UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09561
Century Capital Management Trust
(Exact name of registrant as specified in charter)
c/o Century Capital Management, LLC
100 Federal Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
Steven Alfano
Century Capital Management, LLC
100 Federal Street, Boston, Massachusetts 02110
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 482-3060
--------------
Date of fiscal year end: October 31
----------
Date of reporting period: April 30, 2004
--------------
Item 1. Reports to Stockholders.
CENTURY FUNDS
Seventy-Six Years of Investing 1928 - 2004
CENTURY
CENTURY
SHARES
TRUST
AND
CENTURY
SMALL CAP
SELECT FUND
Semi-Annual
Reports
April 30, 2004
TRUSTEES AND OFFICERS
Alexander L. Thorndike, Chairman and
Chief Investment Officer
John E. Beard, Trustee
Davis R. Fulkerson, Trustee
Jerrold Mitchell, Trustee
Ernest E. Monrad, Trustee
Michael J. Poulos, Trustee
Jerry S. Rosenbloom, Trustee
David D. Tripple, Trustee
Steven Alfano, Secretary
INVESTMENT ADVISOR
Century Capital Management, LLC
100 Federal Street
Boston, Massachusetts 02110
Shareholder Hotline
800-303-1928
www.centuryfunds.com
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CENTURY FUNDS
AVERAGE ANNUAL TOTAL RETURNS
April 30, 2004
CENTURY SHARES TRUST
1 Year 23.99%
5 Years 5.68%
10 Years 13.34%
20 Years 13.99%
CENTURY SMALL CAP SELECT FUND
Institutional Shares Investor Shares
1 Year 40.53% 1 Year 39.93%
2 Years 17.82% 2 Years 17.24%
3 Years 18.00% 3 Years 17.47%
Since Incep (12/9/99) 22.54% Since Incep (2/24/00) 22.86%
- --------------------------------------------------------------------------------
Concerning Century Funds, performance and portfolio data as discussed in this
report:
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND IS NO GUARANTEE OF
FUTURE RESULTS. Current performance may be lower or higher than the performance
data quoted. Investment return and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than original cost.
For the most recent month end performance, please call 1-800-321-1928 or visit
the Century Fund's website at www.centuryfunds.com. Market volatility can
significantly impact short-term performance. Returns include reinvestment of
dividends and capital gains. Performance for Century Small Cap Select Fund would
have been lower during relevant periods if certain fees had not been waived or
expenses reimbursed.Periods of less than one year are not annualized.
Performance information on the funds shown in this report does not reflect the
deduction of taxes that shareholders would pay on fund distributions or the
redemption of fund shares.
Before investing you should carefully consider the Fund's investment objectives,
risks, charges and expenses. This and other information is in the prospectus, a
copy of which may be obtained by calling 1-800-321-1928 or visiting the Century
Fund's website. Please read the prospectus carefully before you invest. This
report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors unless
preceded or accompanied by the funds' prospectus.
As of 3/31/04, the Century Shares Trust's one year, three year, five year and
ten year average annual returns were 36.22%, 7.05% 6.85% and 13.47%
respectively. The average annual returns for the Century Small Cap Select Fund
as of 3/31/04 for the one, three and since inception for both the institutional
and investor shares were 54.03%, 21.54% 24.06% (inception date for institutional
shares was 12/9/99), 53.28%, 20.99% and 24.46% (inception date for investor
shares was 2/24/00), respectively. Returns include reinvestment of dividends and
capital gains. Performance for Century Small Cap Select Fund would have been
lower during the period if certain fees had not been waived or expenses
reimbursed.
The Funds will generally deduct a short term trading fee of 1.0% from the
redemption proceeds if shares are sold after being held less than 180 days in
the manner, and subject to certain exceptions, described in the Century Funds'
prospectus. The Statements of Additional Information (SAI) for the Century Funds
include additional information about our Trustees and is available, without
charge, upon request. Shareholders may contact the Funds to request the SAI by
calling the Shareholder Hotline at the number indicated above, or visit the
Century Fund's website. Concentration, or focus, as the case may be, in the
financial services field will subject the funds to the risks associated with
that field (e.g., government regulation, interest rates, claims activity, and
exposure to natural and man-made disasters) and may result in greater
fluctuation in share value than is experienced in less concentrated or focused
portfolios. In addition, the Century Small Cap Select Fund invests in smaller
companies which pose greater risks than those associated with larger, more
established companies. The views in this report were those of Century Funds'
Chief Investment Officer as of April 30, 2004 and may not reflect his views on
the date this report is first published or anytime thereafter. These views are
intended to assist shareholders of the Funds in understanding their investments
and do not constitute investment advise. There is no assurance that the Funds
will continue to invest in the securities mentioned. (06/04) Forum Fund
Services, LLC, Distributor.
Proxy Voting Information
A copy of the Century Funds' proxy voting policies and procedures is available
(i) without charge, upon request, by calling the Shareholder Hotline at the
number indicated above and (ii) on the Securities and Exchange Commission's
website at www.sec.gov.
DEAR FELLOW SHAREHOLDER:
Our funds performed relatively well during the first six months of this fiscal
year. Century Shares Trust was up 9.9% and Century Small Cap Select Fund was up
6.3% (Institutional shares) and 6.1% (Investor shares) during the six month
period ending April 30, 2004.
This report begins with a review of the current market and each fund's
performance, followed by a discussion of our investment challenges and recent
developments at Century Funds.
CURRENT MARKET CONDITIONS:
A TALE OF TWO MARKETS
The equity markets were strong through February as U.S. economic fundamentals
and confidence surged, only to retreat over the last three months as the Madrid
bombings and increased tension in the Middle East contributed to a pullback. We
expect the positive underlying trends to continue.
The 2004 global economy is expected to deliver the strongest growth since the
early 1980s, with over 4.5% Gross Domestic Product (GDP) growth forecasted in
the U.S. and worldwide. We are seeing accelerated business spending and demand
for jobs and capital goods ramping up. First quarter earnings have grown above
20% and expectations are rising for the remainder of the year. However, these
favorable currents are partially offset by concerns about terrorism and rising
inflation. Finally, investors are usually hesitant during a presidential
election year regarding the potential impact each candidate might have on the
future economy.
