0000891804-12-000365.txt : 20120224 0000891804-12-000365.hdr.sgml : 20120224 20120224160402 ACCESSION NUMBER: 0000891804-12-000365 CONFORMED SUBMISSION TYPE: N-CSR/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20111031 FILED AS OF DATE: 20120224 DATE AS OF CHANGE: 20120224 EFFECTIVENESS DATE: 20120224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY CAPITAL MANAGEMENT TRUST CENTRAL INDEX KEY: 0001093439 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-09561 FILM NUMBER: 12638166 BUSINESS ADDRESS: STREET 1: C/O CENTURY CAPITAL MANAGEMENT LLC STREET 2: 100 FEDERAL STREET, 29TH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6174823060 MAIL ADDRESS: STREET 1: C/O CENTURY CAPITAL MANAGEMENT LLC STREET 2: 100 FEDERAL STREET, 29TH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: CENTURY CAPITAL MANAGMENT TRUST DATE OF NAME CHANGE: 19990818 0001093439 S000009298 CENTURY SMALL CAP SELECT FUND C000025372 CENTURY SMALL CAP SELECT FUND INVESTOR SHARES CSMVX C000025373 CENTURY SMALL CAP SELECT FUND INSTITUTIONAL SHARES CSMCX 0001093439 S000009299 CENTURY SHARES TRUST C000025374 CENTURY SHARES TRUST INVESTOR SHARES CENVX C000025375 CENTURY SHARES TRUST INSTITUTIONAL SHARES CENSX 0001093439 S000030336 Century Growth Opportunities Fund C000093321 Institutional Shares N-CSR/A 1 cent53512-ncsr.htm CENTURY FUNDS cent53512-ncsr.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR


CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES



Investment Company Act File Number: 811-09561


Century Capital Management Trust 
(Exact name of registrant as specified in charter)


c/o Century Capital Management, LLC
100 Federal Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)


Maureen Kane

Century Capital Management, LLC
100 Federal Street, Boston, Massachusetts 02110
(Name and address of agent for service)



Registrant's telephone number, including area code: (617) 482-3060
 
Date of fiscal year end: October 31
 
Date of reporting period: October 31, 2011
 
 
Explanatory Note:

The Registrant is filing this amendment to its Form N-CSR for the period ended October 31, 2011 in order to correct the typographical errors described below that appeared in the annual report to shareholders included in the Registrant’s Form N-CSR, which was originally filed with the Securities and Exchange Commission on January 6, 2012 (Accession Number 0000891804-12-000021).

In the Financial Highlights table for each of Century Small Cap Select Fund’s Institutional Shares and Investor Shares, the amounts reported as Distributions from Tax Return of Capital and Distributions from Net Realized Gain on Investment Transactions were reversed for 2007 and 2008.  In order to correct these typographical errors in each such table, the amounts reported as Distributions from Tax Return of Capital were changed from (2.01) to (0.00) for 2007 and from (2.10) to (0.19) for 2008, and the amounts reported as Distributions from Net Realized Gain on Investment Transactions were changed from (0.00) to (2.01) for 2007 and from (0.19) to (2.10) for 2008.

The Registrant’s revised annual report to shareholders for the period ended October 31, 2011 is included in Item 1 below.  Other than the aforementioned revisions, this Form N-CSR/A does not reflect events occurring after the filing of the original N-CSR or modify or update disclosures therein in any way.
 
 
 
 

Item 1.  Reports to Shareholders.
 
 

 
 
 
 
 
 
 
   
TABLE OF CONTENTS
  
 
Page 
Letter to Shareholders 
1 
Fund Summaries 
  
Century Small Cap Select Fund 
3 
Century Shares Trust 
6 
Century Growth Opportunities Fund 
9 
Portfolio of Investments and Financial Statements 
  
Century Small Cap Select Fund 
12 
Century Shares Trust 
20 
Century Growth Opportunities Fund 
26 
Notes to the Financial Statements 
32 
Report of Independent Registered Public Accounting Firm 
39 
Shareholder Expense Example 
40 
Tax Information 
42 
Trustees and Officers 
43 
 
 
This report is submitted for the general information of the shareholders of Century Small Cap Select Fund, Century Shares Trust, and Century Growth Opportunities Fund (each a “Fund” and collectively, the “Funds”). It is not authorized for distribution to prospective investors in a Fund unless it is preceded by or accompanied by the Fund’s current prospectus. The prospectus includes important information about the Fund’s objective, risks, charges and expenses, experience of its management, and other information. Please read the prospectus carefully before you invest.
 
The views expressed in this report are those of the Funds’ Portfolio Managers as of October 31, 2011, the end of the reporting period. Any such views are subject to change at any time and may not reflect the Portfolio Managers’ views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice. There is no assurance that the Funds will continue to invest in the securities mentioned in this report.
 
CENTURY FUNDS
 
 
 
 
 
 

 
DEAR FELLOW SHAREHOLDERS,
 
We would like to thank you for your continued support of our three Century Funds. During the tumultuous one-year fiscal period ended October 31, 2011, Century Small Cap Select Fund outperformed its benchmark index, Century Shares Trust slightly underperformed its benchmark index, and Century Growth Opportunities Fund (launched in November 2010) underperformed its benchmark. We review each Fund’s performance, positioning and outlook following this letter. In general, we are hopeful that the outlook for stock valuations and growth prospects look favorable over the next decade, especially if our political leadership firmly addresses the structural issues facing Americans and Europeans today.
 
The third quarter earnings season (just completed) reveals that most companies continued to deliver robust double digit revenue and earnings growth, despite the economic sluggishness we saw in unemployment, lending and overseas markets. Although we believe the 2012 outlook for many companies remains favorable, the growth and margin expectations may need to come down, especially if global market concerns are not resolved.
 
Shifting Priorities
 
We are at an important fiscal and political crossroads, where Western society needs to determine what role government and economic growth will play over the next fifty years. The potential default of several southern European countries (followed by questions about the survival of the “Euro” currency) led to the recent turmoil in the equity markets.
 
There are no easy solutions, and the resulting difficult lifestyle and austerity choices will require inspired (and bipartisan) leadership on both sides of the Atlantic Ocean. I mention this need for courageous choices because the escalating European debt crisis already claimed the Greek and Italian Prime Ministers, and more victims will follow. Meanwhile, America’s 2012 election rhetoric is heating up, and the Congressional Supercommittee’s failure to find common ground on taxes and spending leaves many important questions unanswered about the size and scope of our government.
 
There is a growing consensus that Americans and Europeans need to structurally change their governments’ role in providing social services, considering the growing debt and deficit problems plaguing the Western world. Why? The price (and growing debt) of these services is crowding out other worthy “discretionary” spending priorities. The most basic questions we must face: Do we want a larger/smaller role for government in our society, how will we pay for these services and can we live within a budget?
 
“It has been said that democracy is the worst form of government except for all the others that have been tried.” – Sir Winston Churchill
 
Democracy may be the best form of government, but it often defers the toughest decisions (wars and debt/spending troubles) until there is a crisis of confidence in the short term. I am optimistic that we will work through this current challenge, and the equity markets will respond favorably over the next decade. It will require difficult choices and sacrifices by all parties, but there is too much to gain from success, and failure is not an option.
 
CENTURY FUNDS
 
1
 
 
 
 
 

 
Uncharted Territory
 
The battle lines are forming in the developed economies, but it will take over a decade to resolve these structural problems that have been building for forty years. We all want the support services that are available, but we are struggling to pay for them. The laws of Supply and Demand require us to collectively prioritize our needs and define a spending limit.
 
Today, there is no consensus about the boundaries of the private and public sectors. Are Americans prepared to leave important programs on the editing room floor, or will we agree which taxpayers should pay more? In Europe, the problems are more complex, since each country has a distinct tax and spending “fiscal” policy and culture, while all countries share a common Euro currency and “monetary” policy. Will countries secede from the Euro community, or will a consensus emerge (with painful austerity sacrifices from all sides) to maintain the current system? With so much to lose, I believe that finding common ground across such a wide group of nations and issues may set the stage for a prolonged period of global prosperity.
 
Leadership requires the courage to sacrifice easy, short-term options in order to achieve tougher, long-term goals; meanwhile, our elected officials are mostly influenced by short-term goals. I think this disconnect between good governance and popularity helps explain why tough decisions have been deferred for so long and why the equity markets do not have confidence in future policies or priorities. If courage can overcome this leadership lethargy, it will invigorate economic growth and productivity gains for nimble businesses to hire, borrow and innovate our way to a stronger economic recovery.
 
Courage starts with demanding our leaders to 1) think beyond the next couple elections and 2) be pragmatic about the short-term tradeoffs necessary to achieve long-term success. In all likelihood, we will each make painful sacrifices for the greater good, but the resulting opportunity will far exceed our expectations. In full disclosure, I am an optimist.
 
We hope to earn your trust over the coming year, and we wish you all a happy holiday season.
 
Respectfully Submitted,
 
 
Alexander L. Thorndike
Chairman of the Century Funds
 
 
CENTURY FUNDS
2
 
 
 
 
 

 
CENTURY SMALL CAP SELECT FUND COMMENTARY
 
How did the portfolio perform?
 
For the one-year period ended October 31, 2011, Century Small Cap Select Fund Institutional Shares returned 13.86% and the Investor Shares returned 13.47%, outperforming the Russell 2000 Growth Index’s return of 9.84%.
 
What factors influenced performance?
 
Strong performance by small cap stocks, which outperformed large cap stocks by over 6% during the first half of fiscal 2011, was a primary factor influencing performance. The improving economy was the underlying reason for the stock market’s strength. The Russell 2000 Growth Index appreciated steadily from October 31, 2010, through April 30, 2011, rising a noteworthy 27%. Unfortunately, macroeconomic concerns in the Middle East, Europe, and China weighed heavily on small cap stocks during the second half of fiscal 2011, with the Russell 2000 Growth Index falling about 13.6%.
 
Strong stock selection was the driver of the Fund’s outperformance relative to its benchmark. Significant contributions from HealthSpring Inc. (managed care organization), Jazz Pharmaceuticals, Inc. (specialty pharmaceuticals), Chart Industries, Inc. (industrial equipment), and DSW, Inc. (footwear retailer) more than offset relative weakness from STR Holdings, Inc. (solar power component producer), Online Resources Corp. (financial processor), NPS Pharmaceuticals, Inc. (biopharmaceuticals), and Schnitzer Steel Industries, Inc. (metal recycler).
 
Stock selection led the Fund to outperform in six of the eight benchmark sectors in which it was invested. Leading contributors to overall Fund performance included the Industrials, Health Care, and Consumer Discretionary sectors. Energy, Consumer Staples, and Financials were laggards overall.
 
Describe recent portfolio activity
 
The Fund recently increased its exposure to the Information Technology and Consumer Discretionary sectors, while reducing its exposure to Industrial and Financial stocks. Given the uncertain economic outlook and volatile stock market, we have underweighted Industrials, Energy, and the Consumer sectors relative to the Index. We believe going forward that stock selection will be a driver of performance rather than sector allocation.
 
CENTURY FUNDS
 
3
 
 
 
 
 
 

 
CENTURY SMALL CAP SELECT FUND COMMENTARY (CONTINUED)
 
Describe portfolio positioning at period-end
 
The Fund is positioned to take advantage of attractive investment opportunities across almost every sector. We are focused on investing in companies that we believe will be able to generate healthy growth in 2012 despite near term economic challenges. We are also focused on profitability and financial strength, which we think will help to ensure that the companies we invest in are able to weather potential downturns that may occur. We believe our focus on in-depth fundamental research will be an advantage, especially since stock selection is likely to be the primary driver of outperformance.
 
Risks: The Fund concentrates its investments in the financial services and health care group of industries. Concentration in a particular industry subjects the Fund to the risks associated with that industry and, as a result, the Fund may be subject to greater price volatility than funds with less concentrated portfolios. In addition, the Fund invests in smaller companies which pose greater risks than those associated with larger, more established companies. Please read the Fund’s prospectus for details regarding the Fund’s risk profile.
 
   
Ten Largest Holdings*
J2 GLOBAL COMMUNICATIONS, INC. 
4.35% 
Electronic communications 
  
HEALTHSPRING, INC. 
3.63% 
Managed care services 
  
DSW, INC. CLASS A 
3.11% 
Footwear retailer 
  
SOLARWINDS, INC. 
2.97% 
IT management software 
  
EVERCORE PARTNERS, INC. 
2.75% 
Investment advisory services 
  
RIGHTNOW TECHNOLOGIES, INC. 
2.65% 
Cloud-based software services. 
  
CAI INTERNATIONAL, INC. 
2.61% 
Marine cargo container leasing 
  
SELECT COMFORT CORP. 
2.38% 
Bedding retailer 
  
BRUKER CORP. 
2.37% 
Scientific instruments 
  
JAZZ PHARMACEUTICALS, INC. 
2.35% 
Specialty pharmaceuticals 
  
 
 
   
Portfolio Composition*
Information Technology 
27.3% 
Health Care 
19.6% 
Industrials 
14.9% 
Consumer Discretionary 
12.6% 
Financials 
8.8% 
Materials 
4.7% 
Energy 
4.6% 
Telecommunication Services 
2.0% 
Consumer Staples 
1.0% 
Short-term Investment 
  
plus net other liabilities
4.5% 
 
 
* Based on the Fund’s net assets at October 31, 2011 and subject to change.
 
