<PAGE>
1994 ANNUAL REPORT
CENTENNIAL
AMERICA FUND, L.P.
- --------------------------------------------------------------------------------
December 31, 1994
<PAGE>
DEAR SHAREHOLDER:
We are pleased to send you the annual report for Centennial America Fund, L.P.
The past year was a good one for short-term investors. During the 12-month
period ended December 31, 1994, the Fund's compounded annualized yield was
2.92%. The corresponding yield without compounding was 2.88%. The seven-day
annualized yields with and without compounding on December 31, 1994 were 3.96%
and 3.88%, respectively.1
During 1994, the U.S. Federal Reserve undertook one of the most aggressive
efforts to raise interest rates in its history, and although the Fed's efforts
brought significant uncertainty to the nation's stock and bond markets, the
short-term money markets benefited throughout the year from rising yields.
In this environment, your Fund met its objectives well, combining an attractive
short-term yield and share-price stability with daily liquidity and investment
convenience.2
At this writing, the outlook for the money markets remains positive. Inflation
remains low, and short-term money-market investments are providing attractive
inflation-adjusted yields. Given the uncertainties still surrounding the
longer-term investment outlook, many investors are seeking stable, liquid,
short-term vehicles that provide dependable returns, and our money market funds
offer some of the best vehicles conservative investors can find for their
short-term funds.
The reason has to do with our approach to short-term investing, a disciplined
one designed to identify money-market instruments that seem especially
attractive when compared to others in the market, and to avoid those that seem
to carry unnecessary risks.
This conservative approach is especially noteworthy in light of the widely
publicized problems some aggressively managed money funds encountered during the
year. Although your managers are always looking for opportunities to enhance
portfolio income by monitoring yield differentials in the nation's money
markets, principal stability is their top priority.
In closing, we want to welcome new investors to the Fund and to thank those who
have been with us for some time. We appreciate your trust in Centennial America
Fund, and we look forward to helping you meet your investment objectives in the
future.
Sincerely,
JON S. FOSSEL
Jon S. Fossel
President, Centennial America Fund, L.P.
JAMES C. SWAIN
James C. Swain
Chairman, Centennial America Fund, L.P.
January 23, 1995
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
2. The Fund is neither insured nor guaranteed by the U.S. Government. There is
no assurance that the Fund will maintain a stable $1 share price in the
future.
<PAGE>
<TABLE>
<CAPTION>
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STATEMENT OF INVESTMENTS December 31, 1994
Centennial America Fund, L.P.
FACE MARKET VALUE
AMOUNT SEE NOTE 1
<S> <C> <C>
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REPURCHASE AGREEMENTS - 8.7%
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Repurchase agreement with First Chicago Capital Markets,
6%, dated 12/30/94, to be repurchased at $540,360 on
1/3/95, collateralized by U.S. Treasury Nts., 4.125%,
5/31/95, with a value of $550,988 (Cost $540,000) $ 540,000 $ 540,000
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U.S. GOVERNMENT OBLIGATIONS - 81.6%
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AGRICULTURAL - 4.8%
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Federal Farm Credit Bank, 5.57%, 1/17/95 300,000 299,257
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FHLMC/FNMA/SPONSORED - 69.9%
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Federal Home Loan Bank, 5.50%, 1/12/95 190,000 189,681
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Federal Home Loan Mortgage Corp., 5.60%, 1/26/95 225,000 224,125
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Federal Home Loan Mortgage Corp., 5.60%, 1/30/95 145,000 144,346
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Federal Home Loan Mortgage Corp., 5.64%, 2/6/95 885,000 880,009
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Federal Home Loan Mortgage Corp., 5.67%-6%, 2/2/95 1,400,000 1,392,826
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Federal National Mortgage Assn., 5.77%, 1/3/95 500,000 499,840
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Federal National Mortgage Assn., 5.91%-5.95%, 1/4/95 1,000,000 999,506
-----------
4,330,333
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GOVERNMENT AGENCY/FULL FAITH - 6.9%
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Small Business Administration, 9.375%-10.125%, 1/1/95 (1) 403,774 429,745
-----------
Total U.S. Government Obligations (Cost $5,059,335) 5,059,335
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TOTAL INVESTMENTS, AT VALUE (COST $5,599,335) 90.3% 5,599,335
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 9.7 601,298
----------- -----------
NET ASSETS 100.0% $6,200,633
=========== ===========
</TABLE>
1. Variable rate security. The interest rate, which is based on specific, or
an index of, market interest rates, is subject to change periodically and
is the effective rate on December 31, 1994.
