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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 811-05646
----------------------------------------------
New Century Portfolios
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
40 William Street, Suite 100 Wellesley, Massachusetts 02481
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Nicole M. Tremblay, Esq.
Weston Financial Group, Inc. 40 William Street, Suite 100 Wellesley, MA 02481
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (781) 235-7055
---------------------------
Date of fiscal year end: October 31, 2007
---------------------------------------------
Date of reporting period: April 30, 2007
---------------------------------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
================================================================================
[LOGO]
NEW CENTURY
PORTFOLIOS
NEW CENTURY CAPITAL
NEW CENTURY BALANCED
NEW CENTURY OPPORTUNISTIC
NEW CENTURY INTERNATIONAL
NEW CENTURY ALTERNATIVE STRATEGIES
SEMI-ANNUAL REPORT
SIX MONTHS ENDED APRIL 30, 2007
(UNAUDITED)
40 WILLIAM STREET, SUITE 100, WELLESLEY MA 02481 781-239-0445 888-639-0102 FAX 781-237-1635
================================================================================
CONTENTS
- --------------------------------------------------------------------------------
PRESIDENT'S LETTER 1-2
PORTFOLIO INFORMATION 3-7
NEW CENTURY PORTFOLIOS
Statements of Assets and Liabilities 8
Statements of Operations 9
Statements of Changes in Net Assets 10-12
Financial Highlights 13-17
Portfolios of Investments 18-26
Notes to Financial Statements 27-35
About Your Portfolio's Expenses 36-38
LETTER TO SHAREHOLDERS JUNE 2007
================================================================================
Dear Fellow Shareholders:
I am pleased to present our Semi-Annual Report for the six-month period ended
April 30, 2007. This Report presents important financial information for each of
the New Century Portfolios. I also invite you to visit our website at
www.newcenturyportfolios.com for additional information.
During the six-month period ended April 30, 2007, the New Century Capital
Portfolio reduced its exposure to the small-cap sector, while increasing its
allocation to the growth, growth and income and international sectors. During
the period, the New Century Capital Portfolio gained 10.21% as compared to the
S&P 500(R) Composite Index which gained 8.6%. We continue to monitor all sectors
of the Portfolio and anticipate an additional increase in our allocation to
large-cap growth. At this time, we continue to believe that foreign markets are
more attractive than US markets. Accordingly, we are maintaining our exposure to
the international sector.
The New Century Balanced Portfolio decreased its exposure to the small-cap
equity and the high-yield bond sectors. The Portfolio increased its holdings in
government bonds, foreign bonds, and the growth and income sectors. During the
period, the New Century Balanced Portfolio gained 8.54%, as compared to the S&P
500(R) Composite Index which gained 8.6% and the Lehman Brothers Intermediate
Government/Credit Index which gained 2.59%.
The New Century Opportunistic Portfolio reduced its exposure to the mid-cap and
small-cap sectors, while increasing positions in the large-cap sector and the
international real estate sector. During this period, New Century Opportunistic
Portfolio gained 10.37% as compared to the Russell 3000 Growth Index which
gained 8.34%.
The New Century International Portfolio maintained its allocations in each of
its geographic sectors. During the period, foreign markets continued to
outperform the US markets. In addition, the European sector performed
particularly well due to the ongoing economic growth and a continued decline in
the dollar relative to the Euro. Our long-term view on the markets in Latin
America, India and China is positive. In spite of a sharp drop in the Chinese
stock market during February, the emerging market sector quickly recovered.
During the period, the New Century International Portfolio gained 16.64%. The
international equity markets, as measured by the MSCI EAFE Index, increased
15.46%.
The New Century Alternative Strategies Portfolio increased its allocation to the
long/short category and decreased its allocation to the high-yield category. The
Portfolio maintained diversified positions in ten distinct investment
categories. New Century Alternative Strategies Portfolio gained 6.86% during the
period, as compared to the Lehman Brothers Intermediate Government/Credit Index,
which gained 2.59% and the S&P 500(R) Composite Index which gained 8.6%.
Although volatility is returning to the markets and we are concerned with a
sluggish housing market, struggles in the subprime lending industry and
continued inflationary pressures, our current outlook remains positive.
Nevertheless, we remain prepared to adjust the portfolios as market dynamics
change.
1
While future performance is always unpredictable, we are confident that New
Century's investment philosophy - diversification, risk assessment and long-term
focus - will maximize risk-adjusted returns.
New Century is committed to its shareholders and appreciates your selecting New
Century as part of your long-term investment strategy.
Sincerely,
/s/ Wayne
Wayne M. Grzecki
President
2
NEW CENTURY CAPITAL PORTFOLIO
PORTFOLIO INFORMATION
APRIL 30, 2007 (UNAUDITED)
================================================================================
ASSET ALLOCATION (% of Net Assets)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] Growth and Income Funds - 34.0%
Growth Funds - 33.5%
Small Company Funds - 15.5%
Foreign Stock Funds - 14.6%
Cash Equivalents - 2.4%
TOP TEN HOLDINGS
- --------------------------------------------------------------------------------
SECURITY DESCRIPTION % OF NET ASSETS
-------------------------------------------- ---------------
American Growth Fund of America - Class A 7.0%
Marsico 21st Century 6.8%
Hotchkis & Wiley Large Cap Value - Class A 6.1%
Fidelity Capital Appreciation 4.8%
William Blair Small Cap Growth - Class I 4.8%
iShares S&P MidCap 400/BARRA Value Index 4.6%
Powershares Dynamic Market 4.6%
Goldman Sachs Growth Opportunities - Class A 4.2%
Royce Opportunity - Investor Class 4.1%
iShares Dow Jones U.S. Energy Sector Index 4.0%
3
NEW CENTURY BALANCED PORTFOLIO
PORTFOLIO INFORMATION
APRIL 30, 2007 (UNAUDITED)
================================================================================
ASSET ALLOCATION (% of Net Assets)
- --------------------------------------------------------------------------------
Growth and Income Funds - 36.7%
Foreign Stock Funds - 10.9%
[GRAPHIC OMITTED] Growth Funds - 10.7%
High Yield Bond Funds - 8.4%
Small Company Funds - 8.0%
Convertible Security Funds - 6.2%
Worldwide Bond Funds - 5.9%
Corporate Bond Funds - 4.9%
Government Bond Funds - 4.7%
High Quality Bond Funds - 2.7%
Cash Equivalents - 0.9%
TOP TEN HOLDINGS
- --------------------------------------------------------------------------------
SECURITY DESCRIPTION % OF NET ASSETS
-------------------------------------------- ---------------
Hotchkis & Wiley Large Cap Value - Class A 7.1%
Dodge & Cox Stock 5.8%
iShares MSCI EAFE Index 4.9%
Loomis Sayles Bond - Institutional Class 4.9%
American Century Target Maturites
Trust Series 2015 - Investor Class 4.8%
iShares S&P 500 Index 4.8%
Powershares Dynamic Market 4.7%
MainStay High Yield Corporate Bond - Class A 4.7%
Davis Appreciation & Income 3.8%
Loomis Sayles Institutional High Income 3.7%
4
NEW CENTURY OPPORTUNISTIC PORTFOLIO
PORTFOLIO INFORMATION
APRIL 30, 2007 (UNAUDITED)
================================================================================
ASSET ALLOCATION (% of Net Assets)
- --------------------------------------------------------------------------------
Sector Funds - 52.2%
Large-Cap Funds - 22.4%
[GRAPHIC OMITTED] Mid-Cap Funds - 18.3%
Small-Cap Funds - 5.3%
Cash Equivalents - 1.8%
TOP TEN HOLDINGS
- --------------------------------------------------------------------------------
SECURITY DESCRIPTION % OF NET ASSETS
------------------------------------------------- ---------------
Marsico 21st Century 11.2%
Leuthold Select Industries 7.5%
iShares Dow Jones U.S. Energy Sector Index 7.5%
iShares Goldman Sachs Natural Resources Index 7.3%
iShares Goldman Sachs Networking Index 6.3%
iShares Russell 1000 Value Index 6.1%
Technology Select Sector SPDR 6.0%
S&P MidCap 400 Depositary Receipts 5.5%
Janus Orion 5.4%
Alpine International Real Estate Equity - Class Y 5.2%
5
NEW CENTURY INTERNATIONAL PORTFOLIO
PORTFOLIO INFORMATION
APRIL 30, 2007 (UNAUDITED)
================================================================================
ASSET ALLOCATION (% of Net Assets)
- --------------------------------------------------------------------------------
Europe Funds - 31.9%
[GRAPHIC OMITTED] Diversified Funds - 27.3%
Asia/Pacific Funds - 20.3%
Americas Funds - 12.0%
Emerging Markets Funds - 7.1%
Cash Equivalents - 1.4
TOP TEN HOLDINGS
- --------------------------------------------------------------------------------
SECURITY DESCRIPTION % OF NET ASSETS
------------------------------------------------- ---------------
Janus Overseas 5.8%
iShares MSCI Austria Index 5.6%
Ivy European Opportunities - Class A 4.8%
AIM European Growth - Class A 4.6%
iShares MSCI EAFE Index 4.5%
iShares FTSE/Xinhua China 25 Index 3.8%
Oppenheimer International Small Company - Class A 3.8%
Eaton Vance Greater India - Class A 3.5%
iShares S&P Latin American 40 Index 3.5%
iShares MSCI Canada Index 3.5%
6
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
PORTFOLIO INFORMATION
APRIL 30, 2007 (UNAUDITED)
================================================================================
ASSET ALLOCATION (% of Net Assets)
- --------------------------------------------------------------------------------
Long/Short Equity Funds - 18.0%
Merger Arbitrage Funds - 14.9%
[GRAPHIC OMITTED] Global Macro Funds - 14.5%
Asset Allocation Funds - 9.9%
Natural Resources Funds - 9.8%
Real Estate Funds - 6.8%
Options/Hedged Funds - 6.6%
Deep Value/Distressed Securities Funds - 6.4%
Convertible Arbitrage Funds - 5.0%
High Yield Funds - 4.0%
Structured Notes - 1.6%
Cash Equivalents - 2.5%
TOP TEN HOLDINGS
- --------------------------------------------------------------------------------
SECURITY DESCRIPTION % OF NET ASSETS
---------------------------------------------- ---------------
First Eagle Global - Class A 7.0%
Merger Fund (The) 5.3%
Calamos Market Neutral - A Shares 5.0%
Hussman Strategic Growth 4.4%
Enterprise Mergers and Acquisitions - Class A 4.3%
Gateway 4.0%
Schwab Hedged Equity 3.7%
Third Avenue Real Estate Value 3.5%
Gabelli ABC 3.3%
PIMCO Commodity Real Return Strategy - Class A 3.1%
7
NEW CENTURY PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2007 (UNAUDITED)
============================================================================================================================
NEW CENTURY
NEW CENTURY NEW CENTURY NEW CENTURY NEW CENTURY ALTERNATIVE
CAPITAL BALANCED OPPORTUNISTIC INTERNATIONAL STRATEGIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in securities:
At acquisition cost......................... $ 91,296,874 $71,385,509 $10,749,382 $ 81,218,920 $ 94,507,622
============ =========== =========== ============ ============
At value (Note 1A).......................... $133,046,556 $92,368,773 $12,523,732 $120,383,869 $111,264,634
Dividends receivable.......................... 2,948 4,814 302 6,738 9,872
Receivable for investment securities sold..... 2,500,000 1,595,634 -- -- --
Receivable for capital shares sold............ 1,483 375 -- 101,225 116,216
Other assets.................................. 11,661 8,383 1,114 9,985 9,328
------------ ----------- ----------- ------------ ------------
TOTAL ASSETS................................ 135,562,648 93,977,979 12,525,148 120,501,817 111,400,050
------------ ----------- ----------- ------------ ------------
LIABILITIES
Payable to Advisor (Note 2)................... 106,137 77,367 6,003 98,140 70,189
Payable to Distributor (Note 3)............... 12,432 12,089 3,416 26,209 9,741
Payable for investment securities purchased... -- 1,600,000 -- -- --
Payable for capital shares redeemed........... 2,000 1,350 -- -- --
Other accrued expenses and liabilities........ 23,796 14,868 5,844 23,829 19,240
------------ ----------- ----------- ------------ ------------
TOTAL LIABILITIES........................... 144,365 1,705,674 15,263 148,178 99,170
------------ ----------- ----------- ------------ ------------
NET ASSETS...................................... $135,418,283 $92,272,305 $12,509,885 $120,353,639 $111,300,880
============ =========== =========== ============ ============
Net assets consist of:
Paid-in capital............................... $ 93,285,269 $69,777,831 $10,588,523 $ 78,865,461 $ 92,579,609
Accumulated undistributed net investment
income (loss)............................... 188,178 52,131 (623) 199,209 (341,982)
Accumulated net realized gains on
investments................................. 195,154 1,459,079 147,635 2,124,020 2,306,241
Net unrealized appreciation of investments.... 41,749,682 20,983,264 1,774,350 39,164,949 16,757,012
------------ ----------- ----------- ------------ ------------
Net assets ..................................... $135,418,283 $92,272,305 $12,509,885 $120,353,639 $111,300,880
============ =========== =========== ============ ============
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par
value)........................................ 7,129,646 5,907,916 1,199,067 7,129,653 8,383,170
============ =========== =========== ============ ============
Net asset value, offering price and redemption
price per share (a)........................... $ 18.99 $ 15.62 $ 10.43 $ 16.88 $ 13.28
============ =========== =========== ============ ============
(a) Redemption price may differ from the net asset value per share depending
upon the length of time held (Note 1B).
