<PAGE>
[FRONT COVER]
1999 Annual Report
CENTENNIAL AMERICA FUND, L.P.
December 31, 1999
[LOGO] OPPENHEIMERFUNDS(r)
The Right Way to Invest
<PAGE>
James C. Swain
Chairman
Centennial America Fund, L.P.
Bridget A. Macaskill
President
Centennial America Fund, L.P.
Dear Shareholder:
Over the fiscal year that ended December 31, 1999, Centennial America Fund, L.P.
produced an average yield of 3.76% and an annualized yield including the effects
of compounding was 3.84%. On December 31, 1999, the Fund's seven-day
yields with and without compounding were 4.04% and 3.96% respectively.(1) These
returns were substantially higher than the yields reported six months ago,
primarily because of higher short-term interest rates during the reporting
period.
When 1999 began, the world's financial markets were just beginning to recover
from the dislocations caused in 1998 by the spread of the global credit and
currency crisis in emerging markets and the failure of a large, highly leveraged
U.S. hedge fund. In response to these problems, and to limit their adverse
impact on the world's economies, many nations' central banks -- including the
Federal Reserve Board in the United States -- had cut short-term interest rates
in an attempt to stimulate economic growth.
The central banks' strategies appear to have been successful, because evidence
began to emerge soon after the start of 1999 that the worst of the economic
malaise was over for Japan, Asia and Latin America, and that the U.S. economy
continued to grow strongly. In this environment, investors grew concerned that
unsustainable economic growth might rekindle long-dormant inflationary
pressures, especially in the United States where unemployment reached historical
lows and consumers appeared to be spending more than they were earning.
In order to forestall a potential reacceleration of inflation, the Federal
Reserve Board indicated in the second quarter that it was considering an
increase in short-term interest rates. This potential rate hike was quickly
reflected in the fixed-income markets in the form of higher yields for both
money market securities and longer term bonds. Indeed, the Federal Reserve Board
subsequently raised interest rates three times during the summer and fall of
1999, effectively offsetting all of the previous year's rate cuts.
During the second half of the reporting period, U.S. Government securities were
also affected by Y2K-related concerns. Although the investment community's
consensus opinion appeared to be that the U.S. financial system was prepared for
the advent of the year 2000, many government agencies decided to play it safe by
issuing relatively longer term money-market securities over the
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
2 Centennial America Fund, L.P.
<PAGE>
summer and early fall of 1999. These securities generally featured maturity
dates in January and February of 2000, reducing the need for issuers to return
to the marketplace close to year-end 1999. However, because so many money
market issuers came to market at the same time, they were compelled to
increase their securities' yields in order to attract investor interest.
Fund shareholders generally benefited from these higher yields.
Under these market conditions, we focused primarily on enhancing the Fund's
yield in a way that was consistent with liquidity and capital preservation. We
generally found the most attractive yields in U.S. government agency securities,
which comprised 96.2% of the portfolio as of December 31. In contrast, we found
few opportunities in U.S. Treasury bills, which were in relatively short supply
because of the federal budget surplus.
Thank you for your continued confidence and participation in Centennial America
Fund, L.P. We look forward to helping you achieve your financial goals in 2000
and beyond.
Sincerely,
/S/James C. Swain /s/Bridget A. Macaskill
James C. Swain Bridget A. Macaskill
January 24, 2000
3 Centennial America Fund, L.P.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments December 31, 1999
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
- ------------------------------------------------------------------------------------------------------------------------
U.S. Government Agencies - 96.2%
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Bank:
5.75%, 1/14/00 $ 1,025,000 $ 1,022,871
- ------------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.50%, 1/14/00 3,000,000 2,994,020
5.51%, 1/27/00 2,000,000 1,991,911
5.60%, 1/13/00 2,000,000 1,996,257
5.61%, 1/11/00 2,000,000 1,996,889
6.25%, 1/5/00 5,000,000 4,996,528
- ------------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
4.82%, 1/28/00 1,000,000 999,247
5.49%, 1/18/00 1,500,000 1,496,111
5.54%, 1/19/00-1/20/00 3,000,000 2,991,382
5.61%, 2/8/00 2,000,000 1,988,157
5.62%, 1/21/00 2,000,000 1,993,755
- ------------------------------------------------------------------------------------------------------------------------
Student Loan Marketing Assn., guaranteeing commercial paper of Nebhelp, Inc.:
5.85%, 1/21/00(1) 2,000,000 1,993,500
- ------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value 96.2% 26,460,628
- ------------------------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 3.8 1,042,070
------------- ----------------
Net Assets 100.0% $ 27,502,698
============= ================
</TABLE>
1. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $1,993,500, or 7.25% of the
Fund's net assets, and have been determined to be liquid pursuant to guidelines
adopted by the Board of Managing General Partners.
See accompanying Notes to Financial Statements.
