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)
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, 2009
-----------------
ITEM 1. Report to Shareholders.
CENTURY FUNDS
Century Funds Semi-Annual Report
April 30, 2009
Century Shares Trust &
Century Small Cap Select Fund
TABLE OF CONTENTS
Page
Letter to Shareholders .............................................. 3
Semi-Annual Report:
Fund Summaries:
Century Shares Trust ........................................... 5
Century Small Cap Select Fund .................................. 8
Shareholder Expense Example .................................... 11
Financial Statements
Portfolios of Investments ...................................... 12
Statements of Assets and Liabilities ........................... 16
Statements of Operations ....................................... 17
Statements of Changes in Net Assets ............................ 18
Financial Highlights ................................................ 19
Notes to Financial Statements ....................................... 23
Approval of Investment Management Agreements ........................ 28
Century Funds Privacy Policy ........................................ 34
THIS REPORT IS SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF
CENTURY SHARES TRUST AND CENTURY SMALL CAP SELECT FUND (EACH A "FUND" AND
COLLECTIVELY, THE "FUNDS"). IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE
INVESTORS UNLESS IT IS PRECEDED OR ACCOMPANIED BY THE FUNDS' CURRENT PROSPECTUS,
WHICH INCLUDES INFORMATION REGARDING THE FUNDS' OBJECTIVE(S), RISKS, AND CHARGES
AND EXPENSES, EXPERIENCE OF ITS MANAGEMENT, AND OTHER INFORMATION. THE FUNDS'
PROSPECTUS CONTAINS THIS AND OTHER IMPORTANT INFORMATION ABOUT THE FUNDS. PLEASE
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.
Investments in mutual funds involve risks. CENTURY SMALL CAP SELECT FUND
concentrates its investments in the financial services and health care group of
industries. Concentration in a particular industry subjects the Fund to the
risks associated with that industry and, as a result, the Fund may be subject to
greater price volatility than funds with less concentrated portfolios. In
addition, the Fund invests in smaller companies which pose greater risks than
those associated with larger, more established companies. CENTURY SHARES TRUST
may invest a significant portion of assets in securities of companies within the
same market sector. If the Fund's portfolio is over weighted in a sector, any
negative development affecting that sector will have a greater impact on the
Fund than a fund that is not over weighted in that sector.
The views in this report were those of the Century Funds' Chief Investment
Officer and Portfolio Managers as of April 30, 2009 and may not reflect their
views on the date that this report is first published or anytime thereafter.
These views are intended to assist shareholders in understanding their
investments and do not constitute investment advice. There is no assurance that
the Funds will continue to invest in the securities mentioned.
Foreside Fund Services, LLC, Distributor.
CENTURY
CENTURY FUNDS
DEAR FELLOW SHAREHOLDERS:
It has been an eventful six months since you received our 2008 Annual Report to
Shareholders. Although many of the uncertainties that we addressed in our "good
news/bad news" review remain, such as rising unemployment and credit concerns,
we believe that the recession is stabilizing and a recovery is slowly gaining
ground. In this letter, we hope to provide you a better understanding of the
current economic environment, outline our remaining concerns, share the reasons
for our optimism, and provide you with an update on your investment in the
Century Funds.
Banks are writing down bad credit and removing leverage from their balance
sheets, but we have yet to see a significant increase in lending activity.
Lending, is a vital stimulant to the recovery, and it may take at least another
year before we return to "normal" borrowing conditions. Although residential
mortgage debt conditions have eased considerably, commercial real estate and
credit card delinquencies are troubling and continue to rise. The unemployment
rate stands at 8.9% on April 30th and may approach 10% later this year.
There are patches of blue sky overhead, as business conditions are "less worse"
or improved since our annual report. Inventories declined over the first quarter
of 2009 and consumer confidence and spending have experienced small increases.
We have just completed the first quarter earnings' reporting season, and many
management teams have begun to see demand pick up and/or were able to offset
lower revenues with lower operating and input expenses. We are encouraged by
these stabilizing trends, but we continue to emphasize that the road to recovery
ahead is likely to be bumpy.
The S&P 500 Index rallied 29% from its March 9th low through the end of April.
Although significant assets remain in money market holdings, there has been a
tangible increase in investors' willingness to assume and re-engage in the
equity markets. It is interesting to observe that the lowest quality companies
generally fell the hardest and rebounded the quickest during the recent downturn
and rally. It is our belief that the highest quality business franchises are
best-positioned to gain market share and profitability, as the roots of a
recovery take hold and investors begin to focus on sustainable growth
characteristics.
Several questions remain. How deep and prolonged will this recession be? We know
that earnings tend to drive stock market performance and that earnings
visibility remains weak. We expressed our concern regarding unrealistic earnings
expectations in our last report. Those expectations were revised downward
considerably, and the 2009 first quarter results saw some upside surprises as a
result. This stability is an important first stage in gaining confidence in
future earnings predictability and growth.
What is the depth and duration of the government's growing role in the overall
economy? More regulation, higher taxes, and expanding social programs are
expected over the coming year. As the crisis has unfolded, the government's
substantial involvement in the financial services industry helped provide
necessary stability and assurance to investors. What the government has yet to
convey is the length of its participation in the private sector and how it will
ultimately extract its investments. In our view, these unanswered questions cast
a longer shadow over the future of the automotive, financial services and health
care industries.
It is too early to assess the government's impact on the automotive and health
care sectors, but we do know that the financial services industry as a whole
will face more regulation. As the chair of the Securities and Exchange
Commission, Mary Schapiro, recently stated, "We're
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CENTURY FUNDS 3
entering one of the most active rule-making periods in the Commission's
history." The scope and shape of that regulation has yet to be identified, but
we believe financial services will shrink as a component of the economy, and we
may see a return to smaller firms and simpler, more transparent transactions.
Financial services is an inherently trust-based industry, where assets migrate
quickly to managers who act as prudent fiduciaries and aim to provide an
appropriate level of reward for the risk being assumed. The events of the past
year (from the Lehman Brothers' bankruptcy to the Madoff scandal) have damaged
this fragile concept of trust. Removing the confusion around financial products
and providing straightforward investment vehicles is a good start. We also must
hold ourselves and corporate America to a higher ethical standard in order to
begin the restoration of client trust and faith.
We believe corporate governance and compensation practices will be questioned
and become a higher priority for investors. Auditors, boards, lawyers,
investors, clients, and employees will more closely scrutinize corporate
business risks and compensation incentives. This may lead to executive
performance goals being assessed over longer periods and encompassing more
risk-based characteristics. We believe higher quality management teams will
benefit over time from this longer-term ownership orientation. We would expect
to see this heightened appreciation for good corporate governance to show up in
higher valuations, proxy voting initiatives, and better disclosure around
corporate compensation incentives and practices over the next few years.
This has been a very difficult year for investors. Despite these challenges, we
believe it is important to keep a long-term perspective. We are encouraged by
the recent signs of spring we are seeing in this recession, and believe that the
outlook for equities looks very promising over the next 2-3 years.
We appreciate your investment in the Century Funds and the implicit trust that
comes with it. We will continue to work hard to help you reach your financial
goals. We look forward to strengthening your trust this year and, as always,
invite your questions and comments.
Respectfully submitted,
/s/ Alexander L. Thorndike
Alexander L. Thorndike
Chairman of the Century Funds
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4 CENTURY FUNDS
CENTURY SHARES TRUST COMMENTARY
HOW DID THE PORTFOLIO PERFORM?
For the six-month period ended April 30, 2009, Century Shares Trust's
Institutional and Investor Shares outperformed the S&P 500 Index returning
- -5.21% and -5.33%, respectively, versus the return of the S&P 500 Index of
- -8.53% for the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
Performance was mixed due to the see-saw swings in the stock market. The S&P 500
Index started off by declining 22% in just the first three weeks of November,
before rebounding a healthy 23% over the following six weeks. Unfortunately, the
uncertain economic outlook throughout the business world spurred investors to
sell stocks again, and the S&P 500 proceeded to fall 27% over the next two
months. By early March, the economy "stopped getting worse" and the market
bounced back by the end of April.
In terms of Fund performance, the Portfolio's relatively defensive position
helped performance during the downdrafts in the stock market. The Portfolio was
overweight the Health Care and Consumer Staples sectors, which tend to be
steady, consistent performers. This positioning helped performance in November
in the face of a declining stock market. However, when low quality, more
volatile stocks rebounded in December and early January, the Portfolio's
performance lagged. Then as the stock market proceeded to establish a new low in
early March, the Portfolio outperformed the S&P 500 Index. Finally, with another
low quality rally from early March through the end of April, Portfolio
performance lagged.
Sector allocation was the primary driver of Portfolio performance for the past 6
months. The Portfolio's overweight position in the information technology sector
and underweight position in the financial sector were the primary drivers of
performance. MasterCard (a payment processor), Qualcomm (a wireless
telecommunication firm) and Oracle (an enterprise software provider) were the
biggest contributors to information technology performance. Stericycle (a
medical waste disposal company), Burger King (a hamburger restaurant chain) and
Fluor Corp (an engineering and construction firm) were the largest detractors
from performance.
DESCRIBE RECENT PORTFOLIO ACTIVITY.
The Portfolio's sector weights changed primarily on the expectation that the
economy and the stock market will gradually improve. The changes to the
portfolio were incremental in nature. Exposure to the more defensively-oriented
sectors such as health care and consumer staples decreased while exposure to
more cyclically-oriented sectors such as information technology and consumer
discretionary increased. In terms of individual holdings, we eliminated Perrigo
(a manufacturer of OTC and prescription drugs) and Kroger (a supermarket
retailer) from the portfolio, while adding to Qualcomm and Google (an internet
search engine).
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CENTURY FUNDS 5
CENTURY SHARES TRUST COMMENTARY (CONTINUED)
DESCRIBE PORTFOLIO POSITIONING AT PERIOD-END.
We believe the Portfolio is well-positioned for a gradual improvement in the
economy. We are not anticipating a sharp rebound in the economy, due to the
dislocation in the financial services industry, the overleveraged consumer and
the excess supply of housing on the market. We believe that the companies that
will do well in a gradually improving economy are those that are poised to be
profitable, have high levels of recurring revenue, have sufficient cash flow to
self-fund their growth and are managed with an owner/operator attitude. It is
these attractive, higher quality companies that we seek to comprise the core of
the Century Shares Trust portfolio.