Looking forward, we remain optimistic about the strength of this recovery. The
outlook for next year's corporate earnings points to continued profit growth
above 15%, significantly above the long-term average in earnings growth.
Consumer spending and confidence are high, and most employment data now point to
sustainable job growth that is rising at the fastest pace in a decade. Equity
investors also continue to benefit from the recent income tax cut, making stocks
and dividends more attractive to shareholders. We look for this continued
strength to help our portfolio companies through mid-2005.
PERFORMANCE SUMMARY
CENTURY SHARES TRUST
Century Shares Trust reported a 9.9% return for the six months ended April 30th.
This compares with a 6.3% return for the S&P 500 Index. In general, we are
continuing to see the benefits of continued profitability from our financial
services holdings and our increased emphasis on consumer discretionary and
health care companies.
- --------------------------------------------------------------------------------
Bar chart:
PERFORMANCE COMPARISON 4/30/04
Century Shares Trust S&P 500 Index
1 Year 24.0% 22.9%
3 Years 6.1% -2.4%
5 Years 5.7% -2.3%
10 Years 13.3% 11.4%
- --------------------------------------------------------------------------------
Past performance is no guarantee of future results. For additional information
including the Trust's average annual total returns for the most recent calendar
quarter, please refer to the inside front cover. The performance information
shown does not reflect the deduction of taxes that shareholders would pay on
fund distributions or redemption of fund shares.
As Warren E. Buffett states in his opening letter to the 2003 Berkshire Hathaway
Annual Report, "Let's start with insurance -- since that's where the money is."
Insurance was the largest contributor to Century Shares Trust's positive
performance due to the compounding benefits of rising premiums and strong
underwriting profits, which led to significant growth in book value. This is
important because we view the growth in book value as a good indicator of
long-term stock price performance.
CENTURY FUNDS
1
Property-Casualty pricing growth is slowing, but analyst expectations for the
industry indicate that combined ratios (i.e. operating expense ratios) might
drop to 90%, leading to 2004 operating earnings growth above 40% and book value
growth exceeding 16%. We should note that these results are extraordinary, but
they do represent the earnings leverage we seek in our portfolio holdings.
Pie chart:
CENTURY SHARES TRUST
FUND COMPOSITION 4/30/04
Financial Services 54%
HealthCare 15%
Consumer 10%
Technology 8%
Cash 8%
Other 5%
Over the last six months, the Trust's best performers included Checkpoint
Software (internet security), AIG (multi-line insurer), Torchmark (life-health
insurer), Iron Mountain (records storage), and General Dynamics (defense
technology).
The Trust's underperformers included UHS (hospital services), MBIA (financial
guaranty insurer), Mattel (toys) and Citrix Systems (technology infrastructure).
- --------------------------------------------------------------------------------
CENTURY SHARES TRUST
TOP TEN HOLDINGS
American International Group, Inc. 4.5%
Berkshire Hathaway, Inc. 4.4%
Renaissance Re Holdings, Ltd. 3.8%
MBIA, Inc. 3.7%
Chubb Corp. 3.4%
Torchmark Corp. 3.1%
UnitedHealth Group 3.0%
Progressive Corp. 2.9%
Checkpoint Software Tech, Ltd. 2.8%
AFLAC, Inc. 2.8%
- --------------------------------------------------------------------------------
Our "sell discipline" has served us well over the years, and we are trimming
some banks and insurers as they approach our fair value price targets and
redeploying these proceeds into the consumer, health care and technology
businesses which we believe will benefit from a continued upturn in the economy.
CENTURY SMALL CAP SELECT FUND
For the Century Small Cap Select Fund's six-month performance through April 30,
2004, the Institutional class and the Investor class returns were up 6.3% and
6.1% respectively, versus 6.5% for the Russell 2000 Index.
- --------------------------------------------------------------------------------
Bar Chart:
PERFORMANCE COMPARISON 4/30/04
CSCS Institutional Shares Russell 2000 Index
1 Year 40.5% 42.0%
3 Years 18.0% 6.3%
Since Incept 12/9/99 22.5% 5.7%
- --------------------------------------------------------------------------------
Past performance is no guarantee of future results. For additional information
including the Fund's average annual total returns for the most recent calendar
quarter, please refer to the inside front cover.
The largest contributors to fund performance over the last six months included
Flir Systems (thermal imaging), Rogers (materials processing), Bright Horizons
(child care provider) and Online Resources (bill payment). The fund's short-term
underperformers are companies we expect are transitioning to better performance
in 2005, such as Retek (retailing software), Corvel (managed care services) and
VistaCare (hospice care).
CENTURY FUNDS
2
Pie Chart:
CENTURY SMALL CAP SELECT FUND
FUND COMPOSITION 4/30/04
Consumer Disc. 23%
Health Care 21%
Financial Services 19%
Technology 19%
Materials and Process 7%
Producer Durables 3%
Cash 3%
Other 3%
Other Energy 2%
- --------------------------------------------------------------------------------
CENTURY SMALL CAP SELECT FUND
TOP TEN HOLDINGS
Gildan Activewear 3.4%
Cato Corp. 3.3%
United Online, Inc. 3.0%
Providence Service 2.9%
Ascential Software 2.7%
Varian Semiconductor Equipment Assoc., Inc. 2.7%
Bancorp Rhode Island, Inc. 2.7%
American Healthways, Inc. 2.7%
Flir Systems, Inc. 2.6%
Vistacare, Inc. 2.5%
- --------------------------------------------------------------------------------
Flir Systems is a good example of a "consistent growth" business in which we
like to invest. The company enjoys a leading market share as a producer of
thermography imaging equipment that is used in security and industrial
applications. It generates substantial cash flow as demand for its security
monitoring and maintenance products expands. We admire Flir's predictable
franchise and return-on equity (ROE) above 20%. The company's consistency is
represented by the 23% growth in book value over the past 5 years, and we
believe its earnings are positioned to grow above 20% over the next several
years.
Over the last several months, retail and consumer discretionary companies have
grown as a percentage of the fund due to their strong earnings potential as we
enter the next stage of economic recovery.
