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Semiannual Report
Centennial
America Fund, L.P.
June 30, 2000
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Blank inside front cover
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James C. Swain
Chairman
Centennial America Fund, L.P.
Bridget A. Macaskill
President
Centennial America Fund, L.P.
Dear Shareholder:
A series of three short-term interest rate hikes initiated by the Federal
Reserve Board marked the six-month period that ended June 30, 2000. Prompted by
ongoing inflation concerns, Fed Chairman Alan Greenspan continued to employ a
gradual approach to slowing an overheated domestic economy, raising rates by a
quarter point on two occasions, then concluding with a more aggressive
half-point increase. Although this measured course of action, which followed
three prior rate hikes in the second half of 1999, at first appeared to produce
no tangible signs of cooling, reports toward the end of the period suggested a
slight moderation in economic growth.
Against this backdrop, Centennial America Fund, L.P. produced an annualized
yield of 4.56%, and an annualized yield including the effects of compounding
of 4.63%, for the half-year period. The Fund's seven-day and compounded
seven-day yields on June 30, 2000, were 5.63% and 5.78%, respectively.(1)
While the Fund is managed to emphasize liquidity and safety, these returns were
generally higher than those reported six months ago, due primarily to higher
short-term interest rates during the period.
In anticipation of these higher rates, we kept our average maturity short.
This enabled us to respond more effectively to changing conditions without
incurring undue risk. However, because rates were rising at fairly frequent
intervals, there was unprecedented demand for securities with shorter
maturities. As the supply of short-term U.S. Treasury bills came under
pressure, their prices, already expensive in our view, moved even higher. Their
yields, in turn, trended downward.
Therefore, we focused our sights on U.S. Government agency securities, which
offered attractive yields at more reasonable valuations. These short-term
securities are issued by agencies such as the Federal National Mortgage
Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie
Mac). We also held a sizable position in repurchase agreements, which are issued
by a bank or other institution but backed by U.S. Government or agency
securities. In both cases, they are highly liquid, a must for a money market
vehicle like Centennial America Fund. All told, U.S. Government agency
securities comprised 87.2% of net assets at period end, while repurchase
agreements accounted for 14.6%.(2)
An investment in the Fund is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the
Fund may seek to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in the Fund.
1. Compounded yields assume reinvestment of dividends. Past performance is
not indicative of future results.
2. Based on total market value of net assets.
2 Centennial America Fund, L.P.
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Going forward, it's unclear whether the Federal Reserve will need to continue to
pursue a tight monetary policy. The Fed took a wait-and-see approach at the June
28, 2000, Federal Open Market Committee meeting, and still maintains a close eye
on stock market performance and consumer confidence. We have recently started to
purchase securities with maturities in excess of 90 days.
In closing, we'd like thank you for your continued confidence and
participation in Centennial America Fund, L.P. We look forward to helping you
reach your financial goals, while seeking to maintain the liquidity and
safety of your investment.
Sincerely,
/s/James C. Swain /s/Bridget A. Macaskill
James C. Swain Bridget A. Macaskill
July 24, 2000
3 Centennial America Fund, L.P.
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<TABLE>
<CAPTION>
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Statement of Investments June 30, 2000 (Unaudited)
Principal Value
Amount See Note 1
=====================================================================================================================
Repurchase Agreements - 14.6%
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<S> <C> <C>
Repurchase agreement with PaineWebber, Inc., 6.60%, dated 6/30/00, to be
repurchased at $4,832,657 on 7/3/00, collateralized by Federal National Mortgage
Assn., 6.50%--7%, 1/1/27--8/1/29, with a value of $7,797,827 $4,830,000 $ 4,830,000
=====================================================================================================================
U.S. Government Agencies - 87.2%
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Federal Farm Credit Bank:
6.42%, 8/3/00 760,000 755,527
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Federal Home Loan Bank:
6.41%, 8/2/00 580,000 576,695
6.48%, 9/8/00 2,500,000 2,468,950
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Federal Home Loan Mortgage Corp.:
6.40%, 7/11/00 3,625,000 3,618,556
6.43%, 7/14/00-8/17/00 6,532,000 6,495,758
6.45%, 7/18/00 2,000,000 1,993,908
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Federal National Mortgage Assn.:
6.40%, 7/6/00 2,000,000 1,998,222
6.46%, 9/7/00 2,500,000 2,469,494
6.48%, 9/21/00 2,500,000 2,463,100
6.50%, 7/27/00 1,025,000 1,020,188
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Student Loan Marketing Assn., guaranteeing commercial paper of New Hampshire
Higher Education Loan Corp., Series 1995A:
6.45%, 7/20/00 2,000,000 1,993,192
6.48%, 7/10/00 1,867,000 1,863,975
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USA Group Secondary Market Services, Inc., Series A:
6.43%, 7/18/00 1,000,000 996,964
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Total U.S. Government Agencies 28,714,529
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Total Investments, at Value 101.8% 33,544,529
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Liabilities in Excess of Other Assets (1.8) (602,192)
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Net Assets 100.0% $32,942,337
====== ============
</TABLE>
See accompanying Notes to Financial Statements.