CENTURY FUNDS
4
 
 
 
 

 
CENTURY SMALL CAP SELECT FUND
Performance Summary – Institutional Shares and Investor Shares
 
The returns shown below represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Current performance may be significantly lower or higher than the Fund’s past performance. Please call (800) 303-1928 for the Fund’s most recent month-end performance. As stated in the Fund’s current prospectus, the total (gross) annual operating expenses are 1.50% for the Investor Shares and 1.13% for the Institutional Shares. Returns would have been lower during certain periods if certain fees had not been waived or expenses reimbursed. The recent growth rate in the global equity markets has helped to produce short-term returns for some sectors/asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes.
 
The Fund’s total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted to reflect the deduction of taxes that a shareholder would pay on these distributions or the redemption of Fund shares. Shares held less than 90 days may be subject to a 1% redemption fee.
 
         
Average Annual Total Returns as of 10/31/11 (%)
        
 
1 Year
3 Years
5 Years
10 Years
Century Small Cap Select Institutional Shares
13.86
17.79
2.41
8.42
Russell 2000 Growth Index
9.84
16.31
2.68
6.04
         
 
1 Year
3 Years
5 Years
10 Years
Century Small Cap Select Investor Shares
13.47
17.37
2.06
8.03
Russell 2000 Growth Index
9.84
16.31
2.68
6.04
         
Sources: Century Capital Management, LLC and Russell
        
 
 
The graphs and table reflect the change in value of a hypothetical investment in the Fund, including reinvest of dividends and distributions, compared with the index. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly in an index. Minimum initial investment for Institutional Shares is $100,000.
 
The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values. Index returns assume reinvestment of dividends but, unlike Fund returns, do not reflect fees or expenses. One cannot invest directly in an index.
 
CENTURY FUNDS
 
5
 
 
 
 
 
 

 
CENTURY SHARES TRUST COMMENTARY
 
How did the portfolio perform?
 
For the one-year period ended October 31, 2011, Century Shares Trust Institutional Shares returned 9.79%, slightly behind the Russell 1000 Growth Index while outperforming the S&P 500 Index, which returned 9.92% and 8.09%, respectively.
 
What factors influenced performance?
 
Although the stock market started off very strong from October 31, 2010 to mid-February 2011 with the Russell 1000 Growth Index rising about 14%, it plateaued at that level for about five months before experiencing some significant volatility at the end of the fiscal year. An improving economy sparked the rise early in the year. Thereafter, uncertainty entered the picture. Numerous geopolitical issues and natural disasters arose and resulted in a stock market driven by macro events, rather than underlying fundamentals.
 
The Fund underperformed during the market decline in August 2011, but subsequently outperformed in October 2011. Stock selection was the primary driver of performance. Strong performance by Tempur-Pedic International, Inc. (mattress manufacturer), Tiffany & Co. (jewelry retailer) and CBS Corp. (media company) was partially offset by weakness in NII Holdings, Inc. (Latin American wireless operator), CIT Group, Inc. (commercial finance) and MetroPCS Communications, Inc. (prepaid wireless operator).
 
In terms of sector allocation, the Fund was positioned to take advantage of an improving economy. The Fund was modestly overweight cyclical sectors such as Industrials and Consumer Discretionary while underweighting defensive sectors such as Consumer Staples and Health Care. Given the economy’s high unemployment rate and slower than expected recovery, the Fund’s sector allocation was a drag on performance.
 
Describe recent portfolio activity
 
The portfolio continued to be allocated across most sectors of the Russell 1000 Growth Index. Our continued belief in the slow economic recovery has led to portfolio overweight positions in Industrials, Consumer Discretionary, and Technology and an underweight in Consumer Staples. Over the past year, we have reduced the number of portfolio holdings to 34 stocks as of October 31, 2011 from 52 stocks a year ago. As we sold stocks, we reinvested most of the proceeds in existing holdings. As a result, Century Shares Trust is now comprised of a more focused group of our highest conviction investment ideas.
 
CENTURY FUNDS
6
 
 
 
 
 

 
CENTURY SHARES TRUST FUND COMMENTARY (CONTINUED)
 
Describe portfolio positioning at period-end
 
The Fund continues to invest in what we believe are high quality growth companies that offer the potential of outperformance over the long term. The Fund remains diversified, but is positioned to benefit from an improving economy. The pace of economic improvement has been and is expected to be slow, but seems to be showing signs of improvement. For example, auto sales rose above 13 million units in both September and October of 2011 while the ISM manufacturing and non-manufacturing indices were both above 50, which indicate expansion. Since we now believe the recovery will be slower than we expected six months ago, we seek to invest in companies with strong secular growth opportunities, solid profitability, and reasonable valuations.
 
Risks: The Fund may invest a significant portion of assets in a limited number of companies or in companies within the same market sector. As a result, the Fund may be more susceptible to financial, market and economic events affecting particular companies or sectors and therefore may experience greater price volatility than funds with more diversified portfolios. Please read the Fund’s prospectus for details regarding the Fund’s risk profile.
 
   
Ten Largest Holdings*
APPLE, INC. 
5.64% 
Worldwide technology company 
  
ALEXION PHARMACEUTICALS, INC. 
4.60% 
Biopharmaceutical company 
  
TEMPUR-PEDIC INTERNATIONAL, INC. 
4.34% 
Bedding manufacturer 
  
MASTERCARD, INC. 
4.13% 
Transaction processor 
  
GOODRICH CORP. 
4.02% 
Aerospace systems and services 
  
TIFFANY & CO. 
3.96% 
Fine jewelry designer and retailer 
  
CBS CORP. 
3.91% 
Mass media company 
  
ORACLE CORP. 
3.75% 
Enterprise software provider 
  
FASTENAL CO. 
3.37% 
Construction Supplies 
  
COSTCO WHOLESALE CORP. 
3.30% 
Warehouse retailer 
  
 
 
   
Portfolio Composition*
Information Technology 
30.7% 
Consumer Discretionary 
15.8% 
Industrials 
15.1% 
Health Care 
11.6% 
Energy 
8.4% 
Consumer Staples 
6.1% 
Financials 
4.2% 
Telecommunication Services 
3.8% 
Materials 
2.7% 
Short-term Investment plus 
  
net other liabilities 
1.6% 
 
 
* Based on the Fund's net assets at October 31, 2011 and subject to change.
 
CENTURY FUNDS
 
7
 
 
 
 
 
 

 
CENTURY SHARES TRUST
 
Performance Summary – Institutional Shares
 
The returns shown below represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions,and investors may have a gain or loss when shares are sold. Current performance may be significantly lower or higher than the Fund’s past performance. Please call (800) 303-1928 for the Fund’s most recent month-end performance. As stated in the Fund’s current prospectus,the total (gross) annual operating expenses for the Institutional Shares are 1.15%.On May 27,2011,all of the Fund’s issued and outstanding Investor Shares were converted to Institutional Shares and the Investor Shares class was closed. Institutional Shares performance shown does not include fees or the higher expense rations applicable to the former Investor Shares. Otherwise, returns shown would have been lower. The recent growth rate in the global equity markets has helped to produce short-term returns for some sectors/asset classes that are not typical and may not continue in the future. Because of ongoing market volatility,Fund performance may be subject to substantial short-term changes.
 
The Fund’s total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted to reflect the deduction of taxes that a shareholder would pay on these distributions or the redemption of Fund shares. Shares held less than 90 days may be subject to a 1% redemption fee.
 
Effective October 31, 2011, the Russell 1000® Growth Index replaced the S&P 500® Index as the comparative index for the Fund. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The S&P 500 Index is a broad based unmanaged index representing the performance of 500 widely held common stocks. The Fund’s Adviser believes that the Russell 1000 Growth Index is a more appropriate benchmark because the Fund’s sector weightings and other portfolio characteristics are more comparable to those of the Russell 1000 Growth Index.
 
         
Average Annual Total Returns as of 10/31/11 (%)
        
 
1 Year
3 Years
5 Years
10 Years
CST Institutional Shares
9.79
11.64
1.05
4.50
Russell 1000 Growth Index
9.92
15.62
3.04
3.56
S&P 500 Index
8.09
11.41
0.25
3.69
         
Sources: Century Capital Management, LLC, S&P and Russell
        
 
 
The graph and table reflect the change in value of a hypothetical investment in the Fund, including reinvest of dividends and distributions, compared with the listed indices.
 
Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly in an index. Minimum initial investment for Institutional Shares is $100,000.
 
CENTURY FUNDS
8
 
 
 

 
CENTURY GROWTH OPPORTUNITIES FUND COMMENTARY
 
How did the portfolio perform?
 
For the period November 17, 2010 (the Fund’s inception date) through October 31, 2011, Century Growth Opportunities Fund returned 6.70%, trailing its benchmark, the Russell 2500 Growth Index, which returned 10.67% during that same time period.
 
What factors influenced performance?
 
Equity markets experienced a strong beginning to the fiscal-year period, ending October 31, 2011, as economic activity showed signs of acceleration. Within the Russell 2500 Growth Index, a concentration of high-growth, high valuation stocks were catalysts for upward performance. Defensive and more domestically oriented sectors (Consumer Staples, Consumer Discretionary and Utilities) assumed leadership during the spring and summer, while, slowing global growth, mounting European debt, and the downgrade of the U.S. credit rating ushered in uncertainty and volatility. As the period drew to a close, all eyes were on Europe, and the markets ebbed and flowed with each new headline.
 
The Fund trailed its benchmark during the first half of the reporting period, but outperformed during the second half. Secular growth opportunities drove performance. Leading contributors included Alexion Pharmaceuticals, Inc. (biotechnology company), SolarWinds, Inc. ( IT services/software provider), Diamond Foods Inc. (packaged food), Tempur-Pedic International, Inc. (mattress manufacturer), and ION Geophysical Corporation (energy services).
 
As the prospect of slowing global growth became more evident, we added to the Fund’s holdings in companies that we believed offered more dependable growth prospects and reduced holdings in more economically sensitive sectors, such as Industrials. This proved beneficial. Consumer Discretionary and Health Care were leading contributors for the period. A significant underweight in Financials also contributed to performance. Economic growth concerns caused Industrials and Technology to be laggards, though our underweight position and stock selection did help performance in the second half of the reporting period.
 
Describe recent portfolio activity
 
The portfolio remains diversified across the sectors of the Russell 2500 Growth Index. Since our last report, we have continued to adopt a more defensive posture in our holdings. We have reduced allocations in Consumer Discretionary and Industrials. At the same time we have used sell offs in the market to acquire or add to stock holdings that we believe will thrive in slow growth environments.
 
CENTURY FUNDS
 
9
 
 
 
 
 
 

 
CENTURY GROWTH OPPORTUNITIES FUND COMMENTARY (CONTINUED)
 
Describe portfolio positioning at period-end
 
The Fund remains focused on companies that we believe offer higher visibility and the ability to generate returns in a slow growth environment. The European debt crisis continues to play out with no real solution in sight. We have reduced exposure to Europe and have increased exposure to secular growth companies whose financials have been resilient during this time of uncertainty. The United States economy has continued to improve albeit at a slow pace and so we have added to portfolio holdings that derive most of their revenues domestically.
 
Risks: The Fund invests mainly in small-cap and mid-cap companies, which, historically, have been more volatile in price than the stocks of large-cap companies. The Fund may invest in foreign companies, which involves risks not associated with investing solely in U.S. companies, such as currency fluctuations, unfavorable political developments, or economic instability. These risks are magnified in emerging markets. Please read the Fund’s prospectus for details regarding the Fund’s risk profile.
 
   
Ten Largest Holdings*
SOLARWINDS, INC. 
2.70% 
IT management software 
  
F5 NETWORKS, INC. 
2.41% 
Network equipment manufacturer 
  
QUESTCOR PHARMACEUTICALS, INC. 
2.22% 
Biopharmaceutical company 
  
KANSAS CITY SOUTHERN 
2.20% 
Freight rail transportation 
  
TEMPUR-PEDIC INTERNATIONAL, INC. 
2.18% 
Bedding manufacturer 
  
SALIX PHARMACEUTICALS LTD. 
2.15% 
Pharmaceutical company 
  
CARBO CERAMICS, INC. 
2.13% 
Energy products and services 
  
VERIFONE SYSTEMS, INC. 
2.13% 
Point of sale systems 
  
BE AEROSPACE, INC. 
2.11% 
Aerospace systems 
  
HERBALIFE LTD. 
2.09% 
Direct marketer of health products 
  
 
   
Portfolio Composition*
Information Technology 
24.6% 
Health Care 
19.5% 
Consumer Discretionary 
16.0% 
Industrials 
15.1% 
Energy 
6.1% 
Consumer Staples 
4.6% 
Financials 
4.0% 
Telecommunication Services 
1.8% 
Materials 
1.7% 
Short-term Investment plus 
  
net other assets 
6.6% 
 
 
* Based on the Fund's net assets at October 31, 2011 and subject to change.
 
CENTURY FUNDS
10
 
 
 
 
 

 
CENTURY GROWTH OPPORTUNITIES FUND
Performance Summary – Institutional Shares
 
The returns shown below represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Current performance may be significantly lower or higher than the Fund’s past performance. Please call (800) 303-1928 for the Fund’s most recent month-end performance. As stated in the Fund’s current prospectus, the total (gross) annual operating expenses are 1.88% for the Institutional Shares. The Adviser has agreed contractually to limit the operating expenses for the Fund’s Institutional Shares to 1.10% through February 28, 2012. Returns would have been lower during relevant periods if certain fees had not been waived or expenses reimbursed. The recent growth rate in the global equity markets has helped to produce short-term returns for some sectors/asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes.
 