PATIENCE AND PARANOIA:
BALANCING LONG-TERM GOALS WITH
SHORT-TERM EXPECTATIONS
Our investment challenge at Century is to deliver superior risk-adjusted returns
over time. This requires balancing short-term market swings with longer-term
changes in growth rates and valuations. Our strategy aims to achieve decent
short-term performance for our shareholders while maintaining our long-term
discipline to search for investment opportunities that play out over longer
periods of time.
Investing for the long run requires perspective and intensive research to see
how companies think about strategic issues, such as how do managements treat
themselves, their customers and their shareholders. We emphasize company visits
because we can probe topics that are not covered in quarterly earnings releases.
Asking questions often leads to unexpected answers, and watching the responses
and "body language" gives us a better chance at making the right diagnosis on a
company's future outcome. Questions we consider include: Is there a culture of
compliance and integrity? How close are the managers to the pulse of employees
in the field? How well does this company know its clients? What has changed in
the industry or the company since we last visited? In summary, our investing
style requires a balance between patience and paranoia.
CENTURY FUNDS
3
NEW DEVELOPMENTS
Following your overwhelming vote of approval this past January, we welcome
Jerrold Mitchell and David Tripple as new Independent Century Funds Trustees,
who will bring a wealth of insight and industry experience to the guidance of
your funds over the next several years.
Finally, I would like to acknowledge the tremendous contribution made by Allan
W. Fulkerson, who served as a Century Shares Trustee for 35 years and as
Chairman for 28 years, from June 1976 to January 2004. During his tenure as
portfolio manager (1976 through 1997), Allan shepherded Century Shares Trust to
a 16.6% compounded annual return, beating the S&P 500 Index during that time.
Equally important, he accomplished this while exhibiting strong ethical
leadership as Century Shares externalized its Trust structure and transitioned
to the next generation. I think Allan represents the best attributes of a
"Prudent Fiduciary" today. He leaves a tremendous legacy, and I hope we can
prove worthy to carry the torch forward. We are fortunate to still have access
to his insight. On behalf of the Trustees and shareholders, we thank him for his
38 years of extraordinary, meritorious service and contributions to the Trust
and its shareholders.
Thank you for your continued support, and please contact us anytime via phone
(1-800-321-1928) or in writing with any questions or comments. We would also
welcome any feedback on our updated website or other improvements you would like
to see from Century Funds.
Respectfully submitted,
/s/ Alexander L. Thorndike
Alexander L. Thorndike
Chairman and Chief Investment Officer
June 1, 2004
CENTURY FUNDS
4
CENTURY SHARES TRUST APRIL 30, 2004 - (UNAUDITED)
COMMON STOCK - 92.5%
SHARES VALUE
- -------- ------------
CONSUMER DISCRETIONARY - 10.4%
133,000 CDW Corp. $ 8,311,170
89,950 ChoicePoint, Inc.* 3,950,604
119,450 Family Dollar Stores, Inc. 3,839,123
200,000 Iron Mountain, Inc.* 9,102,000
34,400 Mattel, Inc. 583,424
253,540 Staples, Inc. 6,531,190
325,000 TJX Companies, Inc. 7,985,250
-------------
40,302,761
-------------
CONSUMER STAPLES - 1.8%
200,000 Walgreen Co. 6,896,000
-------------
FINANCIAL SERVICES - 53.6%
255,000 AFLAC, Inc. 10,768,650
191,394 Allstate Corp. 8,784,985
244,016 American International Gr., Inc. 17,483,746
125,000 Aon Corp. 3,257,500
193,850 Assurant, Inc. 4,722,186
216,500 Assured Guaranty, Ltd.* 3,832,050
130,000 Banknorth Group, Inc. 3,981,900
180 Berkshire Hathaway, Inc. CL A* 16,810,200
190,000 The Chubb Corp. 13,110,000
192,150 Cincinnati Financial Corp. 7,876,228
155,335 Citigroup, Inc. 7,470,060
102,600 Eaton Vance Corp. (non-voting shares) 3,745,926
41,700 First Horizon National Corp. 1,833,132
179,430 Gallagher (Arthur J.) & Co. 5,783,029
260,000 J.P. Morgan Chase & Co. 9,776,000
243,750 MBIA, Inc. 14,354,438
155,000 Marsh & McLennan Cos., Inc. 6,990,500
40,000 Moody's Corp. 2,580,400
8,000 Ohio Casualty Corp.* 156,960
129,000 The Progressive Corp. 11,290,080
300,000 Protective Life Corp. 10,788,000
275,100 RenaissanceRe Holdings Ltd. 14,495,019
71,500 SAFECO Corp. 3,130,985
184,000 SouthTrust Corp. 5,718,720
228,300 Torchmark Corp. 11,880,732
87,666 Waddell & Reed Fin'l, Inc. CL A 1,948,815
32,000 Wells Fargo & Co. 1,806,720
33,300 XL Capital Ltd. CL A 2,542,455
-------------
206,919,416
-------------
SHARES VALUE
- -------- -------------
HEALTH CARE - 15.4%
185,460 Abbott Laboratories $ 8,163,949
89,860 Anthem, Inc.* 7,959,799
240,000 Caremark Rx, Inc.* 8,124,000
190,090 Health Management Associates, Inc. 4,396,782
308,800 McKesson Corp. 10,147,168
255,000 Pfizer, Inc. 9,118,800
190,000 UnitedHealth Group, Inc. 11,681,200
-------------
59,591,698
-------------
MATERIALS & PROCESSING - 1.9%
176,320 Jacobs Engineering Group, Inc.* 7,354,307
-------------
PRODUCER DURABLES - 1.0%
66,640 Donaldson Co., Inc. 1,827,935
63,800 Thermo Electron Corp.* 1,862,960
-------------
3,690,895
-------------
TECHNOLOGY - 8.4%
464,000 Check Point Software Tech. Ltd.* 10,871,520
435,500 Citrix Systems, Inc.* 8,296,275
111,100 General Dynamics Corp. 10,401,182
109,750 Microsoft Corp. 2,850,208
-------------
32,419,185
-------------
TOTAL INVESTMENT IN COMMON STOCKS - 92.5%
(Identified cost, $173,696,755) 357,174,262
-------------
CASH EQUIVALENTS - 7.6%
FACE AMOUNT
- -----------
$29,377,000 State Street Bank and Trust
Eurodollar Time Deposit, at
amortized cost, 0.5%,
maturity 05/03/04 29,377,000
-------------
TOTAL INVESTMENTS - 100.1%
(Identified cost, $203,073,755) 386,551,262
-------------
OTHER ASSETS AND LIABILITIES - (0.1%)
Other Assets 3,984,004
Liabilities (4,508,988)
-------------
(524,984)
-------------
NET ASSETS - 100% $386,026,278
=============
* Non-income producing security.
