Page
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Letter to Shareholders
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1
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Fund Summaries
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Century Shares Trust
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5
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Century Small Cap Select Fund
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8
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Century Growth Opportunities Fund
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11
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Portfolio of Investments
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Century Shares Trust
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14
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Century Small Cap Select Fund
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16
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Century Growth Opportunities Fund
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18
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Statements of Assets and Liabilities
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20
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Statements of Operations
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21
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Statements of Changes in Net Assets
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22
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Financial Highlights
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Century Shares Trust
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24
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Century Small Cap Select Fund
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25
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Century Growth Opportunities Fund
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27
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Notes to Financial Statements
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28
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Disclosure of Fund Expenses
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36
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Privacy Policy
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37
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Letter to Shareholders
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April 30, 2015 (Unaudited)
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Source: Bloomberg data as of 4/30/2015; date range 4/30/2008 through 4/30/2015.
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Source: Bloomberg data as of 4/30/2015; date range 4/30/2012 through 4/30/2015.
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Semi‐Annual Report | April 30, 2015
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1
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![]() |
Letter to Shareholders
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April 30, 2015 (Unaudited)
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Source: Bloomberg data as of 4/30/2015; date range 4/30/2014 through 4/30/2015.
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2
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centuryfunds.com
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![]() |
Letter to Shareholders
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April 30, 2015 (Unaudited)
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Semi‐Annual Report | April 30, 2015
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3
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![]() |
Letter to Shareholders
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April 30, 2015 (Unaudited)
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4
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centuryfunds.com
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![]() |
Fund Commentary
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CENTURY SHARES TRUST
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April 30, 2015 (Unaudited)
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Semi‐Annual Report | April 30, 2015
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5
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![]() |
Fund Commentary
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CENTURY SHARES TRUST
|
April 30, 2015 (Unaudited)
|
Ten Largest Holdings*
|
||||
APPLE, INC.
|
4.97%
|
|
||
Technology Hardware, Storage & Peripherals
|
||||
ACTAVIS PLC
|
4.45%
|
|
||
Pharmaceuticals
|
||||
WESTERN UNION CO.
|
4.37%
|
|
||
IT Services
|
||||
GOOGLE, INC.
|
4.25%
|
|
||
Internet Software & Services
|
||||
AMERICAN TOWER CORP.
|
3.72%
|
|
||
Real Estate Investment Trust (REITs)
|
||||
AMAZON.COM, INC.
|
3.72%
|
|
||
Internet & Catalog Retail
|
||||
EQUINIX, INC.
|
3.56%
|
|
||
Internet Software & Services
|
||||
VERISK ANALYTICS INC., CLASS A
|
3.54%
|
|
||
Professional Services
|
||||
CERNER CORP.
|
3.52%
|
|
||
Health Care Technology
|
||||
DIRECTV
|
3.46%
|
|
||
Media
|
Sector Allocation*
|
||||
Information Technology
|
28.2%
|
|
||
Consumer Discretionary
|
20.6%
|
|
||
Industrials
|
13.9%
|
|
||
Health Care
|
12.5%
|
|
||
Financials
|
7.3%
|
|
||
Energy
|
6.9%
|
|
||
Consumer Staples
|
6.6%
|
|
||
Materials
|
2.7%
|
|
||
Cash, Cash Equivalents, & Other Net Assets
|
1.3%
|
|
6
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centuryfunds.com
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![]() |
Performance Summary
|
CENTURY SHARES TRUST
|
April 30, 2015 (Unaudited)
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Century Shares Trust ‐ Institutional Shares
|
18.22%
|
17.03%
|
14.71%
|
8.32%
|
Russell 1000® Growth Index
|
16.67%
|
16.60%
|
15.49%
|
9.62%
|
Semi‐Annual Report | April 30, 2015
|
7
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Fund Commentary
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CENTURY SMALL CAP SELECT FUND
|
April 30, 2015 (Unaudited)
|
8
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centuryfunds.com
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![]() |
Fund Commentary
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CENTURY SMALL CAP SELECT FUND
|
April 30, 2015 (Unaudited)
|
Ten Largest Holdings*
|
||||
EAGLE BANCORP, INC.
|
3.29%
|
|
||
Banks
|
||||
GREENBRIAR COMPANIES, INC.
|
2.93%
|
|
||
Machinery
|
||||
COMSCORE, INC.
|
2.81%
|
|
||
Internet Software & Services
|
||||
AMN HEALTHCARE SERVICES, INC.
|
2.77%
|
|
||
Health Care Providers & Services
|
||||
J2 GLOBAL, INC.
|
2.53%
|
|
||
Internet Software & Services
|
||||
ACADIA HEALTHCARE CO., INC.
|
2.45%
|
|
||
Health Care Providers & Services
|
||||
COHEN & STEERS, INC.
|
2.44%
|
|
||
Capital Markets
|
||||
CAI INTERNATIONAL, INC.
|
2.44%
|
|
||
Trading Companies & Distributors
|
||||
BROOKDALE SENIOR LIVING, INC.
|
2.41%
|
|
||
Health Care Providers & Services
|
||||
PHARMERICA CORP.
|
2.40%
|
|
||
Health Care Providers & Services
|
Sector Allocation*
|
||||
Information Technology
|
27.1%
|
|
||
Health Care
|
24.1%
|
|
||
Consumer Discretionary
|
17.1%
|
|
||
Industrials
|
12.4%
|
|
||
Financials
|
7.0%
|
|
||
Energy
|
5.8%
|
|
||
Materials
|
1.9%
|
|
||
Consumer Staples
|
0.9%
|
|
||
Cash, Cash Equivalents, & Other Net Assets
|
3.7%
|
|
Semi‐Annual Report | April 30, 2015
|
9
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Performance Summary
|
CENTURY SMALL CAP SELECT FUND
|
April 30, 2015 (Unaudited)
|
Average Annual Total Returns April 30, 2015
|
||||
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Century Small Cap Select Fund - Institutional Shares
|
11.23%
|
12.84%
|
14.36%
|
7.56%
|
Century Small Cap Select Fund - Investor Shares
|
10.87%
|
12.47%
|
13.98%
|
7.20%
|
Russell 2000® Growth Index
|
14.65%
|
17.22%
|
14.94%
|
10.41%
|
Growth of $100,000 for the period ended April 30, 2015
|
|
Growth of $10,000 for the period ended April 30, 2015
|
|
|
|
Institutional Shares |
Investor Shares
|
|
![]() |
![]() |
10
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centuryfunds.com
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![]() |
Fund Commentary
|
CENTURY GROWTH OPPORTUNITIES FUND
|
April 30, 2015 (Unaudited)
|
|
|
Semi-Annual Report | April 30, 2015
|
11
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![]() |
Fund Commentary
|
CENTURY GROWTH OPPORTUNITIES FUND
|
April 30, 2015 (Unaudited)
|
Ten Largest Holdings*
|
||||
UNIVERSAL HEALTH SERVICES, INC., CLASS B
Health Care Providers & Services |
2.31
|
%
|
||
SERVICEMASTER GLOBAL HOLDINGS, INC.
Diversified Consumer Services |
2.21
|
%
|
||
UNITED RENTALS, INC.