The Fund’s total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted to reflect the deduction of taxes that a shareholder would pay on these distributions or the redemption of Fund shares. Shares held less than 90 days may be subject to a 1% redemption fee.
 
   
Total Returns as of 10/31/11 (%)
  
 
Since
 
Inception*
Century Growth Opportunities Fund Institutional Shares
  6.70  
Russell 2500 Growth Index
  10.67  
 
*11/17/2010 (not annualized)
 
Sources: Century Capital Management, LLC and Russell
 
The Russell 2500 Growth® Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Index returns assume reinvestment of dividends but, unlike Fund returns, do not reflect fees or expenses. One cannot invest directly in an index.
 
CENTURY FUNDS
 
11
 
 
 
 
 
 

 
CENTURY SMALL CAP SELECT FUND
 
PORTFOLIO OF INVESTMENTS – AS OF OCTOBER 31, 2011
 
     
Shares
  
Value
COMMON STOCK - 95.5%
  
Consumer Discretionary - 12.6%
  
Auto Components - 0.8% 
  
200,000 
China Zenix Auto International 
  
 
Ltd. ADR* 
$    962,000 
200,500 
Modine Manufacturing Co.* 
2,119,285 
   
3,081,285 
Specialty Retail - 11.8% 
  
220,550 
DSW, Inc. Class A 
11,543,587 
303,850 
Express, Inc. 
6,863,971 
107,675 
Monro Muffler Brake, Inc. 
3,993,666 
197,800 
Sally Beauty Holdings, Inc.* 
3,795,782 
426,150 
Select Comfort Corp.* 
8,851,135 
155,300 
The Men’s Wearhouse, Inc. 
4,795,664 
420,450 
West Marine, Inc.* 
3,821,891 
   
43,665,696 
   
46,746,981 
Consumer Staples - 1.0%
  
Food Products - 1.0% 
  
106,750 
The Hain Celestial Group, Inc.* 
3,582,530 
   
Energy - 4.6%
  
Energy Equipment & Services - 1.6% 
  
595,700 
Pioneer Drilling Co.* 
5,891,473 
   
Oil, Gas & Consumable Fuels - 3.0% 
  
194,800 
Berry Petroleum Co. Class A 
6,730,340 
169,950 
Carrizo Oil & Gas, Inc.* 
4,622,640 
   
11,352,980 
   
17,244,453 
Financials - 8.8%
  
Capital Markets - 6.7% 
  
277,950 
Cohen & Steers, Inc. 
7,551,901 
372,050 
Evercore Partners, Inc. Class A 
10,209,052 
646,600 
HFF, Inc. Class A* 
7,112,600 
   
24,873,553 
Commercial Banks - 2.1% 
  
143,350 
Signature Bank* 
7,991,763 
   
32,865,316 
 
 
     
Shares
  
Value
Health Care - 19.6%
  
Biotechnology - 0.8% 
  
569,350 
NPS Pharmaceuticals, Inc.* 
$ 2,943,540 
   
Health Care Providers & Services - 8.0% 
  
  23,250 
Air Methods Corp.* 
1,879,065 
385,200 
Brookdale Senior Living, Inc.* 
6,386,616 
250,000 
Healthspring, Inc.* 
13,485,000 
195,350 
IPC The Hospitalist Co., Inc.* 
8,191,025 
   
29,941,706 
Health Care Technology - 2.8% 
  
152,700 
Quality Systems, Inc. 
5,941,557 
  92,350 
SXC Health Solutions Corp.* 
4,323,827 
   
10,265,384 
Life Sciences Tools & Services - 3.9% 
  
609,350 
Bruker Corp.* 
8,792,920 
446,850 
WuXi PharmaTech (Cayman), 
  
 
Inc. ADR* 
5,554,346 
   
14,347,266 
Pharmaceuticals - 4.1% 
  
224,200 
Jazz Pharmaceuticals, Inc.* 
8,734,832 
157,550 
Questcor Pharmaceuticals, Inc.* 
6,398,106 
   
15,132,938 
   
72,630,834 
Industrials - 14.9%
  
Aerospace & Defense - 1.6% 
  
103,600 
Triumph Group, Inc. 
6,019,160 
   
Commercial Services & Supplies - 0.8% 
  
218,250 
Interface, Inc. Class A 
2,845,980 
   
Electrical Equipment - 3.9% 
  
138,750 
General Cable Corp.* 
3,890,550 
264,150 
II-VI, Inc.* 
5,021,492 
163,850 
Woodward, Inc. 
5,551,238 
   
14,463,280 
Machinery - 3.2% 
  
104,500 
Chart Industries, Inc.* 
5,905,295 
261,950 
Titan International, Inc. 
5,893,875 
   
11,799,170 
 
 
See notes to financial statements.
 

 
CENTURY FUNDS
12
 
 
 
 

 
CENTURY SMALL CAP SELECT FUND (CONTINUED)
 
PORTFOLIO OF INVESTMENTS – AS OF OCTOBER 31, 2011
 
     
Shares
  
Value
Industrials (Continued)
  
Professional Services - 0.7% 
  
209,850 
Kforce, Inc.* 
$ 2,677,686 
   
Trading Companies & Distributors - 4.7% 
  
435,150 
Beacon Roofing Supply, Inc.* 
8,019,814 
620,000 
CAI International, Inc.* 
9,678,200 
   
17,698,014 
   
55,503,290 
Information Technology - 27.3%
  
Communications Equipment - 2.2% 
  
  83,500 
Acme Packet, Inc.* 
3,023,535 
186,700 
Radware Ltd.* 
4,936,348 
   
7,959,883 
Internet Software & Services - 9.9% 
  
525,300 
j2 Global Communications, Inc. 
16,168,734 
159,850 
Liquidity Services, Inc.* 
5,204,716 
140,300 
LogMeIn, Inc.* 
5,706,001 
228,950 
RightNow Technologies, Inc.* 
9,847,139 
   
36,926,590 
IT Services - 4.0% 
  
349,900 
Echo Global Logistics, Inc.* 
5,402,456 
793,200 
Online Resources Corp.* 
2,125,776 
605,550 
Sapient Corp. 
7,484,598 
   
15,012,830 
Semiconductors & Semiconductor Equipment - 4.2% 
67,450 
Hittite Microwave Corp.* 
3,547,870 
210,600 
Power Integrations, Inc. 
7,503,678 
109,800 
Silicon Laboratories, Inc.* 
4,693,950 
   
15,745,498 
Software - 7.0% 
  
121,050 
CommVault Systems, Inc.* 
5,154,309 
  90,450 
Informatica Corp.* 
4,115,475 
  66,750 
Pegasystems, Inc. 
2,522,483 
108,750 
QLIK Technologies, Inc.* 
3,106,987 
382,300 
Solarwinds, Inc.* 
11,033,178 
   
25,932,432 
   
101,577,233 
 
 
Shares
  
Value
Materials - 4.7%
  
Chemicals - 2.8% 
  
    194,500 
Balchem Corp. 
$   7,171,215 
    113,200 
Intrepid Potash, Inc.* 
3,150,356 
   
10,321,571 
Metals & Mining - 1.9% 
  
    148,650 
Schnitzer Steel Industries, 
  
 
Inc. Class A 
6,956,820 
   
17,278,391 
Telecommunication Services - 2.0%
  
Diversified Telecommunication Services - 2.0% 
    456,900 
Cogent Communications 
  
 
Group, Inc.* 
7,333,245 
 
Total Investment in Common Stocks - 95.5%
(Identified cost, $302,722,630) 
354,762,273 
   
Short-Term Investment - 4.7%
  
17,549,302 
State Street Institutional U.S. 
  
 
Government Money 
  
 
Market Fund 
  
(Identified cost, $17,549,302) 
17,549,302 
   
Total Investments - 100.2%
  
(Identified cost, $320,271,932) 
372,311,575 
   
Liabilities in Excess of
  
  Other Assets - (0.2)%
(910,132) 
   
Net Assets - 100%
$371,401,443 
     
* 
Non-income producing security 
  
ADR 
American Depositary Receipt 
  
 
 
See notes to financial statements.
 

 
CENTURY FUNDS
13
 
 
 
 
 
 

 
       
CENTURY SMALL CAP SELECT FUND
      
STATEMENT OF ASSETS AND LIABILITIES - OCTOBER 31, 2011
      
       
Assets:
      
Investments, at value (Note 1A) (Identified cost of $320,271,932) 
   $ 372,311,575  
Dividends receivable 
     3,028  
Receivable for investments sold 
     1,766,703  
Receivable for Fund shares sold 
     788,211  
Prepaid expenses 
     9,107  
Total Assets 
     374,878,624  
         
Liabilities:
        
Payable to Affiliates: 
        
Investment adviser fee (Note 4) 
     280,224  
Administration fees (Note 5) 
     271  
Distribution and service fees (Note 6) 
     30,474  
Accrued expenses and other liabilities 
     174,689  
Payable for investments purchased 
     2,659,984  
Payable for Fund shares repurchased 
     331,539  
Total Liabilities 
     3,477,181  
         
Net Assets
   $ 371,401,443  
         
At October 31, 2011, net assets consisted of: 
        
Paid-in capital 
   $ 396,698,816  
Accumulated net realized loss on investments 
     (77,337,016 ) 
Unrealized appreciation in value of investments 
     52,039,643  
Net assets applicable to outstanding capital stock 
   $ 371,401,443  
         
Net Assets consist of: 
        
Institutional shares 
   $ 254,723,553  
Investor shares 
   $ 116,677,890  
Shares Outstanding consist of (Note 2): 
        
Institutional shares 
     10,654,802  
Investor shares 
     5,019,132  
         
Net Asset Value Per Share
        
(Represents both the offering and redemption price*) 
        
Institutional shares 
   $ 23.91  
Investor shares 
   $ 23.25  
 
 
*     
In general, shares of the Fund may be redeemed at net asset value. However, upon the redemption of shares held less than 90 days, a redemption fee of 1% of the current net asset value of the shares may be assessed and retained by each share class of the Fund for the benefit of remaining shareholders. The redemption fee is accounted for as an addition to paid-in-capital.
 
See notes to financial statements.
 
CENTURY FUNDS
14
 
 
 
 
 

 
       
CENTURY SMALL CAP SELECT FUND
      
STATEMENT OF OPERATIONS - YEAR ENDED OCTOBER 31, 2011
      
       
Investment Income:
      
Dividends (net of foreign withholding tax of $7,256) 
   $ 2,154,883  
Other income 
     773,804  
Total investment income 
     2,928,687  
         
Expenses:
        
Investment adviser fee (Note 4) 
     3,732,479  
Non-interested trustees’ remuneration 
     169,174  
Transfer agent 
        
Institutional Shares 
     58,797  
Investor Shares 
     226,999  
Custodian 
     79,512  
Insurance 
     29,680  
Professional fees 
     100,167  
Registration 
     26,253  
Distribution and service fees (Note 6) 
     240,249  
Printing and other expenses 
     130,513  
Total expenses 
     4,793,823  
         
Net investment loss 
     (1,865,136 ) 
Realized and unrealized gain/(loss) on investments: 
        
Net realized gain from investment transactions 
     79,336,385  
Decrease in unrealized appreciation on investments 
     (29,175,691 ) 
Net realized and unrealized gain on investments 
     50,160,694  
Net increase in net assets resulting from operations 
   $ 48,295,558  
 
 
See notes to financial statements.
 
CENTURY FUNDS
 
15
 
 
 
 
 
 

 
             
CENTURY SMALL CAP SELECT FUND
            
STATEMENT OF CHANGES IN NET ASSETS
            
             
INCREASE (DECREASE)
  
Year Ended
    
Year Ended
  
IN NET ASSETS:
  
October 31, 2011
    
October 31, 2010
  
Operations: 
            
Net investment loss 
   $ (1,865,136 )    $ (1,106,577 ) 
Net realized gain from investment transactions 
     79,336,385       40,471,216  
Change in net unrealized appreciation on investments 
     (29,175,691 )      40,930,084  
Net increase in net assets resulting from operations 
     48,295,558       80,294,723  
                 
Capital share transactions - net (Note 2) 
     (18,974,857 )      (46,355,327 ) 
Redemption fees 
     32,775       4,353  
Total increase 
     29,353,476       33,943,749  
                 
Net Assets:
                
Beginning of year 
     342,047,967       308,104,218  
End of year 
   $ 371,401,443     $ 342,047,967  
 
 
See notes to financial statements.
 