See notes to financial statements.
CENTURY FUNDS
5
CENTURY SMALL CAP SELECT FUND APRIL 30, 2004 - (UNAUDITED)
COMMON STOCK - 97.4%
SHARES VALUE
- -------- ------------
CONSUMER DISCRETIONARY - 23.1%
55,000 America's Car-Mart, Inc.* $ 1,427,800
72,600 Bright Horizons Family Solutions, Inc.* 3,221,262
344,870 Cato Corp. 6,904,297
483,160 Century Business Services, Inc.* 1,995,451
148,380 Digital Theater Systems, Inc.* 3,319,260
59,600 Fred's, Inc. 1,106,772
244,540 Gildan Activewear, Inc.* 7,133,232
54,200 99 Cents Only Stores* 1,070,992
310,850 Providence Service Corp.* 5,985,417
66,500 Ritchie Bros. Auctioneers, Inc. 3,906,875
153,900 Schawk, Inc. 2,000,700
85,200 Speedway Motorsports, Inc. 2,540,664
373,270 United Online, Inc.* 6,196,282
42,000 Watson Wyatt & Company Holdings* 1,101,660
-------------
47,910,664
-------------
FINANCIAL SERVICES - 19.0%
124,050 Assured Guaranty, Ltd.* 2,195,685
157,600 Bancorp Rhode Island, Inc. 5,542,792
143,730 BISYS Group, Inc.* 2,084,085
160,840 Credit Acceptance Corp.* 2,304,837
27,340 Eaton Vance Corp. (non-voting shares) 998,183
313,250 First Niagara Financial Group, Inc. 3,946,950
189,590 Forrester Research, Inc.* 3,287,491
127,250 Platinum Underwriters Holding, Ltd. 4,069,455
159,560 Portfolio Recovery Associates, Inc.* 4,261,848
50,580 Redwood Trust, Inc. 2,197,701
125,900 Scottish Re Group Limited 2,754,692
110,300 SEAMARK Asset Management Ltd.* 1,826,265
25,010 StanCorp Financial Group, Inc. 1,547,369
164,500 Texas Capital Bancshares, Inc.* 2,467,500
-------------
39,484,853
-------------
HEALTH CARE - 21.2%
41,000 American Medical Security Group, Inc.* 1,049,600
57,450 American Service Group, Inc.* 2,108,415
227,840 American Healthways, Inc.* 5,520,563
156,500 Apria Healthcare Group, Inc.* 4,513,460
147,580 Bradley Pharmaceuticals, Inc.* 3,869,548
41,255 CorVel Corp.* 1,282,205
78,190 ICON plc* 3,119,781
247,240 Odyssey Healthcare, Inc.* 4,156,104
103,030 Possis Medical, Inc.* 2,620,053
47,970 Renal Care Group, Inc.* 2,373,556
87,700 ResMed, Inc.* 4,321,856
58,500 Stericycle, Inc.* 2,797,470
81,150 U.S. Physical Therapy, Inc.* 1,153,141
209,550 VistaCare, Inc.* 5,278,565
-------------
44,164,317
-------------
SHARES VALUE
- -------- -------------
MATERIALS & PROCESSING - 6.7%
189,280 Jones Lang LaSalle, Inc.* $ 4,468,901
79,400 Rogers Corp.* 4,740,180
316,250 RPM International, Inc. 4,769,050
-------------
13,978,131
-------------
OTHER - 3.1%
38,700 iShares Trust DJ US Consumer Cycl 2,156,751
42,850 iShares Trust DJ US Energy 2,291,618
49,500 iShares Trust DJ US Basic Materials 2,088,405
-------------
6,536,774
-------------
ENERGY - 2.1%
50,400 Houston Exploration Co.* 2,254,896
212,630 Magnum Hunter Resources, Inc.* 2,183,710
-------------
4,438,606
-------------
PRODUCER DURABLES - 2.7%
170,990 Varian Semiconductor Equip. Assoc.* 5,567,434
-------------
TECHNOLOGY - 19.5%
115,700 ANSYS, Inc.* 4,286,685
333,260 Ascential Software Corp.* 5,665,420
39,300 Black Box Corp. 2,002,335
175,750 Diodes, Inc.* 3,815,533
404,830 DocuCorp International, Inc.* 4,388,357
114,370 Flir Systems, Inc.* 5,365,097
333,800 GTSI Corp.* 3,832,024
576,800 Online Resources Corp.* 3,287,760
121,500 Open Solutions, Inc.* 3,004,695
696,050 Retek, Inc.* 4,858,429
-------------
40,506,335
-------------
TOTAL INVESTMENT IN COMMON STOCKS - 97.4%
(Identified cost, $196,663,239) 202,587,114
-------------
CASH EQUIVALENTS - 10.2%
FACE AMOUNT
- -----------
$21,148,000 State Street Bank and Trust
Eurodollar Time Deposit, at
amortized cost, 0.5%,
maturity 05/03/04 21,148,000
-------------
TOTAL INVESTMENTS - 107.6%
(Identified cost, $217,811,239) 223,735,114
-------------
OTHER ASSETS AND LIABILITIES - (7.6%)
Other Assets 1,229,440
Liabilities (17,071,542)
-------------
(15,842,102)
-------------
NET ASSETS - 100% $207,893,012
=============
* Non-income producing security.
See notes to financial statements.