TEN LARGEST HOLDINGS*
Express Scripts, Inc. 3.85%
PHARMACY BENEFIT MANAGEMENT COMPANY
Oracle Corp. 3.78%
ENTERPRISE SOFTWARE PROVIDER
Ecolab, Inc. 3.18%
CLEANING AND SANITATION COMPANY
International Business Machines
Corp. (IBM) 3.14%
INFORMATION TECHNOLOGY COMPANY
Qualcomm, Inc. 3.02%
WIRELESS COMMUNICATION COMPANY
Accenture Ltd. 3.00%
MANAGEMENT CONSULTING AND TECHNOLOGY
SERVICES COMPANY
Stericycle, Inc. 2.97%
MEDICAL WASTE DISPOSAL COMPANY
Cisco Systems, Inc. 2.90%
INTERNET PROTOCOL (IP)-BASED
NETWORKING COMPANY
CH Robinson Worldwide, Inc. 2.78%
THIRD PARTY LOGISTICS COMPANY
Paychex, Inc. 2.67%
PAYROLL, HUMAN RESOURCE AND EMPLOYEE
BENEFITS PROVIDER
Portfolio Composition April 30, 2009*
INFORMATION TECHNOLOGY 29.5%
HEALTH CARE 12.9%
INDUSTRIALS 11.3%
CONSUMER DISCRETIONARY 10.8%
FINANCIAL SERVICES 9.8%
CONSUMER STAPLES 9.6%
ENERGY 8.6%
CASH (NET) 4.3%
MATERIALS 3.2%
*Based on the Fund's net assets at 4/30/09 and subject to change
- -------
6
CENTURY FUNDS
PERFORMANCE SUMMARY
CENTURY SHARES TRUST (CST) - INSTITUTIONAL SHARES AND INVESTOR SHARES
THE PERFORMANCE INFORMATION SHOWN BELOW IS HISTORICAL AND DOES NOT GUARANTEE
FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE FLUCTUATE WITH CHANGING
MARKET CONDITIONS SO THAT, WHEN REDEEMED, SHARES MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE SUBSTANTIALLY LOWER OR HIGHER
THAN THE FUND'S HISTORICAL PERFORMANCE. PLEASE CALL (800) 321-1928 FOR THE
FUND'S MOST RECENT MONTH-END PERFORMANCE. AS STATED IN THE FUND'S CURRENT
PROSPECTUS, THE TOTAL (GROSS) ANNUAL OPERATING EXPENSE, IS 1.17% FOR THE
INSTITUTIONAL SHARES AND 1.61% FOR THE INVESTOR SHARES. THE ADVISER HAS AGREED
CONTRACTUALLY TO REIMBURSE OR PAY OPERATING EXPENSES FOR THE FUND'S INVESTOR
SHARES TO THE EXTENT NECESSARY TO MAINTAIN NET OPERATING EXPENSES AT 1.45%
THROUGH FEBRUARY 28, 2010. RETURNS WOULD HAVE BEEN LOWER DURING RELEVANT PERIODS
IF CERTAIN FEES HAD NOT BEEN WAIVED OR EXPENSES REIMBURSED. TO DISCOURAGE
SHORT-TERM TRADING, THE FUND MAY IMPOSE A REDEMPTION FEE OF 1.00% ON SHARES HELD
LESS THAN 90 DAYS. PERFORMANCE FIGURES AND GRAPHS DO NOT REFLECT THE DEDUCTION
OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTION OF
FUND SHARES. RETURNS MAY VARY BY SHARE CLASS.
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/09 (%)
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
CENTURY SHARES TRUST INSTITUTIONAL SHARES -29.86 -9.25 -2.70 1.40
S&P 500 INDEX -35.31 -10.76 -2.70 -2.48
RUSSELL 1000 GROWTH INDEX -31.57 -8.49 -2.39 -4.40
SINCE
1 YEAR 3 YEARS INCEPTION*
------ ------- ----------
CENTURY SHARES TRUST INVESTOR SHARES -30.05 -9.59 -6.18
S&P 500 INDEX -35.31 -10.76 -6.55
RUSSELL 1000 GROWTH INDEX -31.57 -8.49 -5.18
Sources: Century Capital Management, LLC, S&P and Russell
GROWTH OF $100,000
LINE CHART:
Institutional Shares
CST S&P 500
4/99 100000 100000
100899 97639
99651 103057
95732 99839
88378 99345
79901 96622
89787 102736
85207 104825
85773 110999
77801 105422
67804 103426
86248 113544
83449 110128
92146 107869
84337 110528
93886 108800
100671 115558
107054 109457
112483 108994
109668 100401
117886 100893
110012 104472
109491 94946
108887 88932
4/01 110423 95842
116240 96485
117639 94136
114392 93210
111089 87375
110787 80319
108695 81850
114557 88129
114914 88901
112895 87604
115969 85914
118743 89145
120220 83741
119195 83124
114462 77202
105376 71184
104803 71652
97196 63865
102479 69486
104471 73576
100473 69253
98627 67439
95270 66427
98056 67072
4/03 106315 72597
111451 76422
111215 77397
114510 78761
115686 80297
114678 79445
119889 83939
122142 84677
125622 89118
129874 90754
134529 92016
133576 90627
131816 89205
132623 90429
134309 92187
129464 89136
129501 89497
131042 90466
130749 91848
136088 95564
141340 98816
137983 96408
138597 98436
136837 96693
4/05 135813 94859
140890 97878
142486 98017
144210 101662
142239 100734
144005 101550
145360 99857
150873 103634
150302 103670
150481 106415
151418 106704
152399 108032
153782 109483
149499 106332
149694 106476
150681 107132
154764 109681
157906 112508
160149 116174
162076 118383
165366 120044
166512 121860
163919 119476
164763 120812
170553 126164
176282 130566
173746 128397
168770 124416
172350 126281
177508 131004
179147 133088
176416 127524
176393 126639
165126 119043
160541 115176
156345 114679
163883 120264
167768 121822
156458 111552
155288 110614
156302 112214
143505 102215
121265 85048
113071 78945
112446 79785
105643 73061
100169 65281
106503 71000
4/09 114948 77795
GROWTH OF $10,000
LINE CHART:
Investor Shares*
CST S&P500
7/18/05 10000 10000
10011 10113
9871 10020
9997 10102
10/05 10100 9933
10484 10309
10435 10312
10432 10585
10488 10614
10543 10746
4/06 10630 10891
10323 10577
10330 10591
10389 10657
10666 10910
10878 11192
10/06 11027 11556
11154 11776
11375 11941
11445 12122
11262 11885
11316 12018
4/07 11712 12550
12098 12988
11924 12772
11578 12376
11819 12562
12174 13031
10/07 12282 13239
12094 12685
12099 12597
11324 11842
11006 11457
10714 11407
4/08 11229 11963
11499 12118
10722 11096
10642 11003
10706 11162
9821 10168
10/08 8297 8460
7754 7853
7711 7937
7242 7268
6858 6494
7290 7063
4/09 7865 7739
The graphs and table reflect the change in value of a hypothetical investment in
the Fund, including reinvest of dividends and distributions, compared with the
listed indices.
Index returns assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees or expenses. It is not possible to invest directly in an index.
Minimum initial investment for Institutional Shares is $100,000.
The Russell 1000(R) Growth Index measures the performance of the large-cap
growth segment of the U.S. equity universe. It includes those Russell 1000
companies with higher price-to-book ratios and higher forecasted growth values.
The S&P 500(R) Index is a broad based unmanaged index representing the
performance of 500 widely held common stocks. One cannot invest directly in an
index.
* INCEPTION DATE 7/18/05
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CENTURY FUNDS 7
CENTURY SMALL CAP SELECT FUND COMMENTARY
HOW DID THE PORTFOLIO PERFORM?
For the six-month period ended April 30, 2009, Century Small Cap Select Fund's
Institutional Shares and Investor Shares underperformed the Russell 2000 Growth
Index, returning -6.29% and -6.47%, respectively, versus the return of the
Russell 2000 Growth Index of -3.77% for the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
Performance was noteworthy for the dramatic swings in both stock price movements
and the disparity of high quality and low quality stocks. Due to the sharp
drop-off in economic activity beginning in late 2008, the Portfolio's relatively
defensive position benefited performance during the first half of the period.
However, with the sharp rebound during the second half of the period, led by
lower quality stocks, the Portfolio's defensiveness in consumer-oriented
companies lagged its benchmark.
Strength in sector allocation was more than offset by weakness in stock
selection. Underweighting the industrial and energy sectors were the primary
contributors to relative performance, followed by a slight underweight of the
health care sector. In contrast, underweighting consumer discretionary stocks
partially offset performance from the other sectors. In terms of stock
selection, health care stocks as a group contributed the most along with j2
Global Communications (a communication services firm) and General Cable Corp (a
wire and cable manufacturer). Stocks that detracted from performance included
Grey Wolf (a land driller) and Cardtronics (a provider of ATM solutions).
DESCRIBE RECENT PORTFOLIO ACTIVITY.
The Portfolio's sector weights shifted as a result of positioning the portfolio
for an eventual recovery in the stock market. As we mentioned earlier, we do not
expect the recovery to occur overnight, but rather for it to occur gradually
over time. Most of the changes to the portfolio were incremental and reflect a
modest shift toward more growth-oriented companies and away from
defensive-oriented companies. In terms of sector allocations, exposure to the
health care, financial services and consumer staples sectors was reduced, while
exposure to information technology and materials was increased.
- -------
8 CENTURY FUNDS
CENTURY SMALL CAP SELECT FUND COMMENTARY (CONTINUED)
DESCRIBE PORTFOLIO POSITIONING AT PERIOD-END.
We believe the Portfolio is well-positioned to take advantage of a stock market
that will be led by higher quality growth stocks. It is our belief that these
are some of the companies that will gain market share and profitability, as the
roots of a recovery take hold and investors begin to focus on sustainable growth
characteristics. We believe investing in low capital intensive companies that
have historically generated consistent profitability and growth are likely to
outpace more capital intensive and cyclical companies. With that in mind, the
Portfolio is modestly overweight information technology and materials stocks,
while being modestly underweight consumer discretionary and industrial stocks.
Regardless of the sector, we seek to invest in companies with attractive
business models, solid financial strength, healthy cash flows, strong management
teams and reasonable valuations.
Ten Largest Holdings*
Websense, Inc. 2.88%
WEB SECURITY SOFTWARE COMPANY
Platinum Underwriters
Holdings, Ltd. 2.87%
PROVIDER OF PROPERTY, CASUALTY AND
FINITE RISK REINSURANCE
John Wiley & Sons, Inc. 2.83%
PUBLISHER OF EDUCATIONAL MATERIALS
j2 Global Communications, Inc. 2.81%
COMMUNICATION SERVICES COMPANY
MFA Financial, Inc. 2.69%
REAL ESTATE INVESTMENT TRUST
VCA Antech, Inc. 2.54%
ANIMAL HEALTHCARE SERVICES COMPANY
Bruker Corp. 2.47%
MANUFACTURER OF SCIENTIFIC INSTRUMENTATION
Universal Health
Services, Inc. CL B 2.29%
HOSPITAL MANAGEMENT COMPANY
Applied Industrial
Technologies, Inc. 2.26%
DISTRIBUTOR OF INDUSTRIAL PRODUCTS
Cornell Companies, Inc. 2.24%
CORRECTIONAL SERVICES COMPANY
Portfolio Composition April 30, 2009*
INFORMATION TECHNOLOGY 25.8%
HEALTH CARE 22.5%
INDUSTRIALS 13.4%
CONSUMER DISCRETIONARY 10.4%
FINANCIAL SERVICES 9.3%
MATERIALS 6.2%
CASH (NET) 4.2%
ENERGY 4.1%
CONSUMER STAPLES 3.1%
UTILITIES 1.0%
*Based on the Fund's net assets at 4/30/09 and subject to change.
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CENTURY FUNDS 9
PERFORMANCE SUMMARY
CENTURY SMALL CAP SELECT FUND - INSTITUTIONAL SHARES AND INVESTOR SHARES
THE PERFORMANCE INFORMATION SHOWN BELOW IS HISTORICAL AND DOES NOT GUARANTEE
FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE FLUCTUATE WITH CHANGING
MARKET CONDITIONS SO THAT, WHEN REDEEMED, SHARES MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE SUBSTANTIALLY LOWER OR HIGHER
THAN THE FUND'S HISTORICAL PERFORMANCE. PLEASE CALL (800) 321-1928 FOR THE
FUND'S MOST RECENT MONTH-END PERFORMANCE. AS STATED IN THE FUND'S CURRENT
PROSPECTUS, THE TOTAL (GROSS) ANNUAL OPERATING EXPENSES IS 1.50% FOR THE
INVESTOR SHARES AND 1.11% FOR THE INSTITUTIONAL SHARES. RETURNS WOULD HAVE BEEN
LOWER DURING RELEVANT PERIODS IF CERTAIN FEES HAD NOT BEEN WAIVED OR EXPENSES
REIMBURSED. TO DISCOURAGE SHORT-TERM TRADING, THE FUND MAY IMPOSE A REDEMPTION
FEE OF 1.00% ON SHARES HELD LESS THAN 90 DAYS. PERFORMANCE FIGURES AND GRAPHS DO
NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND
DISTRIBUTIONS OR REDEMPTION OF FUND SHARES. RETURNS MAY VARY BY SHARE CLASS.
