. 649,821 1,455,111 130,200 1,974,732 Oppenheimer Institutional Money Market Fund, Cl. E 94,288,244 1,574,898,813 1,654,715,177 14,471,880
2 | OPPENHEIMER VALUE FUND OPPENHEIMER VALUE FUND STATEMENT OF INVESTMENTS JULY 31, 2008 / UNAUDITED
DIVIDEND REALIZED VALUE INCOME LOSS ----------- ---------- ---------- National Financial Partners Corp. $41,173,162 $1,165,310 $3,437,246 Oppenheimer Institutional Money Market Fund, Cl. E 14,471,880 4,499,473 -- ----------- ---------- ---------- $55,645,042 $5,664,783 $3,437,246 =========== ========== ==========
(3.) Rate shown is the 7-day yield as of July 31, 2008. FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF JULY 31, 2008 ARE AS FOLLOWS:
CONTRACT AMOUNT EXPIRATION UNREALIZED CONTRACT DESCRIPTION BUY/SELL (000S) DATE VALUE DEPRECIATION - -------------------- -------- -------- ---------- ---------- ------------ Swiss Franc (CHF) Buy 6,543 CHF 8/4/08 $6,247,400 $13,510
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 trading. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Directors. Securities traded on a registered U.S. securities exchange 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 whose principal exchange is NASDAQ(R) are valued based on the closing price reported 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, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the "bid" and "asked" prices. Securities for which market quotations are not readily available are valued at their fair value. 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. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company's net asset value per share. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Directors. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, 3 | OPPENHEIMER VALUE FUND OPPENHEIMER VALUE FUND STATEMENT OF INVESTMENTS JULY 31, 2008 / UNAUDITED regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser 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. INVESTMENTS WITH OFF-BALANCE SHEET MARKET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. FOREIGN CURRENCY EXCHANGE CONTRACTS The Fund may enter into foreign currency exchange contracts ("forward contracts") for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. RECENT ACCOUNTING PRONOUNCEMENTS In September 2006, the Financial Accounting Standards Board ("FASB") 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, 2008, 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. In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities." This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $3,407,875,025 ============== Gross unrealized appreciation $ 212,660,049 Gross unrealized depreciation (404,500,141) -------------- Net unrealized depreciation $ (191,840,092) ==============
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 07/31/2008, 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: 09/12/2008 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: 09/12/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 09/12/2008 EX-99.CERT 2 rq375_49376cert302.txt RQ375_49376CERT302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Series Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - --------------------------- John V. Murphy Principal Executive Officer Date: 09/12/2008 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Series Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - --------------------------- Brian W. Wixted Principal Financial Officer Date: 09/12/2008 -----END PRIVACY-ENHANCED MESSAGE-----