<PAGE>
[FRONT COVER]
1999 SEMIANNUAL REPORT
CENTENNIAL
AMERICA FUND, L.P.
- --------------------------------------------------------------
JUNE 30, 1999
<PAGE>
JAMES C. SWAIN
Chairman
Centennial America Fund, L.P.
BRIDGET A. MACASKILL
President
Centennial America Fund, L.P.
Dear Shareholder:
While the rest of the world struggled to generate growth, the U.S. economy
remained strong during the first half of 1999. Some of the credit went to the
Federal Reserve Board, which acted decisively last fall when it lowered
short-term interest rates in an effort to keep U.S. growth on track. A lower
interest rate environment stimulates the economy because it makes it more
cost-effective for companies to borrow money to finance their operations.
However, too much economic growth can lead to inflation. So, with the Asian
economic crisis receding into the background and oil prices rebounding during
the reporting period, inflation fears were rekindled in the United States and
the Fed announced that it raised short-term interest rates. Money market yields
rose to reflect the new environment.
Centennial America Fund, L.P., which invests in a mixture of U.S. Treasury Bills
and government agency securities, produced returns that reflected this economic
environment. The Fund's yields were flat until May of 1999 when they rose to
reflect the booming economy and fears of inflation. For the six months that
ended June 30, 1999, Centennial America Fund, L.P. produced a compounded
annualized yield of 3.53%. Without compounding, the corresponding yield was
3.47%. The seven-day annualized yields, with and without compounding, on June
30, 1999 were 3.48% and 3.42%, respectively.1 It is 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 $1.00 share
price in the future.
Our investment strategy for the Fund is to manage maturity by "laddering" the
portfolio, rather than trying to predict the direction of interest rates. That
is, we diversify the Fund by investing in securities of various maturities that
are generally less than 397 days. By creating a laddered portfolio, regardless
of the direction of interest rates move, we would own a significant number of
securities that could benefit from virtually any economic environment.
Thank you for your continuing confidence in Centennial America Fund, L.P. We
look forward to helping you reach your investment goals of safety and liquidity.
Sincerely,
/s/James C. Swain /s/Bridget A. Macaskill
James C. Swain Bridget A. Macaskill
July 22, 1999
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
2 Centennial America Fund, L.P.
<PAGE>
- --------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
===========================================================================================================================
REPURCHASE AGREEMENTS - 18.6%
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Repurchase agreement with Paine Webber, Inc., 4.80%, dated 6/30/99 to be
repurchased at $4,600,624 on 7/1/99, collateralized by Federal National Mortgage
Assn., 6%--6.50%, 7/1/06--5/1/29, with a value of $3,527,739 and Federal Home
Loan Mortgage Corp., 7%, 6/1/29, with a value of $1,196,888 $4,600,000 $ 4,600,000
===========================================================================================================================
U.S. GOVERNMENT AGENCIES - 80.6%
- ---------------------------------------------------------------------------------------------------------------------------
Federal Farm Credit Bank, 4.90%, 8/2/99 1,000,000 995,645
- ---------------------------------------------------------------------------------------------------------------------------
Federal Home Loan Bank:
4.72%, 7/2/99 1,500,000 1,499,803
4.84%, 7/30/99 3,000,000 2,988,303
5%, 7/23/99 1,000,000 996,945
- ---------------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
4.69%, 7/19/99 880,000 877,875
4.71%, 7/6/99 1,500,000 1,499,019
4.75%, 7/2/99 1,500,000 1,499,801
4.75%, 7/9/99 1,500,000 1,498,390
4.88%, 7/21/99 530,000 528,563
- ---------------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
4.73%, 7/2/99 3,000,000 2,999,606
4.82%, 7/21/99 1,500,000 1,495,983
- ---------------------------------------------------------------------------------------------------------------------------
Student Loan Marketing Assn., guaranteeing commercial paper of
Nebraska Higher Education Loan Program, 4.84%, 7/12/99 (1) 3,000,000 2,995,563
---------------
Total U.S. Government Agencies 19,875,496
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE 99.2% 24,475,496
- ---------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.8 193,539
--------------- ----------------
NET ASSETS 100.0% $24,669,035
=============== ================
</TABLE>
1. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $2,995,563 or 12.14% of the
Fund's net assets, and have been determined to be liquid pursuant to guidelines
adopted by the Managing General Partners.
See accompanying Notes to Financial Statements.
3 Centennial America Fund, L.P.
<PAGE>
- -------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1999 (UNAUDITED)
<TABLE>
====================================================================================================================================
ASSETS
<S> <C>
Investments, at value - see accompanying statement $24,475,496
- ------------------------------------------------------------------------------------------------------------------------------------
Cash 166,495
- ------------------------------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 248,539
Interest 624
Other 9,525
------------
Total assets 24,900,679
====================================================================================================================================
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed 124,572
Accrued taxes - Note 1 31,622
Dividends 30,267
Shareholder reports 18,381
Service plan fees 11,395
Transfer and shareholder servicing agent fees 1,173
Other 14,234
------------
Total liabilities 231,644
====================================================================================================================================
NET ASSETS $24,669,035
============
====================================================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $24,668,918
- ------------------------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 117
------------
Net assets - applicable to 24,668,918 shares of beneficial
interest outstanding $24,669,035
============
====================================================================================================================================
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
======
</TABLE>
See accompanying Notes to Financial Statements.
