<PAGE>
1995 SEMIANNUAL REPORT
CENTENNIAL
AMERICA FUND, L.P.
- -------------------------------------------------------------------
June 30, 1995
RS0870.001.0695
<PAGE>
DEAR SHAREHOLDER:
We are pleased to send you the semiannual report for Centennial
America Fund, L.P. During the 6 months ended June 30, 1995, the
Fund's compounded annualized yield was 4.63%. The corresponding
yield without compounding was 4.53%. The seven-day annualized
yields with and without compounding on June 30, 1995 were 4.88% and
4.76%, respectively. (1)
Between February 1994 and February 1995, the Fed raised interest
rates as a proactive attempt to preempt inflation and prolong the
current cycle of economic growth. These rate rises successfully
kept the economy from overheating, as economic data released
throughout the first half of the year suggested that the Fed had
finally achieved its intended effect of slowing the rate of
economic growth.
Although lower interest rates are generally good news for the
economy and the securities markets, they do not benefit short-term
savings vehicles like money market funds. With a share price
designed not to fluctuate, income is the only variable in money
market funds returns -- and declining rates limit the amount of
income available from the types of safe, short-term securities in
which money market funds invest.
Yet in any environment, it's important to have a portion of your
money allocated to stable investments. Government money market
funds are designed to offer liquidity, a stable share price, and
professional management aimed to capture high yields.(2)
Moving forward, we believe the Fed will feel little pressure to
increase interest rates in the near term given the economy's
slowdown -- and rates on money market funds will likely remain at
current levels. If the Fed sees later this year that the rate of
growth has slowed less than initially anticipated, it could move to
raise rates again, which would boost yields. Or, if the Fed
discovers the economy has stalled, it could lower rates to
stimulate growth. Therefore, until the full extent of the economic
slowdown is known, questions about the direction of the economy
will persist and money market funds should remain an excellent
defensive investment.
Thank you for your confidence in Centennial America Fund. We look
forward to helping you continue to reach your investment goals in
the future.
Sincerely,
/s/ Jon S. Fossel
Jon S. Fossel
President, Centennial America Fund, L.P.
/s/ James C. Swain
James C. Swain
Chairman, Centennial America Fund, L.P.
July 24, 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, and there is no assurance that the Fund will maintain
a stable $1 share price in the future.
<PAGE>
STATEMENT OF INVESTMENTS
Centennial America Fund, L.P.
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
FACE AMORTIZED COST
AMOUNT SEE NOTE 1
<S> <C> <C>
- -----------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 79.9%
- -----------------------------------------------------------------------------------------
Federal Farm Credit Bank, 5.87%, 8/7/95 $ 500,000 $ 496,983
----------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.85%, 7/3/95 700,000 699,773
5.88%, 7/17/95 400,000 398,955
5.70%, 9/6/95 500,000 494,696
5.73%, 9/18/95 335,000 330,788
5.81%, 8/28/95 500,000 495,320
5.86%, 8/15/95 300,000 297,803
5.92%, 7/20/95 400,000 398,750
-------------------------------------------------------------------------------
Federal National Mortgage Assn.:
5.80%, 9/15/95 500,000 493,878
5.74%, 9/21/95 595,000 587,207
5.80%, 9/1/95 390,000 386,104
5.88%, 8/17/95 325,000 322,505
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Small Business Administration,
10.625%, 7/3/95 (1) 373,409 395,434
-------------------------------------------------------------------------------
Student Loan Marketing Assn., guaranteeing
commercial paper of Secondary Market
Services, Inc., Education Loan Revenue Notes
Service, Series A, 5.98%, 7/31/95 586,000 583,079
-----------
Total U.S. Government Obligations (Cost $6,381,275) 6,381,275
- --------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 18.7%
- --------------------------------------------------------------------------------------
Repurchase agreement with J.P. Morgan
Securities, Inc., 6.18%, dated 6/30/95, to
be repurchased at $1,493,769 on 7/3/95,
collateralized by Federal National Mortgage
Assn., 6.50%, 6/1/25, with a value of
$677,273, and Federal Home Loan Mortgage
Corp., 7%-8.50%, 5/1/24-6/1/25, with a
value of $867,778 (Cost $1,493,000) 1,493,000 1,493,000
-------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT AMORTIZED COST 98.6% 7,874,275
-------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.4 113,694
--------- -----------
NET ASSETS 100.0% 7,987,969
========= ===========
<FN>
1. Floating or variable rate obligation maturing in more than
one year. The interest rate, which is based on specific, or an
index of, market interest rates, is subject to change periodi-
cally and is the effective rate on June 30, 1995. This instru-
ment may also have a demand feature which allows the recovery of
of principal at any time, or at specified intervals not exceed-
ing one year, on up to 30 days' notice. Maturity date shown
represents effective maturity based on variable rate and, if
applicable, demand feature.