See accompanying notes to financial statements.
8
NEW CENTURY PORTFOLIOS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)
===========================================================================================================================
NEW CENTURY
NEW CENTURY NEW CENTURY NEW CENTURY NEW CENTURY ALTERNATIVE
CAPITAL BALANCED OPPORTUNISTIC INTERNATIONAL STRATEGIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends..................................... $ 889,226 $1,432,279 $ 85,489 $ 1,705,822 $1,712,685
----------- ---------- ---------- ----------- ----------
EXPENSES
Investment advisory fees (Note 2)............. 605,959 441,711 60,454 542,894 387,633
Distribution costs (Note 3)................... 97,985 79,508 13,548 119,682 60,840
Legal and audit fees.......................... 21,838 15,030 2,166 20,094 18,156
Accounting fees............................... 21,460 19,482 15,605 20,560 20,183
Administration fees (Note 2).................. 18,827 13,937 4,495 16,696 15,664
Custody fees.................................. 10,779 7,943 2,258 11,474 10,805
Transfer agent fees........................... 10,500 10,500 10,500 10,500 10,500
Insurance expense............................. 5,704 3,985 599 4,444 4,451
Trustees' fees and expenses (Note 2).......... 5,986 4,091 558 5,233 4,848
Postage and supplies.......................... 5,074 3,359 2,157 2,929 3,005
Other expenses................................ 12,644 7,470 2,434 4,947 9,695
----------- ---------- ---------- ----------- ----------
Total expenses.............................. 816,756 607,016 114,774 759,453 545,780
Less fees waived and/or expenses
reimbursed by the Advisor (Note 2).......... -- -- (24,094) -- --
Plus previously waived investment advisory
fees and expense reimbursements recouped by
the Advisor (Note 2)........................ -- -- -- 10,757 --
----------- ---------- ---------- ----------- ----------
Net expenses................................ 816,756 607,016 90,680 770,210 545,780
----------- ---------- ---------- ----------- ----------
NET INVESTMENT INCOME (LOSS).................... 72,470 825,263 (5,191) 935,612 1,166,905
----------- ---------- ---------- ----------- ----------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains on investments............. 1,075,577 480,014 466,263 145,260 90,883
Capital gain distributions from regulated
investment companies........................ 3,168,860 1,489,641 38,924 2,227,454 2,994,821
Net change in unrealized appreciation/
(depreciation) on investments............... 8,278,388 4,494,385 703,116 13,939,584 2,652,107
----------- ---------- ---------- ----------- ----------
NET REALIZED AND UNREALIZED GAINS ON
INVESTMENTS................................... 12,522,825 6,464,040 1,208,303 16,312,298 5,737,811
----------- ---------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS FROM OPERATIONS...... $12,595,295 $7,289,303 $1,203,112 $17,247,910 $6,904,716
=========== ========== ========== =========== ==========
See accompanying notes to financial statements.
9
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
============================================================================================================
NEW CENTURY NEW CENTURY
CAPITAL PORTFOLIO BALANCED PORTFOLIO
------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
- ------------------------------------------------------------------------------------------------------------
FROM OPERATIONS
Net investment income (loss) .............. $ 72,470 $ (556,605) $ 825,263 $ 979,158
Net realized gains from
security transactions ................... 1,075,577 1,704,300 480,014 1,241,744
Capital gain distributions from regulated
investment companies .................... 3,168,860 3,556,360 1,489,641 1,607,334
Net change in unrealized appreciation/
(depreciation) on investments ........... 8,278,388 11,233,452 4,494,385 5,632,860
------------ ------------ ----------- -----------
Net increase in net assets from operations... 12,595,295 15,937,507 7,289,303 9,461,096
------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (Note 1E) ...... -- -- (1,085,845) (1,111,490)
From net realized gains on security
transactions (Note 1E) .................. -- -- -- --
------------ ------------ ----------- -----------
Net decrease in net assets from
distributions to shareholders ............. -- -- (1,085,845) (1,111,490)
------------ ------------ ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold ................. 2,865,966 11,070,170 1,455,265 5,087,519
Net asset value of shares issued in
reinvestment of distributions to
shareholders ............................ -- -- 1,045,536 1,066,079
Payments for shares redeemed .............. (3,930,887) (13,697,406) (2,231,024) (5,831,703)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets from
capital share transactions ................ (1,064,921) (2,627,236) 269,777 321,895
------------ ------------ ----------- -----------
TOTAL INCREASE IN NET ASSETS ................ 11,530,374 13,310,271 6,473,235 8,671,501
NET ASSETS
Beginning of period ....................... 123,887,909 110,577,638 85,799,070 77,127,569
------------ ------------ ----------- -----------
End of period ............................. $135,418,283 $123,887,909 $92,272,305 $85,799,070
============ ============ =========== ===========
ACCUMULATED UNDISTRIBUTED NET INVESTMENT
INCOME .................................... $ 188,178 $ -- $ 52,131 $ 227,009
============ ============ =========== ===========
CAPITAL SHARE ACTIVITY
Sold ...................................... 156,960 681,814 96,319 367,445
Reinvested ................................ -- -- 70,406 79,499
Redeemed .................................. (216,293) (846,878) (146,431) (422,404)
------------ ------------ ----------- -----------
Net increase (decrease) in shares
outstanding ............................. (59,333) (165,064) 20,294 24,540
Shares outstanding, beginning of period.... 7,188,979 7,354,043 5,887,622 5,863,082
------------ ------------ ----------- -----------
Shares outstanding, end of period ......... 7,129,646 7,188,979 5,907,916 5,887,622
============ ============ =========== ===========
See accompanying notes to financial statements.
10
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
=================================================================================================================
NEW CENTURY NEW CENTURY
OPPORTUNISTIC PORTFOLIO INTERNATIONAL PORTFOLIO
------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
- -----------------------------------------------------------------------------------------------------------------
FROM OPERATIONS
Net investment income (loss) ................... $ (5,191) $ (98,253) $ 935,612 $ (403,469)
Net realized gains from
security transactions ........................ 466,263 817,940 145,260 3,043,416
Capital gain distributions from regulated
investment companies ......................... 38,924 159,314 2,227,454 875,977
Net change in unrealized appreciation/
(depreciation) on investments ................ 703,116 (391,329) 13,939,584 14,609,225
----------- ----------- ------------ ------------
Net increase in net assets from operations ....... 1,203,112 487,672 17,247,910 18,125,149
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (Note 1E) ........... -- -- (984,509) --
From net realized gains on security
transactions (Note 1E) ....................... -- -- (3,422,372) (684,174)
----------- ----------- ------------ ------------
Net decrease in net assets from
distributions to shareholders .................. -- -- (4,406,881) (684,174)
----------- ----------- ------------ ------------
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold ...................... 278,491 7,157,035 7,008,671 44,931,737
Proceeds from redemption
fees collected (Note 1B) ..................... -- -- -- 575
Net asset value of shares issued in
reinvestment of distributions
to shareholders .............................. -- -- 3,515,727 576,069
Payments for shares redeemed ................... (920,578) (2,587,039) (5,957,065) (5,017,738)
----------- ----------- ------------ ------------
Net increase (decrease) in net assets
from capital share transactions ................ (642,087) 4,569,996 4,567,333 40,490,643
----------- ----------- ------------ ------------
TOTAL INCREASE IN NET ASSETS ..................... 561,025 5,057,668 17,408,362 57,931,618
NET ASSETS
Beginning of period ............................ 11,948,860 6,891,192 102,945,277 45,013,659
----------- ----------- ------------ ------------
End of period .................................. $12,509,885 $11,948,860 $120,353,639 $102,945,277
=========== =========== ============ ============
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) ................... $ (623) $ -- $ 199,209 $ --
=========== =========== ============ ============
CAPITAL SHARE ACTIVITY
Sold ........................................... 28,265 755,146 442,983 3,448,917
Reinvested ..................................... -- -- 223,362 44,076
Redeemed ....................................... (93,642) (281,228) (374,505) (368,210)
----------- ----------- ------------ ------------
Net increase (decrease) in shares outstanding .. (65,377) 473,918 291,840 3,124,783
Shares outstanding, beginning of period ........ 1,264,444 790,526 6,837,813 3,713,030
----------- ----------- ------------ ------------
Shares outstanding, end of period .............. 1,199,067 1,264,444 7,129,653 6,837,813
=========== =========== ============ ============
See accompanying notes to financial statements.