CENTURY FUNDS
16
 
 
 
 
 

 
                               
CENTURY SMALL CAP SELECT FUND
                              
FINANCIAL HIGHLIGHTS - INSTITUTIONAL SHARES
                              
    Year Ended October 31,  
   
2011
    
2010
    
2009
    
2008
    
2007
  
Net Asset Value, beginning of period 
   $ 20.99     $ 16.34     $ 14.62     $ 26.13     $ 25.74  
Income/(loss) from Investment Operations: 
                                        
Net investment loss(a) 
     (0.09 )      (0.05 )      (0.01 )      (0.12 )      0.00 † 
Net realized and unrealized gain/(loss) on investments 
     3.01       4.70       1.73       (9.00 )      2.75  
Total income/(loss) from investment operations 
     2.92       4.65       1.72       (9.12 )      2.75  
Less Distributions From: 
                                        
Net investment income 
     (0.00 )      (0.00 )      (0.00 )      (0.10 )      (0.35 ) 
Tax return of capital 
     (0.00 )      (0.00 )      (0.00 )      (0.19 )      (0.00 ) 
Net realized gain on investment transactions 
     (0.00 )      (0.00 )      (0.00 )      (2.10 )      (2.01 ) 
Total distributions 
     (0.00 )      (0.00 )      (0.00 )      (2.39 )      (2.36 ) 
Redemption fees 
     0.00 †      0.00 †      0.00 †      0.00 †      0.00 † 
Net Asset Value, end of period 
   $ 23.91     $ 20.99     $ 16.34     $ 14.62     $ 26.13  
Total Return 
     13.86 %      28.52 %      11.69 %      (38.24 )%      11.61 % 
Ratios and supplemental data 
                                        
Net assets, end of period (000 omitted) 
   $ 254,724     $ 249,429     $ 216,295     $ 262,793     $ 575,027  
Ratio of expenses to average net assets 
     1.11 %      1.13 %      1.14 %      1.11 %      1.08 % 
Ratio of net investment loss to 
                                        
average net assets 
     (0.37 )%      (0.25 )%      (0.08 )%      (0.57 )%      0.02 % 
Portfolio Turnover Rate 
     75 %      85 %      133 %      104 %      100 % 
 
 
(a)     
Calculated based on average shares outstanding during the period.
†     
Amount represents less than $0.005 per share.
 
See notes to financial statements.
 
CENTURY FUNDS
 
17
 
 
 
 
 
 

 
                               
CENTURY SMALL CAP SELECT FUND
                              
FINANCIAL HIGHLIGHTS - INVESTOR SHARES
                              
    Year Ended October 31,  
   
2011
    
2010
    
2009
    
2008
    
2007
  
Net Asset Value, beginning of period 
   $ 20.49     $ 16.00     $ 14.37     $ 25.72     $ 25.40  
Income/(loss) from Investment Operations: 
                                        
Net investment loss(a) 
     (0.17 )      (0.11 )      (0.07 )      (0.20 )      (0.06 ) 
Net realized and unrealized gain/(loss) on investments 
     2.92       4.60       1.70       (8.86 )      2.71  
Total income/(loss) from investment operations 
     2.75       4.49       1.63       (9.06 )      2.65  
Less Distributions From: 
                                        
Net investment income 
     (0.00 )      (0.00 )      (0.00 )      (0.00 )      (0.32 ) 
Tax return of capital 
     (0.00 )      (0.00 )      (0.00 )      (0.19 )      (0.00 ) 
Net realized gain on investment transactions 
     (0.00 )      (0.00 )      (0.00 )      (2.10 )      (2.01 ) 
Total distributions 
     (0.00 )      (0.00 )      (0.00 )      (2.29 )      (2.33 ) 
Redemption fees 
     0.01       0.00 †      0.00 †      0.00 †      0.00 † 
Net Asset Value, end of period 
   $ 23.25     $ 20.49     $ 16.00     $ 14.37     $ 25.72  
                                         
Total Return      13.47 %      28.06 %      11.27 %      (38.49 )%       11.34 %
Ratios and supplemental data 
                                        
Net assets, end of period (000 omitted) 
   $ 116,678     $ 92,618     $ 91,809     $ 102,252     $ 257,750  
Ratio of expenses to average net assets 
     1.48 %      1.50 %      1.53 %      1.50 %      1.36 % 
Ratio of net investment loss to average net assets 
     (0.71 )%      (0.61 )%      (0.47 )%      (0.96 )%      (0.24 )% 
Portfolio Turnover Rate 
     75 %      85 %      133 %      104 %      100 % 
 
 
(a)     
Calculated based on average shares outstanding during the period.
†     
Amount represents less than $0.005 per share.
 
See notes to financial statements.
 
CENTURY FUNDS
18
 
 
 
 
 

 
This Page Intentionally Left Blank.
 
 
 
19
 
 
 
 
 

 
CENTURY SHARES TRUST
 
PORTFOLIO OF INVESTMENTS – AS OF OCTOBER 31, 2011
 
     
Shares
  
Value
COMMON STOCK - 98.4%
  
Consumer Discretionary - 15.8%
  
Household Durables - 4.3% 
  
113,650 
Tempur-Pedic International, Inc.* 
$ 7,735,019 
   
Internet & Catalog Retail - 0.7% 
  
    5,800 
Amazon.com, Inc.* 
1,238,358 
   
Media - 3.9% 
  
269,750 
CBS Corp. Class B 
6,962,248 
   
Specialty Retail - 6.9% 
  
  67,650 
O’Reilly Automotive, Inc.* 
5,144,782 
  88,500 
Tiffany & Co. 
7,056,105 
   
12,200,887 
   
28,136,512 
Consumer Staples - 6.1%
  
Food & Staples Retailing - 3.3% 
  
  70,550 
Costco Wholesale Corp. 
5,873,287 
   
Food Products - 2.8% 
  
102,350 
McCormick & Co.Inc. 
4,970,116 
   
10,843,403 
Energy - 8.4%
  
Oil, Gas & Consumable Fuels - 8.4% 
  
  52,600 
Chevron Corp. 
5,525,630 
  74,850 
ConocoPhillips 
5,213,302 
  53,550 
Exxon Mobil Corp. 
4,181,720 
   
14,920,652 
     
Financials - 4.2%
  
Commercial Banks - 1.3% 
  
  68,450 
CIT Group, Inc.* 
2,385,483 
     
Insurance - 2.9% 
  
           4 
Berkshire Hathaway, Inc. Class A* 
467,800 
  87,650 
Prudential Financial, Inc. 
4,750,630 
   
5,218,430 
   
7,603,913 
 
 
     
Shares
  
Value
Health Care - 11.6%
  
Biotechnology - 4.6% 
  
121,300 
Alexion Pharmaceuticals, Inc.* 
$ 8,188,963 
   
Health Care Equipment & Supplies - 2.8% 
  
195,000 
CareFusion Corp.* 
4,992,000 
   
Health Care Providers & Services - 4.2% 
  
  96,700 
Cardinal Health, Inc. 
4,280,909 
  69,850 
Express Scripts, Inc.* 
3,194,240 
   
7,475,149 
   
20,656,112 
Industrials - 15.1%
  
Aerospace & Defense - 4.0% 
  
  58,450 
Goodrich Corp. 
7,167,723 
   
Construction & Engineering - 3.2% 
  
154,350 
Chicago Bridge & Iron Co. NV 
5,646,123 
   
Machinery - 1.7% 
  
  71,950 
Timken Co. 
3,030,534 
   
Road & Rail - 2.8% 
  
225,350 
CSX Corp. 
5,005,024 
   
Trading Companies & Distributors - 3.4% 
  
157,600 
Fastenal Co. 
6,002,984 
   
26,852,388 
Information Technology - 30.7%
  
Communications Equipment - 6.0% 
  
  54,750 
F5 Networks, Inc.* 
5,691,263 
  99,400 
QUALCOMM, Inc. 
5,129,040 
   
10,820,303 
Computers & Peripherals - 8.5% 
  
  24,850 
Apple, Inc.* 
10,058,783 
206,350 
EMC Corp.* 
5,057,638 
   
15,116,421 
 
 
See notes to financial statements.
 
CENTURY FUNDS
20
 
 
 
 
 

 
 
CENTURY SHARES TRUST (CONTINUED)
PORTFOLIO OF INVESTMENTS – AS OF OCTOBER 31, 2011
 
       
Shares
    
Value
Information Technology (Continued)
  
Internet Software & Services - 2.8% 
    
    8,400 
Google, Inc. Class A* 
$ 4,978,176 
     
IT Services - 6.9% 
    
  68,300 
Cognizant Technology Solutions 
  
 
Corp. Class A* 
  
4,968,825 
  21,200 
MasterCard, Inc. Class A 
  
7,361,488 
     
12,330,313 
Software - 6.5% 
    
166,300 
Adobe Systems, Inc.* 
  
4,890,883 
204,000 
Oracle Corp. 
  
6,685,080 
     
11,575,963 
     
54,821,176 
Materials - 2.7%
    
Chemicals - 2.7% 
    
146,700 
LyondellBasell Industries 
    
 
NV Class A 
  
4,820,562 
     
Telecommunication Services - 3.8%
    
Wireless Telecommunication Services - 3.8% 
  
323,700 
MetroPCS Communications, Inc.* 
2,751,450 
170,850 
NII Holdings, Inc.* 
  
4,020,101 
     
6,771,551 
Total Investment in Common Stocks - 98.4%
(Identified cost, $136,122,844) 
  
175,426,269 
     
Short-Term Investment - 1.7%
    
2,932,962 
State Street Institutional U.S. 
    
 
Government Money 
    
 
Market Fund 
    
(Identified cost, $2,932,962) 
  
2,932,962 
 
 
   
 
Value
Total Investments - 100.1%
  
(Identified cost, $139,055,806) 
$178,359,231 
   
Liabilities in Excess of
  
Other Assets - (0.1)%
(158,184) 
   
Net Assets - 100%
$178,201,047 
   
* Non-income producing security 
  
 
 
See notes to financial statements.
 
CENTURY FUNDS
21
 
 
 
 
 
 

 
       
CENTURY SHARES TRUST
      
STATEMENT OF ASSETS AND LIABILITIES - OCTOBER 31, 2011
      
       
Assets:
      
Investments, at value (Note 1A) (Identified cost of $139,055,806) 
   $ 178,359,231  
Dividends receivable 
     86,899  
Receivable for Fund shares sold 
     3,877  
Prepaid expenses 
     3,416  
Total Assets 
     178,453,423  
         
Liabilities:
        
Payable to Affiliates: 
        
Investment adviser fee (Note 4) 
     115,262  
Administration fees (Note 5) 
     14,408  
Accrued expenses and other liabilities 
     106,144  
Payable for Fund shares repurchased 
     16,562  
Total Liabilities 
     252,376  
         
Net Assets
   $ 178,201,047  
At October 31, 2011, net assets consisted of: 
        
Paid-in capital 
   $ 120,726,081  
Accumulated undistributed net realized gains on investments 
     18,171,541  
Unrealized appreciation in value of investments 
     39,303,425  
Net assets applicable to outstanding capital stock 
   $ 178,201,047  
Net Assets consist of: 
        
Institutional shares 
   $ 178,201,047  
Shares Outstanding consist of (Note 2): 
        
Institutional shares 
     8,625,480  
         
Net Asset Value Per Share
        
(Represents both the offering and redemption price*) 
        
Institutional shares 
   $ 20.66  
 
 
*     
In general, shares of the Fund may be redeemed at net asset value. However, upon the redemption of shares held less than 90 days, a redemption fee of 1% of the current net asset value of the shares may be assessed and retained by the Fund for the benefit of remaining shareholders. The redemption fee is accounted for as an addition to paid-in-capital.
 
See notes to financial statements.
 
CENTURY FUNDS
22
 
 
 
 
 

 
       
CENTURY SHARES TRUST
      
STATEMENT OF OPERATIONS - YEAR ENDED OCTOBER 31, 2011
      
       
Investment Income:
      
Dividends (net of foreign withholding tax of $8,528) 
   $ 1,883,006  
Total investment income 
     1,883,006  
         
Expenses:
        
Investment adviser fee (Notes 4 and 7) 
     1,467,318  
Non-interested trustees' remuneration 
     76,407  
Transfer agent 
        
Institutional shares 
     112,278  
Investor shares 
     6,684  
Custodian 
     52,184  
Administration fees (Note 5) 
     183,415  
Insurance 
     15,410  
Professional fees 
     77,089  
Registration 
     24,213  
Printing and other expenses 
     57,263  
Total expenses 
     2,072,261  
Adviser reimbursements (Note 7) 
     (2,341 ) 
Net expenses 
     2,069,920  
         
Net investment loss 
     (186,914 ) 
         
Realized and unrealized gain/(loss) on investments: 
        
Net realized gain from investment transactions 
     18,620,958  
Decrease in unrealized appreciation on investments 
     (1,153,307 ) 
Net realized and unrealized gain on investments 
     17,467,651  
Net increase in net assets resulting from operations 
   $ 17,280,737  
 
 
See notes to financial statements.
 
CENTURY FUNDS
 23
 
 
 
 
 

 
             
CENTURY SHARES TRUST
            
STATEMENT OF CHANGES IN NET ASSETS
            
             
INCREASE/(DECREASE)
  
Year Ended
    
Year Ended
  
IN NET ASSETS:
  
October 31, 2011
    
October 31, 2010
  
Operations: 
            
Net investment loss 
   $ (186,914 )    $ (85,141 ) 
Net realized gain on investment transactions 
     18,620,958       20,112,837  
Change in net unrealized appreciation 
     (1,153,307 )      7,033,491  
Net increase in net assets resulting from operations 
     17,280,737       27,061,187  
                 
Distributions to shareholders from: 
                
Net investment income 
                
Institutional shares 
     (51,630 )      (47,060 ) 
Net realized gain from investment transactions 
                
Institutional shares 
     (7,888,685 )      —  
Investor shares 
     (73,860 )      —  
                 
Capital share transactions - net (Note 2) 
     (9,736,363 )      (15,968,796 ) 
Redemption fees 
     424       43  
Total increase/(decrease) 
     (469,377 )      11,045,374  
                 
Net Assets: 
                
Beginning of year 
     178,670,424       167,625,050  
End of year 
   $ 178,201,047     $ 178,670,424  
 
 
See notes to financial statements.
 