Trading Companies & Distributors |
2.14
|
%
|
||
GRAND CANYON EDUCATION, INC.
Diversified Consumer Services |
2.12
|
%
|
||
SNAP‐ON, INC.
Machinery |
2.12
|
%
|
||
ZEBRA TECHNOLOGIES CORP., CLASS A
Electronic Equipment, Instruments & Components |
2.12
|
%
|
||
PRIVATBANCORP, INC.
Banks |
2.10
|
%
|
||
OMNICARE, INC.
Health Care Providers & Services |
2.08
|
%
|
||
ULTA SALON, COSMETICS & FRAGRANCE, INC.
Specialty Retail |
2.08
|
%
|
||
JARDEN CORP.
Household Durables |
2.06
|
%
|
Sector Allocation*
|
||||
Information Technology
|
26.8
|
%
|
||
Health Care
|
21.9
|
%
|
||
Consumer Discretionary
|
18.9
|
%
|
||
Industrials
|
16.7
|
%
|
||
Energy
|
4.5
|
%
|
||
Financials
|
4.1
|
%
|
||
Consumer Staples
|
1.7
|
%
|
||
Telecommunication Services
|
1.2
|
%
|
||
Materials
|
1.0
|
%
|
||
Cash, Cash Equivalents, & Other Net Assets
|
3.2
|
%
|
|
|
12
|
centuryfunds.com
|
![]() |
Performance Summary
|
CENTURY GROWTH OPPORTUNITIES FUND
|
April 30, 2015 (Unaudited)
|
Average Annual Total Returns April 30, 2015
|
|||
1 Year
|
3 Years
|
Since Inception*
|
|
Century Growth Opportunities Fund ‐ Institutional Shares
|
15.90%
|
13.70%
|
12.52%
|
Russell 2500® Growth Index
|
15.54%
|
17.42%
|
16.88%
|
|
|
Semi-Annual Report | April 30, 2015
|
13
|
![]() |
Portfolio of Investments
|
CENTURY SHARES TRUST
|
April 30, 2015 (Unaudited)
|
Shares |
Value
|
||||||
COMMON STOCKS - 98.7%
|
|||||||
Consumer Discretionary - 20.6%
|
|||||||
Hotels, Restaurants & Leisure - 3.9%
|
|||||||
19,171
|
Panera Bread Co., Class A(a)
|
$
|
3,498,324
|
||||
109,846
|
Starbucks Corp.
|
5,446,165
|
|||||
8,944,489
|
|||||||
Household Durables - 1.4%
|
|||||||
18,018
|
Whirlpool Corp.
|
3,163,961
|
|||||
Internet & Catalog Retail - 3.7%
|
|||||||
20,180
|
Amazon.com, Inc.(a)
|
8,511,520
|
|||||
Media - 3.4%
|
|||||||
87,308
|
DIRECTV(a)
|
7,919,272
|
|||||
Multiline Retail - 2.8%
|
|||||||
84,407
|
Dollar Tree, Inc.(a)
|
6,449,539
|
|||||
Specialty Retail - 5.4%
|
|||||||
143,474
|
Dick’s Sporting Goods, Inc.
|
7,784,899
|
|||||
41,995
|
Home Depot, Inc.
|
4,492,625
|
|||||
12,277,524
|
|||||||
Total Consumer Discretionary
|
47,266,305
|
||||||
Consumer Staples - 6.6%
|
|||||||
Beverages - 3.4%
|
|||||||
81,428
|
PepsiCo, Inc.
|
7,745,431
|
|||||
Food & Staples Retailing - 1.2%
|
|||||||
27,240
|
CVS Health Corp.
|
2,704,659
|
|||||
Household Products - 2.0%
|
|||||||
67,899
|
Colgate-Palmolive Co.
|
4,568,245
|
|||||
Total Consumer Staples
|
15,018,335
|
||||||
Energy - 6.9%
|
|||||||
Energy Equipment & Services - 4.6%
|
|||||||
114,357
|
Halliburton Co.
|
5,597,775
|
|||||
62,040
|
Helmerich & Payne, Inc.
|
4,837,259
|
|||||
10,435,034
|
|||||||
Oil, Gas & Consumable Fuels - 2.3%
|
|||||||
78,730
|
Devon Energy Corp.
|
5,370,173
|
|||||
Total Energy
|
15,805,207
|
Shares
|
Value
|
||||||
Financials - 7.3%
|
|||||||
Diversified Financial Services - 3.6%
|
|||||||
4 |
Berkshire Hathaway, Inc., Class A(a)
|
$
|
853,600
|
||||
69,329
|
Moody’s Corp.
|
7,454,254
|
|||||
8,307,854
|
|||||||
Real Estate Investment Trust (REITs) - 3.7%
|
|||||||
90,115
|
American Tower Corp.
|
8,518,571
|
|||||
Total Financials
|
16,826,425
|
||||||
Health Care - 12.5%
|
|||||||
Biotechnology - 3.3%
|
|||||||
15,730
|
Alexion Pharmaceuticals, Inc.(a)
|
2,661,988
|
|||||
44,761
|
Celgene Corp.(a)
|
4,836,873
|
|||||
7,498,861
|
|||||||
Health Care Providers & Services - 1.3%
|
|||||||
33,666
|
Express Scripts Holding Co.(a)
|
2,908,742
|
|||||
Health Care Technology - 3.5%
|
|||||||
112,397
|
Cerner Corp.(a)
|
8,071,229
|
|||||
Pharmaceuticals - 4.4%
|
|||||||
36,081
|
Actavis PLC(a)
|
10,205,872
|
|||||
Total Health Care
|
28,684,704
|
||||||
Industrials - 13.9%
|
|||||||
Aerospace & Defense - 3.3%
|
|||||||
52,149
|
Boeing Co.
|
7,475,038
|
|||||
Construction & Engineering - 2.6%
|
|||||||
97,715
|
Fluor Corp.
|
5,876,580
|
|||||
Professional Services - 3.5%
|
|||||||
107,988
|
Verisk Analytics, Inc., Class A(a)
|
8,103,419
|
|||||
Road & Rail - 2.7%
|
|||||||
59,425
|
Union Pacific Corp.
|
6,312,718
|
|||||
Trading Companies & Distributors - 1.8%
|
|||||||
42,003
|
United Rentals, Inc.(a)
|
4,056,650
|
|||||
Total Industrials
|
31,824,405
|
||||||
Information Technology - 28.2%
|
|||||||
Internet Software & Services - 7.8%
|
|||||||
31,836
|
Equinix, Inc.
|
8,147,787
|
See Notes to Financial Statements
|
|
14
|
centuryfunds.com
|
![]() |
Portfolio of Investments
|
CENTURY SHARES TRUST
|
April 30, 2015 (Unaudited)
|
Shares
|
Value
|
||||||
Information Technology - 28.2% (continued)
|
|||||||
Internet Software & Services - 7.8% (continued)
|
|||||||
8,952
|
Google, Inc., Class A(a)
|
$
|
4,912,589
|
||||
8,977
|
Google, Inc., Class C(a)
|
4,823,476
|
|||||
17,883,852
|
|||||||
IT Services - 10.1%
|
|||||||
110,276
|
Cognizant Technology
|
||||||
Solutions Corp., Class A(a)
|
6,455,557
|
||||||
101,452
|
Visa, Inc., Class A
|
6,700,905
|
|||||
493,649
|
Western Union Co.
