0000950123-11-086775.txt : 20110927
0000950123-11-086775.hdr.sgml : 20110927
20110926180521
ACCESSION NUMBER: 0000950123-11-086775
CONFORMED SUBMISSION TYPE: N-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20110729
FILED AS OF DATE: 20110927
DATE AS OF CHANGE: 20110926
EFFECTIVENESS DATE: 20110927
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: 111108034
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
g59568nvq.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.
--------------------------------------------------
(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: 07/29/2011
================================================================================
ITEM 1. SCHEDULE OF INVESTMENTS.
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS July 29, 2011* (Unaudited)
Shares Value
---------------------------------------------------------------------------------------
COMMON STOCKS-95.6%
---------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY-10.7%
---------------------------------------------------------------------------------------
AUTOMOBILES-2.3%
Ford Motor Co.(1) 4,762,390 $ 58,148,782
---------------------------------------------------------------------------------------
HOUSEHOLD DURABLES-1.8%
Mohawk Industries, Inc.(1) 865,214 45,017,084
---------------------------------------------------------------------------------------
MEDIA-4.1%
Comcast Corp., Cl. A 2,170,790 52,142,376
---------------------------------------------------------------------------------------
Viacom, Inc., Cl. B 1,040,260 50,369,389
------------
102,511,765
---------------------------------------------------------------------------------------
MULTILINE RETAIL-2.0%
Target Corp. 983,370 50,633,721
---------------------------------------------------------------------------------------
SPECIALTY RETAIL-0.5%
Talbots, Inc. (The)(1) 3,345,785 11,576,416
---------------------------------------------------------------------------------------
CONSUMER STAPLES-4.9%
---------------------------------------------------------------------------------------
BEVERAGES-2.9%
Coca-Cola Co. (The) 1,080,820 73,506,568
---------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS-2.0%
Church & Dwight Co., Inc. 1,202,640 48,514,498
---------------------------------------------------------------------------------------
ENERGY-12.7%
---------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES-0.6%
Nabors Industries Ltd.(1) 557,710 14,729,121
---------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS-12.1%
Apache Corp. 225,710 27,924,841
---------------------------------------------------------------------------------------
Chevron Corp. 1,260,250 131,091,207
---------------------------------------------------------------------------------------
Exxon Mobil Corp.(2) 679,170 54,190,974
---------------------------------------------------------------------------------------
Penn West Petroleum Ltd. 1,170,420 26,112,070
---------------------------------------------------------------------------------------
Royal Dutch Shell plc, ADR 855,640 62,940,878
------------
302,259,970
---------------------------------------------------------------------------------------
FINANCIALS-22.9%
---------------------------------------------------------------------------------------
CAPITAL MARKETS-5.0%
Goldman Sachs Group, Inc. (The) 519,020 70,052,129
---------------------------------------------------------------------------------------
State Street Corp. 1,349,788 55,975,708
------------
126,027,837
---------------------------------------------------------------------------------------
COMMERCIAL BANKS-9.7%
CIT Group, Inc.(1) 1,076,190 42,767,791
---------------------------------------------------------------------------------------
M&T Bank Corp. 603,310 52,029,454
---------------------------------------------------------------------------------------
PNC Financial Services Group, Inc. 620,060 33,663,057
---------------------------------------------------------------------------------------
U.S. Bancorp 1,573,370 41,002,022
---------------------------------------------------------------------------------------
Wells Fargo & Co. 2,633,849 73,589,741
------------
243,052,065
---------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES-3.0%
JPMorgan Chase & Co. 1,841,730 74,497,979
---------------------------------------------------------------------------------------
INSURANCE-5.2%
ACE Ltd. 838,485 56,161,725
---------------------------------------------------------------------------------------
MetLife, Inc. 1,764,130 72,699,797
------------
128,861,522
1 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS July 29, 2011* (Unaudited)
Shares Value
--------------------------------------------------------------------------------------
HEALTH CARE-14.1%
--------------------------------------------------------------------------------------
BIOTECHNOLOGY-2.1%
Gilead Sciences, Inc.(1) 1,278,910 $54,174,628
--------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES-2.4%
Medtronic, Inc. 1,649,130 59,451,137
--------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES-7.6%
HCA Holdings, Inc.(1) 2,250,430 60,041,472