4 Centennial America Fund, L.P.
<PAGE>
- --------------------------------------------------------------------------
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
<TABLE>
====================================================================================================================================
<S> <C>
INVESTMENT INCOME - Interest $566,259
====================================================================================================================================
EXPENSES
Management fees - Note 3 52,465
- ------------------------------------------------------------------------------------------------------------------------------------
Service plan fees - Note 3 22,626
- ------------------------------------------------------------------------------------------------------------------------------------
Tax provision - Note 1 20,077
- ------------------------------------------------------------------------------------------------------------------------------------
Registration and filing fees 16,625
- ------------------------------------------------------------------------------------------------------------------------------------
Shareholder reports 7,606
- ------------------------------------------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 4,292
- ------------------------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees - Note 3 3,985
- ------------------------------------------------------------------------------------------------------------------------------------
Managing General Partners' compensation 1,155
- ------------------------------------------------------------------------------------------------------------------------------------
Insurance expenses 614
- ------------------------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 490
- ------------------------------------------------------------------------------------------------------------------------------------
Other 28,191
---------
Total expenses 158,126
Less expenses paid indirectly - Note 1 (341)
---------
Net expenses 157,785
====================================================================================================================================
NET INVESTMENT INCOME 408,474
====================================================================================================================================
NET REALIZED GAIN ON INVESTMENTS 117
====================================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $408,591
=========
</TABLE>
- -----------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998
====================================================================================================================================
OPERATIONS
<S> <C> <C>
Net investment income $408,474 $834,686
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gain 117 --
-------------------------------------
Net increase in net assets resulting from operations 408,591 834,686
====================================================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (408,474) (834,686)
====================================================================================================================================
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from
beneficial interest transactions - Note 2 2,506,585 7,582,218
====================================================================================================================================
NET ASSETS
Total increase 2,506,702 7,582,218
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning of period 22,162,333 14,580,115
------------ ------------
End of period $24,669,035 $22,162,333
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
5 Centennial America Fund, L.P.
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Six Months
Ended
June 30, Year Ended December 31,
1999 (Unaudited) 1998 1997 1996 1995 1994
<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 .02 .04 .05 .05 .04 .03
Dividends and distributions to shareholders (.02) (.04) (.05) (.05) (.04) (.03)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ======== ======== ======
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 1.71% 4.40% 4.63% 4.69% 4.56% 2.91%
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $24,669 $22,162 $14,580 $18,661 $11,102 $6,201
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $23,521 $19,724 $16,320 $16,998 $7,862 $5,693
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 3.50% 4.23% 4.53% 4.52% 4.48% 2.89%
Expenses(3) 1.36% 1.22% 0.98% 0.86% 1.48% 1.47%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period, with all dividends and distributions
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 reflect changes in net investment income only. Total returns are not
annualized for periods less than one full year.
2. Annualized for periods less than one year.
3. Beginning in fiscal 1995, the expense ratio reflects the effect of expenses
paid indirectly by the Fund. Prior year expense ratios have not been adjusted.
See accompanying Notes to Financial Statements.
6 Centennial America Fund, L.P.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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 advisor is OppenheimerFunds, Inc. (the Manager). The following
is a summary of significant accounting policies consistently followed by the
Fund.
SECURITIES 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. Beginning in 1998, according to the provisions of the
1997 Taxpayer Relief Act, the Fund will elect to be treated as an "Electing 1987
Partnership". As such it will record a U.S. Federal income provision equal to
3.50% of gross income.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions to shareholders, which are
determined in accordance with income tax regulations, are recorded on the
ex-dividend date.
EXPENSE OFFSET ARRANGEMENTS. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
OTHER. Investment transactions are accounted for as of 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.
7 Centennial America Fund, L.P.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
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, 1999 YEAR ENDED DECEMBER 31, 1998
SHARES AMOUNT SHARES AMOUNT
------------------------------- -------------------------------
<S> <C> <C> <C> <C>
Sold 47,105,774 $47,105,774 53,991,754 $53,991,754
Dividends and distributions
reinvested 359,040 359,040 807,080 807,080
Redeemed (44,958,229) (44,958,229) (47,216,616) (47,216,616)
------------ ------------- ------------ ------------
Net increase 2,506,585 $2,506,585 7,582,218 $7,582,218
============ ============= ============ ============
</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 0.45% of
the first $500 million of average annual net assets of the Fund and 0.40% of
average annual net assets over $500 million. The Fund's annualized management
fee for the six months ended June 30, 1999 was 0.45% of average annual net
assets.
Shareholder Services, Inc. (SSI), a subsidiary of OFI, 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.
8 Centennial America Fund, L.P.
<PAGE>
CENTENNIAL AMERICA FUND, L.P.
OFFICERS AND MANAGING GENERAL PARTNERS
James C. Swain, Managing General Partner and Chairman
Bridget A. Macaskill, Managing General Partner and President
Robert G. Avis, Managing General Partner
William A. Baker, Managing General Partner
Sam Freedman, Managing 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
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
Andrew J. Donohue, Vice President and Secretary
Brian W. Wixted, Vice President, Treasurer and Assistant Secretary
Robert G. Zack, Assistant Secretary
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
INVESTMENT ADVISOR
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 of 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
RS0870.001.0699