|
10,011,202
|
|||||
23,167,664
|
|||||||
Software - 5.3%
|
|||||||
49,952
|
Adobe Systems, Inc.(a)
|
3,799,349
|
|||||
53,923
|
Citrix Systems, Inc.(a)
|
3,621,469
|
|||||
96,382
|
Microsoft Corp.
|
4,688,020
|
|||||
12,108,838
|
|||||||
Technology Hardware, Storage & Peripherals - 5.0%
|
|||||||
91,015
|
Apple, Inc.
|
11,390,527
|
|||||
Total Information Technology
|
64,550,881
|
||||||
Materials - 2.7%
|
|||||||
Chemicals - 2.7%
|
|||||||
60,309
|
LyondellBasell Industries
|
||||||
NV, Class A
|
6,243,188
|
||||||
TOTAL COMMON STOCKS (Cost $164,962,514)
|
226,219,450
|
||||||
SHORT-TERM INVESTMENTS - 1.4%
|
|||||||
Money Market Mutual Funds - 1.4%
|
|||||||
3,225,912
|
State Street Institutional U.S. Government Money Market Fund - Investment Class (0.00%(b) 7 Day Yield)
|
3,225,912
|
|||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,225,912)
|
3,225,912
|
Value
|
||||
TOTAL INVESTMENTS - 100.1% (Cost, $168,188,426)
|
$
|
229,445,362
|
||
Liabilities in Excess of Other Assets - (0.1%)
|
(331,987
|
)
|
||
NET ASSETS - 100.0%
|
$
|
229,113,375
|
(a)
|
Non-income producing security.
|
(b)
|
Less than 0.005%.
|
NV
|
-
|
Naamloze Vennootschap (Dutch: Limited Liability Company)
|
PLC
|
-
|
Public Limited Company
|
See Notes to Financial Statements
|
|
Semi‐Annual Report | April 30, 2015
|
15
|
![]() |
Portfolio of Investments
|
CENTURY SMALL CAP SELECT FUND
|
April 30, 2015 (Unaudited)
|
Shares
|
Value
|
||||||
COMMON STOCKS - 96.3%
|
|||||||
Consumer Discretionary -17.1%
|
|||||||
Auto Components - 2.2%
|
|||||||
124,422
|
Gentherm, Inc.(a)
|
$
|
6,560,772
|
||||
Diversified Consumer Services - 3.3%
|
|||||||
103,862
|
Grand Canyon Education, Inc.(a)
|
4,702,871
|
|||||
113,463
|
Sotheby’s
|
4,846,005
|
|||||
9,548,876
|
|||||||
Hotels, Restaurants & Leisure - 5.7%
|
|||||||
213,260
|
La Quinta Holdings, Inc.(a)
|
5,135,301
|
|||||
88,867
|
Papa John’s International, Inc.
|
5,453,768
|
|||||
279,233
|
Ruth’s Hospitality Group, Inc.
|
4,062,840
|
|||||
68,185
|
Sonic Corp.
|
1,953,500
|
|||||
16,605,409
|
|||||||
Household Durables - 2.5%
|
|||||||
113,994
|
Ryland Group, Inc.
|
4,698,833
|
|||||
46,683
|
Universal Electronics, Inc.(a)
|
2,518,081
|
|||||
7,216,914
|
|||||||
Multiline Retail - 1.1%
|
|||||||
62,930
|
Burlington Stores, Inc.(a)
|
3,245,300
|
|||||
Specialty Retail - 0.5%
|
|||||||
98,779
|
Tilly’s, Inc., Class A(a)
|
1,317,712
|
|||||
Textiles, Apparel & Luxury Goods - 1.8%
|
|||||||
84,500
|
Columbia Sportswear Co.
|
5,298,150
|
|||||
Total Consumer Discretionary
|
49,793,133
|
||||||
Consumer Staples - 0.9%
|
|||||||
Food & Staples Retailing - 0.9%
|
|||||||
79,013
|
Fresh Market, Inc.(a)
|
2,776,517
|
|||||
Energy - 5.8%
|
|||||||
Energy Equipment & Services - 3.1%
|
|||||||
324,834
|
Basic Energy Services, Inc.(a)
|
3,310,059
|
|||||
173,260
|
Patterson-UTI Energy, Inc.
|
3,872,361
|
|||||
51,826
|
U.S. Silica Holdings, Inc.
|
1,935,701
|
|||||
9,118,121
|
|||||||
Oil, Gas & Consumable Fuels - 2.7%
|
|||||||
127,739
|
Matador Resources Co.(a)
|
3,540,925
|
|||||
82,443
|
Rice Energy, Inc.(a)
|
2,030,571
|
|||||
236,136
|
Scorpio Tankers, Inc.
|
2,205,510
|
|||||
7,777,006
|
|||||||
Total Energy
|
16,895,127
|
Shares
|
Value
|
||||||
Financials - 7.0%
|
|||||||
Banks - 3.3%
|
|||||||
260,125
|
Eagle Bancorp, Inc.(a)
|
$
|
9,588,208
|
||||
Capital Markets - 2.4%
|
|||||||
187,991
|
Cohen & Steers, Inc.
|
7,117,339
|
|||||
Diversified Financial Services - 1.3%
|
|||||||
186,724
|
Marlin Business Services Corp.
|
3,728,878
|
|||||
Total Financials
|
20,434,425
|
||||||
Health Care - 24.1%
|
|||||||
Biotechnology - 5.2%
|
|||||||
107,973
|
AMAG Pharmaceuticals, Inc.(a)
|
5,503,384
|
|||||
75,650
|
Anacor Pharmaceuticals, Inc.(a)
|
3,985,998
|
|||||
25,598
|
Auspex Pharmaceuticals, Inc.(a)
|
2,582,582
|
|||||
31,880
|
Eagle Pharmaceuticals, Inc.(a)
|
1,680,076
|
|||||
67,599
|
ProQR Therapeutics NV(a)
|
1,282,353
|
|||||
15,034,393
|
|||||||
Health Care Equipment & Supplies - 0.5%
|
|||||||
43,605
|
Masimo Corp.(a)
|
1,472,105
|
|||||
Health Care Providers & Services - 10.9%
|
|||||||
104,468
|
Acadia Healthcare Co., Inc.(a)
|
||||||
354,154
|
AMN Healthcare
|
||||||
Services, Inc.(a)
|
8,078,253
|
||||||
193,699
|
Brookdale Senior Living, Inc.(a)
|
7,017,715
|
|||||
221,538
|
Cross Country
|
||||||
Healthcare, Inc.(a)
|
2,459,072
|
||||||
243,625
|
PharMerica Corp.(a)
|
6,982,292
|
|||||
31,693,390
|
|||||||
Health Care Technology - 0.8%
|
|||||||
65,144
|
Omnicell, Inc.(a)
|
2,314,566
|
|||||
Life Sciences Tools & Services - 4.2%
|
|||||||
137,538
|
Cambrex Corp.(a)
|
5,293,838
|
|||||
108,307
|
ICON PLC(a)
|
6,968,472
|
|||||
12,262,310
|
|||||||
Pharmaceuticals - 2.5%
|
|||||||
128,137
|
Akorn, Inc.(a)
|
5,335,625
|
|||||
34,451
|
ANI Pharmaceuticals, Inc.(a)
|
2,100,822
|
|||||
7,436,447
|
|||||||
Total Health Care
|
70,213,211
|
||||||
Industrials - 12.4%
|
|||||||
Air Freight & Logistics - 0.7%
|
|||||||
42,263
|
Forward Air Corp.