See accompanying Notes to Financial Statements.
</TABLE>
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES June 30, 1995 (Unaudited)
Centennial America Fund, L.P.
<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investments, at amortized cost (including repurchase
agreements of $1,493,000) - see accompanying statement $7,874,275
Cash 3,476
Receivables:
Shares of beneficial interest sold 183,612
Interest and principal paydowns 8,932
Other 36,534
----------
Total assets 8,106,829
----------
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed 78,692
Dividends 15,783
Service plan fees - Note 3 2,977
Transfer and shareholder servicing agent fees 568
Other 20,840
---------
Total liabilities 118,860
NET ASSETS - applicable to 7,987,969 shares
of beneficial interest outstanding $7,987,969
==========
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING
PRICE PER SHARE $ 1.00
======
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 1995 (Unaudited)
Centennial America Fund, L.P.
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME - Interest $189,545
EXPENSES
Management fees - Note 3 13,959
Registration and filing fees 8,894
Custodian fees and expenses 6,261
Service plan fees - Note 3 5,809
Legal and auditing fees 4,132
Transfer and shareholder servicing agent fees - Note 3 2,775
Shareholder reports 2,609
Trustees' fees and expenses 754
Other 5,133
--------
Total expenses 50,326
--------
NET INVESTMENT INCOME AND
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $139,219
========
</TABLE>
See accompanying Notes to Financial Statements.
5
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Centennial America Fund, L.P.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994
<S> <C> <C>
OPERATIONS
Net investment income $ 139,219 $ 164,636
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS (139,219) (164,636)
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from
beneficial interest transactions - Note 2 1,787,336 1,851,622
---------- ----------
NET ASSETS
Total increase 1,787,336 1,851,622
Beginning of period 6,200,633 4,349,011
---------- ----------
End of period $7,987,969 $6,200,633
========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
6
<PAGE>
FINANCIAL HIGHLIGHTS
CENTENNIAL AMERICA FUND, L.P.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1995 YEAR ENDED DECEMBER 31,
(Unaudited) 1994 1993 1992 1991(1) 1990(1)(2)
<S> <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
Income from investment operations
- net investment income and net
realized gain on investments .02 .03 .02 .03 .14 .10
Dividends and distributions to
shareholders (.02) (.03) (.02) (.03) (.14) (.10)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN, AT NET ASSET VALUE(3) 2.25% 2.91% 2.23% 3.92% .35% N/A
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $7,988 $6,201 $4,349 $5,253 $5,056 $5,486
Average net assets (in thousands) $6,268 $5,693 $4,780 $5,323 $5,217 $6,819
Number of shares outstanding at
end of period (in thousands) 7,988 6,201 4,349 5,253 5,056 5,333
Ratios to average net assets:
Net investment income 4.49%(4) 2.89% 2.22% 3.64% 7.08% 7.87%
Expenses, before voluntary
reimbursement by the Manager 1.62%(4) 1.47% 1.34% 1.86% 2.00% 1.96%
Expenses, net of voluntary
reimbursement by the Manager N/A N/A 1.13% .60% 1.91% N/A
<FN>
1. All numbers of shares and per share data have been restated to reflect a
10.51 for 1 stock split effective December 6, 1991.
2. On May 25, 1990, Oppenheimer Management Corporation became the investment
advisor to the Fund.
3. Total returns are not annualized for periods of less than one full year.
4. Annualized.
</TABLE>
see accompanying Notes to Financial Statements.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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 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 or
excise 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.
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>
SIX MONTHS ENDED JUNE 30, 1995 YEAR ENDED DECEMBER 31, 1994
---------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
------------ ------------- ------------ ------------
<S> <C> <C> <C> <C>
Sold 13,696,984 $ 13,696,984 18,665,883 $ 18,665,883
Dividends and
distributions reinvested 114,864 114,864 147,846 147,846
Redeemed (12,024,512) (12,024,512) (16,962,107) (16,962,107)
------------ ------------- ------------ -------------
Net increase 1,787,336 $ 1,787,336 1,851,622 $ 1,851,622
============ ============= ============ =============
</TABLE>
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Centennial America Fund, L.P.
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 state 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.
9
<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.
The financial statements included herein have been taken from the records of
the Fund without examination by the independent auditors.
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.
Shares of Centennial America Fund, L.P. are not deposits or obligations of
any bank, are not guaranteed by any bank, and are not insured by the FDIC or
any other agency, and involve investment risks, including possible loss of
the principal amount invested.
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