11
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
========================================================================================================
NEW CENTURY ALTERNATIVE
STRATEGIES PORTFOLIO
----------------------------
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006
- --------------------------------------------------------------------------------------------------------
FROM OPERATIONS
Net investment income ................................................. $ 1,166,905 $ 1,260,904
Net realized gains from security transactions ......................... 90,883 973,092
Capital gain distributions from regulated investment companies ........ 2,994,821 2,145,864
Net change in unrealized appreciation/(depreciation) on investments ... 2,652,107 5,623,409
------------ -----------
Net increase in net assets from operations .............................. 6,904,716 10,003,269
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (Note 1E) .................................. (2,646,346) (2,149,410)
From net realized gains on security transactions (Note 1E) ............ (2,021,808) (455,936)
------------ -----------
Net decrease in net assets from distributions to shareholders ........... (4,668,154) (2,605,346)
------------ -----------
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold ............................................. 10,406,208 16,213,431
Proceeds from redemption fees collected (Note 1B) ..................... 2 --
Net asset value of shares issued in reinvestment of
distributions to shareholders ....................................... 4,619,812 2,588,651
Payments for shares redeemed .......................................... (3,772,890) (4,949,196)
------------ -----------
Net increase in net assets from capital share transactions .............. 11,253,132 13,852,886
------------ -----------
TOTAL INCREASE IN NET ASSETS ............................................ 13,489,694 21,250,809
NET ASSETS
Beginning of period ................................................... 97,811,186 76,560,377
------------ -----------
End of period ......................................................... $111,300,880 $97,811,186
============ ===========
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) .......................................... $ (341,982) $ 136,487
============ ===========
CAPITAL SHARE ACTIVITY
Sold .................................................................. 801,774 1,304,516
Reinvested ............................................................ 362,623 217,168
Redeemed .............................................................. (288,757) (398,656)
------------ -----------
Net increase in shares outstanding .................................... 875,640 1,123,028
Shares outstanding, beginning of period ............................... 7,507,530 6,384,502
------------ -----------
Shares outstanding, end of period ..................................... 8,383,170 7,507,530
============ ===========
See accompanying notes to financial statements.
12
NEW CENTURY CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
==========================================================================================================================
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
==========================================================================================================================
SIX MONTHS
ENDED YEARS ENDED OCTOBER 31,
APRIL 30, 2007 ----------------------------------------------------------------
(UNAUDITED) 2006 2005 2004 2003 2002
- --------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 17.23 $ 15.04 $ 13.38 $ 12.36 $ 10.09 $ 11.97
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income (loss) ..... 0.01 (0.08) (0.09) (0.12) (0.06) (0.08)
Net realized and unrealized gains
(losses) on investments ........ 1.75 2.27 1.75 1.14 2.33 (1.80)
-------- -------- -------- -------- -------- --------
Total from investment operations ... 1.76 2.19 1.66 1.02 2.27 (1.88)
-------- -------- -------- -------- -------- --------
Less distributions:
Distributions from net
investment income .............. -- -- -- -- -- --
Distributions from net
realized gains ................. -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions ................ -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 18.99 $ 17.23 $ 15.04 $ 13.38 $ 12.36 $ 10.09
======== ======== ======== ======== ======== ========
TOTAL RETURN (a) ..................... 10.21%(b) 14.56% 12.41% 8.25% 22.50% (15.71%)
======== ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) .. $135,418 $123,888 $110,578 $103,260 $ 95,396 $ 82,310
======== ======== ======== ======== ======== ========
Ratio of expenses to average net
assets (c) ....................... 1.27%(e) 1.27% 1.35% 1.41% 1.45% 1.40%
Ratio of net investment income
(loss) to average net assets (d).. 0.11%(e) (0.47%) (0.57%) (0.91%) (0.59%) (0.62%)
Portfolio turnover ................. 6%(b) 12% 13% 48% 71% 59%
(a) Total return is a measure of the change in the value of an investment in
the Portfolio over the periods covered, which assumes any dividends or
capital gains distributions are reinvested in shares of the Portfolio.
Returns shown do not reflect the deduction of taxes a shareholder would
pay on Portfolio distributions or the redemption of Portfolio shares.
(b) Not annualized.
(c) The ratios of expenses to average net assets do not reflect the
Portfolio's proportionate share of expenses of the underlying investment
companies in which the Portfolio invests.
(d) Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
(e) Annualized.
See accompanying notes to financial statements.
13
NEW CENTURY BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
==================================================================================================================================
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
==================================================================================================================================
SIX MONTHS
ENDED
APRIL 30, YEARS ENDED OCTOBER 31,
2007 ------------------------------------------------------------------
(UNAUDITED) 2006 2005 2004 2003 2002
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ...... $ 14.57 $ 13.15 $ 12.30 $ 11.52 $ 9.89 $ 11.35
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income ................... 0.14 0.17 0.15 0.11 0.16 0.13
Net realized and unrealized gains
(losses) on investments ............... 1.10 1.44 0.89 0.78 1.67 (1.49)
-------- -------- -------- -------- -------- --------
Total from investment operations .......... 1.24 1.61 1.04 0.89 1.83 (1.36)
-------- -------- -------- -------- -------- --------
Less distributions:
Distributions from net
investment income ..................... (0.19) (0.19) (0.19) (0.11) (0.20) (0.10)
Distributions from net realized gains ... -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions ....................... (0.19) (0.19) (0.19) (0.11) (0.20) (0.10)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ............ $ 15.62 $ 14.57 $ 13.15 $ 12.30 $ 11.52 $ 9.89
======== ======== ======== ======== ======== ========
TOTAL RETURN (a) ............................ 8.54%(b) 12.37% 8.51% 7.75% 18.84% (12.08%)
======== ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ......... $ 92,272 $ 85,799 $ 77,128 $ 74,327 $ 70,441 $ 62,755
======== ======== ======== ======== ======== ========
Ratio of expenses to average net assets (f) 1.37%(e) 1.38% 1.38% 1.42%(d) 1.45%(c) 1.48%
Ratio of net investment income to average
net assets (g) ......................... 1.87%(e) 1.20% 1.12% 0.88%(d) 1.56%(c) 1.19%
Portfolio turnover ........................ 3%(b) 22% 21% 44% 80% 93%
(a) Total return is a measure of the change in the value of an investment in
the Portfolio over the periods covered, which assumes any dividends or
capital gains distributions are reinvested in shares of the Portfolio.
Returns shown do not reflect the deduction of taxes a shareholder would
pay on Portfolio distributions or the redemption of Portfolio shares.
(b) Not annualized.
(c) Absent fee waivers and expense reimbursements by the Advisor, the ratio of
expenses to average net assets would have been 1.46% and the ratio of net
investment income to average net assets would have been 1.55% for the year
ended October 31, 2003 (Note 2).
(d) Absent the recoupment of fees previously waived and reimbursed by the
Advisor, the ratio of expenses to average net assets would have been 1.41%
and the ratio of net investment income to average net assets would have
been 0.89% for the year ended October 31, 2004 (Note 2).
(e) Annualized.
(f) The ratios of expenses to average net assets do not reflect the
Portfolio's proportionate share of expenses of the underlying investment
companies in which the Portfolio invests.
(g) Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
See accompanying notes to financial statements.
14
NEW CENTURY OPPORTUNISTIC PORTFOLIO*
FINANCIAL HIGHLIGHTS
========================================================================================================================
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
========================================================================================================================
SIX MONTHS
ENDED
APRIL 30, YEARS ENDED OCTOBER 31,
2007 ------------------------------------------------------------
(UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period .. $ 9.45 $ 8.72 $ 7.30 $ 6.95 $ 5.47 $ 7.37
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment loss ................. (0.00)(a) (0.08) (0.06) (0.07) (0.06) (0.07)
Net realized and unrealized gains
(losses) on investments ........... 0.98 0.81 1.48 0.42 1.54 (1.83)
-------- -------- -------- -------- -------- --------
Total from investment operations ...... 0.98 0.73 1.42 0.35 1.48 (1.90)
-------- -------- -------- -------- -------- --------
Less distributions:
Distributions from net
investment income ................. -- -- -- -- -- --
Distributions from net realized gains -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions ................... -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Net asset value, end of period ........ $ 10.43 $ 9.45 $ 8.72 $ 7.30 $ 6.95 $ 5.47
======== ======== ======== ======== ======== ========
TOTAL RETURN (b) ........................ 10.37%(c) 8.37% 19.45% 5.04% 27.06% (25.78%)
======== ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ..... $ 12,510 $ 11,949 $ 6,891 $ 5,512 $ 4,866 $ 3,610
======== ======== ======== ======== ======== ========
Ratios of expenses to average net assets:
Before expense reimbursement
and waived fees (d) ............... 1.90%(f) 2.00% 2.56% 2.71% 3.20% 2.95%
After expense reimbursement
and waived fees (d) ............... 1.50%(f) 1.50% 1.50% 1.50% 1.50% 1.50%
Ratios of net investment loss
to average net assets:
Before expense reimbursement
and waived fees (e) ............... (0.48%)(f) (1.39%) (1.80%) (2.27%) (2.73%) (2.50%)
After expense reimbursement
and waived fees (e) ............... (0.09%)(f) (0.89%) (0.74%) (1.06%) (1.03%) (1.05%)
Portfolio turnover .................. 16%(c) 49% 19% 68% 78% 120%
* Until March 1, 2006, the New Century Opportunistic Portfolio was known as
the "New Century Aggressive Portfolio."
(a) Amount rounds to less than than $0.01 per share.
(b) Total return is a measure of the change in the value of an investment in
the Portfolio over the periods covered, which assumes any dividends or
capital gains distributions are reinvested in shares of the Portfolio.
Returns shown do not reflect the deduction of taxes a shareholder would
pay on Portfolio distributions or the redemption of Portfolio shares.
(c) Not annualized.
(d) The ratios of expenses to average net assets do not reflect the
Portfolio's proportionate share of expenses of the underlying investment
companies in which the Portfolio invests.
(e) Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
(f) Annualized.
See accompanying notes to financial statements.