CENTURY FUNDS
6
STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 2004 - (UNAUDITED)
Century Shares Century Small Cap
Trust Select Fund
------------ ------------
ASSETS:
Investments, at value (Note 1A) (Identified cost of
$203,073,755 and $217,811,239, respectively) $ 386,551,262 $ 223,735,114
Cash 48 58
Dividends and interest receivable 281,908 3,575
Receivable for investments sold 3,572,073 --
Receivable for Trust/Fund shares sold 129,975 1,204,942
Other assets -- 20,865
------------- -------------
Total Assets 390,535,266 224,964,554
------------- -------------
LIABILITIES:
Payable for investments purchased 4,102,506 5,901,837
Payable for Trust/Fund shares repurchased 21,052 10,867,198
Payable to Affiliates:
Investment adviser fee (Note 4) 267,556 173,440
Administration fee (Note 5) 48,518 --
Accrued expenses and other liabilities 69,356 129,067
------------- -------------
Total Liabilities 4,508,988 17,071,542
------------- -------------
NET ASSETS $ 386,026,278 $ 207,893,012
============= =============
At April 30, 2004, net assets consisted of:
Capital paid-in $ 187,441,959 $ 189,142,715
Accumulated distributions in excess of net investment income (2,999,907) (6,722,505)
Accumulated undistributed net realized gains on investments 18,106,719 19,548,927
Unrealized appreciation in value of investments 183,477,507 5,923,875
------------- -------------
Net assets applicable to outstanding capital stock $ 386,026,278 $ 207,893,012
============= =============
Net Assets consist of:
Investor Class $ 133,349,132
Institutional Class $ 74,543,880
Shares Outstanding consist of (Note 2):
Century Shares Trust 10,735,982
Investor Class 6,180,617
Institutional Class 3,430,266
NET ASSET VALUE PER SHARE
(Represents both the offering and redemption price*)
Century Shares Trust $ 35.96
Investor Class $ 21.58
Institutional Class $ 21.73
* Shares held less than 180 days are subject to a 1% redemption fee.
See notes to financial statements.
CENTURY FUNDS
7
STATEMENTS OF OPERATIONS - SIX MONTHS ENDED APRIL 30, 2004 - (UNAUDITED)
Century Shares Century Small Cap
Trust Select Fund
------------- -----------------
INVESTMENT INCOME:
Dividends (net of withholding tax of $0 and $5,823, respectively) $ 2,211,605 $ 921,057
Interest 65,274 49,106
Other -- 1,015
------------ ------------
Total income 2,276,879 971,178
EXPENSES:
Investment adviser fee (Note 4) 1,482,515 849,709
Administration (Note 5) 277,972 --
Distribution fee (Note 7) -- 146,090
Non-interested trustees' remuneration 40,040 31,455
Transfer agent 152,050
Institutional Class 2,340
Investor Class 101,107
Custodian 39,250 57,800
Insurance 16,503 9,100
Professional fees 76,130 38,540
Registration 13,650 25,745
Printing and other 67,800 33,450
------------ ------------
Total expenses 2,165,910 1,295,336
Advisor reimbursement (Note 6) -- (20,865)
------------ ------------
Net expenses 2,165,910 1,274,471
Net investment income/(loss) 110,969 (303,293)
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain from investment transactions 23,498,453 13,387,252
Increase/(decrease) in unrealized appreciation on investments 10,913,841 (7,635,161)
------------ ------------
Net realized and unrealized gain on investments 34,412,294 5,752,091
------------ ------------
Net increase in net assets resulting from operations $ 34,523,263 $ 5,448,798
============ ============
See notes to financial statements.
CENTURY FUNDS
8
STATEMENTS OF CHANGES IN NET ASSETS
Century Small Cap
Century Shares Trust Select Fund
Six Months Six Months
INCREASE (DECREASE) Ended Ended
IN NET ASSETS: April 30, 2004 Year Ended April 30, 2004 Year Ended
(unaudited) October 31, 2003 (unaudited) October 31, 2003
------------- ------------- ------------- -------------
Operations:
Net investment income/(loss) $ 110,969 $ 641,578 $ (303,293) $ (351,611)
Net realized gain on investment
transactions 23,498,453 30,261,077 13,387,250 7,903,111
Change in net unrealized
appreciation (depreciation) 10,913,841 17,391,799 (7,635,159) 13,734,820
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 34,523,263 48,294,454 5,448,798 21,286,320
Net equalization (Note 1C) -- 11,162 -- --
Distributions to shareholders from:
Net investment income
Century Shares Trust (2,863,500) (902,700)
Century Small Cap Select Fund
Institutional Class (2,292,188) (95,347)
Investor Class (4,127,025) (50,154)
Realized gain from investment transactions
Century Shares Trust (27,148,646) (27,700,185)
Century Small Cap Select Fund
Institutional Class (463,307) (317,824)
Investor Class (861,677) (270,197)
Trust/Fund share transactions - net (Note 2) 38,830,430 31,656,322 88,176,593 78,245,834
Redemption fees 6,203 8,216 116,718 39,811
------------- ------------- ------------- -------------
Total increase 43,347,750 51,367,269 85,997,912 98,838,443
NET ASSETS:
At beginning of period 342,678,528 291,311,259 121,895,100 23,056,657
------------- ------------- ------------- -------------
At end of period $ 386,026,278 $ 342,678,528 $ 207,893,012 $ 121,895,100
============= ============= ============= =============
Distributions in excess of net investment
income at end of period $ 2,999,907 $ 247,376 $ 6,722,505 $ --
============= ============= ============= =============
See notes to financial statements.