CENTURY FUNDS
 
24
 
 
 
 
 

 
                               
CENTURY SHARES TRUST
                              
FINANCIAL HIGHLIGHTS - INSTITUTIONAL SHARES
                              
         
Year Ended October 31,
  
   
2011
    
2010
    
2009
    
2008
    
2007
  
Net Asset Value, beginning of period 
   $ 19.65     $ 16.84     $ 15.51     $ 29.52     $ 35.69  
Income/(loss) from Investment Operations: 
                                        
Net investment income/(loss)(a) 
     (0.02 )      (0.01 )      0.00 †      (0.01 )      0.16  
Net realized and unrealized gain/(loss) on investments 
     1.93       2.82       1.36       (7.44 )      2.95  
Total income/(loss) from investment operations 
     1.91       2.81       1.36       (7.45 )      3.11  
Less Distributions From: 
                                        
Net investment income 
     (0.01 )      (0.00 )†      (0.03 )      (0.30 )      (0.43 ) 
Net realized gain on investment transactions 
     (0.89 )      (0.00 )      (0.00 )      (6.26 )      (8.85 ) 
Total distributions 
     (0.90 )      (0.00 )†      (0.03 )      (6.56 )      (9.28 ) 
Redemption fees 
     0.00 †      0.00 †      0.00 †      0.00 †      0.00 † 
Net Asset Value, end of period 
   $ 20.66     $ 19.65     $ 16.84     $ 15.51     $ 29.52  
                                         
Total return 
     9.79 %      16.72 %      8.59 %      (32.31 )%      11.86 % 
Ratios and supplemental data 
                                        
Net assets, end of period (000 omitted) 
   $ 178,201     $ 177,042     $ 166,574     $ 168,199     $ 287,670  
Ratio of expenses to average net assets 
     1.13 %      1.15 %      1.20 %      1.17 %      1.10 % 
Ratio of net investment income/(loss) to average 
                                        
net assets 
     (0.10 )%      (0.05 )%      0.03 %      (0.02 )%      0.56 % 
Portfolio Turnover Rate 
     72 %      67 %      79 %      91 %      38 % 
 
 
(a)     
Calculated based on average shares outstanding during the period.
†     
Amount represents less than $0.005 per share.
 
See notes to financial statements.
 
CENTURY FUNDS
 25
 
 
 
 
 

 
CENTURY GROWTH OPPORTUNITIES FUND
 
PORTFOLIO OF INVESTMENTS – AS OF OCTOBER 31, 2011
 
     
Shares
  
Value
COMMON STOCK - 93.4%
  
Consumer Discretionary - 16.0%
  
Hotels, Restaurants & Leisure - 3.8% 
  
2,300 
Buffalo Wild Wings, Inc.* 
$ 152,306 
8,500 
Texas Roadhouse, Inc. 
121,805 
   
274,111 
Household Durables - 3.8% 
  
2,350 
Tempur-Pedic International, Inc.* 
159,941 
2,050 
Tupperware Brands Corp. 
115,907 
   
275,848 
Multiline Retail - 1.9% 
  
1,750 
Dollar Tree, Inc.* 
139,930 
   
Specialty Retail - 5.6% 
  
10,700 
Chico’s FAS, Inc. 
132,252 
  2,650 
DSW, Inc. Class A 
138,701 
  1,850 
O’Reilly Automotive, Inc.* 
140,692 
   
411,645 
Textiles, Apparel & Luxury Goods - 0.9% 
  
  1,200 
lululemon Athletica, Inc.* 
67,776 
   
1,169,310 
Consumer Staples - 4.6%
  
Food & Staples Retailing - 1.8% 
  
  3,700 
United Natural Foods, Inc.* 
135,087 
   
Food Products - 0.7% 
  
     800 
Diamond Foods, Inc. 
52,600 
   
Personal Products - 2.1% 
  
  2,450 
Herbalife Ltd. 
152,782 
   
340,469 
Energy - 6.1%
  
Energy Equipment & Services - 4.1% 
  
  1,150 
CARBO Ceramics, Inc. 
156,227 
  2,250 
Dril-Quip, Inc.* 
146,475 
   
302,702 
Oil, Gas & Consumable Fuels - 2.0% 
  
  3,050 
Whiting Petroleum Corp.* 
141,978 
   
444,680 
 
 
       
Shares
    
Value
Financials - 4.0%
    
Diversified Financial Services - 2.0% 
    
4,150 
Moody’s Corp. 
$ 147,284 
   
Real Estate Investment Trusts (REITs) - 2.0% 
  
1,000 
Essex Property Trust, Inc. 
  
142,760 
     
290,044 
Health Care - 19.5%
    
Biotechnology - 1.8% 
    
2,000 
Alexion Pharmaceuticals, Inc.* 
  
135,020 
   
Health Care Equipment & Supplies - 7.6% 
  
5,100 
CareFusion Corp.* 
  
130,560 
5,250 
Cyberonics, Inc.* 
  
151,200 
2,800 
Sirona Dental Systems, Inc.* 
  
134,120 
2,000 
The Cooper Cos., Inc. 
  
138,600 
     
554,480 
Health Care Providers & Services - 4.3% 
  
1,850 
Catalyst Health Solutions, Inc.* 
  
101,694 
4,500 
Coventry Health Care, Inc.* 
  
143,145 
   950 
MWI Veterinary Supply, Inc.* 
  
71,725 
     
316,564 
Health Care Technology - 1.4% 
    
5,200 
 Allscripts Healthcare Solutions, Inc.*   
99,580 
     
Pharmaceuticals - 4.4% 
    
4,000 
Questcor Pharmaceuticals, Inc.* 
  
162,440 
4,600 
Salix Pharmaceuticals Ltd.* 
  
157,573 
     
320,013 
     
1,425,657 
Industrials - 15.1%
    
Aerospace & Defense - 2.1% 
    
4,100 
BE Aerospace, Inc.* 
  
154,693 
     
Electrical Equipment - 3.9% 
    
1,850 
Roper Industries, Inc. 
  
150,035 
4,450 
 Sensata Technologies Holding NV*   
133,233 
     
283,268 
 
 
See notes to financial statements.
 
CENTURY FUNDS
26
 
 
 
 
 

 
CENTURY GROWTH OPPORTUNITIES FUND (CONTINUED)
 
PORTFOLIO OF INVESTMENTS – AS OF OCTOBER 31, 2011
 
     
Shares
  
Value
Industrials (Continued)
  
Machinery - 6.9% 
  
3,300 
AGCO Corp.* 
$ 144,639 
2,600 
Chart Industries, Inc.* 
146,926 
   900 
Gardner Denver, Inc. 
69,597 
3,750 
Kennametal, Inc. 
145,837 
   
506,999 
Road & Rail - 2.2% 
  
2,550 
Kansas City Southern* 
161,084 
   
1,106,044 
Information Technology - 24.6%
  
Communications Equipment - 5.1% 
  
1,450 
Acme Packet, Inc.* 
52,504 
1,700 
F5 Networks, Inc.* 
176,715 
5,200 
Riverbed Technology, Inc.* 
143,416 
   
372,635 
Electronic Equipment, Instruments & 
  
Components - 0.9% 
  
1,200 
IPG Photonics Corp.* 
63,432 
   
Internet Software & Services - 3.3% 
  
2,550 
Akamai Technologies, Inc.* 
68,697 
2,150 
LogMeIn, Inc.* 
87,441 
2,000 
OpenTable, Inc.* 
87,720 
   
243,858 
IT Services - 5.6% 
  
6,100 
Cardtronics, Inc.* 
152,073 
2,100 
Syntel, Inc. 
102,690 
3,700 
VeriFone Systems, Inc.* 
156,177 
 
410,940 
Semiconductors & Semiconductor Equipment - 2.0%   
4,200 
Power Integrations, Inc. 
149,646 
   
Software - 7.7% 
  
2,800 
ANSYS, Inc.* 
152,208 
3,450 
Pegasystems, Inc. 
130,375 
2,950 
QLIK Technologies, Inc.* 
84,282 
6,850 
Solarwinds, Inc.* 
197,691 
   
564,556 
   
1,805,067 
 
 
       
Shares
 
  
Value
Materials - 1.7%    
Chemicals - 1.7%     
4,600
Intrepid Potash, Inc.* 
$ 128,018 
     
Telecommunication Services - 1.8%    
Diversified Telecommunication Services - 1.8%   
 2,200
AboveNet, Inc. 
  
130,570 
 
Total Investment in Common Stocks - 93.4%
(Identified cost, $6,486,741)   
6,839,859 
     
Short-Term Investment - 2.5%    
 182,447
State Street Institutional 
    
 
U.S. Government Money 
    
 
Market Fund 
    
  (Identified cost, $182,447)   
182,447 
     
Total Investments - 95.9%    
  (Identified cost, $6,669,188)   
7,022,306 
     
Other Assets in Excess    
  of Liabilities - 4.1%  
301,142 
   
 Net Assets - 100%
$ 7,323,448 
     
* Non-income producing security     
 
 
See notes to financial statements.
 
CENTURY FUNDS
27
 
 
 
 

 
       
CENTURY GROWTH OPPORTUNITIES FUND
      
STATEMENT OF ASSETS AND LIABILITIES - OCTOBER 31, 2011
      
       
Assets:
      
Investments, at value (Note 1A) (Identified cost of $6,669,188) 
   $ 7,022,306  
Dividends receivable 
     327  
Receivable for investments sold 
     131,526  
Receivable for Fund shares sold 
     363,000  
Receivable from investment adviser 
     15,196  
Prepaid expenses 
     143  
Total Assets 
     7,532,498  
         
Liabilities:
        
Payable to Affiliates: 
        
Investment advisor fee (Note 4) 
     4,432  
Administration fees (Note 5) 
     554  
Accrued expenses and other liabilities 
     46,891  
Payable for investments purchased 
     157,173  
Total Liabilities 
     209,050  
         
Net Assets
   $ 7,323,448  
         
At October 31, 2011, net assets consisted of: 
        
Paid-in capital 
   $ 7,507,779  
Accumulated net realized loss on investments 
     (537,449 ) 
Unrealized appreciation in value of investments 
     353,118  
Net assets applicable to outstanding capital stock 
   $ 7,323,448  
         
Net Assets consist of: 
        
Institutional shares 
   $ 7,323,448  
Shares Outstanding consist of (Note 2): 
        
Institutional shares 
     686,369  
         
Net Asset Value Per Share
        
(Represents both the offering and redemption price*) 
        
Institutional shares 
   $ 10.67  
 
 
*     
In general, shares of the Fund may be redeemed at net asset value. However, upon the redemption of shares held less than 90 days, a redemption fee of 1% of the current net asset value of the shares may be assessed and retained by the Fund for the benefit of remaining shareholders. The redemption fee is accounted for as an addition to paid-in-capital.
 
See notes to financial statements.
 
CENTURY FUNDS
28
 
 
 
 
 

 
CENTURY GROWTH OPPORTUNITIES FUND
STATEMENT OF OPERATIONS - FOR THE PERIOD ENDED* OCTOBER 31, 2011
 
       
Investment Income:
      
Dividends 
   $ 21,895  
Total investment income 
     21,895  
Expenses:
        
Investment adviser fee (Notes 4 and 7) 
     38,034  
Non-interested trustees' remuneration 
     2,462  
Transfer agent 
     12,962  
Custodian 
     57,683  
Administration fees (Note 5) 
     4,754  
Insurance 
     152  
Professional fees 
     31,305  
Registration 
     21,650  
Printing and other expenses 
     3,354  
Total expenses 
     172,356  
         
Adviser reimbursements (Note 7) 
     (120,059 ) 
Net expenses 
     52,297  
         
Net investment loss 
     (30,402 ) 
         
Realized and unrealized gain/(loss) on investments: 
        
Net realized loss from investment transactions 
     (537,714 ) 
Increase in unrealized appreciation on investments 
     353,118  
Net realized and unrealized loss on investments 
     (184,596 ) 
Net decrease in net assets resulting from operations 
   $ (214,998 ) 
         
* For the period from the Fund’s inception, November 17, 2010, to October 31, 2011. 
        
 
 
 
See notes to financial statements.
 
CENTURY FUNDS
29
 
 
 
 

 
       
CENTURY GROWTH OPPORTUNITIES FUND
      
STATEMENT OF CHANGES IN NET ASSETS
      
   
For the Period Ended
  
INCREASE/(DECREASE)
  
October 31,
  
IN NET ASSETS:
  
2011(a)
  
Operations: 
      
Net investment loss 
   $ (30,402 ) 
Net realized loss on investment transactions 
     (537,714 ) 
Change in net unrealized appreciation 
     353,118  
Net decrease in net assets resulting from operations 
     (214,998 ) 
         
Capital share transactions - net (Note 2) 
     7,538,090  
Redemption fees 
     356  
Total increase 
     7,323,448  
         
Net Assets: 
        
Beginning of period 
     0  
End of period 
   $ 7,323,448  
 
(a) For the period from the Fund’s inception, November 17, 2010, to October 31, 2011. 
        
 
 
See notes to financial statements.
 
