<PAGE>
[COVER PAGE]
1997 SEMIANNUAL REPORT
CENTENNIAL
AMERICA FUND, L.P.
- --------------------------------------
June 30, 1997
RS0870.001.0697
<PAGE>
DEAR SHAREHOLDER:
The job of a money market fund is to provide liquidity, safety of principal and
a yield that keeps pace with inflation. During the first half of 1997, your
Centennial America Fund, L.P., which invests primarily in short-term U.S.
government securities, achieved those objectives.
For the six months ended June 30, 1997, Centennial America Fund, L.P. had a
compounded annualized yield of 4.61%. Without compounding, the corresponding
yield was 4.51%. The seven-day annualized yields, with and without compounding,
for the six months ended June 30, 1997, were 4.67% and 4.56%, respectively.(1)
It's important to remember that an investment in the Fund is neither insured nor
guaranteed by the U.S. government, and there is no assurance that the Fund will
maintain a stable $1.00 share price in the future.
The U.S. economy is in the midst of one of its best periods in decades, with
growth in 1997 reaching an annual rate of 4%, up from about 2% in 1995.
Unemployment has fallen to its lowest level since the early 1970s.
Meanwhile, inflation is dormant, despite the strengthening economy.
As a result, interest rates have remained under control. Although 30-year
Treasury rates have risen above 7% several times during the past six months,
yields on short-term securities, such as U.S. Treasury bills and other
government notes, have hovered closer to 5%.
In comparison, the annual inflation rate is generally agreed to be about
2.5%.(2) That means that the difference between money market yields and
inflation is roughly 3 percentage points, twice the normal "spread." Considering
their low level of risk and their traditional role as an alternative to cash,
money market fund yields are quite attractive.
On March 25, 1997, the Federal Reserve Board raised short-term interest rates by
0.25%. Many market observers predicted the Fed's attempt to slow down the
economy, since the Gross Domestic Product during the first quarter of 1997 was
growing at a 5.8% annual rate. Although the March action came as no surprise,
the next question was whether the Fed was going to raise interest rates further.
Many investors expected the Fed to raise interest rates another 0.25% at its May
20, 1997 meeting. Instead, the Fed left interest rates unchanged, satisfied that
the economy was slowing down.
Rather than try to make such predictions, our strategy is to "ladder" the
portfolio with some securities maturing in a few days, some maturing in a month,
some maturing in two months and so on. With a relatively broad maturity
spectrum, the portfolio is less affected by Fed moves up or down. At the same
time, the portfolio is able to enjoy higher income typically available on
longer-term money market securities.
<PAGE>
Thank you for your confidence in Centennial America Fund, L.P. We look forward
to helping you reach your investment goals in the future.
Sincerely,
/S/James C. Swain
James C. Swain
Chairman
Centennial America Fund, L.P.
/S/Bridget A. Macaskill
Bridget A. Macaskill
President
Centennial America Fund, L.P.
July 22, 1997
1. Compounded yields assume reinvestment of dividends. An "annualized" yield
assumes that the actual six month performance is replicated for a full year.
Past performance does not guarantee future results.
2. Data: Labor Dept.
<PAGE>
<TABLE>
<CAPTION>
================================================================================
STATEMENT OF INVESTMENTS JUNE 30, 1997 (UNAUDITED)
Centennial America Fund, L.P.
FACE VALUE
AMOUNT SEE NOTE 1
=================================================================================================================================
U.S. GOVERNMENT OBLIGATIONS - 78.7%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Farm Credit Bank, 5.45%-5.48%, 7/2/97 $ 500,000 $ 499,924
- ---------------------------------------------------------------------------------------------------------------------------------
Federal Home Loan Bank:
5.43%, 9/3/97 135,000 133,697
5.44%, 7/15/97 990,000 987,906
5.46%, 8/1/97 500,000 497,649
- ---------------------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.41%, 7/28/97 600,000 597,566
5.43%, 9/16/97 587,000 580,182
5.45%, 7/9/97 500,000 499,394
5.45%, 9/18/97 100,000 98,804
5.46%, 7/21/97 580,000 578,241
5.46%, 8/1/97 431,000 428,974
5.47%, 8/4/97 1,051,000 1,045,570
- ---------------------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
5.42%, 7/23/97 1,000,000 996,688
5.43%, 8/26/97 2,465,000 2,444,179
5.43%-5.44%, 8/18/97 500,000 496,380
5.46%, 9/15/97 100,000 98,847
5.48%-5.55%, 7/10/97 600,000 599,168
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Marketing Assn., guaranteeing commercial paper of:
New Hampshire Higher Education Loan Corp., 5.45%, 7/21/97 776,000 773,650
USA Group Secondary Market Services, Inc.:
5.45%, 7/7/97 500,000 499,546
5.47%, 7/24/97 448,000 446,434
5.47%-5.48%, 7/30/97 824,000 820,363
------------
Total U.S. Government Obligations 13,123,162
=================================================================================================================================
REPURCHASE AGREEMENTS - 20.3%
- ---------------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with PaineWebber, Inc., 6.15%, dated 6/30/97,
to be repurchased at $3,385,578 on 7/1/97, collateralized by Federal Home
Loan Mortgage Corp. Participation Nts., 7%, 11/1/26, with a value of
$2,157,892, and Federal National Mortgage Assn. Participation Nts.,
7%-8%, 8/1/11-4/1/25, with a value of $1,538,334 3,385,000 3,385,000
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE 99.0% 16,508,162
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.0 169,583
------ ------------
NET ASSETS 100.0% $16,677,745
====== ============
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1997 (UNAUDITED) Centennial America Fund, L.P.
