0000950123-11-028561.txt : 20110324 0000950123-11-028561.hdr.sgml : 20110324 20110324123808 ACCESSION NUMBER: 0000950123-11-028561 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110131 FILED AS OF DATE: 20110324 DATE AS OF CHANGE: 20110324 EFFECTIVENESS DATE: 20110324 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: 11708551 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 g58071nvq.txt FORM N-Q 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. (1 series) (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: 01/31/2011 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Value Fund STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Shares Value --------------- --------------- COMMON STOCKS--97.2% CONSUMER DISCRETIONARY--11.6% AUTO COMPONENTS--1.9% Lear Corp.(1) 469,400 $ 49,582,720 HOUSEHOLD DURABLES--1.8% Mohawk Industries, Inc.(1) 859,974 47,771,556 MEDIA--5.9% Comcast Corp., Cl. A 2,170,790 49,385,473 Time Warner Cable, Inc. 570,028 38,664,999 Viacom, Inc., Cl. B 1,572,760 65,348,178 --------------- 153,398,650 MULTILINE RETAIL--1.4% Target Corp. 661,050 36,245,372 SPECIALTY RETAIL--0.6% Talbots, Inc. (The)(1) 2,604,810 14,222,263 CONSUMER STAPLES--6.0% BEVERAGES--2.6% Coca-Cola Co. (The) 1,080,820 67,929,537 FOOD & STAPLES RETAILING--1.4% Walgreen Co. 903,220 36,526,217 HOUSEHOLD PRODUCTS--2.0% Church & Dwight Co., Inc. 732,410 50,397,132 ENERGY--12.5% ENERGY EQUIPMENT & SERVICES--3.5% Halliburton Co. 2,026,130 91,175,850 OIL, GAS & CONSUMABLE FUELS--9.0% Chevron Corp. 1,260,250 119,635,533 Exxon Mobil Corp. 679,170 54,795,436 Royal Dutch Shell plc, ADR 855,640 60,741,884 --------------- 235,172,853 FINANCIALS--23.0% CAPITAL MARKETS--3.9% E*TRADE Financial Corp.(1) 818,232 13,549,922 Goldman Sachs Group, Inc. (The) 154,630 25,300,561 State Street Corp. 1,349,788 63,062,095 --------------- 101,912,578 COMMERCIAL BANKS--8.6% CIT Group, Inc.(1) 1,076,190 51,323,501 Comerica, Inc. 854,730 32,650,686 PNC Financial Services Group, Inc. 620,060 37,203,600 U.S. Bancorp 1,573,370 42,480,990 Wells Fargo & Co. 1,853,729 60,097,894 --------------- 223,756,671 DIVERSIFIED FINANCIAL SERVICES--4.2% JPMorgan Chase & Co. 2,414,020 108,486,059 INSURANCE--6.3% ACE Ltd. 838,485 51,642,291 CNO Financial Group, Inc.(1) 1,891,552 11,973,524 MetLife, Inc. 1,729,600 79,163,792
1 | Oppenheimer Value Fund Oppenheimer Value Fund STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Shares Value --------------- --------------- INSURANCE CONTINUED Prudential Financial, Inc. 372,560 $ 22,916,166 --------------- 165,695,773 HEALTH CARE--12.4% BIOTECHNOLOGY--4.7% Amgen, Inc.(1) 1,391,600 76,649,328 Gilead Sciences, Inc.(1) 1,227,290 47,103,390 --------------- 123,752,718 HEALTH CARE PROVIDERS & SERVICES--3.9% Humana, Inc.(1) 858,370 49,759,709 WellPoint, Inc.(1) 826,170 51,321,680 --------------- 101,081,389 PHARMACEUTICALS--3.8% Pfizer, Inc. 5,417,928 98,714,648 INDUSTRIALS--8.7% AEROSPACE & DEFENSE--1.1% AerCap Holdings NV(1) 1,947,993 29,064,056 AIRLINES--1.3% United Continental Holdings, Inc.(1) 1,392,540 35,370,516 ELECTRICAL EQUIPMENT--2.6% Babcock & Wilcox Co.(1) 920,050 26,911,463 Cooper Industries plc 652,090 39,947,033 --------------- 66,858,496 MACHINERY--3.7% Ingersoll-Rand plc 1,311,470 61,901,384 Navistar International Corp.(1) 519,305 33,676,929 --------------- 95,578,313 INFORMATION TECHNOLOGY--6.1% COMMUNICATIONS EQUIPMENT--2.0% Harris Corp. 1,140,455 53,076,776 OFFICE ELECTRONICS--1.0% Xerox Corp. 2,485,300 26,393,886 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.1% Xilinx, Inc. 839,100 27,019,020 SOFTWARE--2.0% Microsoft Corp. 1,908,880 52,923,698 MATERIALS--7.0% CHEMICALS--4.7% Celanese Corp., Series A 1,330,314 55,194,728 LyondellBasell Industries NV, Cl. A(1) 721,210 25,920,287 Potash Corp. of Saskatchewan, Inc. 239,600 42,596,088 --------------- 123,711,103 CONTAINERS & PACKAGING--1.1% Rock-Tenn Co., Cl. A 425,771 28,420,214 METALS & MINING--1.2% Allegheny Technologies, Inc. 480,360 31,314,668