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/09 (%)
SINCE
1 YEAR 3 YEARS 5 YEARS INCEPTION*
------ ------- ------- ----------
CENTURY SMALL CAP SELECT INSTITUTIONAL SHARES -34.68 -14.28 -4.46 7.33
RUSSELL 2000 GROWTH INDEX -30.36 -12.10 -1.67 -3.02
RUSSELL 2000 INDEX -30.74 -12.72 -1.45 1.83
SINCE
1 YEAR 3 YEARS 5 YEARS INCEPTION**
------ ------- ------- -----------
CENTURY SMALL CAP SELECT INVESTOR SHARES -34.96 -14.58 -4.78 6.94
RUSSELL 2000 GROWTH INDEX -30.36 -12.10 -1.67 -5.82
RUSSELL 2000 INDEX -30.74 -12.72 -1.45 -0.09
Sources: Century Capital Management, LLC and Russell
GROWTH OF $100,000
LINE CHART:
Institutional Shares*
CSCS Institutional Russell 2000 Growth
Dec-99 100000 100000
100100 111454
101000 110416
101600 136106
111600 121800
Apr-00 111500 109502
114100 99914
116100 112821
123900 103152
132800 114002
140100 108338
145700 99544
143200 81470
155100 86455
153043 93453
149135 80643
141009 73311
Apr-01 148620 82286
154380 84192
160860 86488
160243 79110
157466 74170
153557 62202
151089 68186
157157 73877
164100 78477
163374 75685
165965 70787
174362 76939
Apr-02 175917 75275
175710 70873
167520 64863
157672 54894
160368 54869
152386 50906
159849 53481
169594 58782
165328 54728
163087 53242
161486 51822
164368 52607
Apr-03 173760 57585
187102 64075
194360 65309
204819 70246
210370 74020
213678 72146
229795 78378
242283 80934
243513 81295
255875 85566
254526 85434
253178 85833
Apr-04 244188 81524
244862 83146
253739 85913
240255 78201
236209 76518
248570 80749
252391 82711
263496 89702
273515 92926
265569 88740
274436 89958
274091 86583
Apr-05 266605 81073
272133 86789
279043 89595
292402 95858
286068 94507
285492 95256
278121 91736
286813 96930
284577 96785
301997 106121
300361 105555
308662 110686
Apr-06 308662 110366
296385 102599
292995 102661
285395 97328
290072 100179
295099 100857
300945 107392
311071 109963
311838 109702
316723 111743
313895 111389
320579 112418
Apr-07 326749 115365
341402 120631
338060 119936
316851 113709
323278 116569
328805 119955
335875 125356
315180 116699
320710 117432
292779 106659
284840 102967
286541 102368
Apr-08 297600 107628
309226 113724
290086 106945
286116 109432
296324 112150
265274 99475
207427 77885
192965 68460
194666 72174
177369 66683
165601 59778
176944 65144
Apr-09 194383 74948
GROWTH OF $10,000
LINE CHART:
Investor Shares**
CSCS Investor Russell 2000 Growth
Feb-00 10000 10000
10010 10472
10940 9372
Apr-00 10920 8425
11180 7688
11380 8681
12130 7937
13000 8772
13710 8336
14260 7659
14000 6269
15170 6652
14978 7191
14633 6205
13843 5641
Apr-01 14593 6331
15150 6478
15798 6655
15727 6087
15443 5707
15059 4786
14785 5246
15383 5684
16061 6038
15990 5823
16244 5447
17055 5920
Apr-02 17208 5792
17177 5453
16366 4991
15412 4224
15665 4222
14854 3917
15574 4115
16518 4523
16090 4211
15871 4097
15714 3987
15996 4048
Apr-03 16902 4431
18174 4930
18872 5025
19883 5405
20414 5695
20727 5551
22290 6031
23488 6227
23608 6255
24792 6584
24660 6574
24518 6604
Apr-04 23652 6273
23707 6397
24562 6610
23246 6017
22841 5887
24036 6213
24397 6364
25469 6902
26424 7150
25649 6828
26503 6922
26469 6662
Apr-05 25739 6238
26267 6678
26930 6894
28211 7376
27604 7272
27537 7329
26806 7058
27643 7458
27416 7447
29089 8165
28929 8122
29715 8516
Apr-06 29703 8492
28520 7894
28178 7899
27438 7489
27882 7708
28360 7760
28907 8263
29881 8461
29956 8441
30406 8598
30131 8571
30769 8650
Apr-07 31357 8876
32746 9282
32421 9228
30381 8749
30982 8969
31508 9230
32183 9645
30181 8979
30698 9036
28027 8207
27256 7923
27408 7876
Apr-08 28468 8281
29555 8750
27724 8229
27325 8420
28289 8629
25329 7654
19795 5993
18419 5267
18570 5553
16918 5131
15789 4599
16863 5012
Apr-09 18515 5767
The graphs and table reflect the change in value of a hypothetical investment in
the Fund, including reinvest of dividends and distributions, compared with the
listed indices.
Index returns assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees or expenses. It is not possible to invest directly in an index.
Minimum initial investment for Institutional Shares is $100,000.
The Russell 2000(R) Growth Index measures the performance of the small-cap
growth segment of the U.S. equity universe. It includes those Russell 2000(R)
companies with higher price-to-value ratios and higher forecasted growth values.
* INCEPTION DATE 12/9/99
** INCEPTION DATE 2/24/00
- -------
10 CENTURY FUNDS
SHAREHOLDER EXPENSE EXAMPLE
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs
including redemption fees, and (2) ongoing costs, including management fees,
distribution and service fees (in the case of Investor Shares of both Funds) and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare those costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period (November 1, 2008 to April 30, 2009).
ACTUAL EXPENSES
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000.00 (for example, an $8,600
account value divided by $1,000.00=8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period. An annual
maintenance fee of $10.00 that is charged once a year may apply for certain IRA
accounts. This fee is not included in the table below. If it were, the estimate
of expenses you paid during the period would be higher, and your ending account
value lower, by this amount.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transaction costs such as redemption
fees. Therefore, the second line of the table is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
CENTURY SHARES TRUST EXPENSES PAID
BEGINNING ENDING DURING PERIOD*
ACCOUNT VALUE ACCOUNT VALUE SIX MONTHS ENDING
NOVEMBER 1, 2008 APRIL 30, 2009 APRIL 30, 2009
---------------- -------------- --------------
Based on Actual Fund Return
Institutional Shares $1,000.00 $947.90 $5.75
Investor Shares $1,000.00 $946.70 $7.00
Based on Hypothetical 5% Yearly Return before expenses
Institutional Shares $1,000.00 $1,018.89 $5.96
Investor Shares $1,000.00 $1,017.60 $7.25
* The Fund's annualized expense ratios are 1.19% for Institutional Shares and
1.45% for Investor Shares. The dollar amounts shown as "Expenses Paid" are
equal to the annual expense ratio multiplied by the average account value
over the period, multiplied by the number of days in the most recent fiscal
half-year, then divided by 365.
CENTURY SMALL CAP SELECT FUND EXPENSES PAID
BEGINNING ENDING DURING PERIOD*
ACCOUNT VALUE ACCOUNT VALUE SIX MONTHS ENDING
NOVEMBER 1, 2008 APRIL 30, 2009 APRIL 30, 2009
---------------- -------------- --------------
Based on Actual Fund Return
Institutional Shares $1,000.00 $937.10 $5.43
Investor Shares $1,000.00 $935.30 $7.29
Based on Hypothetical 5% Yearly Return before expenses
Institutional Shares $1,000.00 $1,019.19 $5.66
Investor Shares $1,000.00 $1,017.26 $7.60
* The Fund's annualized expense ratios are 1.13% for Institutional Shares and
1.52% for Investor Shares. The dollar amounts shown as "Expenses Paid" are
equal to the annual expense ratio multiplied by the average account value
over the period, multiplied by the number of days in the most recent fiscal
half-year, then divided by 365.
-------
CENTURY FUNDS 11
CENTURY SHARES TRUST
PORTFOLIO OF INVESTMENTS - AS OF APRIL 30, 2009 - (UNAUDITED)
COMMON STOCK - 95.7%
SHARES VALUE
- ------ -----
CONSUMER DISCRETIONARY - 10.8%
DIVERSIFIED CONSUMER SERVICES - 2.4%
19,300 Strayer Education, Inc. $ 3,655,613
------------
HOTELS, RESTAURANTS & LEISURE - 1.5%
156,150 Starbucks Corp.* 2,257,929
------------
MEDIA - 2.3%
141,200 The DIRECTV Group, Inc.* 3,491,876
------------
SPECIALTY RETAIL - 4.6%
51,850 Advance Auto Parts, Inc. 2,268,438
109,850 GameStop Corp. Class A* 3,313,076
38,200 Ross Stores, Inc. 1,449,308
------------
7,030,822
------------
16,436,240
------------
CONSUMER STAPLES - 9.6%
BEVERAGES - 1.9%
56,350 PepsiCo, Inc. 2,803,976
------------
FOOD AND STAPLES RETAILING - 4.7%
123,150 CVS Caremark Corp. 3,913,707
64,000 Wal-Mart Stores, Inc. 3,225,600
------------
7,139,307
------------
FOOD PRODUCTS - 1.9%
165,000 ConAgra Foods, Inc. 2,920,500
------------
PERSONAL PRODUCTS - 1.1%
74,250 Avon Products, Inc. 1,689,930
------------
14,553,713
------------
ENERGY - 8.6%
ENERGY EQUIPMENT AND SERVICES - 2.0%
62,200 Schlumberger Ltd. 3,047,178
------------
OIL, GAS AND CONSUMABLE FUELS - 6.6%
85,100 CONSOL Energy, Inc. 2,661,928
51,700 Devon Energy Corp. 2,680,645
100,650 Helmerich & Payne, Inc. 3,102,033
45,200 XTO Energy, Inc. 1,566,632
------------
10,011,238
------------
13,058,416
------------
SHARES VALUE
- ------ -----
FINANCIALS - 9.8%
CAPITAL MARKETS - 2.3%
92,850 The Charles Schwab Corp. $ 1,715,868
13,450 The Goldman Sachs Group, Inc. 1,728,325
------------
3,444,193
------------
DIVERSIFIED FINANCIAL SERVICES - 3.5%
95,250 J.P. Morgan Chase & Co. 3,143,250
95,600 NYSE Euronext 2,215,052
------------
5,358,302
------------
INSURANCE - 4.0%
35,450 Aon Corp. 1,495,990
35 Berkshire Hathaway, Inc. Class A* 3,290,000
34,200 The Chubb Corp. 1,332,090
------------
6,118,080
------------
14,920,575
------------
HEALTH CARE - 12.9%
BIOTECHNOLOGY - 1.9%
62,850 Gilead Sciences, Inc.* 2,878,530
------------
HEALTH CARE EQUIPMENT AND SUPPLIES - 1.2%
24,900 C.R. Bard, Inc. 1,783,587
------------
HEALTH CARE PROVIDERS AND SERVICES - 6.8%
80,650 AmerisourceBergen Corp. 2,713,066
91,400 Express Scripts, Inc.* 5,846,858
28,250 Laboratory Corp. of America
Holdings* 1,812,237
------------
10,372,161
------------
LIFE SCIENCES TOOLS AND SERVICES - 1.8%
47,050 TECHNE Corp. 2,692,201
------------
PHARMACEUTICALS - 1.2%
99,850 Bristol-Myers Squibb Co. 1,917,120
------------
19,643,599
------------
INDUSTRIALS - 11.3%
AIR FREIGHT AND LOGISTICS - 2.8%
79,450 CH Robinson Worldwide, Inc. 4,223,562
------------
COMMERCIAL SERVICES AND SUPPLIES - 3.0%
95,950 Stericycle, Inc.* 4,517,326
------------
See notes to financial statements.