15
NEW CENTURY INTERNATIONAL PORTFOLIO
FINANCIAL HIGHLIGHTS
==================================================================================================================================
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
==================================================================================================================================
SIX MONTHS
ENDED
APRIL 30, YEARS ENDED OCTOBER 31,
2007 -----------------------------------------------------------------
(UNAUDITED) 2006 2005 2004 2003 2002
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ..... $ 15.06 $ 12.12 $ 10.07 $ 8.68 $ 6.52 $ 7.41
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income (loss) ........... 0.14 (0.06) (0.06) (0.05) (0.03) (0.06)
Net realized and unrealized gains
(losses) on investments .............. 2.32 3.12 2.42 1.44 2.19 (0.81)
-------- -------- -------- -------- -------- --------
Total from investment operations ......... 2.46 3.06 2.36 1.39 2.16 (0.87)
-------- -------- -------- -------- -------- --------
Less distributions:
Distributions from net
investment income .................... (0.14) -- -- -- -- (0.02)
Distributions from net realized gains .. (0.50) (0.12) (0.31) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions ...................... (0.64) (0.12) (0.31) -- -- (0.02)
-------- -------- -------- -------- -------- --------
Proceeds from redemption fees collected .. -- 0.00(a) 0.00(a) -- -- --
-------- -------- -------- -------- -------- --------
Net asset value, end of period ........... $ 16.88 $ 15.06 $ 12.12 $ 10.07 $ 8.68 $ 6.52
======== ======== ======== ======== ======== ========
TOTAL RETURN (b) ........................... 16.64%(c) 25.35% 23.70% 16.01% 33.13% (11.84%)
======== ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ........ $120,354 $102,945 $ 45,014 $ 24,449 $ 15,288 $ 7,655
======== ======== ======== ======== ======== ========
Ratios of expenses to average net assets:
Before expense reimbursement
and waived fees (d) .................. 1.38%(f) 1.50% 1.55% 1.74% 2.11% 2.54%
After expense reimbursement
and waived fees (d) .................. 1.38%(f)(g) 1.50%(g) 1.50% 1.50% 1.50% 1.50%
Ratios of net investment income (loss)
to average net assets:
Before expense reimbursement
and waived fees (e) .................. 1.67%(f) (0.46%) (0.72%) (0.88%) (1.16%) (2.34%)
After expense reimbursement
and waived fees (e) .................. 1.67%(f)(g) (0.46%)(g) (0.67%) (0.64%) (0.55%) (1.30%)
Portfolio turnover ....................... 1%(c) 22% 3% 45% 56% 27%
(a) Amount rounds to less than $0.01 per share.
(b) Total return is a measure of the change in the value of an investment in
the Portfolio over the periods covered, which assumes any dividends or
capital gains distributions are reinvested in shares of the Portfolio.
Returns shown do not reflect the deduction of taxes a shareholder would
pay on Portfolio distributions or the redemption of Portfolio shares.
(c) Not annualized.
(d) The ratios of expenses to average net assets do not reflect the
Portfolio's proportionate share of expenses of the underlying investment
companies in which the Portfolio invests.
(e) Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
(f) Annualized.
(g) Absent the recoupment of fees previously waived and reimbursed by the
Advisor, the ratio of expenses to average net assets would have been 1.36%
(f) and 1.41% and the ratio of net investment income (loss) to average net
assets would have been 1.69%(f) and (0.37%) for the periods ended April
30, 2007 and October 31, 2006, respectively (Note 2).
See accompanying notes to financial statements.
16
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
FINANCIAL HIGHLIGHTS
============================================================================================================================
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
============================================================================================================================
SIX MONTHS
ENDED
APRIL 30 PERIODS ENDED OCTOBER 31,
2007 -----------------------------------------------------------------
(UNAUDITED) 2006 2005 2004 2003 2002(a)
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period .... $ 13.03 $ 11.99 $ 11.46 $ 10.67 $ 9.12 $ 10.00
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income ................. 0.14 0.21 0.15 0.14 0.11 0.01
Net realized and unrealized gains
(losses) on investments ............. 0.73 1.23 0.87 0.83 1.54 (0.89)
-------- -------- -------- -------- -------- --------
Total from investment operations ........ 0.87 1.44 1.02 0.97 1.65 (0.88)
-------- -------- -------- -------- -------- --------
Less distributions:
Distributions from net investment
income .............................. (0.35) (0.33) (0.24) (0.18) (0.10) --
Distributions from net realized gains . (0.27) (0.07) (0.25) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions ..................... (0.62) (0.40) (0.49) (0.18) (0.10) --
-------- -------- -------- -------- -------- --------
Proceeds from redemption fees collected . 0.00(b) -- 0.00(b) -- -- --
-------- -------- -------- -------- -------- --------
Net asset value, end of period .......... $ 13.28 $ 13.03 $ 11.99 $ 11.46 $ 10.67 $ 9.12
======== ======== ======== ======== ======== ========
TOTAL RETURN (d) .......................... 6.86%(c) 12.32% 9.12% 9.12% 18.20% (8.80%)(c)
======== ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ....... $111,301 $ 97,811 $ 76,560 $ 51,635 $ 33,734 $ 19,529
======== ======== ======== ======== ======== ========
Ratios of expenses to average net
assets (h) ............................ 1.06%(e) 1.08% 1.06% 1.12% 1.40%(g) 1.49%(e)(f)
Ratios of net investment income to
average net assets (i) ................ 2.26%(e) 1.43% 1.06% 1.04% 1.06%(g) 0.32%(e)(f)
Portfolio turnover ...................... 4%(c) 12% 11% 11% 21% 7%(e)
(a) Represents the period from the initial public offering of shares (May 1,
2002) through October 31, 2002.
(b) Amount rounds to less than $0.01 per share.
(c) Not annualized.
(d) Total return is a measure of the change in the value of an investment in
the Portfolio over the periods covered, which assumes any dividends or
capital gains distributions are reinvested in shares of the Portfolio.
Returns shown do not reflect the deduction of taxes a shareholder would
pay on Portfolio distributions or the redemption of Portfolio shares.
(e) Annualized.
(f) Absent fee waivers and expense reimbursements by the Advisor, the ratio of
expenses to average net assets would have been 1.72%(e) and the ratio of
net investment income to average net assets would have been 0.09%(e) for
the period ended October 31, 2002 (Note 2).
(g) Absent the recoupment of fees previously waived and reimbursed by the
Advisor, the ratio of expenses to average net assets would have been 1.34%
and the ratio of net investment income to average net assets would have
been 1.12% for the year ended October 31, 2003 (Note 2).
(h) The ratios of expenses to average net assets do not reflect the
Portfolio's proportionate share of expenses of the underlying investment
companies in which the Portfolio invests.
(i) Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
See accompanying notes to financial statements.
17
NEW CENTURY CAPITAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
APRIL 30, 2007 (UNAUDITED)
================================================================================
INVESTMENT COMPANIES -- 97.6% SHARES VALUE
- --------------------------------------------------------------------------------
GROWTH AND INCOME FUNDS -- 34.0%
Fidelity Select Utilities Growth.................... 68,259 $ 4,315,357
Hotchkis & Wiley Large Cap Value - Class A.......... 309,148 8,300,636
iShares Dow Jones Select Dividend Index (b)......... 65,100 4,780,944
iShares Dow Jones U.S. Energy Sector Index (b)...... 49,400 5,449,314
iShares Goldman Sachs Natural Resources Index (b)... 10,600 1,170,664
iShares Russell 1000 Value Index (b)................ 28,800 2,481,984
iShares S&P 500 Index (b)........................... 17,350 2,576,302
iShares S&P MidCap 400 Value Index (b).............. 73,000 6,251,720
Powershares Dynamic Market (b)...................... 116,200 6,199,270
Vanguard 500 Index - Investor Shares ............... 32,727 4,470,781
------------
45,996,972
------------
GROWTH FUNDS -- 33.5%
American Funds AMCAP - Class A...................... 228,428 4,815,253
American Funds Growth Fund of America - Class A..... 274,721 9,510,826
Calamos Growth - Class A (a)........................ 55,868 3,196,766
Columbia Acorn Select - Class A..................... 120,899 3,530,241
Fidelity Capital Appreciation....................... 228,382 6,540,862
Goldman Sachs Growth Opportunities - Class A (a).... 235,888 5,682,534
iShares Russell 1000 Growth Index (b)............... 235 13,677
Janus Orion......................................... 116,276 1,247,643
Marsico 21st Century ............................... 579,744 9,264,308
Wells Fargo Advantage Endeavor Select - Class A (a). 152,703 1,638,508
------------
45,440,618
------------
SMALL COMPANY FUNDS -- 15.5%
Buffalo Small Cap (a)............................... 50,619 1,452,266
FBR Small Cap (a)................................... 44,566 2,491,662
iShares S&P SmallCap 600 Growth Index (b)........... 21,700 2,968,560
iShares S&P SmallCap 600 Value Index (b)............ 27,400 2,152,818
Royce Opportunity - Investor Class (a).............. 394,043 5,504,784
William Blair Small Cap Growth - Class I (a)........ 237,365 6,451,570
------------
21,021,660
------------
FOREIGN STOCK FUNDS -- 14.6%
Dodge & Cox International Stock..................... 107,008 5,065,759
iShares MSCI EAFE Index (b) ........................ 67,200 5,312,832
iShares MSCI EAFE Value Index (b) .................. 13,000 1,002,300
iShares MSCI Emerging Markets Index (b)............. 41,400 4,988,700
Lazard International Small Cap - Investor Shares.... 69,731 1,317,220
Tocqueville International Value (The)............... 130,346 2,062,078
------------
19,748,889
------------
TOTAL INVESTMENT COMPANIES (Cost $90,458,457)......... $132,208,139
------------
18
NEW CENTURY CAPITAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
MONEY MARKET SECURITIES -- 0.6% SHARES VALUE
- --------------------------------------------------------------------------------
First American Treasury Obligations - Class A
(Cost $838,417)................................... 838,417 $ 838,417
------------
TOTAL INVESTMENTS AT VALUE -- 98.2%
(Cost $91,296,874).................................. $133,046,556
OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.8%......... 2,371,727
------------
NET ASSETS -- 100.0%.................................. $135,418,283
============
(a) Non-income producing security.
(b) Exchange-traded fund.
See accompanying notes to financial statements.