CENTURY FUNDS
9
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
APRIL 30, ENDED ENDED
CENTURY 2004 OCTOBER 31, OCTOBER 31, YEAR ENDED DECEMBER 31,
SHARES TRUST (UNAUDITED) 2003 2002 (a) 2001 2000 1999
--------- ------- ------- ------- ------- -------
Net Asset Value, beginning of period $35.66 $33.95 $38.12 $42.97 $34.32 $44.66
------- ------- ------- ------- ------- -------
Income (loss) from investment operations:
Net investment income (b) 0.01 0.07 0.08 0.17 0.39 0.42
Net realized and unrealized gain on investments 3.33 5.03 (4.20) (1.26) 12.39 (6.05)
------- ------- ------- ------- ------- -------
Total income (loss) from investment
operations 3.34 5.10 (4.12) (1.09) 12.78 (5.63)
------- ------- ------- ------- ------- -------
Less distributions from:
Net investment income (0.29) (0.10) (0.05) (0.17) (0.38) (0.40)
In excess of net investment income -- -- -- -- -- (0.01)
Net realized gain on investment transactions (2.75) (3.29) -- (3.60) (3.75) (4.30)
------- ------- ------- ------- ------- -------
Total distributions (3.04) (3.39) (0.05) (3.77) (4.13) (4.71)
------- ------- ------- ------- ------- -------
Redemption fees --+ --+ --+ 0.01 -- --
------- ------- ------- ------- ------- -------
Net Asset Value, end of period $35.96 $35.66 $33.95 $38.12 $42.97 $34.32
======= ======= ======= ======= ======= =======
Total Return 9.95%** 16.99% -10.82%** -2.52% 37.44% -12.38%
Ratios and supplemental data
Net assets, end of period (000 omitted) $386,026 $342,679 $291,311 $345,849 $417,598 $309,644
Ratio of expenses to average net assets 1.17%* 1.17% 1.19%* 1.05% 0.83% 0.82%
Ratio of net investment income to average
net assets 0.06%* 0.21% 0.26%* 0.41% 1.05% 1.00%
Portfolio Turnover Rate 23% 37% 22% 17% 17% 11%
(a) For the period from January 1, 2002 to October 31, 2002. Effective
September 5, 2002, Century Shares Trust changed its fiscal year end from
December 31 to October 31.
(b) Calculated based on average shares outstanding during the period.
+ Amount represents less than $0.01 per share.
* Annualized
** Not annualized
See notes to financial statements.
CENTURY FUNDS
10
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED
CENTURY SMALL CAP APRIL 30, 2004 YEAR ENDED OCTOBER 31,
SELECT FUND - INSTITUTIONAL CLASS (UNAUDITED) 2003 2002 2001 2000(a)
--------- ------- ------- ------- -------
Net Asset Value, beginning of period $21.53 $15.42 $14.68 $14.57 $10.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income (loss) (c) (0.01) (0.09) (0.10) -- 0.04
Net realized and unrealized gain on investments 1.34 6.64 0.93 0.52(b) 4.53
------- ------- ------- ------- -------
Total income from investment operations 1.33 6.55 0.83 0.52 4.57
------- ------- ------- ------- -------
Less distributions from:
Net investment income (0.94) (0.11) -- (0.02) --
Net realized gain on investment transactions (0.19) (0.35) (0.13) (0.41) --
------- ------- ------- ------- -------
Total distributions (1.13) (0.46) (0.13) (0.43) --
------- ------- ------- ------- -------
Redemption fees --+ 0.02 0.04 0.02 --
------- ------- ------- ------- -------
Net Asset Value, end of period $21.73 $21.53 $15.42 $14.68 $14.57
======= ======= ======= ======= =======
Total Return 6.26%** 43.76% 5.87% 3.63% 45.70%**
Ratios and supplemental data
Net assets, end of period (000 omitted) $74,544 $42,936 $12,938 $6,093 $2,253
Ratio of expenses to average net assets 1.18%* 1.26% 1.45% 1.45% 1.45%*
Ratio of expenses to average net assets without giving
effect to voluntary expense agreement 1.18%* 1.40% 1.87% 4.04% 11.58%*
Ratio of net investment income to average net assets -0.10%* -0.50% -0.70% -0.02% 0.38%*
Portfolio Turnover Rate 49% 88% 123% 48% 24%
(a) From the commencement date of investment operations, December 9, 1999 to
October 31, 2000.
(b) The per share amount is not in accord with the net realized and unrealized
gain/loss for the period because of the timing of sales of Fund shares and
the amount of per share realized and unrealized gains and losses at such
time.
(c) Calculated based on average shares outstanding during the period.
+ Amount represents less than $0.01 per share.
* Annualized
** Not annualized
See notes to financial statements.
CENTURY FUNDS
11
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED
CENTURY SMALL CAP APRIL 30, 2004 YEAR ENDED OCTOBER 31,
SELECT FUND - INVESTOR CLASS (UNAUDITED) 2003 2002 2001 2000(a)
--------- ------- ------- ------- -------
Net Asset Value, beginning of period $21.39 $15.35 $14.60 $14.26 $10.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment loss (c) (0.05) (0.15) (0.18) (0.03) (0.01)
Net realized and unrealized gain on investments 1.32 6.60 0.94 0.53(b) 4.27
------- ------- ------- ------- -------
Total income from investment operations 1.27 6.45 0.76 0.50 4.26
------- ------- ------- ------- -------
Less distributions from:
Net investment income (0.91) (0.07) -- -- --
Net realized gain on investment transactions (0.19) (0.35) (0.03) (0.19) --
------- ------- ------- ------- -------
Total distributions (1.10) (0.42) (0.03) (0.19) --
------- ------- ------- ------- -------
Redemption fees 0.02 0.01 0.02 0.03 --
------- ------- ------- ------- -------
Net Asset Value, end of period $21.58 $21.39 $15.35 $14.60 $14.26
======= ======= ======= ======= =======
Total Return 6.11%** 43.12% 5.34% 3.68% 42.60%**
Ratios and supplemental data
Net assets, end of period (000 omitted) $133,349 $78,959 $10,119 $9,302 $690
Ratio of expenses to average net assets 1.56%* 1.61% 1.80% 1.80% 1.80%*
Ratio of expenses to average net assets without
giving effect to voluntary expense agreement 1.60%* 1.76% 2.53% 4.38% 14.73%*
Ratio of net investment income to average net assets -0.47%* -0.86% -1.05% -0.48% -0.14%*
Portfolio Turnover Rate 49% 88% 123% 48% 24%
(a) From the commencement date of investment operations, February 24, 2000 to
October 31, 2000.
(b) The per share amount is not in accord with the net realized and unrealized
gain/loss for the period because of the timing of sales of Fund shares and
the amount of per share realized and unrealized gains and losses at such
time.