- -------
12 CENTURY FUNDS
CENTURY SHARES TRUST (CONTINUED)
PORTFOLIO OF INVESTMENTS - AS OF APRIL 30, 2009 - (UNAUDITED)
SHARES VALUE
- ------ -----
INDUSTRIALS (CONTINUED)
MACHINERY - 1.7%
63,450 Deere & Co. $ 2,617,947
------------
ROAD AND RAIL - 1.6%
82,900 CSX Corp. 2,453,011
------------
TRADING COMPANIES AND DISTRIBUTORS - 2.2%
40,450 WW Grainger, Inc. 3,392,946
------------
17,204,792
------------
INFORMATION TECHNOLOGY - 29.5%
COMMUNICATIONS EQUIPMENT - 5.9%
228,300 Cisco Systems, Inc.* 4,410,756
108,550 Qualcomm, Inc. 4,593,836
------------
9,004,592
------------
COMPUTERS AND PERIPHERALS - 4.6%
17,600 Apple, Inc.* 2,214,608
46,300 International Business Machines
Corp. (IBM) 4,778,623
------------
6,993,231
------------
INTERNET SOFTWARE AND SERVICES - 2.3%
8,900 Google, Inc. Class A* 3,524,133
------------
IT SERVICES - 8.3%
154,950 Accenture Ltd. 4,560,179
21,500 MasterCard, Inc. Class A 3,944,175
150,100 Paychex, Inc. 4,054,201
------------
12,558,555
------------
SEMICONDUCTORS AND
SEMICONDUCTOR EQUIPMENT - 2.0%
146,200 Xilinx, Inc. 2,988,328
------------
SOFTWARE - 6.4%
196,890 Microsoft Corp. 3,988,991
296,950 Oracle Corp. 5,743,013
------------
9,732,004
------------
44,800,843
------------
SHARES VALUE
- ------ -----
MATERIALS - 3.2%
CHEMICALS - 3.2%
125,300 Ecolab, Inc. $ 4,830,315
------------
TOTAL INVESTMENT IN COMMON STOCKS - 95.7%
(Identified cost, $131,035,879) 145,448,493
------------
SHORT-TERM INVESTMENT - 6.4%
(Identified cost, $9,741,140)
9,741,140 SSgA Government Money
Market Fund 9,741,140
------------
TOTAL INVESTMENTS - 102.1%
(Identified cost, $140,777,019) 155,189,633
------------
CASH AND RECEIVABLES
LESS LIABILITIES - (2.1)%
Liabilities in Excess of Other Assets (3,165,981)
------------
NET ASSETS - 100% $152,023,652
============
* Non-income producing security
See notes to financial statements.
-------
CENTURY FUNDS 13
CENTURY SMALL CAP SELECT FUND
PORTFOLIO OF INVESTMENTS - AS OF APRIL 30, 2009 - (UNAUDITED)
COMMON STOCK - 95.8%
SHARES VALUE
- ------ -----
CONSUMER DISCRETIONARY - 10.4%
DIVERSIFIED CONSUMER SERVICES - 2.5%
93,150 Capella Education Co.* $ 4,786,047
85,250 Matthews International Corp. 2,670,030
------------
7,456,077
------------
FOOD PRODUCTS - 0.7%
34,650 Chipotle Mexican Grill, Inc.
Class B* 2,269,922
------------
INTERNET AND CATALOG RETAIL - 2.1%
64,050 Priceline.com, Inc.* 6,218,614
------------
MEDIA - 2.8%
250,950 John Wiley & Sons, Inc. 8,507,205
------------
SPECIALTY RETAIL - 2.3%
152,050 J Crew Group, Inc.* 2,616,780
161,050 Midas, Inc.* 1,610,500
108,300 Monro Muffler, Inc. 2,704,251
------------
6,931,531
------------
31,383,349
------------
CONSUMER STAPLES - 3.1%
FOOD AND STAPLES RETAILING - 1.3%
119,300 BJ's Wholesale Club, Inc.* 3,977,462
------------
FOOD PRODUCTS - 1.8%
56,500 Ralcorp Holdings, Inc.* 3,229,540
85,000 TreeHouse Foods, Inc.* 2,260,150
------------
5,489,690
------------
9,467,152
------------
ENERGY - 4.1%
ENERGY EQUIPMENT AND SERVICES - 2.3%
30,950 Bristow Group, Inc.* 704,422
76,000 Core Laboratories NV 6,325,480
------------
7,029,902
------------
OIL, GAS AND CONSUMABLE FUELS - 1.8%
201,960 Foundation Coal Holdings, Inc. 3,279,830
85,400 Goodrich Petroleum Corp.* 1,958,222
------------
5,238,052
------------
12,267,954
------------
SHARES VALUE
- ------ -----
FINANCIALS - 9.3%
CAPITAL MARKETS - 1.3%
144,200 Eaton Vance Corp. $ 3,946,754
------------
COMMERCIAL BANKS - 1.1%
150,550 Bancorp South, Inc. 3,500,288
------------
INSURANCE - 2.9%
300,050 Platinum Underwriters Holdings, Ltd. 8,632,438
------------
REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.0%
1,371,800 MFA Financial, Inc. 8,079,902
236,650 Redwood Trust, Inc. 3,850,295
------------
11,930,197
------------
28,009,677
------------
HEALTH CARE - 22.5%
HEALTH CARE EQUIPMENT AND SUPPLIES - 7.3%
152,600 ICU Medical, Inc.* 5,737,760
124,400 Idexx Laboratories, Inc.* 4,888,920
446,071 IRIS International, Inc.* 4,982,613
306,042 Kensey Nash Corp.* 6,408,520
------------
22,017,813
------------
HEALTH CARE PROVIDERS AND SERVICES - 10.5%
323,200 Brookdale Senior Living, Inc. 3,332,192
240,700 Catalyst Health Solutions, Inc.* 5,427,785
117,750 HMS Holdings Corp.* 3,530,145
140,750 Owens & Minor, Inc. 4,881,210
136,650 Universal Health Services, Inc.
Class B 6,887,160
305,200 VCA Antech, Inc.* 7,636,104
------------
31,694,596
------------
LIFE SCIENCES TOOLS AND SERVICES - 4.7%
1,128,050 Bruker Corp.* 7,422,569
114,200 TECHNE Corp. 6,534,524
------------
13,957,093
------------
67,669,502
------------
INDUSTRIALS - 13.4%
AEROSPACE AND DEFENSE - 1.0%
103,550 HEICO Corp. 2,972,920
------------
AIR FREIGHT AND LOGISTICS - 2.1%
272,800 HUB Group, Inc. Class A* 6,274,400
------------
See notes to financial statements.
- -------
14 CENTURY FUNDS
CENTURY SMALL CAP SELECT FUND (CONTINUED)
PORTFOLIO OF INVESTMENTS - AS OF APRIL 30, 2009 - (UNAUDITED)
SHARES VALUE
- ------ -----
INDUSTRIALS (CONTINUED)
COMMERCIAL SERVICES AND SUPPLIES - 3.8%
96,350 Clean Harbors, Inc.* $ 4,827,135
371,409 Cornell Companies, Inc.* 6,752,216
------------
11,579,351
------------
CONSTRUCTION AND ENGINEERING - 0.9%
70,050 Granite Construction, Inc. 2,763,473
------------
ELECTRICAL EQUIPMENT - 2.2%
238,700 General Cable Corp.* 6,478,318
------------
MACHINERY - 1.1%
131,200 Pall Corp. 3,464,992
------------
TRADING COMPANIES AND DISTRIBUTORS - 2.3%
301,950 Applied Industrial Technologies,
Inc. 6,793,875
------------
40,327,329
------------
INFORMATION TECHNOLOGY - 25.8%
COMMUNICATIONS EQUIPMENT - 2.9%
257,350 Polycom, Inc.* 4,797,004
191,050 Starent Networks Corp.* 3,769,417
------------
8,566,421
------------
COMPUTERS AND PERIPHERALS - 1.0%
183,750 Data Domain, Inc.* 3,046,575
------------
INTERNET SOFTWARE AND SERVICES - 7.4%
241,100 Akamai Technologies, Inc.* 5,309,022
352,150 j2 Global Communications, Inc.* 8,448,078
485,500 Websense, Inc.* 8,656,465
------------
22,413,565
------------
IT SERVICES - 4.2%
126,200 Forrester Research, Inc.* 3,206,742
69,500 MAXIMUS, Inc. 2,802,935
137,650 NeuStar, Inc. Class A* 2,616,727
923,700 Online Resources Corp.* 3,962,673
------------
12,589,077
------------
SEMICONDUCTORS AND
SEMICONDUCTOR EQUIPMENT - 2.7%
79,300 Hittite Microwave Corp.* 2,946,788
151,300 Silicon Laboratories, Inc.* 5,032,238
------------
7,979,026
------------
SHARES VALUE
- ------ -----
INFORMATION TECHNOLOGY (CONTINUED)
SOFTWARE - 7.6%
238,350 Commvault Systems, Inc.* $ 2,967,457
404,774 EPIQ Systems, Inc.* 6,261,854
297,150 Informatica Corp.* 4,724,685
189,700 MICROS Systems, Inc.* 3,979,906
92,050 Quality Systems, Inc. 4,935,721
------------
22,869,623
------------
77,464,287
------------
MATERIALS - 6.2%
CHEMICALS - 4.1%
45,350 Balchem Corp. 6,106,761
456,980 RPM International, Inc. 6,315,464
------------
12,422,225
------------
CONTAINERS AND PACKAGING - 1.0%
67,200 Greif, Inc. Class A 3,042,144
------------
METALS AND MINING - 1.1%
64,900 Schnitzer Steel Industries, Inc.
Class A 3,216,444
------------
18,680,813
------------
UTILITIES - 1.0%
ELECTRIC UTILITIES - 1.0%
68,900 ITC Holdings Corp. 2,999,217
------------
TOTAL INVESTMENT IN COMMON STOCKS - 95.8%
(Identified cost, $295,034,301) 288,269,280
------------
SHORT-TERM INVESTMENT - 6.2%
(Identified cost, $18,691,557)
18,691,557 SSgA Government Money Market Fund 18,691,557
------------
TOTAL INVESTMENTS - 102.0%
(Identified cost, $313,725,858) 306,960,837
------------
CASH AND RECEIVABLES
LESS LIABILITIES - (2.0)%
Liabilities in Excess of Other Assets (6,079,869)
------------
NET ASSETS - 100% $300,880,968
============
* Non-income producing security
See notes to financial statements.
- -------
CENTURY FUNDS
15
STATEMENTS OF ASSETS AND LIABILITIES - AS OF APRIL 30, 2009 - (UNAUDITED)
CENTURY SHARES CENTURY SMALL CAP
TRUST SELECT FUND
------------ ------------
ASSETS:
Investments, at value (Note 1A) (Identified cost of
$140,777,019 and $313,725,858, respectively) ................................ $ 155,189,633 $ 306,960,837
Dividends and interest receivable .............................................. 145,602 64,697
Receivable for investments sold ................................................ 8,111,570 7,225,797
Receivable for Fund shares sold ................................................ 1,365 1,007,219
Other assets ................................................................... 7,604 --
Prepaid expenses ............................................................... 11,873 24,567
------------ ------------
Total Assets 163,467,647 315,283,117
------------ ------------
LIABILITIES:
Payable to Affiliates:
Investment adviser fee (Note 4) ............................................. 96,440 223,128
Administration fee (Note 5) ................................................. 12,183 6,000
Distribution and service fees (Note 7) ...................................... 1,901 18,120
Accrued expenses and other liabilities ......................................... 102,568 127,642
Payable for investments purchased .............................................. 11,195,444 13,910,358
Payable for Fund shares repurchased ............................................ 35,459 116,901
------------ ------------
Total Liabilities ........................................................... 11,443,995 14,402,149
------------ ------------
NET ASSETS ..................................................................... $ 152,023,652 $ 300,880,968
============ ============
At April 30, 2009, net assets consisted of:
Capital paid-in ................................................................ $ 153,165,730 $ 516,386,779
Distributions in excess of net investment income and accumulated
net realized loss on investments ............................................ (289,363) (48,269)
Accumulated net realized loss on investments ................................... (15,265,329) (208,692,521)
Unrealized appreciation/(depreciation) in value of investments ................. 14,412,614 (6,765,021)
------------ ------------
Net assets applicable to outstanding capital stock ............................. $ 152,023,652 $ 300,880,968
============ ============
Net Assets consist of:
Institutional Shares ........................................................ $ 151,124,652 $ 213,078,570
Investor Shares ............................................................. $ 899,000 $ 87,802,398
Shares Outstanding consist of (Note 2):
Institutional Shares ........................................................ 10,285,608 15,552,874
Investor Shares ............................................................. 61,008 6,526,797
NET ASSET VALUE PER SHARE
(Represents both the offering and redemption price*)
Institutional Shares ........................................................ $ 14.69 $ 13.70
Investor Shares ............................................................. $ 14.74 $ 13.45
* In general, shares of the Funds may be redeemed at net asset value.