See accompanying Notes to Financial Statements.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES December 31, 1994
Centennial America Fund, L.P.
<TABLE>
ASSETS:
<S> <C>
Investments, at value (cost $5,599,335) - see
accompanying statement ........................................ $5,599,335
Cash ............................................................ 21,334
Receivables:
Interest and principal paydowns ............................... 8,864
Shares of beneficial interest sold ............................ 586,810
Other ........................................................... 43,849
----------
Total assets ................................................ 6,260,192
----------
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed ........................ 20,540
Service plan fees - Note 3 .................................... 2,549
Other ......................................................... 36,470
----------
Total liabilities ........................................... 59,559
----------
NET ASSETS - Applicable to 6,200,633 shares of beneficial
interest outstanding .......................................... $6,200,633
==========
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER
SHARE ......................................................... $ 1.00
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended December 31, 1994
Centennial America Fund, L.P.
<TABLE>
<S> <C>
INVESTMENT INCOME - Interest .................................... $ 248,258
---------
EXPENSES:
Management fees - Note 3 ........................................ 25,638
Custodian fees and expenses ..................................... 9,897
Service plan fees - Note 3 ...................................... 9,515
Legal and auditing fees ......................................... 7,564
Transfer and shareholder servicing agent fees - Note 3 .......... 6,188
Shareholder reports ............................................. 6,538
Registration and filing fees .................................... 5,406
Managing General Partners' fees and expenses .................... 2,021
Other ........................................................... 10,855
---------
Total expenses .............................................. 83,622
---------
NET INVESTMENT INCOME AND NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................................... $ 164,636
=========
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Centennial America Fund, L.P.
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1994 1993
------------ -----------
OPERATIONS:
<S> <C> <C>
Net investment income ...................... $ 164,636 $ 106,309
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS ............................. (164,636) (106,309)
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net
assets resulting from beneficial
interest transactions - Note 2 ........... 1,851,622 (903,605)
------------ ------------
NET ASSETS:
Total increase (decrease) .................. 1,851,622 (903,605)
Beginning of period ........................ 4,349,011 5,252,616
------------ ------------
End of period .............................. $ 6,200,633 $ 4,349,011
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
FINANCIAL HIGHLIGHTS
Centennial America Fund, L.P.
<TABLE>
<CAPTION>
PERIOD ENDED
YEAR ENDED DECEMBER 31, DECEMBER 31,
1994 1993 1992 1991(2) 1990(2)(3) 1989(2) 1988(2) 1987(1)(2)
------ ------ ------ -------- ----------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations -
net investment income and
net realized gain on investments ........ .03 .02 .03 .14 .10 .08 .09 .05
Dividends and distributions to shareholders (.03) (.02) (.03) (.14) (.10) (.08) (.09) (.05)
----- ----- ----- ----- ----- ----- ----- -----
Net asset value, end of period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ====== ====== ======
Ratios/Supplemental Data:
Net assets, end of period (in thousands) .. $6,201 $4,349 $5,253 $5,056 $5,486 $8,167 $8,808 $8,190
Average net assets (in thousands) ......... $5,693 $4,780 $5,323 $5,217 $6,819 $8,589 $9,949 $3,573
Number of shares outstanding at end of
period (in thousands) ................... 6,201 4,349 5,253 5,056 5,333 7,840 8,852 8,103
Ratios to average net assets:
Net investment income ................... 2.89% 2.22% 3.64% 7.08% 7.87% 8.15% 8.77% 8.32%(4)
Expenses, before voluntary reimbursement
by the Manager ........................ 1.47% 1.34% 1.86% 2.00% 1.96% 1.96% 2.14% 3.05%(4)
Expenses, net of voluntary reimbursement
by the Manager ........................ N/A 1.13% .60% 1.91% N/A 1.62% .92% .74%(4)
</TABLE>
1. For the period from May 14, 1987 (commencement of operations) to December
31, 1987.
2. All numbers of shares and per share data have been restated to reflect a
10.51 for 1 stock split effective December 6, 1991.
3. On May 25, 1990, Oppenheimer Management Corporation became the investment
advisor to the Fund.
4. Annualized.
See accompanying Notes to Financial Statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Centennial America Fund, L.P.
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial America Fund, L.P. (the Fund) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Fund is organized as a limited partnership and issues
one class of shares, in the form of limited partnership interests. The Fund's
investment advisor is Oppenheimer Management Corporation (the Manager). The
following is a summary of significant accounting policies consistently followed
by the Fund.