4 Centennial America Fund, L.P.
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<TABLE>
<CAPTION>
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Statement of Assets and Liabilities June 30, 2000 (Unaudited)
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Assets
<S> <C>
Investments, at value - see accompanying statement $33,544,529
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Receivables and other assets:
Shares of beneficial interest sold 230,580
Interest 886
Other 552
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Total assets 33,776,547
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Liabilities
Bank overdraft 1,963
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Payables and other liabilities:
Shares of beneficial interest redeemed 651,631
Dividends 80,660
Shareholder reports 33,606
Registration and filing fees 17,527
Service plan fees 17,131
Transfer and shareholder servicing agent fees 1,165
Managing General Partners' compensation 633
Other 29,894
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Total liabilities 834,210
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Net Assets $32,942,337
============
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Composition of Net Assets
Paid-in capital $32,942,220
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Accumulated net realized gain on investment transactions 117
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Net assets - applicable to 32,942,220 shares of beneficial
interest outstanding $32,942,337
============
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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.
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<TABLE>
<CAPTION>
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Statement of Operations For the Six Months Ended June 30, 2000 (Unaudited)
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Investment Income
<S> <C>
Interest $981,416
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Expenses
Management fees 72,967
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Registration and filing fees 32,718
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Service plan fees 32,161
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Tax provision 11,895
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Transfer and shareholder servicing agent fees 5,668
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Shareholder reports 4,576
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Legal, auditing and other professional fees 2,417
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Custodian fees and expenses 1,872
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Managing General Partners' compensation 746
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Other 1,208
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Total expenses 166,228
Less expenses paid indirectly (1,872)
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Net expenses 164,356
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Net Investment Income 817,060
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Net Increase in Net Assets Resulting from Operations $817,060
=========
</TABLE>
<TABLE>
<CAPTION>
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Statements of Changes in Net Assets
Six Months Ended Year Ended
June 30, 2000 December 31,
(Unaudited) 1999
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Operations
<S> <C> <C>
Net investment income $817,060 $927,177
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Net realized gain -- 117
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Net increase in net assets resulting from operations 817,060 927,294
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Dividends and/or Distributions to Shareholders (817,060) (927,177)
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Beneficial Interest Transactions
Net increase in net assets resulting from
beneficial interest transactions 5,439,639 5,340,248
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Net Assets
Total increase 5,439,639 5,340,365
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Beginning of period 27,502,698 22,162,333
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End of period $32,942,337 $27,502,698
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</TABLE>
See accompanying Notes to Financial Statements.
6 Centennial America Fund, L.P.
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<TABLE>
<CAPTION>
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Financial Highlights
Six Months
Ended June 30, Year Ended December 31,
2000 (Unaudited) 1999 1998 1997 1996 1995
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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
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Income from investment operations - net
investment income and net realized gain .02 .04 .04 .05 .05 .04
Dividends and/or distributions to shareholders (.02) (.04) (.04) (.05) (.05) (.04)
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Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ====== ======
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Total Return(1) 2.53% 3.82% 4.40% 4.63% 4.69% 4.56%
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Ratios/Supplemental Data
Net assets, end of period (in thousands) $32,942 $27,503 $22,162 $14,580 $18,661 $11,102
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Average net assets (in thousands) $32,642 $24,285 $19,724 $16,320 $16,998 $7,862
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Ratios to average net assets:(2)
Net investment income 5.03% 3.82% 4.23% 4.53% 4.52% 4.48%
Expenses 1.02% 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.
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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 an 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.
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.
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, 2000 YEAR ENDED DECEMBER 31, 1999
SHARES AMOUNT SHARES AMOUNT
-------------------------------------- -----------------------------------
<S> <C> <C> <C> <C>
Sold 61,615,311 $ 61,615,311 47,105,774 $ 47,105,774
Dividends and/or distributions reinvested 718,301 718,301 359,040 359,040
Redeemed (56,893,973) (56,893,973) (44,958,229) (44,958,229)
------------ ------------- ------------ -------------
Net increase 5,439,639 $ 5,439,639 2,506,585 $ 2,506,585
============ ============= ============ =============
</TABLE>
3. 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 six months ended June 30, 2000 was an annualized rate of 0.45%, before
any waiver by the Manager if applicable.
8 Centennial America Fund, L.P.
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
TRANSFER AGENT FEES Shareholder Services, Inc. (SSI) acts as the transfer and
shareholder servicing agent for the Fund and for other registered investment
companies on an "at-cost" basis.
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 financial
institutions.
9 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
Andrew J. Donohue, Vice President and Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
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 those records 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 other 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 Centennial America Fund, L.P.
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RS0870.001.0600
11 Centennial America Fund, L.P.