However, upon the redemption of shares held less than 90 days, a redemption
fee of 1% of the current net asset value of the shares may be assessed and
retained by each share class of each Fund for the benefit of their
respective remaining shareholders. The redemption fee is accounted for as
an addition to paid-in-capital.
See notes to financial statements.
- -------
16 CENTURY FUNDS
STATEMENTS OF OPERATIONS - SIX MONTHS ENDED APRIL 30, 2009 - (UNAUDITED)
CENTURY SHARES CENTURY SMALL CAP
TRUST SELECT FUND
INVESTMENT INCOME:
Dividends (net of withholding tax of $0 and $25,956, respectively) $ 891,930 $ 1,642,572
Interest ....................................................................... 8,950 16,722
Other Income ................................................................... -- 90,385
------------ ------------
Total investment income ..................................................... 900,880 1,749,679
------------ ------------
EXPENSES:
Investment adviser fee (Note 4) ............................................. 583,861 1,375,117
Non-interested trustees' remuneration ....................................... 42,934 83,269
Transfer agent
Institutional Shares ...................................................... 62,424 40,462
Investor Shares ........................................................... 5,155 97,485
Custodian ................................................................... 28,346 37,557
Administration (Note 5) ..................................................... 72,983 3,056
Insurance ................................................................... 6,794 10,802
Professional fees ........................................................... 25,014 33,083
Registration ................................................................ 8,540 29,303
Distribution and service fees (Note 7) ...................................... 864 80,324
Printing and other expenses ................................................. 36,548 7,490
------------ ------------
Total expenses ............................................................ 873,463 1,797,948
Advisor waiver (Note 6) ..................................................... (4,798) --
------------ ------------
Net expenses ................................................................ 868,665 1,797,948
------------ ------------
Net investment income/(loss) ................................................ 32,215 (48,269)
------------ ------------
Realized and Unrealized Gain (Loss) on Investments:
Net realized loss from investment transactions .............................. (12,100,144) (99,466,628)
Increase in unrealized appreciation on investments .......................... 2,953,464 74,103,394
------------ ------------
Net realized and unrealized loss on investments ........................... (9,146,680) (25,363,234)
------------ ------------
Net decrease in net assets resulting from operations ........................ $ (9,114,465) $ (25,411,503)
============ ============
See notes to financial statements.
-------
CENTURY FUNDS 17
STATEMENTS OF CHANGES IN NET ASSETS
CENTURY SHARES CENTURY SMALL CAP
TRUST SELECT FUND
Six Months Six Months
INCREASE (DECREASE) Ended Ended
IN NET ASSETS: April 30, 2009 Year Ended April 30, 2009 Year Ended
(Unaudited) October 31, 2008 (Unaudited) October 31, 2008
------------ -------------- ------------ --------------
Operations:
Net investment income/(loss) $ 32,215 $ (60,054) $ (48,269) $ (4,234,899)
Net realized loss on investment
transactions (12,100,144) (3,040,118) (99,466,628) (107,528,818)
Change in net unrealized appreciation 2,953,464 (80,963,010) 74,103,394 (147,196,812)
------------ ------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations (9,114,465) (84,063,182) (25,411,503) (258,960,529)
Distributions to shareholders from:
Net investment income
Institutional Shares (321,578) (2,847,889) -- (1,685,889)
Investor Shares -- (4,026) -- --
Net realized gain from investment transactions
Institutional Shares -- (59,501,761) -- (42,722,585)
Investor Shares -- (194,447) -- (19,828,953)
Tax return of capital
Institutional Shares -- -- -- (4,213,810)
Investor Shares -- -- -- (1,794,048)
Capital share transactions - net (Note 2) (7,360,399) 26,755,389 (38,752,860) (138,623,491)
Redemption fees 29 274 482 97,806
------------ ------------ ------------ ------------
Total increase/(decrease) (16,796,413) (119,855,642) (64,163,881) (467,731,499)
NET ASSETS:
Beginning of period 168,820,065 288,675,707 365,044,849 832,776,348
------------ ------------ ------------ ------------
End of period $152,023,652 $ 168,820,065 $300,880,968 $365,044,849
============ ============ ============ ============
Distributions in excess of net
investment income and accumulated
net investment loss $ (289,363) $ -- $ (48,269) $ --
See notes to financial statements.
- -------
18 CENTURY FUNDS
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED
APRIL 30,
CENTURY SHARES TRUST 2009 YEAR ENDED OCTOBER 31,
INSTITUTIONAL SHARES (UNAUDITED) 2008 2007 2006 2005 2004
-------- ------- ------- ------- ------- -------
Net Asset Value, beginning of period $ 15.51 $ 29.52 $ 35.69 $ 35.40 $ 35.62 $ 35.66
------- ------- ------- ------- ------- -------
Income/(loss) from Investment Operations:
Net investment income (loss)(a) 0.00+ (0.01) 0.16 0.10 0.19 0.03
Net realized and unrealized gain/(loss)
on investments (0.79) (7.44) 2.95 3.31 3.54 3.02
------- ------- ------- ------- ------- -------
Total income/(loss) from investment operations (0.79) (7.45) 3.11 3.41 3.73 3.05
------- ------- ------- ------- ------- -------
Less Distributions From:
Net investment income (0.03) (0.30) (0.43) (0.77) (0.32) (0.34)
Net realized gain on investment transactions (0.00) (6.26) (8.85) (2.35) (3.63) (2.75)
------- ------- ------- ------- ------- -------
Total distributions (0.03) (6.56) (9.28) (3.12) (3.95) (3.09)
------- ------- ------- ------- ------- -------
Redemption fees 0.00+ 0.00+ 0.00+ 0.00+ 0.00+ 0.00+
------- ------- ------- ------- ------- -------
Net Asset Value, end of period $ 14.69 $ 15.51 $ 29.52 $ 35.69 $ 35.40 $ 35.62
======= ======= ======= ======= ======= =======
Total Return (5.21)%** (32.31)% 11.86% 10.17% 11.18% 9.06%
Ratios and supplemental data
Net assets, end of period (000 omitted) $151,125 $168,199 $287,670 $305,172 $323,643 $362,392
Ratio of expenses to average net assets 1.19%* 1.17% 1.10% 1.11% 1.12% 1.15%
Ratio of net investment income to
average net assets 0.05%* (0.02)% 0.56% 0.29% 0.55% 0.07%
Portfolio Turnover Rate 67%** 91% 38% 48% 19% 43%
(a) Calculated based on average shares outstanding during the period.
+ Amount represents less than $0.005 per share.
** Not annualized
* Annualized
See notes to financial statements.
-------
CENTURY FUNDS 19
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
APRIL 30, ENDED
CENTURY SHARES TRUST 2009 YEAR ENDED OCTOBER 31, OCTOBER 31,
INVESTOR SHARES (UNAUDITED) 2008 2007 2006 2005 (b)
------- ------- ------- ------- -------
Net Asset Value, beginning of period $ 15.54 $ 29.46 $ 35.41 $ 35.35 $ 35.00
------- ------- ------- ------- -------
Income from Investment Operations:
Net investment income/(loss)(a) (0.01) (0.06) 0.01 (0.19) (0.03)
Net realized and unrealized gain/(loss)
on investments (0.79) (7.47) 2.96 3.27 0.29
------- ------- ------- ------- -------
Total income/(loss) from investment operations (0.80) (7.53) 2.97 3.08 0.26
Less Distributions From:
Net investment income (0.00) (0.13) (0.07) (0.68) (0.00)
Net realized gain on investment transactions (0.00) (6.26) (8.85) (2.35) (0.00)
------- ------- ------- ------- -------
Total distributions (0.00) (6.39) (8.92) (3.03) (0.00)
------- ------- ------- ------- -------
Redemption fees 0.00+ 0.00+ 0.00+ 0.01 0.09
------- ------- ------- ------- -------
Net Asset Value, end of period $ 14.74 $ 15.54 $ 29.46 $ 35.41 $ 35.35
======= ======= ======= ======= =======
Total Return (5.33)%** (32.45)% 11.38% 9.18% 1.00%**
Ratios and supplemental data
Net assets, end of period (000 omitted) $ 899 $ 621 $ 1,006 $ 1,844 $ 1,139
Ratio of expenses to average net assets 1.45%* 1.45% 1.56% 2.00% 1.20%*
Ratio of expenses to average net assets without giving
effect to contractual expense agreement 2.84%* 1.61% 1.95% 2.15% 1.35%*
Ratio of net investment income/(loss) to
average net assets (0.19)%* (0.31)% 0.05% (0.58)% (0.36)%*
Portfolio turnover rate 67%** 91% 38% 48% 19%**
(a) Calculated based on average shares outstanding during the period.
(b) From the commencement date of investment operations, July 18, 2005 to
October 31, 2005.
+ Amount represents less than $0.005 per share.
* Annualized
** Not annualized
See notes to financial statements.
- -------
20 CENTURY FUNDS
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED
APRIL 30,
CENTURY SMALL CAP SELECT FUND 2009 YEAR ENDED OCTOBER 31,
INSTITUTIONAL SHARES (UNAUDITED) 2008 2007 2006 2005 2004
-------- ------- ------- ------- ------- -------
Net Asset Value, beginning of period $ 14.62 $ 26.13 $ 25.74 $ 24.15 $ 22.46 $ 21.53
------- ------- ------- ------- ------- -------
Income/(loss) from Investment Operations:
Net investment income (loss)(a) 0.01 (0.12) 0.00+ 0.06 0.03 (0.08)
Net realized and unrealized gain/(loss)
on investments (0.93) (9.00) 2.75 1.90 2.22 2.14
------- ------- ------- ------- ------- -------
Total income/(loss) from investment operations (0.92) (9.12) 2.75 1.96 2.25 2.06
------- ------- ------- ------- ------- -------
Less Distributions From:
Net investment income (0.00) (0.10) (0.35) (0.09) (0.00) (0.94)
Net realized gain on investment transactions (0.00) (2.10) (2.01) (0.28) (0.56) (0.19)
Tax return of capital (0.00) (0.19) (0.00) (0.00) (0.00) (0.00)
------- ------- ------- ------- ------- -------
Total distributions (0.00) (2.39) (2.36) (0.37) (0.56) (1.13)
------- ------- ------- ------- ------- -------
Redemption fees 0.00+ 0.00+ 0.00+ 0.00+ 0.00+ 0.00+
------- ------- ------- ------- ------- -------
Net Asset Value, end of period $ 13.70 $ 14.62 $ 26.13 $ 25.74 $ 24.15 $ 22.46
======= ======= ======= ======= ======= =======
Total Return (6.29)%** (38.24)% 11.61% 8.21% 10.19% 9.83%
Ratios and supplemental data
Net assets, end of period (000 omitted) $213,079 $262,793 $575,027 $540,697 $585,723 $140,208
Ratio of expenses to average net assets 1.13%* 1.11% 1.08% 1.07% 1.06% 1.13%
Ratio of net investment income to
average net assets 0.08%* (0.57)% 0.02% 0.25% 0.13% (0.36)%
Portfolio Turnover Rate 71%** 104% 100% 127% 96% 103%
(a) Calculated based on average shares outstanding during the period.
+ Amount represents less than $0.005 per share.
** Not annualized
* Annualized
See notes to financial statements.