|
2,128,787
|
See Notes to Financial Statements
|
|
16
|
centuryfunds.com
|
![]() |
Portfolio of Investments
|
CENTURY SMALL CAP SELECT FUND
|
April 30, 2015 (Unaudited)
|
Shares
|
Value
|
||||||
Industrials - 12.4% (continued)
|
|||||||
Building Products - 1.9%
|
|||||||
359,484
|
NCI Building Systems, Inc.(a)
|
$
|
5,564,812
|
||||
Commercial Services & Supplies - 1.9%
|
|||||||
205,939
|
Herman Miller, Inc.
|
5,644,788
|
|||||
Machinery - 2.9%
|
|||||||
147,968
|
Greenbrier Companies, Inc.
|
8,536,274
|
|||||
Professional Services - 1.5%
|
|||||||
129,299
|
On Assignment, Inc.(a)
|
4,350,912
|
|||||
Road & Rail - 1.0%
|
|||||||
68,268
|
Saia, Inc.(a)
|
2,781,921
|
|||||
Trading Companies & Distributors - 2.5%
|
|||||||
298,699
|
CAI International, Inc.(a)
|
7,115,010
|
|||||
Total Industrials
|
36,122,504
|
||||||
Information Technology - 27.1%
|
|||||||
Communications Equipment - 3.8%
|
|||||||
33,194
|
Arista Networks, Inc.(a)
|
2,124,748
|
|||||
196,776
|
Infinera Corp.(a)
|
3,699,389
|
|||||
35,588
|
Palo Alto Networks, Inc.(a)
|
5,257,059
|
|||||
11,081,196
|
|||||||
Internet Software & Services - 11.2%
|
|||||||
156,367
|
comScore, Inc.(a)
|
8,187,376
|
|||||
97,704
|
Constant Contact, Inc.(a)
|
3,404,984
|
|||||
174,786
|
Dealertrack Technologies, Inc.(a)
|
6,870,838
|
|||||
54,507
|
Demandware, Inc.(a)
|
3,357,631
|
|||||
106,459
|
j2 Global, Inc.
|
7,385,061
|
|||||
227,347
|
TrueCar, Inc.(a)
|
3,505,691
|
|||||
32,711,581
|
|||||||
Semiconductors & Semiconductor Equipment - 8.3%
|
|||||||
59,324
|
Cavium, Inc.(a)
|
3,843,602
|
|||||
278,286
|
Inphi Corp.(a)
|
5,969,235
|
|||||
149,850
|
Integrated Device Technology, Inc.(a)
|
2,725,771
|
|||||
107,599
|
M/A-COM Technology Solutions Holdings, Inc.(a)
|
3,278,542
|
|||||
143,552
|
Mellanox Technologies Ltd.(a)
|
6,673,732
|
|||||
29,555
|
Monolithic Power Systems, Inc.
|
1,531,836
|
|||||
24,022,718
|
|||||||
Software - 3.8%
|
|||||||
95,153
|
Proofpoint, Inc.(a)
|
5,136,359
|
Shares
|
Value
|
||||||
Information Technology - 27.1% (continued)
|
|||||||
Software - 3.8% (continued)
|
|||||||
235,572
|
VASCO Data Security International, Inc.(a)
|
$
|
5,988,240
|
||||
11,124,599
|
|||||||
Total Information Technology
|
78,940,094
|
||||||
Materials - 1.9%
|
|||||||
Chemicals - 0.4%
|
|||||||
25,745
|
Balchem Corp.
|
1,349,553
|
|||||
Construction Materials - 1.5%
|
|||||||
52,422
|
Eagle Materials, Inc.
|
4,371,471
|
|||||
Total Materials
|
5,721,024
|
||||||
TOTAL COMMON STOCKS (Cost $218,428,184)
|
280,896,035
|
||||||
SHORT-TERM INVESTMENTS - 5.1%
|
|||||||
Money Market Mutual Funds - 5.1%
|
|||||||
14,814,690
|
State Street Institutional U.S. Government Money Market Fund - Investment Class (0.00%(b) 7 Day Yield)
|
14,814,690
|
|||||
TOTAL SHORT-TERM INVESTMENTS (Cost $14,814,690)
|
14,814,690
|
||||||
TOTAL INVESTMENTS - 101.4% (Cost, $233,242,874)
|
295,710,725
|
||||||
Liabilities in Excess of Other Assets - (1.4%)
|
(4,169,643
|
)
|
|||||
NET ASSETS - 100.0%
|
$
|
291,541,082
|
(a)
|
Non-income producing security.
|
(b)
|
Less than 0.005%.
|
Ltd.
|
-
|
Limited
|
NV
|
-
|
Naamloze Vennootschap (Dutch: Limited Liability Company
|
PLC
|
-
|
Public Limited Company
|
See Notes to Financial Statements
|
|
Semi‐Annual Report | April 30, 2015
|
17
|
![]() |
Portfolio of Investments
|
CENTURY GROWTH OPPORTUNITIES FUND
|
April 30, 2015 (Unaudited)
|
Shares
|
Value
|
||||||
COMMON STOCKS - 96.8%
|
|||||||
Consumer Discretionary - 18.9%
|
|||||||
Auto Components - 1.3%
|
|||||||
27,556
|
Cooper Tire & Rubber Co.
|
$
|
1,170,855
|
||||
Diversified Consumer Services - 4.3%
|
|||||||
42,189
|
Grand Canyon Education, Inc.(a)
|
1,910,318
|
|||||
57,703
|
ServiceMaster Global Holdings, Inc.(a)
|
1,994,216
|
|||||
3,904,534
|
|||||||
Hotels, Restaurants & Leisure - 2.7%
|
|||||||
28,266
|
Choice Hotels International, Inc.
|
1,692,285
|
|||||
13,789
|
Fiesta Restaurant Group, Inc.(a)
|
697,034
|
|||||
2,389,319
|
|||||||
Household Durables - 2.1%
|
|||||||
36,317
|
Jarden Corp.(a)
|
1,858,704
|
|||||
Multiline Retail - 0.9%
|
|||||||
16,582
|
Burlington Stores, Inc.(a)
|
855,134
|
|||||
Specialty Retail - 4.1%
|
|||||||
107,001
|
Francesca’s Holdings Corp.(a)
|
1,811,527
|
|||||
12,411
|
Ulta Salon, Cosmetics & Fragrance, Inc.(a)
|
1,875,178
|
|||||
3,686,705
|
|||||||
Textiles, Apparel & Luxury Goods - 3.5%
|
|||||||
57,938
|
Hanesbrands, Inc.