19
NEW CENTURY BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
APRIL 30, 2007 (UNAUDITED)
================================================================================
INVESTMENT COMPANIES -- 99.1% SHARES VALUE
- --------------------------------------------------------------------------------
GROWTH AND INCOME FUNDS -- 36.7%
Dodge & Cox Stock................................... 33,433 $ 5,334,307
Fidelity Select Utilities Growth.................... 52,978 3,349,298
Hotchkis & Wiley Large Cap Value - Class A.......... 242,490 6,510,846
iShares Dow Jones Select Dividend Index (b)......... 42,600 3,128,544
iShares Dow Jones U.S. Energy Sector Index (b)...... 28,300 3,121,773
iShares Goldman Sachs Natural Resources Index (b)... 10,600 1,170,664
iShares Russell 1000 Value Index (b)................ 20,300 1,749,454
iShares S&P 500 Index (b)........................... 29,600 4,395,304
iShares S&P MidCap 400 Value Index (b).............. 9,000 770,760
Powershares Dynamic Market (b)...................... 81,000 4,321,350
-----------
33,852,300
-----------
FOREIGN STOCK FUNDS -- 10.9%
Dodge & Cox International Stock..................... 42,634 2,018,272
iShares MSCI EAFE Index (b)......................... 57,300 4,530,138
iShares MSCI EAFE Value Index (b)................... 21,000 1,619,100
Tocqueville International Value (The)............... 118,670 1,877,357
-----------
10,044,867
-----------
GROWTH FUNDS -- 10.7%
American Funds AMCAP - Class A...................... 152,540 3,215,546
Columbia Acorn Select - Class A..................... 31,131 909,028
Fidelity Capital Appreciation....................... 30,211 865,239
iShares Russell 1000 Growth Index (b)............... 300 17,460
Marsico 21st Century ............................... 36,739 587,094
S&P MidCap 400 Depositary Receipts (b).............. 17,580 2,789,946
Wells Fargo Advantage Endeavor Select - Class A (a). 136,098 1,460,331
-----------
9,844,644
-----------
HIGH YIELD BOND FUNDS -- 8.4%
Loomis Sayles Institutional High Income............. 406,452 3,422,325
MainStay High Yield Corporate Bond - Class A........ 656,919 4,302,821
-----------
7,725,146
-----------
SMALL COMPANY FUNDS -- 8.0%
FBR Small Cap (a)................................... 23,136 1,293,545
iShares S&P SmallCap 600 Growth Index (b)........... 15,400 2,106,720
iShares S&P SmallCap 600 Value Index (b)............ 27,800 2,184,246
Royce Opportunity - Investor Class (a).............. 129,869 1,814,271
-----------
7,398,782
-----------
CONVERTIBLE SECURITY FUNDS -- 6.2%
Davis Appreciation & Income......................... 112,856 3,522,239
Franklin Convertible Securities - Class A........... 126,579 2,168,298
-----------
5,690,537
-----------
20
NEW CENTURY BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
INVESTMENT COMPANIES -- 99.1% (CONTINUED) SHARES VALUE
- --------------------------------------------------------------------------------
WORLDWIDE BOND FUNDS -- 5.9%
Alliance Bernstein Global High Income (c)........... 135,800 $ 1,893,052
Loomis Sayles Global Bond - Institutional Class..... 56,623 892,942
Templeton Global Bond - Class A..................... 181,617 2,063,167
T. Rowe Price Emerging Markets Bond................. 40,702 570,635
-----------
5,419,796
-----------
CORPORATE BOND FUNDS -- 4.9%
Loomis Sayles Bond - Institutional Class............ 306,371 4,503,647
-----------
GOVERNMENT BOND FUNDS -- 4.7%
American Century Target Maturities Trust
Series 2015 - Investor Class...................... 55,077 4,398,448
-----------
HIGH QUALITY BOND FUNDS -- 2.7%
Dodge & Cox Income ................................. 200,048 2,534,607
-----------
TOTAL INVESTMENT COMPANIES (Cost $70,429,510)......... $91,412,774
-----------
================================================================================
MONEY MARKET SECURITIES -- 1.0% SHARES VALUE
- --------------------------------------------------------------------------------
First American Treasury Obligations - Class A
(Cost $955,999)................................... 955,999 $ 955,999
-----------
TOTAL INVESTMENTS AT VALUE -- 100.1%
(Cost $71,385,509).................................. $92,368,773
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1%)....... (96,468)
-----------
NET ASSETS -- 100.0%.................................. $92,272,305
===========
(a) Non-income producing security.
(b) Exchange-traded fund.
(c) Closed-end fund.
See accompanying notes to financial statements.
21
NEW CENTURY OPPORTUNISTIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
APRIL 30, 2007 (UNAUDITED)
================================================================================
INVESTMENT COMPANIES -- 98.2% SHARES VALUE
- --------------------------------------------------------------------------------
SECTOR FUNDS -- 52.2%
Alpine International Real Estate Equity - Class Y .... 14,450 $ 648,661
FBR Gas Utility Index ................................ 13,852 304,474
iShares Dow Jones U.S. Energy Sector Index (b) ....... 8,500 937,635
iShares Goldman Sachs Natural Resources Index (b) .... 8,300 916,652
iShares Goldman Sachs Networking Index (a) (b) ....... 23,900 784,159
iShares Goldman Sachs Semiconductor Index (b) ........ 4,050 259,038
iShares MSCI Emerging Markets Index (b) .............. 5,300 638,650
iShares Nasdaq Biotechnology Index (a) (b) ........... 6,600 541,068
PowerShares Dynamic Biotechnology & Genome (a) (b) ... 13,700 263,999
Technology Select Sector SPDR (b) .................... 30,800 754,600
T. Rowe Price Emerging Europe & Mediterranean ........ 13,862 474,914
------------
6,523,850
------------
LARGE-CAP FUNDS -- 22.4%
iShares Russell 1000 Value Index (b) ................. 8,800 758,384
iShares S&P 500 Growth Index (b) ..................... 9,500 643,340
Marsico 21st Century ................................. 87,310 1,395,208
------------
2,796,932
------------
MID-CAP FUNDS -- 18.3%
Janus Orion .......................................... 62,677 672,525
Leuthold Select Industries ........................... 47,135 939,404
S&P MidCap 400 Depositary Receipts (b) ............... 4,302 682,727
------------
2,294,656
------------
SMALL-CAP FUNDS -- 5.3%
iShares S&P SmallCap 600 Growth Index (b) ............ 1,200 164,160
iShares S&P SmallCap 600 Value Index (b) ............. 6,400 502,848
------------
667,008
------------
TOTAL INVESTMENT COMPANIES (Cost $10,508,096) .......... $ 12,282,446
------------
================================================================================
MONEY MARKET SECURITIES -- 1.9% SHARES VALUE
- --------------------------------------------------------------------------------
First American Treasury Obligations - Class A
(Cost $241,286) ................................... 241,286 $ 241,286
TOTAL INVESTMENTS AT VALUE -- 100.1%
(Cost $10,749,382) .................................. $ 12,523,732
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1%) ....... (13,847)
------------
NET ASSETS -- 100.0% .................................. $ 12,509,885
============
(a) Non-income producing security.
(b) Exchange-traded fund.
See accompanying notes to financial statements.
22
NEW CENTURY INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
APRIL 30, 2007 (UNAUDITED)
================================================================================
INVESTMENT COMPANIES -- 98.6% SHARES VALUE
- --------------------------------------------------------------------------------
EUROPE FUNDS -- 31.9%
AIM European Growth - Class A ....................... 122,263 $ 5,564,196
iShares MSCI Austria Index (a) ...................... 166,200 6,731,100
iShares MSCI Belgium Index (a) ...................... 110,600 3,075,786
iShares MSCI EMU Index (a) .......................... 25,800 2,979,126
iShares MSCI France Index (a) ....................... 10,000 377,800
iShares MSCI Germany Index (a) ...................... 128,200 4,022,916
iShares MSCI Spain Index (a) ........................ 44,700 2,530,914
iShares MSCI Sweden Index (a) ....................... 76,000 2,818,080
iShares MSCI Switzerland Index (a) .................. 47,500 1,289,150
iShares MSCI United Kingdom Index (a) ............... 129,746 3,224,188
Ivy European Opportunities - Class A ................ 134,158 5,737,935
------------
38,351,191
------------
DIVERSIFIED FUNDS -- 27.3%
AllianceBernstein International Growth - Class A .... 101,077 2,081,184
Alpine International Real Estate Equity - Class Y ... 7,047 316,350
Dodge & Cox International Stock ..................... 73,630 3,485,636
iShares MSCI EAFE Index (a) ......................... 67,800 5,360,268
iShares S&P Global Energy Sector Index (a) .......... 23,900 2,790,325
Janus Overseas ...................................... 139,582 6,962,351
Lazard International Small Cap - Investor Shares .... 48,949 924,642
Oakmark International - Class I ..................... 118,295 3,257,846
Oppenheimer International Small Company - Class A ... 150,078 4,532,370
Tocqueville International Value (The) ............... 196,936 3,115,525
------------
32,826,497
------------
ASIA/PACIFIC FUNDS -- 20.3%
Eaton Vance Greater India - Class A (b) ............. 156,734 4,189,498
Fidelity Japan ...................................... 132,905 2,297,927
iShares FTSE/Xinhua China 25 Index (a) .............. 43,100 4,535,844
iShares MSCI Australia Index (a) .................... 151,100 4,103,876
iShares MSCI Japan Index (a) ........................ 143,800 2,044,836
iShares MSCI Pacific Ex-Japan Index (a) ............. 21,600 3,016,872
Matthews Pacific Tiger - Class I .................... 91,119 2,256,118
ProFunds UltraJapan - Investor Class ................ 41,259 2,017,548
------------
24,462,519
------------
AMERICAS FUNDS -- 12.0%
Fidelity Canada ..................................... 57,916 3,085,172
iShares MSCI Canada Index (a) ....................... 151,000 4,163,070
iShares MSCI Mexico Index (a) ....................... 54,800 3,037,016
iShares S&P Latin American 40 Index (a) ............. 22,200 4,182,702
------------
14,467,960
------------
See accompanying notes to financial statements.
23
NEW CENTURY INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
INVESTMENT COMPANIES -- 98.6% (CONTINUED) SHARES VALUE
- --------------------------------------------------------------------------------
EMERGING MARKETS FUNDS -- 7.1%
iShares MSCI Emerging Markets Index (a) ............ 29,000 $ 3,494,500
Oppenheimer Developing Markets - Class A ........... 31,591 1,386,843
T. Rowe Price Emerging Europe & Mediterranean ...... 106,021 3,632,277
------------
8,513,620
------------
TOTAL INVESTMENT COMPANIES (Cost $79,456,838) ........ $118,621,787
------------
================================================================================
MONEY MARKET SECURITIES -- 1.4% SHARES VALUE
- --------------------------------------------------------------------------------
First American Treasury Obligations - Class A
(Cost $1,762,082) .............................. 1,762,082 $ 1,762,082
------------
TOTAL INVESTMENTS AT VALUE -- 100.0%
(Cost $81,218,920) ............................... $120,383,869
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.0%) .... (30,230)
------------
NET ASSETS -- 100.0% ............................... $120,353,639
============
(a) Exchange-traded fund.