4 Centennial America Fund, L.P.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities December 31, 1999
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
Assets
<S> <C>
Investments, at value - see accompanying statement $26,460,628
- ------------------------------------------------------------------------------------------------------------------------------------
Cash 566,888
- ------------------------------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 580,491
Interest and dividends 20,990
Other 4,924
----------------------
Total assets 27,633,921
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed 36,989
Shareholder reports 32,472
Accrued taxes 17,048
Service plan fees 12,561
Legal, auditing and other professional fees 7,529
Transfer and shareholder servicing agent fees 1,649
Registration and filing fees 963
Custodian fees 737
Managing General Partners' compensation 390
Other 20,885
----------------------
Total liabilities 131,223
- --------------------------------------------------------------------------------------------------------------======================
Net Assets $27,502,698
======================
- ------------------------------------------------------------------------------------------------------------------------------------
Composition of Net Assets
Paid-in capital $27,502,581
- ------------------------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 117
----------------------
Net assets - applicable to 27,502,581 shares of beneficial
interest outstanding $27,502,698
======================
- ------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Redemption Price and Offering Price Per Share $1.00
======================
</TABLE>
See accompanying Notes to Financial Statements.
5 Centennial America Fund, L.P.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations For the Year Ended December 31, 1999
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment Income - Interest $1,247,028
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees 109,230
- ------------------------------------------------------------------------------------------------------------------------------------
Tax provision 57,925
- ------------------------------------------------------------------------------------------------------------------------------------
Service plan fees 47,338
- ------------------------------------------------------------------------------------------------------------------------------------
Registration and filing fees 32,634
- ------------------------------------------------------------------------------------------------------------------------------------
Shareholder reports 27,140
- ------------------------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 10,984
- ------------------------------------------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 10,189
- ------------------------------------------------------------------------------------------------------------------------------------
Managing General Partners' compensation 2,197
- ------------------------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 1,823
- ------------------------------------------------------------------------------------------------------------------------------------
Insurance expenses 1,222
- ------------------------------------------------------------------------------------------------------------------------------------
Other 20,282
----------------------
Total expenses 320,964
Less expenses paid indirectly (1,113)
----------------------
Net expenses 319,851
- ------------------------------------------------------------------------------------------------------------------------------------
Net Investment Income 927,177
- ------------------------------------------------------------------------------------------------------------------------------------
Net Realized Gain on Investments 117
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations $927,294
======================
</TABLE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended December 31,
1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Operations
<S> <C> <C>
Net investment income $927,177 $834,686
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gain 117 --
----------------------- ----------------------
Net increase in net assets resulting
from operations 927,294 834,686
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or Distributions to Shareholders (927,177) (834,686)
- ------------------------------------------------------------------------------------------------------------------------------------
Beneficial Interest Transactions
Net increase in net assets resulting from
beneficial interest transactions 5,340,248 7,582,218
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets
Total increase 5,340,365 7,582,218
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning of period 22,162,333 14,580,115
----------------------- ----------------------
End of period $27,502,698 $22,162,333
======================= ======================
</TABLE>
See accompanying Notes to Financial Statements.
6 Centennial America Fund, L.P.
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Data
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------------------------------------------------------------------------------------------
Income from investment operations - net
investment income and net realized gain .04 .04 .05 .05 .04
Dividends and/or distributions to shareholders (.04) (.04) (.05) (.05) (.04)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ========= ==========
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return(1) 3.82% 4.40% 4.63% 4.69% 4.56%
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $27,503 $22,162 $14,580 $18,661 $11,102
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $24,285 $19,724 $16,320 $16,998 $7,862
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 3.82% 4.23% 4.53% 4.52% 4.48%
Expenses 1.32% 1.22%(3) 0.98%(3) 0.86%(3) 1.48%(3)
</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 of less than one year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
See accompanying Notes to Financial Statements.
7 Centennial America Fund, L.P.
<PAGE>
Notes to Financial Statements
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 an U.S. Federal income provision equal to
3.50% of gross income.
Dividends and Distributions to Shareholders. Dividends and 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.
8 Centennial America Fund, L.P.
<PAGE>
Notes to Financial Statements 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>
Year Ended December 31, 1999 Year Ended December 31, 1998
Shares Amount Shares Amount
---------------------------------- -----------------------------------
<S> <C> <C> <C> <C>
Sold 93,800,406 $ 93,800,406 53,991,754 $ 53,991,754
Dividends and/or distributions
reinvested 888,704 888,704 807,080 807,080
Redeemed (89,348,862) (89,348,862) (47,216,616) ( 47,216,616)
------------ ------------- ------------ -------------
Net increase 5,340,248 $ 5,340,248 7,582,218 $ 7,582,218
============ ============= ============ =============
</TABLE>
3. Management Fees and Other Transactions with Affiliates
Management Fees. 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 management fee
for the year ended December 31, 1999 was 0.45% of average annual net assets.
Transfer Agent Fees. 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.
Service Plan Fees. 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 Centennial America Fund, L.P.
<PAGE>
Independent Auditors' Report
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, 1999, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended December 31, 1999 and
1998 and the financial highlights for the period January 1, 1995 to December 31,
1999. 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.
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 includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1999, 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. as of December 31, 1999, 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 24, 2000
10 Centennial America Fund, L.P.
<PAGE>
Federal Income Tax Information (Unaudited)
In early 2000 shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1999. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended December 31,
1999 are eligible for the corporate dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
11 Centennial America Fund, L.P.
<PAGE>
Centennial America Fund, L.P.
Officers and Managing General Partners
James C. Swain, Managing General Partner and Chairman of the Board
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, Treasurer
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.
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
RA0870.001.1299