|
1,800,713
|
|||||
20,924
|
lululemon athletica, Inc.(a)
|
1,331,603
|
|||||
3,132,316
|
|||||||
Total Consumer Discretionary
|
16,997,567
|
||||||
Consumer Staples - 1.7%
|
|||||||
Food & Staples Retailing - 1.1%
|
|||||||
13,860
|
United Natural Foods, Inc.(a)
|
934,995
|
|||||
Food Products - 0.6%
|
|||||||
12,874
|
WhiteWave Foods Co.(a)
|
566,070
|
|||||
Total Consumer Staples
|
1,501,065
|
||||||
Energy - 4.5%
|
|||||||
Energy Equipment & Services - 1.8%
|
|||||||
42,481
|
Patterson-UTI Energy, Inc.
|
949,450
|
|||||
26,774
|
Superior Energy Services, Inc.
|
682,737
|
|||||
1,632,187
|
Shares
|
Value
|
||||||
Energy - 4.5% (continued)
|
|||||||
Oil, Gas & Consumable Fuels - 2.7%
|
|||||||
18,655
|
Gulfport Energy Corp.(a)
|
$
|
912,976
|
||||
56,100
|
Matador Resources Co.(a)
|
1,555,092
|
|||||
2,468,068
|
|||||||
Total Energy
|
4,100,255
|
||||||
Financials - 4.1%
|
|||||||
Banks - 2.1%
|
|||||||
51,113
|
PrivateBancorp, Inc.
|
1,894,759
|
|||||
Real Estate Investment Trusts (REITs) - 2.0%
|
|||||||
30,587
|
Lamar Advertising Co., Class A
|
1,772,822
|
|||||
Total Financials
|
3,667,581
|
||||||
Health Care - 21.9%
|
|||||||
Biotechnology - 4.5%
|
|||||||
16,021
|
Alkermes PLC(a)
|
887,083
|
|||||
33,123
|
AMAG Pharmaceuticals, Inc.(a)
|
1,688,279
|
|||||
7,013
|
Anacor Pharmaceuticals, Inc.(a)
|
369,515
|
|||||
21,638
|
Dyax Corp.(a)
|
517,365
|
|||||
10,689
|
Eagle Pharmaceuticals, Inc.(a)
|
563,310
|
|||||
4,025,552
|
|||||||
Health Care Equipment & Supplies - 4.9%
|
|||||||
9,738
|
Cooper Companies, Inc.
|
1,734,046
|
|||||
14,223
|
Cyberonics, Inc.(a)
|
866,323
|
|||||
14,351
|
ResMed, Inc.
|
917,603
|
|||||
13,442
|
STERIS Corp.
|
893,893
|
|||||
4,411,865
|
|||||||
Health Care Providers & Services - 6.4%
|
|||||||
21,340
|
Omnicare, Inc.
|
1,877,493
|
|||||
31,045
|
Team Health Holdings, Inc.(a)
|
1,849,351
|
|||||
17,810
|
Universal Health Services, Inc., Class B
|
2,082,879
|
|||||
5,809,723
|
|||||||
Life Sciences Tools & Services - 2.3%
|
|||||||
41,477
|
Cambrex Corp.(a)
|
1,596,450
|
|||||
8,113
|
PAREXEL International Corp.(a)
|
515,784
|
|||||
2,112,234
|
|||||||
Pharmaceuticals - 3.8%
|
|||||||
39,216
|
Akorn, Inc.(a)
|
1,632,954
|
|||||
20,970
|
Endo International PLC(a)
|
1,762,843
|
|||||
3,395,797
|
|||||||
Total Health Care
|
19,755,171
|
See Notes to Financial Statements
|
|
18
|
centuryfunds.com
|
![]() |
Portfolio of Investments
|
CENTURY GROWTH OPPORTUNITIES FUND
|
April 30, 2015 (Unaudited)
|
Shares
|
Value
|
||||||
Industrials - 16.7%
|
|||||||
Aerospace & Defense - 1.9%
|
|||||||
27,846
|
B/E Aerospace, Inc.
|
$
|
1,664,912
|
||||
Airlines - 1.8%
|
|||||||
23,418
|
Spirit Airlines, Inc.(a)
|
1,603,431
|
|||||
Commercial Services & Supplies - 3.9%
|
|||||||
25,605
|
G&K Services, Inc., Class A
|
1,807,713
|
|||||
36,418
|
U.S. Ecology, Inc.
|
1,708,368
|
|||||
3,516,081
|
|||||||
Machinery - 5.0%
|
|||||||
14,867
|
Greenbrier Companies, Inc.
|
857,677
|
|||||
24,964
|
Proto Labs, Inc.(a)
|
1,747,480
|
|||||
12,752
|
Snap-on, Inc.
|
1,907,062
|
|||||
4,512,219
|
|||||||
Professional Services - 2.0%
|
|||||||
44,025
|
FTI Consulting, Inc.(a)
|
1,809,868
|
|||||
Trading Companies & Distributors - 2.1%
|
|||||||
19,936
|
United Rentals, Inc.(a)
|
1,925,419
|
|||||
Total Industrials
|
15,031,930
|
||||||
Information Technology - 26.8%
|
|||||||
Communications Equipment - 3.8%
|
|||||||
11,031
|
F5 Networks, Inc.(a)
|
1,346,002
|
|||||
60,466
|
Infinera Corp.(a)
|
1,136,761
|
|||||
6,376
|
Palo Alto Networks, Inc.(a)
|
941,863
|
|||||
3,424,626
|
|||||||
Electronic Equipment, Instruments & Components - 2.1%
|
|||||||
20,708
|
Zebra Technologies Corp., Class A(a)
|
1,906,793
|
|||||
Internet Software & Services - 3.2%
|
|||||||
29,130
|
Demandware, Inc.(a)
|
1,794,408
|
|||||
7,464
|
MercadoLibre, Inc.
|
1,062,351
|
|||||
2,856,759
|
|||||||
IT Services - 8.0%
|
|||||||
48,244
|
Cardtronics, Inc.(a)
|
1,820,246
|
|||||
28,232
|
MAXIMUS, Inc.
|
1,807,130
|
|||||
51,356
|
VeriFone Systems, Inc.(a)
|
1,837,004
|
|||||
44,278
|
Virtusa Corp.(a)
|
1,762,265
|
|||||
7,226,645
|
|||||||
Semiconductors & Semiconductor Equipment - 5.9%
|
|||||||
22,528
|
Cavium, Inc.(a)
|
1,459,589
|
|||||
50,223
|
Integrated Device Technology, Inc.(a)
|
913,556
|
Shares
|
Value
|
||||||
Information Technology - 26.8% (continued)
|
|||||||
Semiconductors & Semiconductor Equipment - 5.9% (continued)
|
|||||||
37,928
|
Mellanox Technologies Ltd.(a)
|
$
|
1,763,273
|
||||
12,527
|
NXP Semiconductors NV(a)
|
1,204,095
|
|||||
5,340,513
|
|||||||
Software - 3.8%
|
|||||||
13,406
|
BroadSoft, Inc.(a)
|
424,166
|
|||||
20,803
|
Proofpoint, Inc.(a)
|
1,122,946
|
|||||
72,769
|
VASCO Data Security International, Inc.(a)
|
1,849,788
|
|||||
3,396,900
|
|||||||
Total Information Technology
|
24,152,236
|
||||||
Materials - 1.0%
|
|||||||
Chemicals - 1.0%
|
|||||||
11,133
|
Valspar Corp.