(c) Calculated based on average shares outstanding during the period.
* Annualized
** Not annualized
See notes to financial statements.
CENTURY FUNDS
12
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(1) SIGNIFICANT ACCOUNTING POLICIES -- Century Capital Management Trust (the
"Master Trust") is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company. Century Shares Trust (the
"Trust") and Century Small Cap Select Fund (the "Fund") are diversified series
of the Master Trust. The following is a summary of significant accounting
policies consistently followed by both the Trust and the Fund in the preparation
of their financial statements. The policies are in conformity with accounting
principles generally accepted in the United States of America.
A. Investment Security Valuations -- Securities listed on national securities
exchanges are valued at closing prices. Unlisted securities or listed securities
for which closing prices are not available generally are valued at the latest
bid prices. Short-term obligations, maturing in 60 days or less, are valued at
amortized cost, which approximates value.
B. Federal Taxes -- It is the policy of the Trust and the Fund to comply with
the provisions of the Internal Revenue Code applicable to investment companies
and to distribute to shareholders each year all of their taxable income,
including any net realized gain on investments. Accordingly, no provision for
Federal income or excise tax is necessary.
C. Equalization -- The Trust follows the accounting practice known as
equalization by which a portion of the proceeds from sales and costs of
repurchases of Trust shares equivalent, on a per share basis, to the amount of
undistributed net investment income on the date of the transaction, is credited
or charged to undistributed net investment income. As a result, undistributed
net investment income per share is unaffected by sales or repurchases of Trust
shares. Prior to November 1, 2003 the Trust followed the accounting practice of
equalization. As a result, undistributed net investment income for periods prior
to November 1, 2003 were unaffected by sales and repurchases of Trust Shares.
D. Other -- Investment security transactions are accounted for on the date the
securities are purchased or sold. Gain or loss on sales is determined on the
basis of identified cost. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. Dividend income is recorded net of foreign
taxes withheld when recovery of such taxes is uncertain. Shares issuable to
shareholders electing to receive income dividends and capital gain distributions
in shares are recorded on the ex-dividend date.
E. Use of Estimates -- The preparation of these financial statements in
accordance with generally accepted accounting principles incorporates estimates
made by management in determining the reported amounts of assets, liabilities,
revenues and expenses of the Trust and Fund. Actual results could differ from
those estimates.
F. Multiple Classes of Shares -- The Fund offers multiple classes of shares,
which differ in their respective distribution and transfer agent fees. Transfer
agent fees for each Fund class are based on a per shareholder account charge.
All shareholders bear the common expenses of the Fund based upon daily net
assets of each class, without distinction between share classes.
G. Redemption Fees -- In general, shares of the Trust and Fund may be redeemed
at net asset value. However, upon the redemption of shares held less than 180
days, a fee of 1% of the current net asset value of the shares will generally be
assessed and retained by the Trust or Fund for the benefit of their respective
remaining shareholders in the manner, and subject to certain exceptions,
described in the Century Funds' prospectus. The redemption fee is accounted for
as an addition to paid-in-capital.
CENTURY FUNDS
13
(2) TRANSACTIONS IN SHARES
A. TRUST SHARES - The number of authorized shares is unlimited.
Transactions in Trust shares were as follows:
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, 2003
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
Sold 893,154 $ 32,017,331 1,387,152 $ 45,313,276
Issued to shareholders in reinvestment of distributions from:
Net investment income 63,989 2,153,874 20,924 660,462
Realized gain on investment transactions 657,334 22,125,848 730,060 21,745,807
---------- ------------ ---------- ------------
1,614,477 56,297,053 2,138,136 67,719,545
Repurchased (488,066) (17,466,623) (1,108,500) (36,063,223)
---------- ------------ ---------- ------------
Net increase 1,126,411 $ 38,830,430 1,029,636 $ 31,656,322
========== ============ ========== ============
B. FUND SHARES - The number of authorized shares is unlimited. Shares of
the Fund are currently divided into an Investor class and an Institutional
class. Transactions in Fund shares were as follows:
SIX MONTHS ENDED APRIL 30, 2004
INSTITUTIONAL CLASS INVESTOR CLASS
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
Sold 1,967,611 $ 44,361,274 3,351,310 $ 74,860,408
Issued to shareholders in reinvestment of distributions from:
Net investment income 96,666 2,066,710 174,258 3,702,961
Realized gain on investment transactions 20,693 442,409 36,415 773,818
---------- ------------ ---------- ------------
2,084,970 46,870,393 3,561,983 79,337,187
Repurchased (648,831) (14,149,765) (1,073,482) (23,881,222)
---------- ------------ ---------- ------------
Net increase 1,436,139 $ 32,720,628 2,488,501 $ 55,455,965
========== ============ ========== ============
YEAR ENDED OCTOBER 31, 2003
INSTITUTIONAL CLASS INVESTOR CLASS
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
Sold 1,389,691 $ 26,066,642 3,340,426 $ 61,478,782
Issued to shareholders in reinvestment of distributions from:
Net investment income 5,436 83,552 2,704 41,455
Realized gain on investment transactions 18,120 278,505 14,678 225,007
---------- ------------ ---------- ------------
1,413,247 26,428,699 3,357,808 61,745,244
Repurchased (258,129) (4,203,907) (324,990) (5,724,202)
---------- ------------ ---------- ------------
Net increase 1,155,118 $ 22,224,792 3,032,818 $ 56,021,042
========== ============ ========== ============
CENTURY FUNDS
14
(3) INVESTMENT SECURITY TRANSACTIONS
FOR THE TRUST, other than U.S. Government obligations and certificates of
deposit, purchases and sales of investment securities aggregated $79,452,947 and
$78,882,050, respectively, during the period ended April 30, 2004.
FOR THE FUND, other than U.S.Government obligations and certificates of deposit,
purchases and sales of investment securities aggregated $161,102,087 and
$80,018,315, respectively, during the period ended April 30, 2004.