CENTURY FUNDS
30
 
 
 
 
 

 
CENTURY GROWTH OPPORTUNITIES FUND
FINANCIAL HIGHLIGHTS - INSTITUTIONAL SHARES
 
       
   
For the Period Ended
  
   
October 31,
  
   
2011(a)
  
Net Asset Value, beginning of period 
   $ 10.00  
Income/(loss) from Investment Operations: 
        
Net investment loss(b) 
     (0.07)  
Net realized and unrealized gain on investments 
     0.74  
Total income from investment operations 
     0.67  
Redemption fees 
     0.00 † 
Net Asset Value, end of period 
   $ 10.67  
Total Return 
     6.70% ** 
Ratios and supplemental data 
        
Net assets, end of period (000 omitted) 
   $ 7,323  
Ratio of expenses to average net assets 
     1.10% * 
Ratio of expenses to average net assets without 
        
giving effect to contractual expense agreement 
     3.62% * 
Ratio of net investment loss to average net assets 
     (0.64)% * 
Portfolio Turnover Rate 
     119% ** 
 
 
(a)     
For the period from the Fund’s inception, November 17, 2010, to October 31, 2011.
(b)     
Calculated based on average shares outstanding during the period.
†     
Amount represents less than $0.005 per share.
**     
Not annualized
*     
Annualized
 
See notes to financial statements.
 
CENTURY FUNDS
 31
 
 
 
 
 

 
NOTES TO FINANCIAL STATEMENTS
 
(1)      SIGNIFICANT ACCOUNTING POLICIES –– Century Capital Management Trust (the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end management investment company organized as a Massachusetts business trust. Century Shares Trust, Century Small Cap Select Fund and Century Growth Opportunities Fund (each a “Fund” and, collectively, the “Funds”) are diversified series of the Trust.The Century Growth Opportunities Fund commenced operations on November 17, 2010. The Century Growth Opportunities Fund seeks long-term capital growth by investing primarily in stocks of small and medium-sized U.S. companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The following are significant accounting policies consistently followed by the Funds and are in conformity with accounting principles generally accepted in the United States (GAAP).
 
A. Security Valuations –– Equity securities are valued at the last reported sale price or official closing price on the primary exchange or market on which they are traded, as reported by an independent pricing service. If no sale price or official closing price is reported, market value is generally determined based on quotes or closing prices obtained from a quotation reporting system, established market maker, or reputable pricing service. For unlisted securities and for exchange-listed securities for which there are no reported sales or official closing prices, fair value is generally determined using closing bid prices. Short-term obligations, maturing in 60 days or less, are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at their closing net asset value each business day.
 
Under GAAP for fair value measurements, a three tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value.
 
·  
Level 1 – quoted prices in active markets for identical investments
 
·  
Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
·  
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used as of October 31, 2011 in valuing the Funds’ investments carried at fair value:
 
                         
   
Quoted Prices
    
Significant
              
   
In Active
    
Other
    
Significant
        
   
Markets for
    
Observable
    
Unobservable
        
   
Identical Assets
    
Inputs
    
Inputs
        
   
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
Century Shares Trust
                        
Common Stock* 
   $ 175,426,269     $ —     $ —     $ 175,426,269  
Money Market Funds 
     2,932,962       —       —       2,932,962  
Total Investments 
   $ 178,359,231     $ —     $ —     $ 178,359,231  
Century Small Cap Select Fund
                                
Common Stock* 
   $ 354,762,273     $ —     $ —     $ 354,762,273  
Money Market Funds 
     17,549,302       —       —       17,549,302  
Total Investments 
   $ 372,311,575     $ —     $ —     $ 372,311,575  
 
 
CENTURY FUNDS
32
 
 
 
 
 
 

 
                         
   
Quoted Prices
    
Significant
              
   
In Active
    
Other
    
Significant
        
   
Market for
    
Observable
    
Unobservable
        
   
Identical Assets
    
Inputs
    
Inputs
        
   
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
Century Growth Opportunities Fund
                        
Common Stock* 
   $ 6,839,859     $ —     $ —     $ 6,839,859  
Money Market Funds 
     182,447       —       —       182,447  
Total Investments 
   $ 7,022,306     $ —     $ —     $ 7,022,306  
 
 
* At October 31, 2011 the Funds held investments in common stocks classified as Level 1, with corresponding major categories as shown on each Fund’s Portfolio of Investments.
 
B. Security Transactions –– Security transactions are recorded on a trade date basis. Gain or loss on sales is determined by the use of a specific identification method, for both financial reporting and federal income tax purposes. Dividend income is recorded on the ex-dividend date. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer. The Funds may invest in equity securities issued or guaranteed by companies organized and based in countries outside of the United States. These securities may be traded on foreign securities exchanges or in foreign over-the-counter markets. Foreign dividend income is recorded on ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Foreign income and capital gain on some foreign securities may be subject to foreign withholding taxes, which are accrued as applicable. Interest income is recorded daily on an accrual basis.
 
C. Use of Estimates –– The preparation of these financial statements in accordance with GAAP incorporates estimates made by management in determining the reported amounts of assets, liabilities, income and expenses of the Funds. Actual results could differ from those estimates.
 
D. Risks and Uncertainty — Century Small Cap Select Fund concentrates its investments in certain industries detailed in the Portfolio of Investments, which subjects the Fund to the risks associated with those industries and may result in greater fluctuation in share value than is experienced in more diversified portfolios. In addition, the Fund invests in smaller companies, which generally involves greater risk than investing in larger, more established companies.
 
Century Shares Trust may invest a significant portion of assets in a limited number of companies. As a result, the Fund may be more susceptible to financial, market and economic events affecting particular companies and therefore may experience greater price volatility than funds with more diversified portfolios.
 
Century Growth Opportunities Fund invests mainly in small-cap and mid-cap companies, which, historically, have been more volatile in price than the stocks of large-cap companies.
 
Foreign investing involves certain risks and increased volatility not associated with investing solely in the U.S. These risks include currency fluctuations, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments.
 
At any given time, a significant portion of the assets of each Fund may be invested in securities of companies within the same market sector of the economy. Companies within the same sector often face similar issues and, consequently, may react similarly to changes in market conditions. If a Fund has a significant weighting in one or more sectors, it may be subject to more risk and price volatility.
 
E. Multiple Classes of Shares –– Century Small Cap Select Fund offers two classes of shares, which differ in their respective distribution and service fees. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Certain expense reductions may differ by class. Because transfer agent fees include a per account fee, each class differs with respect to transfer agent fees incurred.
 
CENTURY FUNDS
 33
 
 
 
 
 

 
Prior to May 27, 2011, Century Shares Trust offered two classes of shares; however, effective as of that date, all 61,614 of the Fund’s issued and outstanding Investor Shares were converted to Institutional Shares and the Investor Shares class was closed.
 
F. Redemption Fees –– In general, shares of each Fund may be redeemed at net asset value. However, upon the redemption of shares held less than 90 days, a redemption fee of 1% of the current net asset value of the shares may be assessed and retained by each share class of each Fund for the benefit of the Fund’s remaining shareholders. The redemption fee is accounted for as an addition to paid-in-capital.
 
G. Income Tax Information and Distributions to Shareholders –– Each year, each Fund intends to qualify as a regulated investment company by distributing all of its taxable income and sufficient net investment income and net realized gains, if any, under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent book and tax differences. Generally accepted accounting principles require that any distributions in excess of tax basis earnings and profits be reported in the financial statements as a tax return of capital.
 
In order to present undistributed (distributions in excess of) net investment income (“UNII”) and accumulated net realized loss (“Accumulated Loss”) more closely to its tax character, the following accounts for each Fund were increased (decreased):
 
                   
   
Paid-In
          
Accumulated
  
   
Capital
    
UNII
    
gain/loss
  
Century Shares Trust 
   $ —     $ 238,544     $ (238,544 ) 
Century Small Cap Select Fund 
   $ (2,638,940 )    $ 1,865,136     $ 773,804  
Century Growth Opportunities Fund 
   $ (30,667 )    $ 30,402     $ 265  
 
 
These reclassifications have no impact on net assets or the results of operations. The Funds had temporary book/tax differences primarily attributable to wash sales or portfolio securities and permanent book/tax differences primarily attributable to net operating losses. Temporary differences will reverse in a subsequent period.
 
The federal income tax cost of investments and tax-basis components of distributable earnings as of October 31, 2011 were as follows:
 
       
Century Shares Trust
      
Gross unrealized appreciation 
   $ 43,265,408  
Gross unrealized depreciation 
     (3,961,983 ) 
Unrealized net appreciation 
   $ 39,303,425  
         
Cost for federal income tax purposes 
   $ 139,055,806  
         
Undistributed ordinary income 
   $ 621,899  
Undistributed capital gains 
     17,549,643  
Unrealized appreciation 
     39,303,425  
Total 
   $ 57,474,967  
 
 
The differences between the components of distributable earnings on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales.
 
CENTURY FUNDS
34
 
 
 
 
 

 
             
The tax character of distributions paid were as follows: 
            
   
Year Ended October 31,
  
   
2011
    
2010
  
Ordinary income 
            
Institutional Shares 
   $ 51,630     $ 47,060  
                 
Long-term capital gain 
                
Institutional Shares 
   $ 7,888,685     $ —  
Investor Shares 
   $ 73,860     $ —  
 
 
The federal income tax cost of investments and tax-basis components of distributable earnings as of October 31, 2011 were as follows:
 
       
Century Small Cap Select Fund
      
Gross unrealized appreciation 
   $ 77,489,122  
Gross unrealized depreciation 
     (25,884,847 ) 
Unrealized net appreciation 
   $ 51,604,275  
         
Cost for federal income tax purposes 
   $ 320,707,300  
         
Capital loss carryforward 
   $ (76,901,648 ) 
Unrealized appreciation 
     51,604,275  
Total 
   $ (25,297,373 ) 
 
 
The differences between the components of distributable earnings on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales.
 
As of October 31, 2011, the Fund had a capital loss carryforward of $76,901,648 which will expire on October 31, 2017. This carry-forward may be used to offset future capital gains to the extent provided by regulations.
 
During the year ended October 31, 2011 the Fund utilized a net capital loss carryforward of $79,934,430.
 
The Fund did not pay any distributions for the years ended October 31, 2011 and 2010.
 
The federal income tax cost of investments and tax-basis components of distributable earnings as of October 31, 2011 were as follows:
 
       
Century Growth Opportunities Fund
      
Gross unrealized appreciation 
   $ 550,273  
Gross unrealized depreciation 
     (232,589 ) 
Unrealized net appreciation 
   $ 317,684  
         
Cost for federal income tax purposes 
   $ 6,704,622  
         
Capital loss carryforward 
   $ (502,015 ) 
Unrealized appreciation 
     317,684  
Total 
   $ (184,331 ) 
 
 
The differences between the components of distributable earnings on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales and real estate investment trust basis adjustments.
 
As of October 31, 2011, the Fund had a capital loss carryforward of $502,015 which will expire on October 31, 2019.This carryforward may be used to offset future capital gains to the extent provided by regulations.
 
The Fund did not pay any distributions for the year ended October 31, 2011.
 
CENTURY FUNDS
 
35
 
 
 
 
 
 

 
As of October 31, 2011, the Funds had no uncertain tax positions that would require financial statement recognition or disclosure. The Funds’ federal tax returns filed for the fiscal years ended October 31, 2008, October 31, 2009 and October 31, 2010 remain subject to examination by the Internal Revenue Service.
 
H. Indemnifications — In the normal course of business, the Funds enter into agreements with service providers that may contain indemnification clauses. The Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.
 
(2)      TRANSACTIONS IN SHARES
 
Century Shares Trust –– The number of authorized shares is unlimited. Transactions in each class of shares were as follows:
 
                         
    Year Ended October 31, 2011  
    Institutional Shares     Investor Shares  
   
Shares
    
Amount
    
Shares
    
Amount
  
Sold 
     187,391     $ 3,869,392       5,111     $ 105,667  
Issued to shareholders in reinvestment of 
                                
distributions from: 
                                
Net investment income and capital gains 
     348,040       7,019,974       3,523       70,955  
      535,431       10,889,366       8,634       176,622  
Repurchased 
     (978,916 )     (20,173,913 )      (29,936 )      (628,438 ) 
Shares converted* 
     61,436       1,331,322       (61,614 )      (1,331,322 ) 
Net increase (decrease) 
     (382,049 )   $ (7,953,225 )      (82,916 )    $ (1,783,138 ) 
* On May 27, 2011, all 61,614 Investor Shares converted into Institutional Shares and the Investor Shares class was closed.
 
                         
    Year Ended October 31, 2010  
    Institutional  Shares     Investor Shares  
   
Shares
    
Amount
    
Shares
    
Amount
  
Sold. 
     173,736     $ 3,164,426       34,109     $ 654,481  
Issued to shareholders in reinvestment of 
                                
distributions from: 
                                
Net investment income 
     2,175       39,358       —       —  
      175,911       3,203,784       34,109       654,481  
Repurchased 
     (1,062,442 )      (19,576,908 )      (13,509 )      (250,153 ) 
Net increase (decrease) 
     (886,531 )   $ (16,373,124 )      20,600     $ 404,328  
 
 
Century Small Cap Select Fund –– The number of authorized shares is unlimited. Transactions in each class of shares were as follows:
 
                         
    Year Ended October 31, 2011  
    Institutional Shares     InvestorShares  
   
Shares
    
Amount
    
Shares
    
Amount
  
Sold 
     2,529,433     $ 61,015,656       2,015,598     $ 48,942,430  
Repurchased 
     (3,756,263 )      (93,461,220 )      (1,517,651 )      (35,471,723 ) 
Net increase (decrease) 
     (1,226,830 )   $ (32,445,564 )      497,947     $ 13,470,707  
 
 
CENTURY FUNDS
36
 
 
 
 
 

 
                         
    Year Ended October 31, 2010  
   
Institutional Shares
    
Investor Shares
  
   
Shares
    
Amount
    
Shares
    
Amount
  
Sold 
     2,490,612     $ 44,991,279       524,604     $ 9,706,292  
Repurchased 
     (3,847,595 )      (69,892,481 )      (1,740,681 )      (31,160,417 ) 
Net (decrease) 
     (1,356,983 )   $ (24,901,202 )      (1,216,077 )   $ (21,454,125 ) 
 
 
Century Growth Opportunities Fund –– The number of authorized shares is unlimited. Transactions were as follows:
 
             
   
The Period Ended October 31, 2011*
  
   
Institutional Shares
  
   
Shares
    
Amount
  
Sold 
     712,248     $ 7,820,330  
Repurchased 
     (25,879 )      (282,240 ) 
Net increase 
     686,369     $ 7,538,090  
 
 
* For the period from the Fund’s inception, November 17, 2010 to October 31, 2011.
 