--------------------------------------------------------------------------------------
Humana, Inc. 1,033,510 77,079,176
--------------------------------------------------------------------------------------
WellPoint, Inc. 780,700 52,736,285
-----------
189,856,933
--------------------------------------------------------------------------------------
PHARMACEUTICALS-2.0%
Pfizer, Inc. 2,640,570 50,804,567
--------------------------------------------------------------------------------------
INDUSTRIALS-7.4%
--------------------------------------------------------------------------------------
AEROSPACE & DEFENSE-1.4%
AerCap Holdings NV(1) 2,919,283 35,965,567
--------------------------------------------------------------------------------------
AIRLINES-1.2%
United Continental Holdings, Inc.(1) 1,588,570 28,784,888
--------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT-1.9%
Cooper Industries plc 921,520 48,204,711
--------------------------------------------------------------------------------------
MACHINERY-2.9%
Ingersoll-Rand plc 1,462,640 54,731,989
--------------------------------------------------------------------------------------
WABCO Holdings, Inc.(1) 279,350 17,613,018
-----------
72,345,007
--------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY-7.4%
--------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT-0.8%
Juniper Networks, Inc.(1) 838,920 19,622,339
--------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES-0.9%
VeriSign, Inc. 734,550 22,925,306
--------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-1.1%
Xilinx, Inc. 839,100 26,935,110
--------------------------------------------------------------------------------------
SOFTWARE-4.6%
Microsoft Corp. 2,423,300 66,398,420
--------------------------------------------------------------------------------------
Oracle Corp. 1,584,090 48,441,472
-----------
114,839,892
--------------------------------------------------------------------------------------
MATERIALS-7.0%
--------------------------------------------------------------------------------------
CHEMICALS-4.8%
Celanese Corp., Series A 1,199,734 66,141,335
--------------------------------------------------------------------------------------
Mosaic Co. (The) 752,720 53,232,358
-----------
119,373,693
--------------------------------------------------------------------------------------
CONTAINERS & PACKAGING-1.5%
Rock-Tenn Co., Cl. A 596,620 36,668,265
--------------------------------------------------------------------------------------
METALS & MINING-0.7%
Allegheny Technologies, Inc. 312,160 18,164,590
--------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES-2.1%
--------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES-1.1%
AT&T, Inc. 943,800 27,615,588
--------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES-1.0%
Vodafone Group plc, Sponsored ADR 918,950 25,822,495
2 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS July 29, 2011* (Unaudited)
Shares Value
-------------------------------------------------------------------------------------------
UTILITIES-6.4%
-------------------------------------------------------------------------------------------
ELECTRIC UTILITIES-3.3%
American Electric Power Co., Inc. 683,660 $25,199,708
-------------------------------------------------------------------------------------------
Edison International, Inc. 1,534,330 58,411,943
-------------
83,611,651
-------------------------------------------------------------------------------------------
ENERGY TRADERS-1.0%
GenOn Energy, Inc.(1) 6,410,950 24,938,596
-------------------------------------------------------------------------------------------
MULTI-UTILITIES-2.1%
Public Service Enterprise Group, Inc. 1,610,760 52,752,390
-------------
Total Common Stocks (Cost $2,212,573,570) 2,392,194,681
Expiration Strike
Date Price Contracts
-------------------------------------------------------------------------------------------------------
OPTIONS PURCHASED-0.1%
Goldman Sachs Group, Inc. (The) Put(1) 9/19/11 $ 130 1,756 614,600
-------------------------------------------------------------------------------------------------------
Goldman Sachs Group, Inc. (The) Put(1) 10/24/11 125 646 245,480
-------------------------------------------------------------------------------------------------------
JPMorgan Chase & Co. Put(1) 9/19/11 40 6,146 1,020,236
-------------------------------------------------------------------------------------------------------
MetLife, Inc. Put(1) 9/19/11 38 6,146 553,140
---------
Total Options Purchased (Cost $2,499,339) 2,433,456
Shares
---------------------------------------------------------------------------------------------
INVESTMENT COMPANY-5.0%
Oppenheimer Institutional Money Market Fund, Cl. E, 124,836,258 124,836,258
0.13% (3,4) (Cost $124,836,258)
---------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $2,339,909,167) 100.7% 2,519,464,395
---------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.7) (17,031,852)
---------------------------------------
Net Assets 100.0% $2,502,432,543
=======================================
Footnotes to Statement of Investments
*July 29, 2011 represents the last business of the Fund's quarterly period. See
accompanying Notes.