(b) Non-income producing security.
See accompanying notes to financial statements.
24
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
APRIL 30, 2007 (UNAUDITED)
================================================================================
INVESTMENT COMPANIES -- 95.9% SHARES VALUE
- --------------------------------------------------------------------------------
LONG/SHORT EQUITY FUNDS -- 18.0%
CGM Focus ........................................... 42,660 $ 1,642,847
Diamond Hill Focus Long-Short - Class I ............. 179,546 3,328,776
Gartmore U.S. Growth Leaders Long-Short ............. 48,119 525,937
Hussman Strategic Growth ............................ 311,576 4,932,248
Prudent Bear ........................................ 183,533 1,051,643
Schwab Hedged Equity ................................ 251,212 4,122,388
TFS Market Neutral (a) .............................. 79,706 1,119,874
Weitz Funds (The) - Partners III Opportunity ........ 289,728 3,323,181
------------
20,046,894
------------
MERGER ARBITRAGE FUNDS -- 14.9%
Arbitrage Fund (The) - Class R (a) .................. 172,522 2,210,008
Enterprise Mergers and Acquisitions - Class A ....... 372,863 4,772,647
Gabelli ABC ......................................... 354,925 3,666,379
Merger Fund (The) ................................... 364,382 5,888,415
------------
16,537,449
------------
GLOBAL MACRO FUNDS -- 14.5%
Advantage Global Alpha - Class A .................... 155,411 2,146,232
Calamos Global Growth and Income - Class A (a) ..... 104,914 1,165,593
First Eagle Global - Class A ........................ 162,171 7,826,390
Franklin Mutual Discovery - Class Z ................. 103,824 3,458,387
Oppenheimer International Bond - Class A ............ 243,172 1,519,823
------------
16,116,425
------------
ASSET ALLOCATION FUNDS -- 9.9%
Berwyn Income ....................................... 121,430 1,534,871
FPA Crescent - Class I .............................. 108,096 3,005,082
Greenspring ......................................... 78,952 1,910,627
Leuthold Asset Allocation ........................... 91,912 1,011,949
Leuthold Core Investment ............................ 150,166 2,958,266
Oakmark Equity and Income - Class I ................. 22,194 611,001
------------
11,031,796
------------
NATURAL RESOURCES FUNDS -- 9.8%
DWS Global Commodities Stock (c) .................... 32,972 560,194
FBR Gas Utility Index ............................... 27,764 610,250
Permanent Portfolio ................................. 19,842 671,243
PIMCO Commodity Real Return Strategy - Class A ...... 237,316 3,493,285
PowerShares Global Water Portfolio (b) .............. 53,000 1,018,660
RS Global Natural Resources - Class A ............... 77,637 2,737,486
T. Rowe Price New Era ............................... 8,824 452,952
Vanguard Precious Metals & Minerals ................. 43,842 1,368,747
------------
10,912,817
------------
REAL ESTATE FUNDS -- 6.8%
Cohen & Steers International Realty - Class I ....... 112,151 2,220,589
DWS RREEF Real Estate (c) ........................... 16,100 432,446
JPMorgan U.S. Real Estate - Class A ................. 45,652 1,043,608
Third Avenue Real Estate Value ...................... 104,939 3,856,516
------------
7,553,159
------------
See accompanying notes to financial statements.
25
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
INVESTMENT COMPANIES -- 95.9% (CONTINUED) SHARES VALUE
- --------------------------------------------------------------------------------
OPTION HEDGED FUNDS -- 6.6%
Gateway .......................................... 159,083 $ 4,441,588
Old Mutual Analytic Defensive Equity - Class Z ... 199,182 2,916,027
------------
7,357,615
------------
DEEP VALUE/DISTRESSED SECURITIES FUNDS -- 6.4%
Fairholme ........................................ 82,924 2,546,608
Franklin Mutual Beacon - Class Z ................. 115,728 2,065,753
Third Avenue Value ............................... 39,218 2,486,822
------------
7,099,183
------------
CONVERTIBLE ARBITRAGE FUNDS -- 5.0%
Calamos Market Neutral - A Shares ................ 427,252 5,550,007
------------
HIGH YIELD FUNDS -- 4.0%
Fidelity Capital & Income ........................ 116,506 1,069,528
MainStay High Yield Corporate Bond - Class A ..... 169,660 1,111,273
Pioneer High Yield - Class A ..................... 96,904 1,095,019
Principal High Yield - Class A ................... 126,054 1,120,622
------------
4,396,442
------------
TOTAL INVESTMENT COMPANIES (Cost $89,737,225) ...... $106,601,787
------------
================================================================================
PAR VALUE/
STRUCTURED NOTES -- 1.6% UNITS VALUE
- --------------------------------------------------------------------------------
Eksportfinans ASA, Efficient Allocation Return
Note, due 10/19/09 ............................. $500,000 $ 506,200
Morgan Stanley Bear Market Plus Note,
due 04/20/2008 ................................. 100,000(d) 949,000
Morgan Stanley Global Medium-Term Notes,
Series F, due 09/20/07 ......................... 45,000(d) 384,750
------------
TOTAL STRUCTURED NOTES (Cost $1,947,500) ........... $ 1,839,950
------------
================================================================================
MONEY MARKET SECURITIES -- 2.5% SHARES VALUE
- --------------------------------------------------------------------------------
First American Treasury Obligations - Class A
(Cost $2,822,897) .............................. 2,822,897 $ 2,822,897
------------
TOTAL INVESTMENTS AT VALUE -- 100.0%
(Cost $94,507,622) ............................... $111,264,634
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% ...... 36,246
------------
NET ASSETS -- 100.0% ............................... $111,300,880
============
(a) Non-income producing security.
(b) Exchange-traded fund.
(c) Closed-end fund.
(d) $10.00 face value per unit.
See accompanying notes to financial statements.
26
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2007 (UNAUDITED)
================================================================================
(1) SIGNIFICANT ACCOUNTING POLICIES
New Century Portfolios ("New Century") is organized as a Massachusetts business
trust which is registered under the Investment Company Act of 1940, as amended,
as an open-end management investment company and currently offers shares of five
series: New Century Capital Portfolio, New Century Balanced Portfolio, New
Century Opportunistic Portfolio (formerly New Century Aggressive Portfolio), New
Century International Portfolio and New Century Alternative Strategies Portfolio
(together, the "Portfolios"). New Century Capital Portfolio and New Century
Balanced Portfolio commenced operations on January 31, 1989. New Century
Opportunistic Portfolio and New Century International Portfolio commenced
operations on November 1, 2000, and New Century Alternative Strategies Portfolio
commenced operations on May 1, 2002.
Weston Financial Group, Inc. (the "Advisor"), a wholly-owned subsidiary of The
Washington Trust Company, serves as the investment advisor to each Portfolio.
Weston Securities Corporation (the "Distributor"), a wholly-owned subsidiary of
Washington Trust Bancorp, Inc., serves as the distributor and principal
underwriter to each Portfolio.
The investment objective of New Century Capital Portfolio is to provide capital
growth, with a secondary objective to provide income, while managing risk. This
Portfolio seeks to achieve its objectives by investing primarily in shares of
other registered investment companies that emphasize investments in equities
(domestic and foreign).
The investment objective of New Century Balanced Portfolio is to provide income,
with a secondary objective to provide capital growth, while managing risk. This
Portfolio seeks to achieve its objectives by investing primarily in shares of
other registered investment companies that emphasize investments in equities
(domestic and foreign), fixed income securities (domestic and foreign), or in a
composite of such securities. This Portfolio will maintain at least 25% of its
assets in fixed income securities by selecting registered investment companies
that invest in such securities.
The investment objective of New Century Opportunistic Portfolio is to provide
capital growth, without regard to current income, while managing risk. This
Portfolio seeks to achieve its objective by investing primarily in shares of
registered investment companies that emphasize investments in equities (domestic
and foreign), fixed income securities that seek appreciation such as high-yield,
lower rated debt securities (domestic or foreign), or other securities that are
selected by those investment companies to achieve growth.
The investment objective of New Century International Portfolio is to provide
capital growth, with a secondary objective to provide income, while managing
risk. This Portfolio seeks to achieve its objectives by investing primarily in
shares of registered investment companies that emphasize investments in equities
and fixed income securities (foreign, worldwide, emerging markets and domestic).
27
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
The investment objective of New Century Alternative Strategies Portfolio is to
provide long-term capital appreciation, with a secondary objective to earn
income, while managing risk. This Portfolio seeks to achieve its objectives by
investing primarily in shares of other registered investment companies that
emphasize alternative strategies.
The price of shares of each Portfolio fluctuates daily and there is no assurance
that the Portfolios will be successful in achieving their stated investment
objectives.
The following is a summary of significant accounting policies consistently
followed by the Portfolios in the preparation of their financial statements.
These policies are in conformity with accounting principles generally accepted
in the United States of America.
A. INVESTMENT VALUATION
--------------------
Investments, representing primarily capital stock of other open-end investment
companies, are valued at their net asset value as reported by such companies.
The Portfolios may also invest in closed-end investment companies, exchange
traded funds, and to a certain extent, directly in securities. Investments in
closed-end investment companies, exchange traded funds and direct investments in
securities are valued at market prices, as described in the paragraph below. The
net asset value as reported by open-end investment companies may be based on
fair value pricing; to understand the fair value pricing process used by such
companies, consult their most current prospectus.
Investments in securities traded on a national securities exchange or included
in NASDAQ are generally valued at the last reported sales price or the official
closing price; and securities traded in the over-the-counter market and listed
securities for which no sale is reported on that date are valued at the last
reported bid price. It is expected that fixed income securities will ordinarily
be traded in the over-the-counter market. When market quotations are not readily
available, fixed income securities may be valued on the basis of prices provided
by an independent pricing service. Other assets and securities for which no
quotations are readily available or for which quotations the Advisor believes do
not reflect market value are valued at their fair value as determined in good
faith by the Advisor under the procedures established by the Board of Trustees.
Short-term investments are valued at amortized cost which approximates market
value.
B. SHARE VALUATION
---------------
The net asset value per share of each Portfolio is calculated daily by dividing
the total value of each Portfolio's assets, less liabilities, by the number of
shares outstanding. The offering price and redemption price per share of each
Portfolio is equal to the net asset value per share, except that shares of each
Portfolio are subject to a redemption fee
28
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
of 2% if redeemed within 30 days of the date of purchase. No redemption fee will
be imposed on the exchange of shares among the various Portfolios of the Trust,
the redemption of shares representing reinvested dividends or capital gain
distributions, or on amounts representing capital appreciation of shares. During
the periods ended April 30, 2007 and October 31, 2006, proceeds from redemption
fees totaled $0 and $575, respectively for the New Century International
Portfolio and $2 and $0, respectively, for the New Century Alternative
Strategies Portfolio. No redemption fees were collected for the New Century
Capital, New Century Balanced and New Century Opportunistic Portfolios. Any
redemption fees are credited to Paid-in capital of the applicable Portfolio.