2 | Oppenheimer Value Fund Oppenheimer Value Fund STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Shares Value --------------- --------------- TELECOMMUNICATION SERVICES--3.9% DIVERSIFIED TELECOMMUNICATION SERVICES--2.9% AT&T, Inc. 2,729,850 $ 75,125,472 WIRELESS TELECOMMUNICATION SERVICES--1.0% Vodafone Group plc, Sponsored ADR 918,950 26,061,422 UTILITIES--6.0% ELECTRIC UTILITIES--5.6% American Electric Power Co., Inc. 683,660 24,392,989 Edison International, Inc. 1,534,330 55,665,492 Entergy Corp. 891,930 64,370,588 --------------- 144,429,069 MULTI-UTILITIES--0.4% NiSource, Inc. 614,680 11,445,342 --------------- Total Common Stocks (Cost $2,101,008,177) 2,532,614,037 INVESTMENT COMPANY--2.9% Oppenheimer Institutional Money Market Fund, Cl. E, 0.20% (2,3) (Cost $76,958,780) 76,958,780 76,958,780 TOTAL INVESTMENTS, AT VALUE (COST $2,177,966,957) 100.1% 2,609,572,817 Liabilities in Excess of Other Assets (0.1) (2,877,953) --------------- --------------- Net Assets 100.0% $ 2,606,694,864 =============== ===============
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 January 31, 2011, 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 GROSS GROSS JANUARY 29, 2010(a) ADDITIONS REDUCTIONS 31, 2011 ----------- ----------- ----------- ---------- Oppenheimer Institutional Money Market Fund, Cl. E 57,718,808 289,051,049 269,811,077 76,958,780
VALUE INCOME ----------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $76,958,780 $31,517
(a.) October 29, 2010 represents the last business day of the Fund's 2010 fiscal year. (3.) Rate shown is the 7-day yield as of January 31, 2011. 3 | Oppenheimer Value Fund Oppenheimer Value Fund STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited) VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset or liability). The table below categorizes amounts as of January 31, 2011 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED QUOTED OTHER SIGNIFICANT SIGNIFICANT PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE ----------------- ----------------- ------------------- -------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ 301,220,561 $ -- $ -- $ 301,220,561 Consumer Staples 154,852,886 -- -- 154,852,886 Energy 326,348,703 -- -- 326,348,703 Financials 599,851,081 -- -- 599,851,081 Health Care 323,548,755 -- -- 323,548,755 Industrials 226,871,381 -- -- 226,871,381 Information Technology 159,413,380 -- -- 159,413,380 Materials 183,445,985 -- -- 183,445,985 Telecommunication Services 101,186,894 -- -- 101,186,894 Utilities 155,874,411 -- -- 155,874,411 Investment Company 76,958,780 -- -- 76,958,780 -------------- ---- ---- -------------- Total Assets $2,609,572,817 $ -- $ -- $2,609,572,817 -------------- ---- ---- --------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. 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. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Directors or dealers. 4 | Oppenheimer Value Fund Oppenheimer Value Fund STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited) Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "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. In the absence of a readily available unadjusted quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Directors (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. 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, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. 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. FEDERAL TAXES. 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 January 31, 2011 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. 5 | Oppenheimer Value Fund Oppenheimer Value Fund STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited) Federal tax cost of securities $ 2,224,180,716 ==================== Gross unrealized appreciation $ 391,837,287 Gross unrealized depreciation (6,445,186) -------------------- Net unrealized appreciation $ 385,392,101 ==================== 6 | 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 01/31/2011, 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. (1 series) By: /s/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: March 1, 2011 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/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: March 1, 2011 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: March 1, 2011 EX-99.CERT 2 g58071exv99wcert.txt EX-99.CERT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, William F. Glavin, Jr., certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Series Fund, Inc. (1 series); 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/ William F. Glavin, Jr. ------------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 03/07/2011 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. (1 series); 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: 03/07/2011