=============================================================================================================================
ASSETS
<S> <C>
Investments, at value - see accompanying statement $16,508,162
- -----------------------------------------------------------------------------------------------------------------------------
Cash 22,335
- -----------------------------------------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 344,243
Interest 578
- -----------------------------------------------------------------------------------------------------------------------------
Other 22,827
------------
Total assets 16,898,145
=============================================================================================================================
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed 144,575
Shareholder reports 25,994
Dividends 22,894
Service plan fees 16,117
Other 10,820
------------
Total liabilities 220,400
=============================================================================================================================
NET ASSETS $16,677,745
============
=============================================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital - applicable to 16,677,745 shares of beneficial interest outstanding $16,677,745
============
=============================================================================================================================
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
</TABLE>
See accompanying Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
================================================================================
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
Centennial America Fund, L.P.
=============================================================================================================================
<S> <C>
INVESTMENT INCOME - Interest $447,626
=============================================================================================================================
EXPENSES
Management fees - Note 3 37,122
- -----------------------------------------------------------------------------------------------------------------------------
Service plan fees - Note 3 16,300
- -----------------------------------------------------------------------------------------------------------------------------
Shareholder reports 8,806
- -----------------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees - Note 3 4,136
- -----------------------------------------------------------------------------------------------------------------------------
Registration and filing fees 3,896
- -----------------------------------------------------------------------------------------------------------------------------
Legal and auditing fees 3,886
- -----------------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 1,711
- -----------------------------------------------------------------------------------------------------------------------------
Managing General Partners' fees and expenses 1,085
- -----------------------------------------------------------------------------------------------------------------------------
Insurance expenses 918
---------
Total expenses 77,860
=============================================================================================================================
NET INVESTMENT INCOME $369,766
=========
</TABLE>
<TABLE>
<CAPTION>
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31,
(UNAUDITED) 1996
=============================================================================================================================
OPERATIONS
<S> <C> <C>
Net increase in net assets resulting from operations $ 369,766 $ 768,975
=============================================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (369,766) (777,172)
=============================================================================================================================
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net assets resulting from
beneficial interest transactions - Note 2 (1,983,652) 7,567,914
=============================================================================================================================
NET ASSETS
Total increase (decrease) (1,983,652) 7,559,717
- -----------------------------------------------------------------------------------------------------------------------------
Beginning of period 18,661,397 11,101,680
---------------------------------
End of period $16,677,745 $18,661,397
=================================
</TABLE>
See accompanying Notes to Financial Statements.
6
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
Centennial America Fund, L.P.
Six Months
Ended June 30, Year Ended December 31,
1997 (Unaudited) 1996 1995 1994 1993 1992
====================================================================================================================================
PER SHARE OPERATING DATA:
<S> <C> <C> <C> <C> <C> <C>
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 .02 .05 .04 .03 .02 .03
Dividends and distributions to shareholders (.02) (.05) (.04) (.03) (.02) (.03)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
==============================================================================
====================================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(1) 2.23% 4.69% 4.56% 2.91% 2.23% 3.92%
====================================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $16,678 $18,661 $11,102 $6,201 $4,349 $5,253
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $16,624 $16,998 $ 7,862 $5,693 $4,780 $5,323
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.49%(2) 4.52% 4.48% 2.89% 2.22% 3.64%
Expenses, before voluntary reimbursement
by the Manager 0.94%(2) 0.86% 1.48% 1.47% 1.34% 1.86%
Expenses, net of voluntary reimbursement
by the Manager N/A N/A N/A N/A 1.13% 0.60%
</TABLE>
1. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Total returns are not
annualized for periods of less than one full year. Total returns reflect
changes in net investment income only.
2. Annualized.
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's investment objective is to seek as high a level
of current income as is consistent with the preservation of capital and the
maintenance of liquidity. 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 adviser is OppenheimerFunds, Inc. (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.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
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, 1997 YEAR ENDED DECEMBER 31, 1996
------------------------------ -----------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
Sold 22,845,178 $ 22,845,178 51,127,626 $ 51,127,626
Dividends and distributions
reinvested 332,405 332,405 749,505 749,505
Redeemed (25,161,235) (25,161,235) (44,309,217) (44,309,217)
------------ -------------- ------------ -------------
Net increase (decrease) (1,983,652) $ (1,983,652) 7,567,914 $ 7,567,914
============ ============== ============ =============
</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 0.45% of
the first $500 million of net assets and 0.40% on net assets over $500 million.
The Manager voluntarily agrees to assume expenses of the Fund (other than
extraordinary non-recurring expenses) in excess of 1.00% of average annual net
assets.
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 0.20% 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
Bridget A. Macaskill, President
Robert G. Avis, Managing General Partner
William A. Baker, Managing General Partner
Charles Conrad, Jr., Managing General Partner
Sam Freedman, Manageing General Partner
Raymond J. Kalinowski, Managing General Partner
C. Howard Kast, Managing General Partner
Robert M. Kirchner, Managing General Partner
Ned M. Steel, Managing General Partner
George C. Bowen, Vice President, Treasurer and Assistant Secretary
Andrew J. Donohue, Vice President and Secretary
Dorothy G. Warmack, Vice President
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
INVESTMENT ADVISER
OppenheimerFunds, Inc.
DISTRIBUTOR
Centennial Asset Management Corporation
SUB-DISTRIBUTOR
OppenheimerFunds 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.
For shareholder servicing call:
1-800-525-9310 (in U.S.)
303-768-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
10