C. INVESTMENT TRANSACTIONS
-----------------------
Investment transactions are recorded on a trade date basis. Gains and losses on
securities sold are determined on a specific identification method.
D. INCOME RECOGNITION
------------------
Interest, if any, is accrued on portfolio investments daily. Dividend income and
capital gain distributions are recorded on the ex-dividend date or as soon as
the information is available if after the ex-date.
E. DISTRIBUTIONS TO SHAREHOLDERS
-----------------------------
Dividends arising from net investment income, if any, are declared and paid
semi-annually to shareholders of the New Century Balanced and New Century
Alternative Strategies Portfolios. Dividends from net investment income, if any,
are declared and paid annually for the New Century Capital, New Century
Opportunistic and New Century International Portfolios. Net realized short-term
capital gains, if any, may be distributed throughout the year and net realized
long-term capital gains, if any, are distributed at least once each year. Income
distributions and capital gain distributions are determined in accordance with
income tax regulations, which may differ from accounting principles generally
accepted in the United States of America. There were no differences between the
book and tax basis of distributions for the periods ended April 30, 2007 and
October 31, 2006.
F. COST OF OPERATIONS
------------------
The Portfolios bear all costs of their operations other than expenses
specifically assumed by the Advisor. Expenses directly attributable to a
Portfolio are charged to that Portfolio; other expenses are allocated
proportionately among the Portfolios in relation to the net assets of each
Portfolio.
29
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
G. USE OF ESTIMATES
----------------
In preparing financial statements in accordance with accounting principles
generally accepted in the United States of America, management is required to
make estimates and assumptions that affect the reported amount of assets and
liabilities, the disclosure of contingent assets and liabilities, and revenues
and expenses during the reporting period. Actual results could differ from those
estimates.
(2) INVESTMENT ADVISORY FEES, ADMINISTRATIVE AGREEMENT AND TRUSTEES' FEES
Each Portfolio has a separate Investment Advisory Agreement with the Advisor.
Investment advisory fees for each Portfolio are computed daily and paid monthly.
The investment advisory fees for each Portfolio, except for the New Century
Alternative Strategies Portfolio, are computed at an annualized rate of 1% on
the first $100 million of average daily net assets and .75% of average daily net
assets exceeding that amount. The investment advisory fees for New Century
Alternative Strategies Portfolio, however, are computed at an annualized rate of
..75% of average daily net assets. The advisory fees are based on the net assets
of each of the Portfolios separately, and not on the total net assets of the
Portfolios combined.
The Advisor has contractually agreed to limit the total expenses (excluding
interest, taxes, brokerage and extraordinary expenses) to an annual rate of
1.50% of average net assets for each of the Portfolios. This total expenses
number also excludes a Portfolio's proportionate share of expenses of the
underlying investment companies in which such Portfolio invests. This
contractual fee waiver is in place until August 31, 2007. Accordingly, for the
six months ended April 30, 2007, the Advisor waived $24,094 of advisory fees for
the New Century Opportunistic Portfolio. No waiver was necessary for New Century
Capital, New Century Balanced, New Century International or New Century
Alternative Strategies Portfolios.
Any advisory fees waived and/or any other operating expenses absorbed by the
Advisor pursuant to an agreed upon expense cap shall be reimbursed by the
Portfolio to the Advisor, if so requested by the Advisor, provided the aggregate
amount of the Portfolio's current total operating expenses for such fiscal year
does not exceed the applicable existing limitation on Portfolio expenses, and
the reimbursement is made within three years after the year in which the Advisor
incurred the expense. During the six months ended April 30, 2007, the Advisor
received $10,757 in recouped fees from the New Century International Portfolio.
During the six months ended April 30, 2007, the Advisor did not recoup any fees
waived or other operating expenses absorbed from the New Century Opportunistic
Portfolio. The Advisor has recouped all fees waived and expenses reimbursed for
New Century Balanced Portfolio and New Century Alternative Strategies Portfolio.
No fees have been waived or reimbursed for the New Century Capital Portfolio.
30
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
As of April 30, 2007, the amounts available for reimbursement that have been
paid and/or waived by the Advisor on behalf of the following Portfolios are as
follows:
- --------------------------------------------------------------------------------
New Century Opportunistic Portfolio.................................. $206,320
New Century International Portfolio.................................. $ 43,136
- --------------------------------------------------------------------------------
As of April 30, 2007, the Advisor may recapture a portion of the above amounts
no later than the dates as stated below:
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2007 2008 2009 2010
- ----------------------------------------------------------------------------------------------
New Century Opportunistic Portfolio... $64,016 $62,153 $56,057 $24,094
New Century International Portfolio... $24,339 $18,797 $ -- $ --
- ----------------------------------------------------------------------------------------------
Fees paid by the Portfolios pursuant to an Administration Agreement with the
Advisor to administer the ordinary course of the Portfolios' business are paid
monthly from a detail of actual expenses incurred in the overseeing of the
Portfolios' affairs. All expenses incurred overseeing the Portfolios' affairs
are reimbursed monthly.
The Portfolios pay each Trustee who is not affiliated with the Advisor a $10,000
annual retainer, paid quarterly, and a per meeting fee of $1,000. The Portfolios
will also pay each Trustee who is not affiliated with the Advisor a $1,000
special meeting fee if held independent of a Regularly Scheduled Board Meeting.
Trustees who are affiliated with the Advisor do not receive compensation.
(3) DISTRIBUTION PLAN AND OTHER TRANSACTIONS WITH AFFILIATES
The Portfolios have adopted a Distribution Plan (the "Plan") under Section 12(b)
of the Investment Company Act of 1940 and Rule 12b-1 thereunder. Under the Plan,
each Portfolio may pay up to .25% of its average daily net assets to the
Distributor for activities primarily intended to result in the sale of shares.
Under its terms, the Plan shall remain in effect from year to year, provided
such continuance is approved annually by a vote of a majority of the Trustees
and a majority of those Trustees who are not "interested persons" of the
Portfolios and who have no direct or indirect financial interest in the
operation of the Plan or in any agreement related to the Plan.
During the six months ended April 30, 2007, the Distributor received $97,985,
$79,508, $13,548, $119,682 and $60,840 from New Century Capital, Balanced,
Opportunistic, International and Alternative Strategies Portfolios,
respectively, pursuant to the Plan.
Also during this time, the Distributor received sales commissions and other
compensation of $49,359, $24,790, $1,868, $23,237 and $60,213 in connection with
the purchase of investment company shares by New Century Capital, Balanced,
Opportunistic, International and Alternative Strategies Portfolios,
respectively. The
31
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
Distributor has voluntarily agreed to reduce payments made by each Portfolio
pursuant to the Plan in amounts equal to the sales commissions and other
compensation.
Certain officers and trustees of New Century are also officers and/or directors
of the Advisor and the Distributor.
(4) INVESTMENT TRANSACTIONS
For the six months ended April 30, 2007, the cost of purchases and the proceeds
from sales of securities other than short-term investments and U.S. government
securities were as follows:
- --------------------------------------------------------------------------------------------------------------------
NEW
NEW NEW NEW NEW CENTURY
CENTURY CENTURY CENTURY CENTURY ALTERNATIVE
CAPITAL BALANCED OPPORTUNISTIC INTERNATIONAL STRATEGIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
Purchase of investment securities .......... $7,101,233 $6,440,558 $1,943,764 $4,433,824 $13,670,716
Proceeds from sales of investment securities $7,100,000 $2,508,032 $2,499,346 $1,303,872 $ 3,853,176
- --------------------------------------------------------------------------------------------------------------------
(5) TAX MATTERS
It is each Portfolio's policy to comply with the special provisions of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Portfolio so
qualifies and distributes at least 90% of its taxable net income, the Portfolio
(but not the shareholders) will be relieved of federal income tax on the income
distributed. Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also each Portfolio's intention to declare as
dividends in each calendar year at least 98% of its net investment income
(earned during the calendar year) and 98% of its net realized capital gains
(earned during the twelve months ended October 31) plus undistributed amounts
from prior years.
32
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
The tax character of distributable earnings at April 30, 2007 was as follows:
- ----------------------------------------------------------------------------------------------------------------------
NEW
NEW NEW NEW NEW CENTURY
CENTURY CENTURY CENTURY CENTURY ALTERNATIVE
CAPITAL BALANCED OPPORTUNISTIC INTERNATIONAL STRATEGIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------
Accumulated ordinary income (loss) ......... $ 188,178 $ 52,131 $ (623) $ 287,070 $ (63,767)
Unrealized appreciation .................... 41,745,440 20,876,169 1,750,910 39,164,949 16,693,730
Capital loss carryforwards ................. (3,929,333) (317,777) (329,546) -- --
Other gains ................................ 4,128,729 1,883,951 500,621 2,036,159 2,091,308
----------- ----------- ---------- ----------- -----------
Total distributable earnings ............... $42,133,014 $22,494,474 $1,921,362 $41,488,178 $18,721,271
=========== =========== ========== =========== ===========
- ----------------------------------------------------------------------------------------------------------------------
The following information is based upon the federal income tax cost of
investment securities as of April 30, 2007:
- ----------------------------------------------------------------------------------------------------------------------
NEW
NEW NEW NEW NEW CENTURY
CENTURY CENTURY CENTURY CENTURY ALTERNATIVE
CAPITAL BALANCED OPPORTUNISTIC INTERNATIONAL STRATEGIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------
Tax cost of portfolio investments .......... $91,301,116 $71,492,604 $10,772,820 $81,218,920 $94,570,904
=========== =========== =========== =========== ===========
Gross unrealized appreciation .............. $41,746,213 $20,991,436 $ 1,827,991 $39,322,732 $17,234,775
Gross unrealized depreciation .............. (773) (115,267) (77,081) (157,783) (541,045)
----------- ----------- ----------- ----------- -----------
Net unrealized appreciation ................ $41,745,440 $20,876,169 $ 1,750,910 $39,164,949 $16,693,730
=========== =========== =========== =========== ===========
- ----------------------------------------------------------------------------------------------------------------------
The difference between the federal income tax cost of portfolio investments and
the financial statement cost for New Century Capital, Balanced, Opportunistic
and Alternative Strategies Portfolios is due to certain timing differences in
the recognition of capital losses under income tax regulations and accounting
principles generally accepted in the United States of America. These "book/tax"
differences are temporary in nature and are primarily due to the tax deferral of
losses on wash sales. For the New Century Alternative Strategies Portfolio, the
difference between tax basis undistributed ordinary income and accumulated
undistributed net investment income is due to the tax treatment of net
short-term capital gains and the requirement to accrue income on structured
notes for tax purposes.