1. Non-income producing security.
2. All or a portion of the security position is held in collateralized
accounts to cover potential obligations with respect to outstanding written
options. See accompanying Notes.
3. Is or was an affiliate, as defined in the Investment Company Act of 1940,
at or during the period ended July 29, 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 Gross Gross Shares
October 29, 2010(a) Additions Reductions July 29, 2011
----------------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money
Market Fund, Cl. E 57,718,808 889,363,066 822,245,616 124,836,258
VALUE INCOME
-------------------------------------------------------------------------------
Oppenheimer Institutional Money
Market Fund, Cl. E $124,836,258 $120,479
a. October 29, 2010 represents the last business day of the Fund's 2010 fiscal
year. See accompanying Notes.
4. Rate shown is the 7-day yield as of July 29, 2011.
3 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS July 29, 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 July 29, 2011 based on valuation input
level:
LEVEL 2-
OTHER LEVEL 3-
LEVEL 1- SIGNIFICANT SIGNIFICANT
UNADJUSTED OBSERVABLE UNOBSERVABLE
QUOTED PRICES INPUTS INPUTS VALUE
------------------------------------------------------------------------------------------------------------
ASSETS TABLE
INVESTMENTS, AT VALUE:
Common Stocks
Consumer Discretionary $ 267,887,768 $ - $ - $ 267,887,768
Consumer Staples 122,021,066 - - 122,021,066
Energy 316,989,091 - - 316,989,091
Financials 572,439,403 - - 572,439,403
Health Care 354,287,265 - - 354,287,265
Industrials 185,300,173 - - 185,300,173
Information Technology 184,322,647 - - 184,322,647
Materials 174,206,548 - - 174,206,548
Telecommunication Services 53,438,083 - - 53,438,083
Utilities 161,302,637 - - 161,302,637
Options Purchased 2,433,456 - - 2,433,456
Investment Company 124,836,258 - - 124,836,258
--------------------------------------------------------------------
Total Assets $ 2,519,464,395 $ - $ - $2,519,464,395
--------------------------------------------------------------------
LIABILITIES TABLE
OTHER FINANCIAL INSTRUMENTS:
Depreciated options written, at value $ (387,198) $ - $ - $ (387,198)
--------------------------------------------------------------------
Total Liabilities $ (387,198) $ - $ - $ (387,198)
--------------------------------------------------------------------
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.
4 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS July 29, 2011* (Unaudited)
WRITTEN OPTIONS AS OF JULY 29, 2011 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS UNREALIZED
DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE DEPRECIATION
-----------------------------------------------------------------------------------------------------------------
Goldman Sachs Group, Inc. (The) Put 1,756 $ 100 10/24/11 $ 82,087 $ (98,336) $ 16,249
JPMorgan Chase & Co. Put 6,146 33 10/24/11 228,611 (288,862) 60,251
-----------------------------------
$ 310,698 $(387,198) $ 76,500
===================================
NOTES TO STATEMENT OF INVESTMENTS
QUARTERLY AND ANNUAL PERIODS. Since July 29, 2011 represents the last day during
the Fund's quarterly period on which the New York Stock Exchange was open for
trading, the Fund's financial statements have been presented through that date
to maintain consistency with the Fund's net asset value calculations used for
shareholder transactions.
Since October 29, 2010 represents the last day during the Fund's 2010 fiscal
year on which the New York Stock Exchange was open for trading, the Fund's
financial statements have been presented through that date to maintain
consistency with the Fund's net asset value calculations used for shareholder
transactions.
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," observable market inputs other than unadjusted
quoted prices 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.
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 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.
5 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS July 29, 2011* (Unaudited)
"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 current price quotation obtained from an independent pricing
service or broker-dealer, 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.