(3)      INVESTMENT SECURITIES TRANSACTIONS
 
Century Shares Trust purchases and sales of investment securities (excluding short-term securities and U.S. Government obligations) aggregated $130,440,702 and $143,855,482, respectively, during the year ended October 31, 2011.
 
Century Small Cap Select Fund purchases and sales of investment securities (excluding short-term securities and U.S. Government obligations) aggregated $283,678,200 and $310,246,572, respectively, during the year ended October 31, 2011.
 
Century Growth Opportunities Fund purchases and sales of investment securities (excluding short-term securities and U.S. Government obligations) aggregated $12,456,201 and $5,431,746, respectively, for the period from November 17, 2010 (the Fund’s inception date) through October 31, 2011.
 
(4)      INVESTMENT ADVISER FEE
 
Century Shares Trust: The Trust has entered into an Investment Advisory Agreement (the “Agreement”) with Century Capital Management, LLC (“CCM”) pursuant to which CCM provides an investment program for Century Shares Trust. Under the Agreement, the Fund pays a management fee based on the Fund’s average daily net assets computed at the following annual rates: 0.80% of the first $500 million and 0.70% of the amounts exceeding $500 million.
 
Century Small Cap Select Fund: The Trust has entered into an Investment Advisory and Management Services Agreement (the “Agreement”) with CCM pursuant to which CCM provides investment advisory, management and administrative services to Century Small Cap Select Fund. Under the Agreement, the Fund pays a monthly management fee at the annual rate of 0.95% of the Fund’s average daily net assets.
 
Century Growth Opportunities Fund: The Trust has entered into an Investment Advisory Agreement (the “Agreement”) with CCM pursuant to which CCM provides investment advisory services to Century Growth Opportunities Fund. Under the Agreement, the Fund pays a management fee based on the Fund’s average daily net assets computed at the following annual rates: 0.80% of the first $500 million and 0.75% thereafter.
 
CENTURY FUNDS
37
 
 
 
 
 
 
 

 
(5)      ADMINISTRATION FEES
 
Century Shares Trust: The Trust has entered into an Administration Agreement with CCM pursuant to which CCM provides certain administrative services to Century Shares Trust at the annual rate of 0.10% of the Fund’s average daily net assets.
 
Century Small Cap Select Fund: Per the Investment Advisory and Management Services Agreement between the Trust and CCM, Century Small Cap Select Fund reimburses CCM for expenses associated with having the adviser’s personnel perform shareholder service functions and certain financial, accounting, administrative and clerical services.
 
Century Growth Opportunities Fund: The Trust has entered into an Administration Agreement with CCM pursuant to which CCM provides certain administrative services to Century Growth Opportunities Fund at the annual rate of 0.10% of the Fund’s average daily net assets.
 
CCM has entered into a Sub-Administration Agreement with State Street Bank and Trust Company (“State Street”) pursuant to which State Street provides certain administrative services to each Fund on behalf of CCM. CCM pays State Street a sub-administration fee for sub-administration services provided to each Fund.
 
(6)      DISTRIBUTION AND SERVICE FEES –– The Trust has adopted Distribution and Service Plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act on behalf of Century Shares Trust and Century Small Cap Select Fund. The Plans authorize each Fund to pay up to 0.25% of the average daily net assets of the Funds’ Investor Shares class for distribution and shareholder services. The Plans may be terminated at any time by the vote of a majority of the independent Trustees or by the vote of the holders of a majority of the outstanding shares of the Investor Shares.
 
The Rule 12b-1 Plan for Century Shares Trust was terminated following the conversion of the Fund’s Investor Shares to Institutional Shares.
 
The Trust has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries and have agreed to compensate the intermediaries for providing such services. Certain services would be provided by the Funds if the shares of each customer were registered directly with the Funds’ transfer agent. Each Fund pays a portion of the intermediary fees attributable to shares of the Fund not exceeding the estimated expense the Fund would have paid its transfer agent had each customer’s shares been registered directly with the transfer agent instead of held through the intermediary accounts.
 
(7)      ADVISER REIMBURSEMENTS
 
Century Shares Trust: CCM contractually agreed to limit the operating expenses of the Century Shares Trust Investor Shares to 1.45% through February 28, 2012. However, effective May 27, 2011, all the issued and outstanding Investor Shares were converted to Institutional Shares and the Investor Shares class was closed.
 
Century Growth Opportunities Fund: CCM contractually agreed to limit the operating expenses of Century Growth Opportunity Fund to 1.10% of average daily net assets through February 28, 2012.
 
CCM may, out of its own resources and without additional cost to the Funds or their shareholders, provide compensation to certain financial intermediaries, such as broker-dealers and financial advisors, in connection with the sale of shares of the Funds or the provision of services to Fund shareholders. For example, such compensation may be paid to an intermediary for providing access to a third party platform, such as a mutual fund supermarket, or for providing services to shareholders who invest via such a platform. This compensation is in addition to any distribution and service fees paid by the Funds pursuant to a Rule 12b-1 Plan and in addition to subtransfer agency fees paid by the Funds.
 
(8)      SUBSEQUENT EVENTS - In preparing the financial statements as of October 31, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
 CENTURY FUNDS
 
38
 
 
 
 
 

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Trustees of Century Capital Management Trust and Shareholders of Century Shares Trust, Century Small Cap Select Fund and Century Growth Opportunities Fund (collectively, the “Funds”):
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Century Shares Trust and Century Small Cap Select Fund, each a series of Century Capital Management Trust (the “Trust”), as of October 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. We have also audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Century Growth Opportunities Fund, a series of the Trust, as of October 31, 2011, and the related statements of operations, changes in net assets and the financial highlights for the period from inception, November 17, 2010, to October 31, 2011. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Century Shares Trust, Century Small Cap Select Fund and Century Growth Opportunities Fund as of October 31, 2011, and the results of operations of Century Shares Trust and Century Small Cap Select Fund for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the results of operations, changes in its net assets, and the financial highlights of Century Growth Opportunities Fund for the period from inception, November 17, 2010, to October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.
 
DELOITTE & TOUCHE LLP
Boston, Massachusetts
 
December 19, 2011
 
CENTURY FUNDS
 
39
 
 
 
 
 
 

 
SHAREHOLDER EXPENSE EXAMPLE
 
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs including redemption fees, and (2) ongoing costs, including management fees, distribution and service fees (in the case of Investor Shares of both Funds) and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare those costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the period ended October 31, 2011.
 
Actual Expenses
 
The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. An annual maintenance fee of $10.00 that is charged once a year may apply for certain IRA accounts. This fee is not included in the table below. If it were, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
 
Hypothetical Example for Comparison Purposes
 
The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
 
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
                   
Century Shares Trust
              
Expenses Paid
  
   
Beginning
    
Ending
    
During Period*
  
   
Account Value
    
Account Value
    
Six Months Ending
  
   
May 1, 2011
    
October 31, 2011
    
October 31, 2011
  
Based on Actual Fund Return 
                  
Institutional Shares 
   $ 1,000.00     $ 935.30     $ 5.46  
                         
Based on Hypothetical 5% Yearly Return before expenses 
                        
Institutional Shares 
   $ 1,000.00     $ 1,019.56     $ 5.70  
 
 
*     
The Fund's annualized expense ratio is 1.12%. The dollar amounts shown as “Expenses Paid” are equal to the annual expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (184) divided by 365.
 
CENTURY FUNDS
40
 
 
 
 
 

 
                   
Century Small Cap Select Fund
              
Expenses Paid
  
   
Beginning
    
Ending
    
During Period*
  
   
Account Value
    
Account Value
    
Six Months Ending
  
   
May 1, 2011
    
October 31, 2011
    
October 31, 2011
  
Based on Actual Fund Return 
                  
Institutional Shares 
   $ 1,000.00     $ 874.20     $ 5.29  
Investor Shares 
   $ 1,000.00     $ 872.70     $ 7.32  
                         
Based on Hypothetical 5% Yearly Return before expenses 
                        
Institutional Shares 
   $ 1,000.00     $ 1,019.56     $ 5.70  
Investor Shares 
   $ 1,000.00     $ 1,017.39     $ 7.88  
 
 
*     
The Fund’s annualized expense ratios are 1.12% for Institutional Shares and 1.55% for Investor Shares. The dollar amounts shown as “Expenses Paid” are equal to the annual expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (184) divided by 365.

 
                   
Century Growth Opportunities Fund
              
Expenses Paid
  
   
Beginning
    
Ending
    
During Period*
  
   
Account Value
    
Account Value
    
Six Months Ending
  
   
May 1, 2011
    
October 31, 2011
    
October 31, 2011
  
Based on Actual Fund Return 
                  
Institutional Shares 
   $ 1,000.00     $ 913.50     $ 5.31  
                         
Based on Hypothetical 5% Yearly Return before expenses 
                        
Institutional Shares 
   $ 1,000.00     $ 1,019.66     $ 5.60  
 
 
*     
The Fund’s annualized expense ratio (net of reimbursements) is 1.10%. The dollar amounts shown as “Expenses Paid” are equal to the annual expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (184) divided by 365.
 
CENTURY FUNDS
 
41
 
 
 
 
 
 

 
TAX INFORMATION
(Unaudited)
 
The following information represents the tax status of dividends and distributions paid by the Funds during the fiscal year ended October 31, 2011. This information is presented to meet regulatory requirements and no current action on your part is required.
 
Century Shares Trust
 
For Federal Income Tax purposes, the Fund designates $51,630, or the maximum amount allowable as qualified dividend income for purposes of Internal Revenue Code Section 1(h)(11).
 
Pursuant to section 852 of the Internal Revenue Code, the Fund designates $7,962,545 as long-term capital gain distribution of which 100% represents 15% rate gains.
 
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns.
 
CENTURY FUNDS
42
 
 
 
 
 

 
MANAGEMENT OF THE FUNDS
 
The following table provides certain information regarding the Trustees and officers of Century Shares Trust, Century Small Cap Select Fund and Century Growth Opportunities Fund as of October 31, 2011. Unless otherwise noted, (i) each Trustee and officer has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each Trustee and officer is c/o Century Capital Management, 100 Federal Street, 29th Floor, Boston, Massachusetts 02110. Each Trustee’s term of office continues until the Trustee retires, resigns or is removed in accordance with the Declaration of Trust or until the next shareholders’ meeting called for the purpose of electing Trustees and until the election and qualification of a successor.
 
     
   
No. of
   
Portfolios
   
in
Name, Year of Birth,
  
Fund
Position(s) held with Trust
Principal Occupation During Past 5 Years
Complex
and Length of Service
And Other Directorships Held
Overseen
     
William Gray (1952)
Senior Advisor, The Blackstone Group (private equity firm); Special 
3 
Trustee, 2006 to present 
Advisor, Chi & Partners (advertising firm). Formerly, Vice Chairman, 
  
 
Ogilvy & Mather Group, NA (advertising firm) (retired 2010). Other 
  
 
Directorships: American Red Cross of Greater New York, (Chairman 
  
 
2002-2008, Member since 1996); The New York Public Library; 
  
 
Wakeman Boys & Girls Club; First Tee of Connecticut. 
  
     
Laura A. Johnson (1954)
President, Massachusetts Audubon Society. Other Directorships: 
3 
Trustee, 2007 to present 
Corporation Member, Woods Hole Oceanographic Institute; Stewardship 
  
 
Council, Massachusetts Department of Conservation and Recreation; 
  
 
Land Trust Alliance. 
  
     
Stephen W. Kidder (1952)
Managing Partner, Hemenway & Barnes (law firm). Other Directorships: 
3 
Trustee, 2005 to present 
Trustee, Wellesley College; Trustee, Isabella Stewart Gardner Museum; 
  
 
Trustee, Children’s Hospital Trust; Director, The Concord Bookshop, Inc. 
  
     
Jerry S. Rosenbloom (1939)
Frederick H. Ecker Emeritus Professor of Insurance and Risk Management 
3 
Trustee, 1998 to present 
and Academic Director, Certified Employee Benefit Specialist Program, 
  
 
The Wharton School, University of Pennsylvania. Other Directorships: 
  
 
Harleysville Group, Inc.; American Institute for Chartered Property Casualty 
  
 
Underwriters; S.S. Huebner Foundation for Insurance Education. Former 
  
 
Directorships: MBIA Claymore Managed Municipal Bond Fund 
  
 
(through June 2006). 
  