33
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
As of October 31, 2006, the Portfolios had the following capital loss
carryforwards for federal income tax purposes. These capital loss carryforwards
may be utilized in the current and future years to offset net realized capital
gains, if any, prior to distributing such gains to shareholders.
- --------------------------------------------------------------------------------
NEW NEW NEW
CENTURY CENTURY CENTURY
CAPITAL BALANCED OPPORTUNISTIC
EXPIRES OCTOBER 31, PORTFOLIO PORTFOLIO PORTFOLIO
- --------------------------------------------------------------------------------
2010 .................................. $ 798,303 $174,247 $212,888
2011 .................................. 3,131,030 143,530 116,658
---------- -------- --------
$3,929,333 $317,777 $329,546
========== ======== ========
- --------------------------------------------------------------------------------
(6) CONTINGENCIES AND COMMITMENTS
New Century indemnifies its officers and trustees for certain liabilities that
might arise from their performance of their duties to the Portfolios.
Additionally, in the normal course of business, New Century, on behalf of its
Portfolios, enters into contracts that contain a variety of representations and
warranties and which provide general indemnifications. The Portfolios' maximum
exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Portfolios that have not yet occurred.
However, based on experience, New Century expects the risk of loss to be remote.
(7) NEW ACCOUNTING PRONOUNCEMENTS
On July 13, 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 and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken in the course of preparing each
Portfolio's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be booked
as a tax benefit or expense in the current year. Adoption of FIN 48 is required
for fiscal years beginning after December 15, 2006 and is to be applied to all
open tax years as of the effective date. Recent SEC guidance allows implementing
FIN 48 in Portfolio NAV calculations as late as the Portfolio's last such
calculation in the first required financial statement period. As a result, the
Portfolios will incorporate FIN 48 in their Semi-Annual Report on April 30,
2008. Management is in the process of determining the impact of the adoption of
FIN 48.
34
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2007 (UNAUDITED)
================================================================================
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of April 30, 2007, each Portfolio does not believe the
adoption of SFAS No. 157 will impact the amounts reported in the financial
statements, however, additional disclosures may be required about the inputs
used to develop the measurements and the effect of certain of the measurements
reported on the Statements of Changes in Net Assets for a fiscal period.
35
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIO'S EXPENSES (UNAUDITED)
================================================================================
We believe it is important for you to understand the impact of costs on your
investment. As a shareholder of the Portfolios, you may incur two types of
costs: (1) transaction costs, including redemption fees; and (2) ongoing costs,
including management fees, distribution (12b-1) fees and other expenses. The
following examples are intended to help you understand ongoing costs (in
dollars) of investing in the Portfolios and to compare these costs with the
ongoing costs of investing in other mutual funds.
A Portfolio's expenses are expressed as a percentage of its average net assets.
This figure is known as the expense ratio. The examples in the tables below are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.
The table below illustrates each Portfolio's costs in two ways:
ACTUAL FUND RETURN - This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from each
Portfolio's actual return, and the third column shows the dollar amount of
operating expenses that would have been paid by an investor who started with
$1,000 in the Portfolios. You may use the information here, together with the
amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Portfolios under the heading "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN - This section is intended to help you compare the
Portfolios' costs with those of other mutual funds. It assumes that each
Portfolio had an annual return of 5% before expenses during the period shown,
but that the expense ratio is unchanged. In this case, because the return used
is not the Portfolios' actual returns, the results do not apply to your
investment. The example is useful in making comparisons because the Securities
and Exchange Commission requires all mutual funds to calculate expenses based on
a 5% return. You can assess each Portfolio's costs by comparing this
hypothetical example with the hypothetical examples that appear in shareholder
reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Portfolios do not charge sales loads. However, a
redemption fee of 2% is applied on the sale of shares of the Portfolios held for
less than 30 days.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
36
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIO'S EXPENSES (UNAUDITED)
(CONTINUED)
================================================================================
More information about the Portfolios' expenses, including recent annual expense
ratios, can be found in this report. For additional information on operating
expenses and other shareholder costs, please refer to the Portfolios'
prospectus.
NEW CENTURY CAPITAL PORTFOLIO
- --------------------------------------------------------------------------------
Beginning Ending
Account Value Account Value Expenses Paid
November 1, 2006 April 30, 2007 During Period*
- --------------------------------------------------------------------------------
Based on Actual Fund Return $1,000.00 $1,102.10 $6.62
Based on Hypothetical 5%
Return (before expenses) $1,000.00 $1,018.50 $6.36
- --------------------------------------------------------------------------------
* Expenses are equal to the New Century Capital Portfolio's annualized
expense ratio of 1.27% for the period, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half year
period).
NEW CENTURY BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
Beginning Ending Expenses Paid
Account Value Account Value During
November 1, 2006 April 30, 2007 Period*
- --------------------------------------------------------------------------------
Based on Actual Fund Return $1,000.00 $1,085.40 $7.08
Based on Hypothetical 5% Return
(before expenses) $1,000.00 $1,018.00 $6.85
- --------------------------------------------------------------------------------
* Expenses are equal to the New Century Balanced Portfolio's annualized
expense ratio of 1.37% for the period, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half year
period).
NEW CENTURY OPPORTUNISTIC PORTFOLIO
- --------------------------------------------------------------------------------
Beginning Ending Expenses Paid
Account Value Account Value During
November 1, 2006 April 30, 2007 Period*
- --------------------------------------------------------------------------------
Based on Actual Fund Return $1,000.00 $1,103.70 $7.82
Based on Hypothetical 5% Return
(before expenses) $1,000.00 $1,017.36 $7.50
- --------------------------------------------------------------------------------
* Expenses are equal to the New Century Opportunistic Portfolio's annualized
expense ratio of 1.50% for the period, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half year
period).
37
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIO'S EXPENSES (UNAUDITED)
(CONTINUED)
================================================================================
NEW CENTURY INTERNATIONAL PORTFOLIO
- --------------------------------------------------------------------------------
Beginning Ending Expenses Paid
Account Value Account Value During
November 1, 2006 April 30, 2007 Period*
- --------------------------------------------------------------------------------
Based on Actual Fund Return $1,000.00 $1,166.40 $7.41
Based on Hypothetical 5% Return
(before expenses) $1,000.00 $1,017.95 $6.90
- --------------------------------------------------------------------------------
* Expenses are equal to the New Century International Portfolio's annualized
expense ratio of 1.38% for the period, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half year
period).
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
- --------------------------------------------------------------------------------
Beginning Ending Expenses Paid
Account Value Account Value During
November 1, 2006 April 30, 2007 Period*
- --------------------------------------------------------------------------------
Based on Actual Fund Return $1,000.00 $1,068.60 $5.44
Based on Hypothetical 5% Return
(before expenses) $1,000.00 $1,019.54 $5.31
- --------------------------------------------------------------------------------
* Expenses are equal to the New Century Alternative Strategies Portfolio's
annualized expense ratio of 1.06% for the period, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period).
38
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================================================================================
INVESTMENT ADVISOR AND ADMINISTRATOR
Weston Financial Group, Inc.
Wellesley, MA
DISTRIBUTOR
Weston Securities Corporation
Wellesley, MA
COUNSEL
Greenburg Traurig, LLP
Philadelphia, PA
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Briggs, Bunting & Dougherty, LLP
Philadelphia, PA
TRANSFER AGENT
Ultimus Fund Solutions, LLC
Cincinnati, OH
CUSTODIAN
U.S. Bank, N.A.
Cincinnati, OH
This report and the financial statements contained herein are submitted for the
general information of the shareholders of the Portfolios. This report is
authorized for distribution to prospective investors in the Portfolios only if
preceded or accompanied by an effective Prospectus which contains details
concerning the management fee expense and other pertinent information.
A description of the policies and procedures that the Portfolios use to
determine how to vote proxies relating to portfolio securities is available
without charge upon request by calling toll-free 1-888-639-0102, or on the
Securities and Exchange Commission's (SEC) website at http://www.sec.gov.
Information regarding how the Portfolios voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge upon request by calling toll-free 1-888-639-0102, or on the SEC's
website at http://www.sec.gov.
The Portfolios file a complete listing of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q. The Portfolios'
Forms N-Q are available without charge upon request by calling 1-888-639-0102,
or on the SEC's website at http://www.sec.gov. The Portfolios' Forms N-Q may be
reviewed and copied at the SEC's Public Reference Room in Washington, DC, or by
calling 1-800-SEC-0330.
================================================================================
ITEM 2. CODE OF ETHICS.
Not required
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not required
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not required
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable [schedule filed with Item 1]
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 PURCHASERS.
Not applicable
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant has a standing nominating committee responsible for the selection
and nomination to serve as trustees of the registrant. Although the nominating
committee expects to be able to find an adequate number of qualified candidates
to serve as trustees, the nominating committee is willing to consider
nominations received from shareholders. Shareholders wishing to submit a
nomination should do so by notifying the Secretary of the registrant, in
writing, at the following address: 40 William Street, Suite 100, Wellesley,
Massachusetts 02481-3902.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Based on their evaluation of the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) as of a date within 90 days of the filing date of this report, the
registrant's principal executive officer and principal financial officer have
concluded that such disclosure controls and procedures are reasonably designed
and are operating effectively to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to them
by others within those entities, particularly during the period in which this
report is being prepared, and that the information required in filings on Form
N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
that occurred during the second fiscal quarter of the period covered by this
report that have materially affected, or are reasonably likely to materially
affect, the registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not required
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Act (17 CFR 270.30a-2(a)): Attached hereto
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the Act (17 CFR 270.23c-1) sent or given during the period covered by the report
by or on behalf of the registrant to 10 or more persons: Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR
270.30a-2(b)): Attached hereto
Exhibit 99.CERT Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT Certifications required by Rule 30a-2(b) under the Act
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.
(Registrant) New Century Portfolios
--------------------------------------------------------------------
By (Signature and Title)* /s/ Wayne M. Grzecki
-----------------------------------------------------
Wayne M. Grzecki, President
Date June 28, 2007
----------------------------------
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 (Signature and Title)* /s/ Wayne M. Grzecki
-----------------------------------------------------
Wayne M. Grzecki, President
Date June 28, 2007
----------------------------------
By (Signature and Title)* /s/ Nicole M. Tremblay
-----------------------------------------------------
Nicole M. Tremblay, Treasurer
Date June 28, 2007
----------------------------------
* Print the name and title of each signing officer under his or her signature.