-------
CENTURY FUNDS 21
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED
APRIL 30,
CENTURY SMALL CAP SELECT FUND 2009 YEAR ENDED OCTOBER 31,
INVESTOR SHARES (UNAUDITED) 2008 2007 2006 2005 2004
-------- ------- ------- ------- ------- -------
Net Asset Value, beginning of period $ 14.37 $ 25.72 $ 25.40 $ 23.86 $ 22.26 $ 21.39
------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net investment loss(a) (0.02) (0.20) (0.06) (0.02) (0.04) (0.15)
Net realized and unrealized gain/(loss)
on investments (0.90) (8.86) 2.71 1.86 2.20 2.12
------- ------- ------- ------- ------- -------
Total income/(loss) from investment operations (0.92) (9.06) 2.65 1.84 2.16 1.97
------- ------- ------- ------- ------- -------
Less Distributions From:
Net investment income (0.00) (0.00) (0.32) (0.03) (0.00) (0.91)
Net realized gain on investment transactions (0.00) (2.10) (2.01) (0.28) (0.56) (0.19)
Tax return of capital (0.00) (0.19) (0.00) (0.00) (0.00) (0.00)
------- ------- ------- ------- ------- -------
Total distributions (0.00) (2.29) (2.33) (0.31) (0.56) (1.10)
------- ------- ------- ------- ------- -------
Redemption fees 0.00+ 0.00+ 0.00+ 0.01 0.00+ 0.00+
------- ------- ------- ------- ------- -------
Net Asset Value, end of period $ 13.45 $ 14.37 $ 25.72 $ 25.40 $ 23.86 $ 22.26
======= ======= ======= ======= ======= =======
Total Return (6.47)%** (38.49)% 11.34% 7.83% 9.87% 9.45%
Ratios and supplemental data
Net assets, end of period (000 omitted) $ 87,802 $102,252 $257,750 $353,581 $407,048 $150,418
Ratio of expenses to average net assets 1.52%* 1.50% 1.36% 1.45% 1.35% 1.50%
Ratio of net investment loss to average
net assets (0.31)%* (0.96)% (0.24)% (0.09)% (0.17)% (0.69)%
Portfolio turnover rate 71%** 104% 100% 127% 96% 103%
(a) Calculated based on average shares outstanding during the period.
+ Amount represents less than $0.005 per share.
** Not annualized
* Annualized
See notes to financial statements.
- -------
22 CENTURY FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED)
(1) SIGNIFICANT ACCOUNTING POLICIES -- Century Capital Management Trust (the
"Trust") is registered under the Investment Company Act of 1940, as amended, as
an open-end management investment company organized as a Massachusetts business
trust. Century Shares Trust and Century Small Cap Select Fund (each a "Fund"
and, collectively, the "Funds") are diversified series of the Trust. The
following is a summary of significant accounting policies consistently followed
by both Funds in the preparation of their financial statements. The policies are
in conformity with accounting principles generally accepted in the United States
of America.
A. Security Valuations -- Equity securities are valued at the last reported sale
price or official closing price on the primary exchange or market on which they
are traded, as reported by an independent pricing service. If no sale price or
official closing price is reported, market value is generally determined based
on quotes or closing prices obtained from a quotation reporting system,
established market maker, or reputable pricing service. For unlisted securities
and for exchange-listed securities for which there are no reported sales or
official closing prices, market value is generally determined using closing bid
prices. Short-term obligations, maturing in 60 days or less, are valued at
amortized cost, which approximates fair value. In the absence of readily
available market quotes, securities and other assets will be valued at fair
value, as determined in good faith by the Board of Trustees, its Valuation
Committee, or Century Capital Management or a delegate pursuant to instructions
from the Board of Trustees or its Valuation Committee.
Effective November 1, 2008, the Funds adopted Statement of Financial Accounting
Standards No. 157 ("FAS 157"). FAS 157 establishes a single definition of fair
value, creates a three-tier hierarchy as a framework for measuring fair value
based on inputs used to value each Fund's investments, and requires additional
disclosure about fair value. The hierarchy of inputs is summarized below.
o Level 1 - quoted prices in active markets for identical investments
o Level 2 - significant other observable inputs (including quoted prices
for similar investments, interest rates, prepayment speeds, credit
risk, etc.)
o Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The following is a summary of the inputs used in valuing the Funds assets
carried at fair value:
SIGNIFICANT OTHER SIGNIFICANT
QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE
FUND (LEVEL 1) (LEVEL 2) INPUTS (LEVEL 3)
- ------------------------------------------------------------------------------------------------------------------
Century Shares Trust $145,448,493 $ 9,741,140 $--
Century Small Cap Select Fund $288,269,280 $18,691,557 $--
B. Security Transactions -- Security transactions are recorded on a trade date
basis. Gain or loss on sales is determined by the use of a specific
identification method, for both financial reporting and federal income tax
purposes. Dividend income is recorded on the ex-dividend date. The Funds may
invest in equity securities issued or guaranteed by companies organized and
based in countries outside of the United States. These securities may be traded
on foreign securities exchanges or in foreign over-the-counter markets. Foreign
dividend income is recorded on ex-dividend date or as soon as practicable after
the Fund determines the existence of a dividend declaration after exercising
reasonable due diligence. Foreign income and capital gain on some foreign
securities may be subject to foreign withholding taxes, which are accrued as
applicable. Interest income is recorded daily on an accrual basis.
C. Use of Estimates -- The preparation of these financial statements in
accordance with accounting principles generally accepted in the United States of
America incorporates estimates made by management in determining the reported
amounts of assets, liabilities, income and expenses of the Funds. Actual results
could differ from those estimates.
D. Risks and Uncertainty -- Century Small Cap Select Fund concentrates its
investments in the financial services and health care group of industries, which
will subject the Fund to the risks associated with those industries and may
result in greater fluctuation in
-------
CENTURY FUNDS 23
share value than is experienced in more diversified portfolios. In addition, the
Fund invests in smaller companies, which generally involves greater risk than
investing in larger, more established companies.
Investments in securities issued by non U.S. companies have certain risks not
present in domestic issuers. At any given time, a significant portion of the
assets of either Fund may be invested in securities of companies within the same
market sector of the economy. Companies within the same sector often face
similar issues and, consequently, may react similarly to changes in market
conditions. If either Fund has a significant weighting in one or more sectors,
it may be subject to more risk and price volatility than other funds.
E. Multiple Classes of Shares -- Each Fund offers two classes of shares, which
differ in their respective distribution and service fees. Investment income,
realized and unrealized capital gains and losses, the common expenses of the
Fund, and certain fund-level expense reductions, if any, are allocated on a pro
rata basis to each class based on the relative net assets of each class to the
total net assets of the Fund. Certain expense reductions may differ by class.
Because transfer agent fees include a per account fee, each class differs with
respect to transfer agent fees incurred.
F. Redemption Fees -- In general, shares of each Fund may be redeemed at net
asset value. However, upon the redemption of shares held less than 90 days, a
fee of 1% of the current net asset value of the shares may be assessed and
retained by the Fund for the benefit of the Fund's remaining shareholders. The
redemption fee is accounted for as an addition to paid-in-capital.
G. Income Tax Information and Distributions to Shareholders -- Each year, each
Fund intends to qualify as a regulated investment company by distributing all of
its taxable income and sufficient net investment income and net realized gains,
if any, under Subchapter M of the Internal Revenue Code. As a result, no
provision for income taxes is required in the accompanying financial statements.
Foreign taxes are provided for based on each Fund's understanding of the tax
rules and rates that exist in the foreign markets in which it invests. Income
dividends and capital gain distributions are declared separately for each class.
Distributions are recorded on the ex-dividend date. Income and capital gain
distributions are determined in accordance with income tax regulations, which
may differ from generally accepted accounting principles. Capital accounts
within the financial statements are adjusted for permanent book and tax
differences. Accounting principles generally accepted in the United States of
America require that any distributions in excess of tax basis earnings and
profits be reported in the financial statements as a tax return of capital.
The identified cost of investments in securities owned by each Fund for federal
income tax purposes was substantially the same as the cost for financial
reporting purposes. Accordingly, gross unrealized appreciation and depreciation
at April 30, 2009 were as follows:
CENTURY SHARES TRUST
- --------------------
Gross unrealized appreciation ............................... $ 18,949,001
Gross unrealized depreciation ............................... (4,536,387)
--------------
Unrealized net appreciation ................................. $ 14,412,614
Identified cost ............................................. $ 140,777,019
As of October 31, 2008, the Fund had a capital loss carryforward of $2,618,550
which will expire on October 31, 2016. This carryforward may be used to offset
future capital gains to the extent provided by regulations.
CENTURY SMALL CAP SELECT FUND
- -----------------------------
Gross unrealized appreciation ............................... $ 26,134,432
Gross unrealized depreciation ............................... (32,899,453)
---------------
Unrealized net depreciation ................................. $ (6,765,021)
Identified cost ............................................. $ 313,725,858
As of October 31, 2008, the Fund had a capital loss carryforward of $106,537,085
which will expire on October 31, 2016. This carryforward may be used to offset
future capital gains to the extent provided by regulations.
In June 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 (FIN 48) "Accounting for Uncertainty in Income Taxes". FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented
- -------
24 CENTURY FUNDS
and disclosed in the financial statements. FIN 48 requires the evaluation of tax
positions taken in the course of preparing the Funds' tax returns to determine
whether the tax positions are "more-likely-than-not" of being sustained by the
applicable tax authority. Tax benefits of positions not deemed to meet the
more-likely-than-not threshold would be booked as a tax expense in the current
year and recognized as: a liability for unrecognized tax benefits; a reduction
of an income tax refund receivable; a reduction of deferred tax asset; an
increase in deferred tax liability; or a combination thereof. The Funds adopted
the provisions of FIN 48 on November 1, 2007 and the adoption did not have a
material effect on the net asset value, financial condition or results of
operations of the Funds. As of April 30, 2009, the Funds had no uncertain tax
positions that would require financial statement recognition or disclosure. The
Funds' federal tax returns filed for the fiscal years ended October 31, 2005,
October 31, 2006 and October 31, 2007 remain subject to examination by the
Internal Revenue Service.
H. Recently Issued Accounting Pronouncements -- In March 2008, the Financial
Accounting Standards Board issued Statement of Financial Accounting Standards
No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS
161"), an amendment of FASB Statement No. 133. FAS 161 requires enhanced
disclosures about (a) how and why an entity uses derivative instruments, (b) how
derivative instruments and related hedged items are accounted for, and (c) how
derivative instruments and related hedged items affect the Fund's financial
position, financial performance, and cash flows. Management is currently
evaluating the impact the adoption of this pronouncement will have on the Fund's
financial statements. FAS 161 is effective for fiscal years and interim periods
beginning after November 15, 2008.
In April 2009, the Financial Accounting Standards Board ("FASB") issued FASB
Staff Position No. 157-4, "Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased and Identifying
Transactions That Are Not Orderly" ("FSP 157-4"). FSP 157-4 provides additional
guidance for estimating fair value in accordance with FASB Statement of
Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"),
when the volume and level of activity for the asset or liability have
significantly decreased as well as guidance on identifying circumstances that
indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years
and interim periods ending after June 15, 2009. Management is currently
evaluating the impact the adoption of FSP 157-4 will have on the Funds'
financial statement disclosures.
(2) TRANSACTIONS IN SHARES
CENTURY SHARES TRUST -- The number of authorized shares is unlimited.
Transactions in each class of shares were as follows:
SIX MONTHS ENDED APRIL 30, 2009
-------------------------------
INSTITUTIONAL SHARES INVESTOR SHARES
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- -----------
Sold ............................................................. 89,853 $ 1,242,060 31,901 $ 451,473
Issued to shareholders in reinvestment of
distributions from:
Net investment income ......................................... 18,364 266,814 -- --
---------- ----------- ---------- -----------
108,217 1,508,874 31,901 451,473
Repurchased ...................................................... (664,548) (9,167,635) (10,864) (153,111)
---------- ----------- ---------- -----------
Net increase (decrease) .......................................... (556,331) $(7,658,761) 21,037 $ 298,362
========== =========== ========== ===========
-------
CENTURY FUNDS 25
YEAR ENDED OCTOBER 31, 2008
---------------------------
INSTITUTIONAL SHARES INVESTOR SHARES
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- -----------
Sold ............................................................. 144,548 $ 3,036,728 5,244 $ 111,641
Issued to shareholders in reinvestment of
distributions from:
Net investment income ......................................... 101,392 2,339,118 174 4,026
Realized gain on investment transactions ...................... 2,266,057 52,201,673 8,406 194,447
---------- ----------- ---------- -----------
2,511,997 57,577,519 13,824 310,114
---------- ----------- ---------- -----------
Repurchased ...................................................... (1,414,105) (30,939,018) (7,995) (193,226)
---------- ----------- ---------- -----------
Net increase ..................................................... 1,097,892 $ 26,638,501 5,829 $ 116,888
========== ============ ========== ===========
CENTURY SMALL CAP SELECT FUND -- The number of authorized shares is unlimited.