(4) INVESTMENT ADVISER FEE
FOR THE TRUST, the investment adviser fee is earned by Century Capital
Management, LLC ("CCM"), as compensation for providing investment advisory,
management and administrative services to the Trust. CCM receives a monthly fee
equal on an annualized basis to 0.8% of the first $500 million and 0.7% of the
amounts exceeding $500 million of the Trust's net asset value. Officers and
Trustees of the Master Trust who are employed by CCM receive remuneration for
their services out of such investment adviser fee. The Trust has guaranteed
retirement benefits to be paid to former Trustees. Under the terms of the
Trust's Investment Advisory and Management Agreement with CCM, CCM will make all
such payments during the term of the advisory agreement. The amount of potential
future payments cannot be estimated due to the variability of amounts used to
determine the payment. Retirement benefits are payable over various periods.
FOR THE FUND, the investment adviser fee is earned by CCM as compensation for
providing investment advisory, management and administrative services to the
Fund. CCM receives a monthly fee equal on an annualized basis to 0.95% of the
Fund's net asset value. Officers and Trustees of the Master Trust who are
employed by CCM receive remuneration for their services out of such investment
adviser fee.
(5) ADMINISTRATION FEES -- The Trust has an Administration Agreement with CCM.
Under the agreement CCM shall provide or procure, at its expense, non-investment
advisory services to the Trust. CCMwill receive a monthly fee equal on an
annualized basis to 0.15% of the Trust's net asset value.
(6) ADVISER REIMBURSEMENT -- CCM has voluntarily waived a portion of its
management fee for both classes of the Fund and reimbursed certain other
expenses to the extent necessary so that net fund annual operating expenses
(exclusive of brokerage commissions, taxes, interest and litigation,
indemnification and other extraordinary expenses) will not exceed certain
expense limitations through at least February 28, 2005. The expense limitations
for the Investor and Institutional Class are 1.80% and 1.45%, respectively.
During the period ended April 30, 2004, the adviser made a voluntary
reimbursement of $20,865.
(7) DISTRIBUTION AND SERVICE PLAN -- The Fund has adopted a distribution and
service plan for the Investor class under Rule 12b-1 of the 1940 Act.
Distribution plans permit a fund to pay for all or a portion of the costs
incurred in connection with the distribution and/or servicing of shares. The
Investor Class currently pays a distribution and service fee equal to 0.25% of
the average daily net assets of the class. The plan may be terminated at any
time by the vote of a majority of the independent Trustees or by the vote of the
holders of a majority of the outstanding shares of the Investor class.
CENTURY FUNDS
15
(8) SPECIAL MEETING OF SHAREHOLDERS
A special meeting of the shareholders of the Master Trust, consisting of the
Trust and the Fund, was held on January 29, 2004. The Board of Trustees of the
Master Trust fixed the close of business on November 25, 2003 as the record date
for the determination of shareholders entitled to notice of, and to vote at, the
Meeting. The following table shows the number of shares of each class of the
Trust and the Fund outstanding as of the record date and the number of shares
represented at the meeting:
RECORD DATE SHARES REPRESENTED
NAME OF FUND SHARES AT THE MEETING
- ------------- --------- --------------
Century Shares Trust 9,609,428 6,166,674
Century Small Cap Select Fund:
Institutional Class 2,195,475 1,817,062
Investor Class 4,212,251 3,999,682
Below are the proposals voted on during the meeting:
1. To approve a new investment advisory agreement between each of the two
series of the Master Trust, Century Shares Trust and Century Small Cap
Select Fund (each, a "Fund"), and Century Capital Management, LLC, a
newly organized Delaware limited liability company that acquired
substantially all of the assets, and assumed all of the liabilities,
of the Funds' previous investment adviser, Century Capital Management,
Inc., as discussed in Part I of the Proxy Statement accompanying the
proxy. (Each investment advisory agreement was voted on only by
shareholders of the relevant Fund.)
Century Shares Century Small
Trust Cap Select Fund
--------- ---------------------
"For" 5,886,005 5,741,109
"Against" 148,033 43,156
"Abstaining" 132,635 32,479
2. To elect three Trustees to the Board of Trustees of the Master Trust,
as discussed in Part II of the accompanying Proxy Statement.
Trustee Votes "For" Votes "Withheld"
------- ----------- ----------------
Davis R. Fulkerson 11,727,118 256,301
Jerrold Mitchell 11,745,623 237,796
David D. Tripple 11,747,660 235,759
* John E. Beard, Ernest E. Monrad, Michael J. Poulos, Jerry S.
Rosenbloom and Alexander L. Thorndike continued as Trustees of the
Master Trust after the meeting.
CENTURY FUNDS
16
LOGO: CENTURY FUNDS
100 Federal Street Boston, Massachusetts 02110
GROWTH INVESTORS IN VALUE INDUSTRIES
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers
Not applicable.
Item 9. Submission of Matters to a vote of Security Holders.
Not applicable.
Item 10. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial
officer, after evaluating the effectiveness of the registrant's "disclosure
controls and procedures" (as defined in the Investment Company Act of 1940 Rule
30-a-3(c)) as of a date (the "Evaluation Date") within 90 days of the filing
date of this report, have concluded that, as of the Evaluation Date, the
registrant's disclosure controls and procedures were adequately designed to
ensure that the information required to be disclosed by the registrant in this
Form N-CSR is recorded, processed, summarized and reported within the time
periods specified in the Commission's rules and forms.
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d)) that occurred during the
registrant's last fiscal half-year (the registrant's second fiscal half-year in
the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
Items 11. Exhibits.
(a) Not applicable.
(b) Attached hereto.
Exhibit 99.CERT A separate certification for each principal
executive officer and principal financial officer
of the registrant as required by Rule 30a-2 of the
Investment Company Act of 1940.
Exhibit 99.906CERT Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Century Capital Management Trust
By: /s/ Alexander L. Thorndike
- --------------------------------
Alexander L. Thorndike, Chairman
Date: July 1, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Alexander L. Thorndike
- --------------------------------
Alexander L. Thorndike, Chairman (Principal Executive Officer)
Date: July 1, 2004
By: /s/ Steven Alfano
- --------------------------------
Steven Alfano, Secretary (Principal Financial Officer)
Date: July 1, 2004