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.
RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS
The Fund's investment objectives not only permit the Fund to purchase investment
securities, they also allow the Fund to enter into various types of derivatives
contracts, including, but not limited to, futures contracts, forward foreign
currency exchange contracts, credit default swaps, interest rate swaps, total
return swaps, and purchased and written options. In doing so, the Fund will
employ strategies in differing combinations to permit it to increase, decrease,
or change the level or types of exposure to market risk factors. Central to
those strategies are features inherent to derivatives that make them more
attractive for this purpose than equity and debt securities: they require little
or no initial cash investment, they can focus exposure on only certain selected
risk factors, and they may not require the ultimate receipt or delivery of the
underlying security (or securities) to the contract. This may allow the Fund to
pursue its objectives more quickly and efficiently than if it were to make
direct purchases or sales of securities capable of effecting a similar response
to market factors.
MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may
use derivatives to increase or decrease its exposure to one or more of the
following market risk factors:
COMMODITY RISK. Commodity risk relates to the change in value of
commodities or commodity indexes as they relate to increases or decreases
in the commodities market. Commodities are physical assets that have
tangible properties. Examples of these types of assets are crude oil,
heating oil, metals, livestock, and agricultural products.
CREDIT RISK. Credit risk relates to the ability of the issuer to meet
interest and principal payments, or both, as they come due. In general,
lower-grade, higher-yield bonds are subject to credit risk to a greater
extent than lower-yield, higher-quality bonds.
EQUITY RISK. Equity risk relates to the change in value of equity
securities as they relate to increases or decreases in the general market.
6 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS July 29, 2011* (Unaudited)
FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the
change in the U.S. dollar value of a security held that is denominated in a
foreign currency. The U.S. dollar value of a foreign currency denominated
security will decrease as the dollar appreciates against the currency,
while the U.S. dollar value will increase as the dollar depreciates against
the currency.
INTEREST RATE RISK. Interest rate risk refers to the fluctuations in
value of fixed-income securities resulting from the inverse relationship
between price and yield. For example, an increase in general interest rates
will tend to reduce the market value of already issued fixed-income
investments, and a decline in general interest rates will tend to increase
their value. In addition, debt securities with longer maturities, which
tend to have higher yields, are subject to potentially greater fluctuations
in value from changes in interest rates than obligations with shorter
maturities.
VOLATILITY RISK. Volatility risk refers to the magnitude of the
movement, but not the direction of the movement, in a financial
instrument's price over a defined time period. Large increases or decreases
in a financial instrument's price over a relative time period typically
indicate greater volatility risk, while small increases or decreases in its
price typically indicate lower volatility risk.
The Fund's actual exposures to these market risk factors during the period are
discussed in further detail, by derivative type, below.
RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in
losses due to unanticipated changes in the market risk factors and the overall
market. In instances where the Fund is using derivatives to decrease, or hedge,
exposures to market risk factors for securities held by the Fund, there are also
risks that those derivatives may not perform as expected resulting in losses for
the combined or hedged positions.
Derivatives may have little or no initial cash investment relative to their
market value exposure and therefore can produce significant gains or losses in
excess of their cost. This use of embedded leverage allows the Fund to increase
its market value exposure relative to its net assets and can substantially
increase the volatility of the Fund's performance.
Additional associated risks from investing in derivatives also exist and
potentially could have significant effects on the valuation of the derivative
and the Fund. Typically, the associated risks are not the risks that the Fund
is attempting to increase or decrease exposure to, per its investment
objectives, but are the additional risks from investing in derivatives.
Examples of these associated risks are liquidity risk, which is the risk that
the Fund will not be able to sell the derivative in the open market in a timely
manner, and counterparty credit risk, which is the risk that the counterparty
will not fulfill its obligation to the Fund. Associated risks can be different
for each type of derivative and are discussed by each derivative type in the
notes that follow.
COUNTERPARTY CREDIT RISK. Certain derivative positions are subject to
counterparty credit risk, which is the risk that the counterparty will not
fulfill its obligation to the Fund. The Fund's derivative counterparties
are financial institutions who are subject to market conditions that may
weaken their financial position. The Fund intends to enter into financial
transactions with counterparties that the Manager believes to be
creditworthy at the time of the transaction.