|
902,886
|
|||||
Telecommunication Services - 1.2%
|
|||||||
Diversified Telecommunication Services - 1.2%
|
|||||||
32,531
|
Cogent Communications Holdings, Inc.
|
1,138,260
|
|||||
TOTAL COMMON STOCKS (Cost $70,756,345)
|
87,246,951
|
||||||
SHORT-TERM INVESTMENTS - 2.2%
|
|||||||
Money Market Mutual Funds - 2.2%
|
|||||||
1,958,670
|
State Street Institutional U.S. Government Money Market Fund - Investment Class (0.00%(b) 7 Day Yield)
|
1,958,670
|
|||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,958,670) |
1,958,670
|
||||||
TOTAL INVESTMENTS - 99.0% (Cost, $72,715,015) |
89,205,621
|
||||||
Other Assets in Excess of Liabilities - 1.0% |
888,110
|
||||||
NET ASSETS - 100.0% |
$
|
90,093,731
|
(a)
|
Non-income producing security.
|
(b)
|
Less than 0.005%.
|
Ltd.
|
-
|
Limited
|
NV
|
-
|
Naamloze Vennootschap (Dutch: Limited Liability Company)
|
PLC
|
-
|
Public Limited Company
|
See Notes to Financial Statements
|
|
Semi‐Annual Report | April 30, 2015
|
19
|
![]() |
Statements of Assets and Liabilities
|
April 30, 2015 (Unaudited)
|
Century
Shares Trust |
Century
Small Cap Select Fund |
Century Growth
Opportunities Fund |
||||||||||
ASSETS:
|
||||||||||||
Investments, at value (Note 1) (cost ‐ see below)
|
$
|
229,445,362
|
$
|
295,710,725
|
$
|
89,205,621
|
||||||
Receivable for investments sold
|
–
|
5,046,917
|
2,821,613
|
|||||||||
Receivable for fund shares subscribed
|
1,684
|
857,489
|
146,460
|
|||||||||
Dividends receivable
|
35,336
|
27,437
|
4,345
|
|||||||||
Prepaid expenses
|
14,647
|
22,109
|
5,620
|
|||||||||
Total Assets
|
229,497,029
|
301,664,677
|
92,183,659
|
|||||||||
LIABILITIES:
|
||||||||||||
Payable to Affiliates:
|
||||||||||||
Investment adviser fees (Note 4)
|
151,336
|
236,602
|
57,849
|
|||||||||
Administration fees (Note 5)
|
18,917
|
–
|
7,550
|
|||||||||
Distribution and service fees (Note 6)
|
–
|
31,930
|
–
|
|||||||||
Payable for investments purchased
|
–
|
9,545,887
|
1,976,013
|
|||||||||
Payable for shares redeemed
|
127,929
|
155,407
|
197
|
|||||||||
Payable to trustees
|
12,337
|
30,484
|
5,863
|
|||||||||
Accrued expenses and other liabilities
|
73,135
|
123,285
|
42,456
|
|||||||||
Total Liabilities
|
383,654
|
10,123,595
|
2,089,928
|
|||||||||
NET ASSETS
|
$
|
229,113,375
|
$
|
291,541,082
|
$
|
90,093,731
|
||||||
NET ASSETS CONSIST OF:
|
||||||||||||
Paid-in capital
|
$
|
162,067,011
|
$
|
196,274,952
|
$
|
70,594,850
|
||||||
Accumulated net investment loss
|
(141,517
|
)
|
(971,475
|
)
|
(862,039
|
)
|
||||||
Accumulated net realized gain on investments
|
5,930,945
|
33,769,754
|
3,870,314
|
|||||||||
Unrealized appreciation in value of investments
|
61,256,936
|
62,467,851
|
16,490,606
|
|||||||||
NET ASSETS
|
$
|
229,113,375
|
$
|
291,541,082
|
$
|
90,093,731
|
||||||
Net Assets:
|
||||||||||||
Institutional Shares
|
$
|
229,113,375
|
$
|
175,798,873
|
$
|
90,093,731
|
||||||
Investor Shares
|
N/A
|
|
$
|
115,742,209
|
N/A
|
|
||||||
Shares Outstanding (Note 2):
|
||||||||||||
Institutional Shares
|
11,008,511
|
5,585,867
|
6,775,838
|
|||||||||
Investor Shares
|
N/A
|
|
3,860,861
|
N/A
|
|
|||||||
Net Asset Value Per Share
|
||||||||||||
(Represents both the offering and redemption price)(a)
|
||||||||||||
Institutional Shares
|
$
|
20.81
|
$
|
31.47
|
$
|
13.30
|
||||||
Investor Shares
|
N/A
|
|
$
|
29.98
|
N/A
|
|
||||||
Cost of investments
|
$
|
168,188,426
|
$
|
233,242,874
|
$
|
72,715,015
|
(a)
|
A redemption fee may be assessed for shares redeemed within 90 days after purchase. (Note 1)
|
See Notes to Financial Statements
|
|
20
|
centuryfunds.com
|
![]() |
Statements of Operations
|
For the Six Months Ended April 30, 2015 (Unaudited)
|
Century
Shares Trust |
Century
Small Cap Select Fund |
Century Growth
Opportunities Fund |
||||||||||
INVESTMENT INCOME:
|
||||||||||||
Dividends
|
$
|
1,090,325
|
$
|
1,012,916
|
$
|
209,766
|
||||||
Total Investment Income
|
1,090,325
|
1,012,916
|
209,766
|
|||||||||
EXPENSES:
|
||||||||||||
Investment adviser fees (Notes 4 and 7)
|
894,755
|
1,497,064
|
345,779
|
|||||||||
Distribution and service fees (Note 6):
|
||||||||||||
Investor Shares
|
–
|
118,582
|
–
|
|||||||||
Administrative fees
|
111,844
|
–
|
43,222
|
|||||||||
Transfer agency fees
|
62,718
|
136,747
|
6,376
|
|||||||||
Fund accounting fees
|
14,394
|
20,175
|
6,959
|
|||||||||
Custodian fees
|
9,367
|
17,779
|
15,255
|
|||||||||
Insurance fees
|
8,893
|
15,573
|
3,628
|
|||||||||
Professional fees
|
39,843
|
48,567
|
30,094
|
|||||||||
Registration fees
|
16,287
|
19,888
|
9,439
|
|||||||||
Trustee fees
|
43,376
|
64,078
|
16,496
|
|||||||||
Printing fees
|
19,938
|
22,013
|
2,601
|
|||||||||
Other expenses
|
10,427
|
23,925
|
5,866
|
|||||||||
Total Expenses
|
1,231,842
|
1,984,391
|
485,715
|
|||||||||
Adviser waivers/reimbursements (Note 7)
|
–
|
–
|
(10,271
|
)
|
||||||||
Net Expenses
|
1,231,842
|
1,984,391
|
475,444
|
|||||||||
NET INVESTMENT LOSS
|
(141,517
|
)
|
(971,475
|
)
|
(265,678
|
)
|
||||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
|
||||||||||||
Net realized gain on investments
|
5,943,878
|
34,981,330
|
4,814,649
|
|||||||||
Net change in unrealized appreciation/(depreciation) of investments
|
15,694,751
|
(13,258,477
|
)
|
1,657,175
|