Transactions in each class of shares were as follows:
SIX MONTHS ENDED APRIL 30, 2009
-------------------------------
INSTITUTIONAL SHARES INVESTOR SHARES
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- -----------
Sold ............................................................. 3,737,897 $ 47,906,859 599,524 $ 7,596,088
Repurchased ...................................................... (6,165,019) (79,453,108) (1,187,706) (14,802,699)
---------- ----------- ---------- -----------
Net decrease ..................................................... (2,427,12) $(31,546,249) (588,182) $(7,206,611)
========== =========== ========== ===========
YEAR ENDED OCTOBER 31, 2008
---------------------------
INSTITUTIONAL SHARES INVESTOR SHARES
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- -----------
Sold ............................................................. 6,774,044 $137,704,859 841,081 $ 17,253,196
Issued to shareholders in reinvestment of
distributions from:
Net investment income ......................................... 65,362 1,517,041 -- --
Realized gain on investment transactions ...................... 1,763,330 40,926,887 788,150 18,040,767
Tax return of capital ......................................... 163,368 3,791,782 71,135 1,628,272
---------- ----------- ---------- -----------
8,766,104 183,940,569 1,700,366 36,922,235
Repurchased ...................................................... (12,789,410) (265,619,882) (4,607,449) (93,866,413)
---------- ----------- ---------- -----------
Net decrease ..................................................... (4,023,306) $(81,679,313) (2,907,083)$(56,944,178)
========== =========== ========== ===========
(3) INVESTMENT SECURITIES TRANSACTIONS
CENTURY SHARES TRUST, purchases and sales of investment securities (excluding
short-term securities and U.S. Government obligations) aggregated $96,037,295
and $103,068,320, respectively, during the six months ended April 30, 2009.
CENTURY SMALL CAP SELECT FUND, purchases and sales of investment securities
(excluding short-term securities and U.S. Government obligations) aggregated
$205,103,249 and $236,913,243, respectively, during the six months ended April
30, 2009.
(4) INVESTMENT ADVISER FEE
CENTURY SHARES TRUST: The Trust has entered into an Investment Advisory
Agreement (the "Agreement") with CCM pursuant to which CCM provides an
investment program for Century Shares Trust. Under the Agreement, the Fund pays
a management fee based on the Fund's average daily net assets computed at the
following annual rates: 0.80% of the first $500 million and 0.70% of the amounts
exceeding $500 million. Century Shares Trust has guaranteed retirement benefits
to be paid to one former Trustee. CCM has assumed
- -------
26 CENTURY FUNDS
the obligation to make all such payments on behalf of the Fund during the term
of the Agreement and therefore the payments are not reflected in the Fund's
financial statements. Retirement benefits are payable through June 2009.
CENTURY SMALL CAP SELECT FUND: The Trust has entered into an Investment Advisory
and Management Services Agreement (the "Agreement") with CCM pursuant to which
CCM provides investment advisory, management and administrative services to
Century Small Cap Select Fund. Under the Agreement, the Fund pays a monthly
management fee at the annual rate of 0.95% of the Fund's average daily net
assets.
(5) ADMINISTRATION FEES -- The Trust has entered into an Administration
Agreement with CCM pursuant to which CCM provides certain administrative
services to Century Shares Trust. a monthly fee equal on an annualized basis to
0.10% of the Fund's average daily net assets.
Per the Investment Advisory and Management Services Agreement between the Trust
and CCM, Century Small Cap Select Fund reimburses CCM for expenses associated
with having the adviser's personnel perform shareholder service functions and
certain financial, accounting, administrative and clerical services.
CCM has entered into a Sub-Administration Agreement with State Street Bank and
Trust Company ("State Street") pursuant to which State Street provides certain
administrative services to each Fund on behalf of CCM. CCM pays State Street a
sub-administration fee for sub-administration services provided to each Fund.
(6) ADVISER WAIVER AND REIMBURSEMENTS -- CCM contractually agreed to waive a
portion of its management fee and reimburse or pay operating expenses of Century
Shares Trust Investor Shares to the extent necessary to maintain the total
operating expenses of the Investor Shares at 1.45% through February 28, 2010.
During the year ended October 31, 2008, CCM reimbursed Century Shares Trust
Investor Shares and Institutional Shares $845 and $46,509, respectively, for
losses due to an error in the calculation of the net asset value for each share
class. These amounts are included in capital share transactions.
During the year ended October 31, 2008, CCM reimbursed Century Small Cap Select
Fund Investor Shares and Institutional Shares $17,750 and $19,921, respectively,
for losses due to an error in the calculation of the net asset value for each
share class. These amounts are included in capital share transactions.
(7) DISTRIBUTION AND SERVICE FEES -- The Trust has adopted Distribution and
Service Plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act on behalf
of Century Shares Trust and Century Small Cap Select Fund. The Plans authorize
each Fund to pay up to 0.25% of the average daily net assets of the Funds'
Investor Shares class for distribution and shareholder services. The Plans 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 Shares.
The Trust has entered into agreements with financial intermediaries to provide
recordkeeping, processing, shareholder communications and other services to
customers of the intermediaries and have agreed to compensate the intermediaries
for providing such services. Certain services would be provided by the Funds if
the shares of each customer were registered directly with the Funds' transfer
agent. Each Fund pays a portion of the intermediary fees attributable to shares
of the Fund not exceeding the estimated expense the Fund would have paid its
transfer agent had each customer's shares been registered directly with the
transfer agent instead of held through the intermediary accounts.
CCM may, out of its own resources and without additional cost to the Funds or
their shareholders, provide compensation to certain financial intermediaries,
such as broker-dealers and financial advisors, in connection with the sale of
shares of the Funds or the provision of services to Fund shareholders. For
example, such compensation may be paid to an intermediary for providing access
to a third party platform, such as a mutual fund supermarket, or for providing
services to shareholders who invest via such a platform. This compensation is in
addition to any distribution and service fees paid by the Funds pursuant to a
Rule 12b-1 Plan and in addition to subtransfer agency fees paid by the Funds.
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CENTURY FUNDS 27
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
Century Capital Management, LLC (CCM) serves as the investment adviser and
administrator to Century Shares Trust (CST) pursuant to an investment advisory
agreement and an amended and restated administration agreement, each between
Century Capital Management Trust, on behalf of CST, and CCM. CCM also serves as
the investment adviser and provides administrative services to Century Small Cap
Select Fund (CSCS) pursuant to an investment advisory and management services
agreement between Century Capital Management Trust, on behalf of CSCS, and CCM.
The Trustees of Century Capital Management Trust determine annually whether to
continue the investment advisory and administration agreements for each of CST
and CSCS.
At a meeting held on December 15, 2008, based on their evaluation of the
information provided by CCM, the Trustees, including the independent Trustees
voting separately, unanimously approved the continuation of the investment
advisory agreement for each of CST and CSCS for another year.
In advance of the meeting, the Board, including all of the independent
Trustees, received, among other things: (i) a Lipper Inc. report comparing each
Fund's fees and expenses to those of a peer group and peer universe for that
Fund, each selected by Lipper; (ii) information regarding each Fund's total
returns for each of the last three calendar years and for the period from
January 1, 2008 to November 30, 2008, the average annual total returns for the
1, 3, 5, 10 and 15 years ended October 31, 2008 and November 30, 2008 for CST
and for the 1, 3 and 5 years ended October 31, 2008 and November 30, 2008 and
since inception for CSCS, as well as comparative total return information for
various securities indices, the applicable Lipper peer group and a CCM selected
peer group, and information concerning each Fund's Morningstar ranking; (iii)
reports from CCM that described (a) the services provided to each Fund and
information about the personnel providing those services, (b) the fees paid
under the investment advisory and administration agreements, (c) compliance and
oversight, (d) "fall-out" benefits to CCM, (e) brokerage and soft dollar
arrangements, and (f) the fees paid by and services provided to comparable
accounts; (iv) a profitability report prepared CCM and (v) CCM's Form ADV. In
addition, at each regularly scheduled Board meeting, the Trustees receive and
review, among other things, information concerning each Fund's performance and
the services provided to each Fund by CCM. The independent Trustees also
received a memorandum from their counsel outlining the legal standards and
certain other considerations relevant to the Trustees' deliberations.
After receiving the requested information, the independent Trustees met in
executive session to consider the investment advisory and administrative
arrangements. The Trustees then unanimously determined to approve the
continuance of the investment advisory and administration agreements with
respect to each Fund. This approval was based on the following conclusions:
(i) that CCM has the capabilities, resources and personnel necessary to
provide the investment advisory and administrative services
currently required by each Fund; and
(ii) that the investment advisory and administrative fees paid by each
Fund represent reasonable compensation to CCM in light of the
services provided, the costs to CCM of providing those services, the
fees paid by similar funds, and such other matters as the Trustees
considered relevant in the exercise of their reasonable judgment.
In determining to approve the continuation of the investment advisory and
administration agreements, the Trustees considered a number of factors as
outlined below. The Trustees did not identify any single factor as controlling.
The Trustees evaluated all information available to them on a Fund-by-Fund
basis, and their determinations were made separately in respect of each Fund.
They also took into account the common interests of both of the Funds in their
review. Throughout their deliberations, the independent Trustees were
represented by counsel.
NATURE, QUALITY AND EXTENT OF SERVICES PROVIDED
In considering the nature, extent and quality of the services provided by
CCM under the investment advisory and administration agreements, the Board
considered the terms of those agreements and reviewed information provided by
CCM relating to its operations and personnel. The Trustees also considered their
knowledge of the nature and quality of the services provided by CCM to the Funds
gained from their experience as trustees of the Funds and noted the expectations
of the shareholders who had invested in the Funds. The Board considered that CCM
was responsible for the management and administration of each Fund's operations.
They also
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28 CENTURY FUNDS
considered that CCM provides day-to-day management of each Fund's portfolio of
investments, including making purchases and sales of portfolio securities
consistent with each Fund's investment objectives and policies.
The Board considered CCM's resources and personnel, focusing in particular
on investment and compliance resources and personnel. The Board reviewed each
portfolio manager's experience and qualifications, as well as CCM's investment
approach and research process. The Board also reviewed CCM's trading procedures
and brokerage practices, including information regarding soft dollar
arrangements.
The Board also considered that, as administrator, CCM is responsible for
the administration of each Fund's business and other affairs. It was noted that
CCM supervises and monitors the performance of each Fund's service providers and
provides each Fund with personnel (including officers) as are necessary for the
Fund's operations. It was noted that CCM pays all of the compensation of Mr.
Thorndike and Mr. Fulkerson, the interested Trustees, and the Funds' officers.
The Board also noted that CCM assisted the Funds in meeting legal and regulatory
requirements and considered, among other things, CCM's compliance program. The
Board considered the fees paid to CCM for the provisions of such services.
Taking all of the foregoing into account, the Trustees concluded that they
were satisfied with the nature, extent and quality of services provided to the
Funds under the investment advisory and administration agreements.
COSTS OF SERVICES PROVIDED AND PROFITABILITY
The Trustees reviewed information concerning the costs of services
provided to the Funds by CCM, and the profitability to CCM of its investment
advisory and administrative relationship with each Fund for the periods ended
December 31, 2007 and December 31, 2008, along with a description of the
methodology used by CCM in preparing the profitability information. It was
noted, among other things, that profitability was shown on a Fund-by-Fund basis.