CREDIT RELATED CONTINGENT FEATURES. The Fund's agreements with
derivative counterparties have several credit related contingent features
that if triggered would allow its derivatives counterparties to close out
and demand payment or additional collateral to cover their exposure from
the Fund. Credit related contingent features are established between the
Fund and its derivatives counterparties to reduce the risk that the Fund
will not fulfill its payment obligations to its counterparties. These
triggering features include, but are not limited to, a percentage decrease
in the Fund's net assets and or a percentage decrease in the Fund's Net
Asset Value or NAV. The contingent features are established within the
Fund's International Swap and Derivatives Association, Inc. master
agreements which govern certain positions in swaps, over-the-counter
options and swaptions, and forward currency exchange contracts for each
individual counterparty.
OPTION ACTIVITY
The Fund may buy and sell put and call options, or write put and call options.
When an option is written, the Fund receives a premium and becomes obligated to
sell or purchase the underlying security at a fixed price, upon exercise of the
option.
Options are valued daily based upon the last sale price on the principal
exchange on which the option is traded. The difference between the premium
received or paid, and market value of the option, is recorded as unrealized
appreciation or depreciation. The net change in unrealized appreciation or
depreciation is reported in the Statement of Operations in the annual and
semiannual
7 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS July 29, 2011* (Unaudited)
reports. When an option is exercised, the cost of the security
purchased or the proceeds of the security sale are adjusted by the amount of
premium received or paid. Upon the expiration or closing of the option
transaction, a gain or loss is reported in the Statement of Operations in the
annual and semiannual reports.
The Fund has purchased put options on individual equity securities and, or,
equity indexes to decrease exposure to equity risk. A purchased put option
becomes more valuable as the price of the underlying financial instrument
depreciates relative to the strike price.
During the period ended July 29, 2011, the Fund had an ending monthly average
market value of $243,346 on purchased put options.
Options written, if any, are reported in a schedule following the Statement of
Investments and as a liability in the Statement of Assets and Liabilities in the
annual and semiannual reports. Securities held in collateralized accounts to
cover potential obligations with respect to outstanding written options are
noted in the Statement of Investments.
The risk in writing a call option is that the Fund gives up the opportunity for
profit if the market price of the security increases and the option is
exercised. The risk in writing a put option is that the Fund may incur a loss
if the market price of the security decreases and the option is exercised. The
risk in buying an option is that the Fund pays a premium whether or not the
option is exercised. The Fund also has the additional risk that there may be an
illiquid market where the Fund is unable to close the contract.
The Fund has written put options on individual equity securities and, or, equity
indexes to increase exposure to equity risk. A written put option becomes more
valuable as the price of the underlying financial instrument appreciates
relative to the strike price.
During the period ended July 29, 2011, the Fund had an ending monthly average
market value of $38,720 on written put options.
Additional associated risks to the Fund include counterparty credit risk for
over-the-counter options and liquidity risk.
Written option activity for the period ended July 29, 2011 was as follows:
PUT OPTIONS
---------------------
NUMBER OF AMOUNT OF
CONTRACTS PREMIUMS
-------------------------------------------------
Options outstanding as of
October 29, 2010 - $ -
Options written 7,902 310,698
----------------------
Options outstanding as of
July 29, 2011 7,902 $ 310,698
======================
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 July 29,
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.
Federal tax cost of securities $ 2,386,522,661
Federal tax cost of other investments (310,698)
----------------
Total federal tax cost $ 2,386,211,963
================
Gross unrealized appreciation $ 236,957,455
Gross unrealized depreciation (104,092,221)
----------------
Net unrealized appreciation $ 132,865,234
================
8 | 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 07/29/2011, 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.
By: /s/ William F. Glavin, Jr.
------------------------------------
William F. Glavin, Jr.
Principal Executive Officer
Date: 09/13/2011
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: 09/13/2011
By: /s/ Brian W. Wixted
---------------------------------
Brian W. Wixted
Principal Financial Officer
Date: 09/13/2011
EX-99.CERT
2
g59568exv99wcert.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.;
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: 09/13/2011
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.;
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: 09/13/2011