||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
21,638,629
|
21,722,853
|
6,471,824
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
21,497,112
|
$
|
20,751,378
|
$
|
6,206,146
|
See Notes to Financial Statements
|
|
Semi-Annual Report | April 30, 2015
|
21
|
![]() |
Century Shares Trust
|
||||||||
For the Six
|
||||||||
Months Ended
|
For the
|
|||||||
April 30, 2015
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2014
|
|||||||
OPERATIONS:
|
||||||||
Net investment loss
|
$
|
(141,517
|
)
|
$
|
(139,136
|
)
|
||
Net realized gain on investments
|
5,943,878
|
53,680,617
|
||||||
Long-term capital gains from other investment companies
|
–
|
36,899
|
||||||
Change in net unrealized appreciation/(depreciation)
|
15,694,751
|
(19,688,444
|
)
|
|||||
Net increase in net assets resulting from operations
|
21,497,112
|
33,889,936
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
Institutional Shares
|
||||||||
From net investment income
|
–
|
–
|
||||||
From net realized gains on investments
|
(53,335,538
|
)
|
(11,893,456
|
)
|
||||
Investor Shares
|
||||||||
From net investment income
|
–
|
–
|
||||||
From net realized gains on investments
|
–
|
–
|
||||||
Total distributions
|
(53,335,538
|
)
|
(11,893,456
|
)
|
||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Increase/(decrease) in net assets from capital share transactions (Note 2)
|
38,400,523
|
(716,312
|
)
|
|||||
Redemption fees
|
146
|
33
|
||||||
Net increase/(decrease) from share transactions
|
38,400,669
|
(716,279
|
)
|
|||||
Total increase/(decrease)
|
6,562,243
|
21,280,201
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
222,551,132
|
201,270,931
|
||||||
End of period*
|
$
|
229,113,375
|
$
|
222,551,132
|
||||
* Including accumulated net investment loss
|
$
|
(141,517
|
)
|
$
|
–
|
See Notes to Financial Statements
|
|
22
|
centuryfunds.com
|
Statements of Changes in Net Assets
|
Century Small Cap Select Fund
|
Century Growth Opportunities Fund
|
|||||||||||||||
For the Six
|
For the Six
|
|||||||||||||||
Months Ended
|
For the
|
Months Ended
|
For the
|
|||||||||||||
April 30, 2015
|
Year Ended
|
April 30, 2015
|
Year Ended
|
|||||||||||||
(Unaudited)
|
October 31, 2014
|
(Unaudited)
|
October 31, 2014
|
|||||||||||||
$
|
(971,475
|
)
|
$
|
(3,286,711
|
)
|
$
|
(265,678
|
)
|
$
|
(691,768
|
)
|
|||||
34,981,330
|
57,842,711
|
4,814,649
|
18,260,490
|
|||||||||||||
–
|
–
|
–
|
–
|
|||||||||||||
(13,258,477
|
)
|
(27,150,382
|
)
|
1,657,175
|
(6,570,681
|
)
|
||||||||||
20,751,378
|
27,405,618
|
6,206,146
|
10,998,041
|
|||||||||||||
–
|
–
|
–
|
–
|
|||||||||||||
(33,970,609
|
)
|
(14,887,988
|
)
|
(17,660,594
|
)
|
(987,358
|
)
|
|||||||||
–
|
–
|
–
|
–
|
|||||||||||||
(18,018,773
|
)
|
(6,555,307
|
)
|
–
|
–
|
|||||||||||
(51,989,382
|
)
|
(21,443,295
|
)
|
(17,660,594
|
)
|
(987,358
|
)
|
|||||||||
(61,457,268
|
)
|
(50,603,727
|
)
|
14,128,074
|
(16,003,874
|
)
|
||||||||||
11,020
|
4,834
|
–
|
372
|
|||||||||||||
(61,446,248
|
)
|
(50,598,893
|
)
|
14,128,074
|
(16,003,502
|
)
|
||||||||||
(92,684,252
|
)
|
(44,636,570
|
)
|
2,673,626
|
(5,992,819
|
)
|
||||||||||
384,225,334
|
428,861,904
|
87,420,105
|
93,412,924
|
|||||||||||||
$
|
291,541,082
|
$
|
384,225,334
|
$
|
90,093,731
|
$
|
87,420,105
|
|||||||||
$
|
(971,475
|
)
|
$
|
–
|
$
|
(862,039
|
)
|
$
|
(596,361
|
)
|
Semi-Annual Report | April 30, 2015
|
23
|
![]() |
Financial Highlights
|
CENTURY SHARES TRUST
|
For a share outstanding throughout the periods presented
|
INSTITUTIONAL SHARES
|
For the Six
|
||||||||||||||||||||
Months Ended
|
||||||||||||||||||||
April 30, 2015
|
For the Year Ended October 31,
|
|||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD
|
$
|
24.78
|
$
|
22.41
|
$
|
19.81
|
$
|
20.66
|
$
|
19.65
|
||||||||||
INCOME/(LOSS) FROM OPERATIONS:
|
||||||||||||||||||||
Net investment income/(loss)(a)
|
(0.01
|
)
|
(0.02
|
)
|
0.03
|
0.05
|
(0.02
|
)
|
||||||||||||
Net realized and unrealized gain on investments
|
2.09
|
3.72
|
5.09
|
1.28
|
1.93
|
|||||||||||||||
Total income from investment operations
|
2.08
|
3.70
|
5.12
|
1.33
|
1.91
|
|||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net investment income
|
–
|
–
|
(0.05
|
)
|
(0.06
|
)
|
(0.01
|
)
|
||||||||||||
Net realized gain on investment transactions
|
(6.05
|
)
|
(1.33
|
)
|
(2.47
|
)
|
(2.12
|
)
|
(0.89
|
)
|
||||||||||
Total distributions
|
(6.05
|
)
|
(1.33
|
)
|
(2.52
|
)
|
(2.18
|
)
|
(0.90
|
)
|
||||||||||
REDEMPTION FEES
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
||||||||||
NET ASSET VALUE, END OF PERIOD
|
$
|
20.81
|
$
|
24.78
|
$
|
22.41
|
$
|
19.81
|
$
|
20.66
|
||||||||||
TOTAL RETURN
|
10.02
|
%(c)
|
17.29
|
%
|
28.85
|
%
|
7.63
|
%
|
9.79
|
%
|
||||||||||
RATIOS AND SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of period (000’s)
|
$
|
229,113
|
$
|
222,551
|
$
|
201,271
|
$
|
174,534
|
$
|
178,201
|
||||||||||
Ratio of expenses to average net assets
|
1.10
|
%(d)
|
1.09
|
%
|
1.11
|
%
|
1.12
|
%
|
1.13
|
%
|
||||||||||
Ratio of net investment income/(loss) to average net assets
|
(0.13
|
%)(d)
|
(0.06
|
%)
|
0.16
|
%
|
0.24
|
%
|
(0.10
|
%)
|
||||||||||
PORTFOLIO TURNOVER RATE
|
15
|
%(c)
|
126
|
%
|
39
|
%
|
79
|
%
|
72
|
%
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Less than $0.005 per share.