INVESTMENT VALUATION. Portfolio securities are valued on the basis of amortized
cost, which approximates market value.
REPURCHASE AGREEMENTS. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying securities is required
to be at least 102% of the resale price at the time of purchase. If the seller
of the agreement defaults and the value of the collateral declines, or if the
seller enters an insolvency proceeding, realization of the value of the
collateral by the Fund may be delayed or limited.
FEDERAL INCOME TAXES. The Fund intends to continue to comply with provisions of
the Internal Revenue Code applicable to limited partnerships. As a limited
partnership, the Fund is not subject to U.S. federal income tax, and the
character of the income earned and capital gains or losses realized by the Fund
flows directly through to shareholders. Therefore, no federal income tax
provision is required.
DISTRIBUTIONS TO SHAREHOLDERS. The Fund intends to declare dividends from net
investment income each day the New York Stock Exchange is open for business and
pay such dividends monthly. To effect its policy of maintaining a net asset
value of $1.00 per share, the Fund may withhold dividends or make distributions
of net realized gains.
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date). Realized gains and losses on investments are
determined on an identified cost basis, which is the same basis used for federal
income tax purposes.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
Centennial America Fund, L.P.
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest. Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
December 31, December 31,
1994 1993
--------------------------- -------------------------
Shares Amount Shares Amount
---------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Sold .................... 18,665,883 $ 18,665,883 9,430,222 $ 9,430,222
Dividends and
distributions reinvested 147,846 147,846 88,271 88,271
Redeemed ................ (16,962,107) (16,962,107) (10,422,098) (10,422,098)
------------ ------------ ------------ ------------
Net increase (decrease) 1,851,622 $ 1,851,622 (903,605) $ (903,605)
============ ============ ============ ============
</TABLE>
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for an annual fee of .45% on
the first $500 million of net assets and .40% on net assets in excess of $500
million. The Manager has agreed to reimburse the Fund if aggregate expenses
(with specified exceptions) exceed the most stringent applicable regulatory
limit on Fund expenses.
Shareholder Services, Inc. (SSI), a subsidiary of the Manager, is the transfer
and shareholder servicing agent for the Fund, and for other registered
investment companies. SSI's total costs of providing such services are allocated
ratably to these companies.
Under an approved plan of distribution, the Fund expends .20% of its net assets
annually to reimburse Centennial Asset Management Corporation, a subsidiary of
the Manager, for costs incurred in distributing shares of the Fund, including
amounts paid to brokers, dealers, banks and other institutions.
<PAGE>
INDEPENDENT AUDITORS' REPORT
Centennial America Fund, L.P.
The Managing General Partners and Shareholders of
Centennial America Fund, L.P.:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Centennial America Fund, L.P. as of December
31, 1994, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended December 31, 1994 and
1993, and the financial highlights for the period January 1, 1990 to December
31, 1994. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the period May 14, 1987 (commencement of
operations) to December 31, 1989 were audited by other auditors whose report
dated February 2, 1990, expressed an unqualified opinion on those financial
highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of securities owned
at December 31, 1994 by correspondence with the custodian. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Centennial America
Fund, L.P. at December 31, 1994, the results of its operations, the changes in
its net assets, and the financial highlights for the respective stated periods,
in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
January 23, 1995
<PAGE>
CENTENNIAL AMERICA FUND, L.P.
Officers and Managing General Partners
James C. Swain, Managing General Partner and Chairman
Robert G. Avis, Managing General Partner
William A. Baker, Managing General Partner
Charles Conrad, Jr., Managing General Partner
Jon S. Fossel, Managing General Partner and President
Raymond J. Kalinowski, Managing General Partner
C. Howard Kast, Managing General Partner
Robert M. Kirchner, Managing General Partner
Ned M. Steel, Managing General Partner
Andrew J. Donohue, Vice President
Dorothy G. Warmack, Vice President
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
George C. Bowen, Vice President, Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor
Oppenheimer Management Corporation
Distributor
Centennial Asset Management Corporation
Sub-Distributor
Oppenheimer Funds Distributor, Inc.
Transfer and Shareholder Servicing Agent
Shareholder Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche LLP
Legal Counsel
Myer, Swanson, Adams & Wolf, P.C.
This is a copy of a report to shareholders of Centennial America Fund, L.P. This
report must be preceded or accompanied by a Prospectus of Centennial America
Fund, L.P. For material information concerning the Fund, see the Prospectus.
For shareholder servicing call:
1-800-525-7048 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5270
Denver, CO 80217-5270