     
David D. Tripple (1944)
Private investor. Formerly, Chief Executive Officer and Trustee, Pioneer 
3 
Trustee, 2004 to present 
Funds (2000 to 2001); Executive Vice President and Director, The Pioneer 
  
 
Group, Inc. (asset management) (1998 to 2000). Other Directorships: The 
  
 
Calamos Funds (overseeing 19 portfolios in fund complex).
 
 
CENTURY FUNDS
 
43
 
 
 

 
 
 
 
     
   
No. of
   
Portfolios
   
in
Name, Year of Birth,
  
Fund
Position(s) held with Trust
Principal Occupation During Past 5 Years
Complex
and Length of Service
And Other Directorships Held
Overseen
     
Ellen M. Zane (1951)
Retired. Formerly, President and Chief Executive Officer, Tufts Medical 
3 
Trustee, 2007 to present 
Center and Floating Hospital for Children (2004 to 2011); Network 
  
 
President, Partners Healthcare System (1994 to 2004). Other Directorships: 
  
 
Parexel International Corporation; Lincare Holdings Inc.; Fiduciary Trust 
  
 
Company; Harvard School of Public Health, Health Policy & Management 
  
 
Executive Council; Trustee, George Washington University; Massachusetts 
  
 
Hospital Association; Sisters of Mercy Health System – St. Louis. 
  
 
Interested Trustees and Officers1
  
     
Alexander L. Thorndike (1966)
Managing Partner, Century Capital Management, LLC. No 
3 
Trustee, 1999 to present; 
other directorships. 
  
Chairman and Principal 
    
Executive Officer, 
    
2004 to present 
    
     
Davis R. Fulkerson (1965)
Managing Partner, Century Capital Management, LLC. No 
3 
Trustee, 2000 to present 
other directorships. 
  
     
Julie A. Smith (1971)
Chief Financial Officer, Century Capital Management, LLC 
N/A 
Principal Financial Officer, 
(May 2008 to present); prior thereto, Controller, Third Avenue 
  
2008 to present 
Management LLC (1997 to 2006). 
  
     
Maureen E. Kane (1962)
General Counsel, Century Capital Management, LLC. 
N/A 
Chief Legal Officer, 2006 
    
to present; Secretary, 2007 
    
to present; Chief Compliance 
    
Officer, 2009 to present 
    
 
 
(1)     
Each person listed is considered an “interested person” of the Trust within the meaning of the 1940 Act by virtue of being an officer or employee of the Adviser.
 
The Statement of Additional Information (“SAI”) for each Fund includes additional information about the Trustees. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 321-1928.
 
CENTURY FUNDS
44
 
 
 
 
 

 
FUND INFORMATION
 
PORTFOLIO HOLDINGS
 
Each fund files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of the fund’s fiscal year on Form N-Q. The Forms N-Q are available on the SEC’s website at http://www.sec.gov, and they may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.
 
PROXY VOTING
 
A description of the policies and procedures that each fund uses to determine how to vote proxies relating to portfolio securities and each fund’s proxy voting record for the 12-month period ended June 30 are available, without charge, upon request, by calling 1-800-321-1928. You may also obtain a copy of the funds’ proxy voting policies and procedures and proxy voting record on the SEC’s website at http://www.sec.gov.
 
FOR MORE INFORMATION
 
For more information about the Century Funds, please call 1-800-303-1928.
 
   
Regular Mailing Address:
Overnight Mailing Address:
Century Funds 
Century Funds 
P.O. Box 588 
c/o Atlantic Shareholder Services, LLC 
Portland, ME 04112 
3 Canal Plaza, Ground Floor 
 
Portland, ME 04101 
   
Investment Adviser
Distributor
Century Capital Management, LLC 
Foreside Fund Services 
100 Federal Street 
3 Canal Plaza, Suite 100 
Boston, MA 02110 
Portland, ME 04101 
 
www.foreside.com 
 
 
 
 
 
 
 

 
 
 
 
 
Item 2. Code of Ethics.

As of the end of the period covered by this report, Century Capital Management Trust has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

During the period covered by this report, there were no amendments to, or waivers from, any provision of the code of ethics.

A copy of the code of ethics is filed as an exhibit hereto.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that Jerry Rosenbloom, who is a member of the Century Capital Management Trust Board of Trustees and Audit Committee, qualifies as an audit committee financial expert. Mr. Rosenbloom is an independent trustee, as defined in paragraph (a)(2) of this item's instructions. Mr. Rosenbloom received his B.S. degree in Business Administration from Temple University and his M.A. and Ph.D. degrees in Applied Economics, with a concentration in insurance, from the University of Pennsylvania. He is currently the Frederick H. Ecker Emeritus Professor of Insurance and Risk Management at the Wharton School. He was the past Chairman of the Insurance and Risk Management Department at Wharton and the past Executive Director of the S.S. Huebner Foundation for Insurance Education. He has served on the Boards of Directors of mutual funds and insurance companies, including in the capacity of audit committee member, and he has served as a consultant to numerous companies, funds and associations. In connection with his directorships and audit committee memberships, as well as his academic and teaching activities and his consulting activities for public and private companies, Mr. Rosenbloom has evaluated financial statements containing a breadth and level of complexity of accounting issues comparable to those that may arise in the financial statements of the Funds, and he has developed an understanding of internal controls and procedures for financial reporting, as well as audit committee functions. The SEC has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a) 
Audit Fees. The aggregate fees billed to the Trust for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the financial statements of Century Capital Management Trust (the "Trust") or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal years were as follows:

FYE
Audit Fees
10/31/11 $102,000 
10/31/10
$  77,000

(b) 
Audit-Related Fees. For each of the last two fiscal years, there were no fees billed to the Trust for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Trust's financial statements and are not reported under Audit Fees. For each of the last two fiscal years of the Trust, there were no audit-related fees billed by the Fund's principal accountant to the Trust's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Fund (together, "Adviser Related Entities") for services that were related directly to the operations and financial reporting of the Trust.

(c) 
Tax Fees. The aggregate fees billed to the Trust for each of the last two fiscal years for professional services provided by the Trust's principal accountant for tax compliance, tax advice and tax planning were as follows:

FYE
Tax Fees
10/31/11 $13,905
10/31/10
$  9,000

For the last two fiscal years of the Trust, there were no tax fees billed by the Fund's principal accountant to Adviser Related Entities for services that were related directly to the operations and financial reporting of the Trust.

(d) 
All Other Fees. All Other Fees are fees related to services other than those reported above under "Audit Fees," "Audit-Related Fees," and "Tax Fees." For each of the Trust's last two fiscal years, no such fees were billed by the Trust's principal accountant to the Trust or to Adviser Related Entities for services related directly to the operations and financial reporting of the Trust.

(e)(1) The Audit Committee's pre-approval policies and procedures are as follows:

The Charter of the Audit Committee of the Board requires that the Committee approve (a) all audit and permissible non-audit services to be provided to the Funds and (b) all permissible non-audit services to be provided by the Funds' independent auditors to the Funds' investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds, if the engagement relates directly to the operations and financial reporting of the Funds.

     (2) No services described in each of paragraphs (b) through (d) of this Item were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) 
Not applicable

(g) 
The aggregate non-audit fees billed by the Trust's accountant, for the Trust's last two fiscal years, for services rendered to the Trust and Adviser Related Entities are shown in the table below:

   
Non-Audit Fees
  
 
Non-Audit Fees
for Adviser
Aggregate
 
for Trust
Related Entities
Non-Audit Fees
       
FYE
      
October 31, 2011 None None None
October 31, 2010
None
None
None

(h) 
The Audit Committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant is compatible with maintaining the auditors' independence in performing audit services.
 
 
 
 
Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.

Item 11. Controls and Procedures.

(a) 
The registrant's principal executive officer and principal financial officer, after evaluating the effectiveness of the registrant's "disclosure controls and procedures" (as defined in the Investment Company Act of 1940 Rule 30-a-2(c) under the Act (17 CFR 270.30a-2(c))) as of a date (the "Evaluation Date") within 90 days of the filing date of this report, have concluded that, as of the Evaluation Date, the registrant's disclosure controls and procedures were adequately designed to ensure that the information required to be disclosed by the registrant in this Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) 
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Registrant's Code of Ethics required to be disclosed under Item 2 hereof is filed and attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.302CERT.

(b)      Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Century Capital Management Trust


By: /s/ Alexander L. Thorndike
Alexander L. Thorndike, Chairman

Date: February 24, 2012
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 
By: /s/ Alexander L. Thorndike
Alexander L. Thorndike, Principal Executive Officer

Date: February 24, 2012


By: /s/ Julie Smith
Julie Smith, Principal Financial Officer

Date: February 24, 2012

 
 EX-99.CODE ETH 2 ex99codeofethics.htm CODE OF ETHICS ex99codeofethics.htm
CENTURY CAPITAL MANAGEMENT TRUST

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER
AND PRINCIPAL FINANCIAL OFFICERS


I. Covered Officers/Purpose of the Code

This Code of Ethics (the "Code") has been adopted by the Board of Trustees of Century Capital Management Trust (the "Trust"), on behalf of each series of the Trust (the "Funds") and applies to the Funds' Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers", as listed in Exhibit A). The purpose of this Code is to:

o promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

o promote full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

o promote compliance with applicable laws and governmental rules and regulations;

o encourage the prompt internal reporting of violations of the Code to the investment adviser's General Counsel; and

o establish accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Responsibilities of Covered Officers

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. They may not use their position to influence decisions on matters related to the operations of the Fund where they would benefit personally at the Fund's expense or to the Fund's detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund's expense or to the Fund's detriment.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations

1
 
 
 
 

of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Covered Officers should avoid actual conflicts of interest and the appearance of conflicts of interest beyond those covered by the Investment Company Act and the Investment Advisers Act. The following list provides examples of possible conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds.

Each Covered Officer must:

o not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;
 
o not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Trust; and

o not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that generally should be discussed with a senior legal officer if material. Examples of these include:
 
o service as a director on the board of any public or private company;

o the receipt of any non-nominal gifts;

o the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is businessrelated, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

2
 
 
 
 
 

o any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

o a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust and, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds. A Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer must comply with all laws, rules and regulations, and policies and procedures that apply to his role, responsibilities and duties with respect to the Trust. Further, it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must affirm in writing to the Board that he has received, read, and understands this Code and, annually thereafter, that he has complied with it. Understanding and complying with this Code is the obligation of each Covered Officer.

Each Covered Officer must notify the investment adviser's General Counsel promptly if he knows of any violation of this Code. Failure to do so is, in itself, a violation of this Code.

The General Counsel will take all appropriate action to investigate any potential violation of this Code. If, after investigation, the General Counsel believes that no violation has occurred, no further action is required. If, after investigation, the General Counsel believes that a violation has occurred, the General Counsel will report such violation to the Trust's Ethics Oversight Committee. If the Committee concurs that a violation has occurred, it will inform the Board and present a recommendation for appropriate action.

A Covered Officer may not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith.

3
 
 
 
 
 

V. Waivers

A Covered Officer may request a waiver from this Code by submitting a written request for a waiver to the General Counsel, who will then present the request to the Trust's Ethics Oversight Committee for consideration. The Committee will determine whether to grant the waiver. The General Counsel will be responsible for making any required disclosures related to waivers granted.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Fund's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board. The General Counsel will be responsible for making any required disclosures related to amendments to this Code.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and counsel to the Trust and the investment adviser.

VIII. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.


Date: December 16, 2004

4

 
 
 

Exhibit A



Persons Covered by this Code of Ethics


Principal Executive Officer        Alexander L. Thorndike

Principal Financial Officer and
Principal Accounting Officer :          Julie Smith



5



 EX-99.CERT 3 ex99302.htm CERTIFICATIONS ex99302.htm
CENTURY CAPITAL MANAGEMENT TRUST

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Alexander L. Thorndike, certify that:

1. 
I have reviewed this report on Form N-CSR of Century Capital Management Trust;

2. 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. 
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. 
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
 
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
 
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
 
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     
 
d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
 
5. 
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
 
a.
 All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     
 
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: January 6, 2012
 
/s/ Alexander L. Thorndike
Alexander L. Thorndike
Principal Executive Officer
 
 
 
 
 
CENTURY CAPITAL MANAGEMENT TRUST

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Julie Smith, certify that:

1. 
I have reviewed this report on Form N-CSR of Century Capital Management Trust;

2. 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. 
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. 
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 

 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
 
(c)
 Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     
 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. 
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 
Date: January 6, 2012
 
/s/ Julie Smith
Julie Smith
Principal Financial Officer

 EX-99.906 CERT 4 ex99906.htm CERTIFICATION ex99906.htm
 

 


CENTURY CAPITAL MANAGEMENT TRUST

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

I, Alexander L. Thorndike, certify that, to my knowledge:

1. 
The periodic report on Form N-CSR (the "Report") of Century Capital Management Trust (the "Registrant") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. 
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


Date: January 6, 2012
 
 /s/ Alexander L. Thorndike
Alexander L. Thorndike
Principal Executive Officer
 
 
 
 
 
 
 
 
CENTURY CAPITAL MANAGEMENT TRUST

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

I, Julie Smith, certify that, to my knowledge:

1.
The periodic report on Form N-CSR (the “Report”) of Century Capital Management Trust (the “Registrant”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


Date:  January 6, 2012                                                                           /s/ Julie Smith                                                                
Julie Smith
Principal Financial Officer

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