0000950123-12-005371.txt : 20120328
0000950123-12-005371.hdr.sgml : 20120328
20120328143223
ACCESSION NUMBER: 0000950123-12-005371
CONFORMED SUBMISSION TYPE: N-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20120131
FILED AS OF DATE: 20120328
DATE AS OF CHANGE: 20120328
EFFECTIVENESS DATE: 20120328
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: 12720174
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
C000110989
I
N-Q
1
g60214nvq.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)
Arthur S. Gabinet
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: 1/31/2012
---------
ITEM 1. SCHEDULE OF INVESTMENTS.
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS January 31, 2012 (Unaudited)
Shares Value
---------- ----------------
COMMON STOCKS--94.9%
CONSUMER DISCRETIONARY--10.0%
AUTOMOBILES--1.7%
Ford Motor Co. 3,210,090 $ 39,869,318
HOUSEHOLD DURABLES--1.9%
Mohawk Industries, Inc. (1) 737,324 45,094,736
MEDIA--3.8%
Comcast Corp., Cl. A 2,170,790 57,721,306
Viacom, Inc., Cl. B 645,950 30,385,488
----------------
88,106,794
MULTILINE RETAIL--2.1%
Target Corp. 983,370 49,965,030
SPECIALTY RETAIL--0.5%
Talbots, Inc. (The) (1) 3,345,785 10,840,343
CONSUMER STAPLES--7.7%
BEVERAGES--3.1%
Coca-Cola Co. (The) 1,080,820 72,987,775
FOOD & STAPLES RETAILING--2.2%
Wal-Mart Stores, Inc. 836,950 51,355,252
HOUSEHOLD PRODUCTS--2.4%
Church & Dwight Co., Inc. 1,202,640 54,563,777
ENERGY--12.7%
ENERGY EQUIPMENT & SERVICES--1.0%
Baker Hughes, Inc. 488,250 23,987,723
OIL, GAS & CONSUMABLE FUELS--11.7%
Apache Corp. 225,710 22,318,205
Chevron Corp. 1,260,250 129,906,570
Exxon Mobil Corp. 679,170 56,873,696
Penn West Petroleum Ltd. 1,274,990 27,743,782
Royal Dutch Shell plc, ADR 495,740 35,376,006
----------------
272,218,259
FINANCIALS--23.5%
CAPITAL MARKETS--3.7%
Goldman Sachs Group, Inc. (The) 773,908 86,267,525
COMMERCIAL BANKS--11.2%
CIT Group, Inc. (1) 1,076,190 41,045,887
M&T Bank Corp. 603,310 48,107,939
U.S. Bancorp 2,898,030 81,782,407
Wells Fargo & Co. 3,042,275 88,864,851
----------------
259,801,084
DIVERSIFIED FINANCIAL SERVICES--4.4%
Citigroup, Inc. 1,555,920 47,797,862
JPMorgan Chase & Co. 1,485,080 55,393,484
----------------
103,191,346
INSURANCE--4.2%
ACE Ltd. 748,855 52,120,308
MetLife, Inc. 1,279,040 45,188,483
----------------
97,308,791
1 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS January 31, 2012 (Unaudited)
Shares Value
--------- ----------------
HEALTH CARE--12.1%
BIOTECHNOLOGY--1.1%
Gilead Sciences, Inc. (1) 538,610 $ 26,305,712
HEALTH CARE EQUIPMENT & SUPPLIES--2.9%
Medtronic, Inc. 1,746,900 67,377,933
HEALTH CARE PROVIDERS & SERVICES--6.1%
HCA Holdings, Inc. (1) 1,311,358 32,049,590
Humana, Inc. 533,186 47,464,218
UnitedHealth Group, Inc. 736,370 38,136,602
WellPoint, Inc. 399,370 25,687,478
----------------
143,337,888
PHARMACEUTICALS--2.0%
Pfizer, Inc. 2,123,260 45,437,764
INDUSTRIALS--7.6%
AEROSPACE & DEFENSE--1.5%
Honeywell International, Inc. 616,550 35,784,562
AIRLINES--0.4%
United Continental Holdings, Inc. (1) 462,330 10,679,823
ELECTRICAL EQUIPMENT--1.0%
Cooper Industries plc 394,280 23,309,834
INDUSTRIAL CONGLOMERATES--2.2%
Tyco International Ltd. 1,001,140 51,008,083
MACHINERY--0.9%
Navistar International Corp. (1) 478,400 20,709,936
TRADING COMPANIES & DISTRIBUTORS--1.6%
AerCap Holdings NV(1) 2,919,283 36,461,845
INFORMATION TECHNOLOGY--8.7%
COMMUNICATIONS EQUIPMENT--1.8%
Juniper Networks, Inc.(1) 2,021,134 42,302,335
COMPUTERS & PERIPHERALS--1.0%
Hewlett-Packard Co. 832,200 23,284,956
INTERNET SOFTWARE & SERVICES--1.2%
VeriSign, Inc. 734,550 27,222,423
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.3%
Xilinx, Inc. 839,100 30,081,735
SOFTWARE--3.4%
Microsoft Corp. 1,175,630 34,716,354
Oracle Corp. 1,584,090 44,671,338
----------------
79,387,692
MATERIALS--4.8%
CHEMICALS--2.7%
Celanese Corp., Series A 571,984 27,861,341
Mosaic Co. (The) 642,580 35,965,203
----------------
63,826,544
CONTAINERS & PACKAGING--1.6%
Rock-Tenn Co., Cl. A 596,620 36,906,913
METALS & MINING--0.5%
Allegheny Technologies, Inc. 241,480 10,960,777
2 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS January 31, 2012 (Unaudited)
Shares Value
---------- ----------------
TELECOMMUNICATION SERVICES--1.2%
DIVERSIFIED TELECOMMUNICATION SERVICES--1.2%
AT&T, Inc. 943,800 $ 27,757,158
UTILITIES--6.6%
ELECTRIC UTILITIES--3.3%
American Electric Power Co., Inc. 683,660 27,045,590
Edison International, Inc. 1,205,280 49,464,691
----------------
76,510,281
ENERGY TRADERS--1.2%
GenOn Energy, Inc.(1) 13,054,115 27,805,265
MULTI-UTILITIES--2.1%
Public Service Enterprise Group, Inc. 1,610,760 48,870,458
----------------
Total Common Stocks (Cost $2,020,395,570) 2,210,887,670
Expiration Strike
Date Price Contracts
---------- --------- ---------
OPTIONS PURCHASED--0.0%