The Trustees recognized that CCM should be entitled to earn a reasonable
level of profit for the services provided to each Fund, and that it is difficult
to make comparisons of profitability from fund advisory and administration
contracts because comparative information is not generally available and is
affected by numerous factors, including the structure of the particular adviser,
the types of funds it manages, its business mix, numerous assumptions about
allocations and the adviser's capital structure and cost of capital. The
Trustees concluded that, taking all of the foregoing into account, they were
satisfied that CCM's level of profitability from its relationship with each Fund
was not excessive.
FALL-OUT BENEFITS
The Trustees considered the extent to which CCM benefited from soft dollar
arrangements whereby it receives brokerage and research services from brokers
that execute a Fund's purchases and sales of investment securities. It was noted
that CCM had represented that it fulfills its fiduciary obligation of seeking
best execution when engaging in portfolio transactions for the Funds. The
Trustees concluded that the direct and indirect benefits to CCM from its
relationship with the Funds were reasonable.
ECONOMIES OF SCALE
The Trustees considered the extent to which CCM may realize economies of
scale or other efficiencies in managing and supporting the Funds. It was noted
that as assets increase certain fixed costs may be spread across a larger asset
base, and it was noted that any economies of scale or other efficiencies might
be realized (if at all) across a variety of products and services, including the
Funds, and not only in respect of a single Fund. The Trustees noted that the
advisory fee schedule for CST included breakpoints that would allow the
shareholders of CST to share in the economies of scale experienced by CCM in
managing that Fund as assets under management increased. The Trustees noted that
the advisory fee schedule for CSCS did not include breakpoints that would reduce
the fee rate on assets above specified levels. The Board determined that the
current fee structure for CSCS was acceptable given the fee level, the fees
waived by CCM in prior years in respect of CSCS, and the current size of the
Fund.
INVESTMENT RESULTS
CST. The Trustees reviewed comparative information that showed that CST's
average annual total return for both the Institutional class of shares and the
Investor class of shares for the 1, 5 and 10 year periods ended October 31, 2008
was better than or in line with the average annual total return of the Standard
& Poor's 500 Index and the Russell 1000 Growth (as applicable). They
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CENTURY FUNDS 29
noted that CST's average annual total return for the 1 and 5 year periods ended
October 31, 2008 was better than the average annual total return of CST's Lipper
peer group for the same periods. The Trustees also noted that CST's average
annual return for both the Institutional class of shares and the Investor class
of shares for the 3 year period ended October 31, 2008 lagged the average annual
total return of the Standard & Poor's 500 Index and CST's Lipper peer group for
the same period, but that CST's average annual return of the Institutional class
of shares for the 3 year period ended October 31, 2008 was in line with the
average annual total return of the Russell 1000 Growth for same period. The
Trustees considered that the average annual return for the Institutional class
of shares improved when compared to the average annual return of CST's Lipper
peer group for the 3 year period ended November 30, 2008. The Trustees noted
that Morningstar had awarded CST a four star rating for the 3, 5 and 10 year
periods ended November 30, 2008. The Trustees considered the impact of the
recent changes to CST's investment strategies on CST's performance. They also
considered how unfavorable market conditions had impacted CST's performance. The
Trustees concluded that the investment performance of CST was satisfactory.
CSCS. The Trustees reviewed comparative information that showed that
CSCS's average annual total return for both the Institutional class of shares
and the Investor class of shares for the 1, 3 and 5 year periods ended October
31, 2008 lagged the average annual return of the Russell 2000 and the Russell
2000 Growth indices for the same periods, as well as the average annual return
of CSCS's Lipper peer universe for the 3 and 5 year periods ended October 31,
2008. The Trustees noted that CSCS's average annual total return improved
relative to the average annual total return of the Russell 2000 Growth index and
CSCS's Lipper peer universe for the 1 year period ended November 30, 2008. The
Trustees also noted that, as of November 28, 2008, CSCS's average annual total
return was ranked by Morningstar in the first quartile for the 1 year period and
the second quartile for the 3 and 5 year periods. The Trustees considered CCM's
explanation of CSCS's relative underperformance and the actions taken and
planned to be taken by CCM in an effort to improve CSCS's performance. They also
considered how unfavorable market conditions had impacted CSCS's performance.
The Trustees agreed that they would continue to monitor the performance of the
CSCS especially closely.
FEES AND OTHER EXPENSES
The Trustees considered the advisory fees paid by each Fund to CCM. The
Trustees also considered the administrative fee rate paid by CST to CCM. The
Trustees considered (i) the level of each Fund's advisory fee versus its peer
group and peer universe as shown in the Lipper materials and (ii) each Fund's
total expense ratio as compared to its peer group and peer universe as shown in
the Lipper materials.
The Trustees also considered the fees that CCM charges institutional
investors and other clients with investment objectives similar to the Funds. The
Trustees reviewed materials from CCM describing the differences in services
provided to these other clients, which noted that typically more services were
provided to the Funds than these other clients and that, because of the constant
issuance and redemption of Fund shares, the Funds were more difficult to manage
than other clients. With respect to CCM's subadvisory relationship with another
mutual fund, the Trustees considered CCM's investment mandate for that fund and
that CCM provided fewer services to that fund than it provided to the Funds. The
materials showed that the fee rates charged by CCM to each Fund were generally
similar to (but not necessarily as low as, in all cases) the fees paid by CCM's
other clients.
The information obtained from Lipper for the meeting compared the advisory
fee, transfer agency/custodian fees, distribution fees, other nonmanagement
expenses and total expenses for the Institutional class of shares of each Fund
and the CSCS Investor class of shares to those of a group of competitor funds of
roughly equivalent size, as well as a universe of competitor funds. The Trustees
did not independently verify any of the information provided by Lipper.
CST. The Trustees reviewed information that showed that CST's advisory fee
(which includes administration) was higher than the Lipper peer group and peer
universe averages and that CST's total expense ratio for CST's Institutional
class of shares was higher than the Lipper peer group average but in line with
the Lipper peer universe average. The Trustees considered that certain of the
funds in the peer group had lower advisory fees than CST as a result of fee
waivers that could be terminated. The Trustees also considered the services
provided by CCM as compared to the services provided by other advisers and the
ability of the other advisers to realize economies of scale across a larger fund
complex. The Trustees concluded that the advisory fees and total expense ratios
of CST were acceptable in light of the performance and the other factors
considered.
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30 CENTURY FUNDS
CSCS. The Trustees reviewed information that showed that CSCS's advisory
fee was higher than the Lipper peer group average and the Lipper peer universe
average. The Trustees also reviewed information that showed that the total
expense ratio for CSCS's Institutional class of shares was higher than the
average total expense ratio of the Lipper peer group but lower than the average
total expense ratio of the Lipper peer universe, and that the total expense
ratio for CSCS's Investor class of shares was higher than the average total
expense ratio of the Lipper peer group but in line with the average total
expense ratio of the Lipper peer universe. The Trustees also considered
information provided to them regarding the costs to CCM of providing investment
advisory services to CSCS, noting in particular the competitive market for
analysts and portfolio managers and that the research needed to implement CSCS's
investment strategy was relatively costly. The Trustees also considered the
services provided by CCM compared to the other advisers and ability of the other
advisers to realize economies of scale across a larger fund complex. The
Trustees concluded that the advisory fees, administrative fees and total expense
ratios of CSCS were acceptable in light of the performance of the Fund and the
other factors considered.
31
CENTURY FUNDS PRIVACY POLICY
When you become a Century Funds shareholder, you entrust us with not only your
investments but your personal and financial data as well. Century has always
been committed to maintaining the confidentiality, security and integrity of
personal information entrusted to us. We hold ourselves to the highest standards
regarding our privacy practices, and we want you to know how we protect your
information and how we use it to service your account.
THIS MEANS, MOST IMPORTANTLY, THAT WE DO NOT SELL CLIENT INFORMATION--WHETHER IT
IS YOUR PERSONAL INFORMATION OR THE FACT THAT YOU ARE A CENTURY FUNDS
SHAREHOLDER--TO ANYONE.
Instead, we use your information primarily to complete transactions that you
request or we share your information within the Century Funds family in order to
help us make you better aware of other financial products and services that we
offer for your investing needs.
In servicing your account, we may also share your information with unaffiliated
third parties that perform administrative, marketing or research services for
us, or with whom we are developing or offering investment products. When we
enter into such a relationship, our contracts restrict these third parties from
sharing or using your information for any purpose other than those for which
they were hired.
THE INFORMATION WE COLLECT ABOUT YOU
You typically provide personal information when you complete a Century Funds
account application or when you request a transaction that involves one of the
Century Funds. This information may include your:
o Name and address.
o Social Security or taxpayer identification number.
o Account balance.
o Accounts at other institutions.
WE MAINTAIN PHYSICAL, ELECTRONIC, AND PROCEDURAL SAFEGUARDS TO PROTECT YOUR
PERSONAL INFORMATION.
o We do not disclose any nonpublic personal information about our
customers or former customers to unaffiliated third parties without
the customer's authorization, except as necessary to process a
transaction, service an account, respond to inquiries from
governmental agencies, or as otherwise permitted by law.
o We restrict access to your personal and account information to those
employees and service agents who need to know that information to
provide products and services to you.
WHAT YOU CAN DO
For your protection, we recommend that you do not provide your account
information to anyone. If you become aware of any suspicious activity relating
to your account, please contact us immediately at the number listed below.
UPDATING YOUR PERSONAL INFORMATION.
The accuracy of your personal information is important. If you need to correct
or update your personal or account information, please call us at 800-303-1928.
One of our customer service representatives will be happy to review, correct or
update your personal or account information.
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This Privacy Policy applies to the following Century Funds: Century Shares Trust
and Century Small Cap Select Fund.
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34 CENTURY FUNDS
AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES. Each Fund files a complete
schedule of its portfolio holdings with the SEC for the first and third quarters
of the Fund's fiscal year on Form N-Q. The Forms N-Q are available on the SEC's
website at http://www.sec.gov, and they may be reviewed and copied at the SEC's
Public Reference Room in Washington, DC. Information on the operation of the
SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
AVAILABILITY OF PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD. A
description of the policies and procedures that each Fund uses to determine how
to vote proxies relating to portfolio securities and each Fund's proxy voting
record for the 12-month period ended June 30 are available, without charge, upon
request, by calling 1-800-321-1928. You may also obtain a copy of the Funds'
proxy voting policies and procedures and proxy voting record on the SEC's
website at http://www.sec.gov.
BOARD OF TRUSTEES
Alexander L. Thorndike, Chairman Stephen W. Kidder, Trustee
and Chief Investment Officer Jerrold Mitchell, Trustee
Davis R. Fulkerson, Trustee Jerry S. Rosenbloom, Trustee
William Gray, Trustee David D. Tripple, Trustee
Laura A. Johnson, Trustee Ellen M. Zane, Trustee
INVESTMENT ADVISER SHAREHOLDER INFORMATION
Century Capital Management, LLC 1-800-303-1928
100 Federal Street
Boston, Massachusetts 02110
REGULAR MAILING ADDRESS OVERNIGHT MAILING ADDRESS
Century Funds Century Funds
PO Box 588 c/o Atlantic Shareholder Services, LLC
Portland, ME 04112 3 Canal Plaza, Ground Floor
Portland, ME 04101
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CENTURY FUNDS 35
CENTURY CAPITAL(R)
100 FEDERAL STREET
BOSTON, MASSACHUSETTS 02110
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.
Schedule of Investments is included as part of the report to shareholders
filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchases.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which
shareholders may recommend nominees to the Trust's Board of Trustees since the
Trust last provided disclosure as to such procedures in response to the
requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item
22(b)(15) of Schedule 14A), or this Item.
Item 11. 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-2(c) under the Act (17 CFR 270.30a-2(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) under the Act (17 CFR
270.30a-3(d))) that occurred during the registrant's second fiscal quarter of
the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as
Exhibit 99.302CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as
Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements 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 8, 2009
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, Principal Executive Officer
Date: July 8, 2009
By: /s/ Julie Smith
-----------------------------------
Julie Smith, Principal Financial Officer
Date: July 8, 2009