Chicago Board Options Exchange
Volatility Index Call(1) 2/15/12 $ 40.000 5,817 46,536
Chicago Board Options Exchange
Volatility Index Call(1) 2/15/12 42.500 4,065 30,488
Chicago Board Options Exchange
Volatility Index Call(1) 3/21/12 35.000 6,310 473,250
Chicago Board Options Exchange
Volatility Index Call(1) 3/21/12 40.000 9,460 425,700
-------
Total Options Purchased (Cost $5,835,909) 975,974
Shares
----------
INVESTMENT COMPANY--3.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.23% (2,3)
(Cost $90,610,638) 90,610,638 90,610,638
Total Investments, at Value (Cost $2,116,842,117) 98.8% 2,302,474,282
Other Assets Net of Liabilities 1.2 28,653,233
---------- ----------------
Net Assets 100.0% $ 2,331,127,515
========== ================
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, 2012, 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 31, 2011 ADDITIONS REDUCTIONS JANUARY 31, 2012
---------------- ----------- ----------- ----------------
Oppenheimer Institutional Money Market
Fund, Cl. E 134,220,849 192,148,972 235,759,183 90,610,638
VALUE INCOME
------------ ---------
Oppenheimer Institutional Money Market
Fund, Cl. E $ 90,610,638 $ 53,179
3 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS January 31, 2012 (Unaudited)
3. Rate shown is the 7-day yield as of January 31, 2012.
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, 2012 based on valuation
input level:
LEVEL 3--
LEVEL 1-- LEVEL 2-- SIGNIFICANT
UNADJUSTED OTHER SIGNIFICANT UNOBSERVABLE
QUOTED PRICES OBSERVABLE INPUTS INPUTS VALUE
---------------- ----------------- ------------ ----------------
ASSETS TABLE
INVESTMENTS, AT VALUE:
Common Stocks
Consumer Discretionary $ 233,876,221 $ -- $ -- $ 233,876,221
Consumer Staples 178,906,804 -- -- 178,906,804
Energy 296,205,982 -- -- 296,205,982
Financials 546,568,746 -- -- 546,568,746
Health Care 282,459,297 -- -- 282,459,297
Industrials 177,954,083 -- -- 177,954,083
Information Technology 202,279,141 -- -- 202,279,141
Materials 111,694,234 -- -- 111,694,234
Telecommunication Services 27,757,158 -- -- 27,757,158
Utilities 153,186,004 -- -- 153,186,004
Options Purchased 975,974 -- -- 975,974
Investment Company 90,610,638 -- -- 90,610,638
---------------- ----------------- ------------ ----------------
Total Assets $ 2,302,474,282 $ -- $ -- $ 2,302,474,282
---------------- ----------------- ------------ ----------------
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," observable market inputs other than unadjusted
quoted prices are classified as "Level 2" and significant unobservable inputs,
including the Manager's
4 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS January 31, 2012 (Unaudited)
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(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 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.
5 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS January 31, 2012 (Unaudited)
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 Trustees.
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.
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
6 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS January 31, 2012 (Unaudited)
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 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 call options on volatility indexes to increase exposure
to volatility risk. A purchased call option becomes more valuable as the level
of the underlying volatility index increases relative to the strike price.
During the period ended January 31, 2012, the Fund had an ending monthly average
market value of $3,492,842 on purchased call 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.
Additional associated risks to the Fund include counterparty credit risk for
over-the-counter options and liquidity risk.
As of January 31, 2012 the Fund had no outstanding written options.
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, 2012 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.
7 | Oppenheimer Value Fund
Oppenheimer Value Fund
STATEMENT OF INVESTMENTS January 31, 2012 (Unaudited)
Federal tax cost of securities $ 2,144,076,113
================
Gross unrealized appreciation $ 263,218,276
Gross unrealized depreciation (104,820,107)
----------------
Net unrealized appreciation $ 158,398,169
================
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 1/31/2012, 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: 3/13/2012
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: 3/13/2012
By: /s/ Brian W. Wixted
--------------------------------
Brian W. Wixted
Principal Financial Officer
Date: 3/13/2012
EX-99.CERT
2
g60214exv99wcert.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: 3/13/2012
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: 3/13/2012