|
(c)
|
Not annualized.
|
(d)
|
Annualized.
|
See Notes to Financial Statements
|
|
24
|
centuryfunds.com
|
![]() |
Financial Highlights
|
CENTURY SMALL CAP SELECT FUND
|
For a share outstanding throughout the periods presented
|
INSTITUTIONAL SHARES
|
For the Six
|
||||||||||||||||||||
Months Ended
|
||||||||||||||||||||
April 30, 2015
|
For the Year Ended October 31,
|
|||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD
|
$
|
34.46
|
$
|
33.94
|
$
|
26.27
|
$
|
23.91
|
$
|
20.99
|
||||||||||
INCOME/(LOSS) FROM OPERATIONS:
|
||||||||||||||||||||
Net investment loss(a)
|
(0.08
|
)
|
(0.24
|
)
|
(0.04
|
)
|
(0.12
|
)
|
(0.09
|
)
|
||||||||||
Net realized and unrealized gain on investments
|
2.25
|
2.48
|
7.71
|
2.48
|
3.01
|
|||||||||||||||
Total income from investment operations
|
2.17
|
2.24
|
7.67
|
2.36
|
2.92
|
|||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net realized gain on investment transactions
|
(5.16
|
)
|
(1.72
|
)
|
–
|
–
|
–
|
|||||||||||||
Total distributions
|
(5.16
|
)
|
(1.72
|
)
|
–
|
–
|
–
|
|||||||||||||
REDEMPTION FEES
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
||||||||||
NET ASSET VALUE, END OF PERIOD
|
$
|
31.47
|
$
|
34.46
|
$
|
33.94
|
$
|
26.27
|
$
|
23.91
|
||||||||||
TOTAL RETURN
|
7.50
|
%(c)
|
6.79
|
%
|
29.20
|
%
|
9.87
|
%
|
13.86
|
%
|
||||||||||
RATIOS AND SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of period (000’s)
|
$
|
175,799
|
$
|
266,045
|
$
|
300,833
|
$
|
281,480
|
$
|
254,724
|
||||||||||
Ratio of expenses to average net assets
|
1.16
|
%(d)
|
1.11
|
%
|
1.12
|
%
|
1.10
|
%
|
1.11
|
%
|
||||||||||
Ratio of net investment loss to average net assets
|
(0.50
|
%)(d)
|
(0.71
|
%)
|
(0.14
|
%)
|
(0.48
|
%)
|
(0.37
|
%)
|
||||||||||
PORTFOLIO TURNOVER RATE
|
32
|
%(c)
|
97
|
%
|
91
|
%
|
53
|
%
|
75
|
%
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Less than $0.005 per share.
|
(c)
|
Not annualized.
|
(d)
|
Annualized.
|
See Notes to Financial Statements
|
|
Semi-Annual Report | April 30, 2015
|
25
|
![]() |
Financial Highlights
|
CENTURY SMALL CAP SELECT FUND
|
For a share outstanding throughout the periods presented
|
INVESTOR SHARES
|
For the Six
|
||||||||||||||||||||
Months Ended
|
||||||||||||||||||||
April 30, 2015
|
For the Year Ended October 31,
|
|||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD
|
$
|
33.12
|
$
|
32.78
|
$
|
25.45
|
$
|
23.25
|
$
|
20.49
|
||||||||||
INCOME/(LOSS) FROM OPERATIONS:
|
||||||||||||||||||||
Net investment loss(a)
|
(0.12
|
)
|
(0.33
|
)
|
(0.13
|
)
|
(0.21
|
)
|
(0.17
|
)
|
||||||||||
Net realized and unrealized gain on investments
|
2.14
|
2.39
|
7.46
|
2.41
|
2.92
|
|||||||||||||||
Total income from investment operations
|
2.02
|
2.06
|
7.33
|
2.20
|
2.75
|
|||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net realized gain on investment transactions
|
(5.16
|
)
|
(1.72
|
)
|
–
|
–
|
–
|
|||||||||||||
Total distributions
|
(5.16
|
)
|
(1.72
|
)
|
–
|
–
|
–
|
|||||||||||||
REDEMPTION FEES
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.01
|
|||||||||||
NET ASSET VALUE, END OF PERIOD
|
$
|
29.98
|
$
|
33.12
|
$
|
32.78
|
$
|
25.45
|
$
|
23.25
|
||||||||||
TOTAL RETURN
|
7.34
|
%(c)
|
6.47
|
%
|
28.80
|
%
|
9.46
|
%
|
13.47
|
%
|
||||||||||
RATIOS AND SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of period (000’s)
|
$
|
115,742
|
$
|
118,181
|
$
|
128,029
|
$
|
111,965
|
$
|
116,678
|
||||||||||
Ratio of expenses to average net assets
|
1.44
|
%(d)
|
1.40
|
%
|
1.41
|
%
|
1.47
|
%
|
1.48
|
%
|
||||||||||
Ratio of net investment loss to average net assets
|
(0.82
|
%)(d)
|
(1.00
|
%)
|
(0.44
|
%)
|
(0.84
|
%)
|
(0.71
|
%)
|
||||||||||
PORTFOLIO TURNOVER RATE
|
32
|
%(c)
|
97
|
%
|
91
|
%
|
53
|
%
|
75
|
%
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Less than $0.005 per share.
|
(c)
|
Not annualized.
|
(d)
|
Annualized.
|
See Notes to Financial Statements
|
|
26
|
centuryfunds.com
|
![]() |
Financial Highlights
|
CENTURY GROWTH OPPORTUNITIES FUND
|
For a share outstanding throughout the periods presented
|
INSTITUTIONAL SHARES
|
For the Period
|
||||||||||||||||||||
November 17,
|
||||||||||||||||||||
For the Six
Months Ended |
2010
(Inception) to
|
|||||||||||||||||||
April 30, 2015
|
For the Year Ended October 31,
|
October 31,
|
||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD
|
$
|
15.51
|
$
|
13.87
|
$
|
10.81
|
$
|
10.67
|
$
|
10.00
|
||||||||||
INCOME/(LOSS) FROM OPERATIONS:
|
||||||||||||||||||||
Net investment loss(a)
|
(0.04
|
)
|
(0.11
|
)
|
(0.03
|
)
|
(0.02
|
)
|
(0.07
|
)
|
||||||||||
Net realized and unrealized gain on investments
|
1.04
|
1.90
|
3.11
|
0.16
|
0.74
|
|||||||||||||||
Total income from investment operations
|
1.00
|
1.79
|
3.08
|
0.14
|
0.67
|
|||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net investment income
|
–
|
–
|
(0.02
|
)
|
–
|
–
|
||||||||||||||
Net realized gain on investment transactions
|
(3.21
|
)
|
(0.15
|
)
|
–
|
–
|
–
|
|||||||||||||
Total distributions
|
(3.21
|
)
|
(0.15
|
)
|
(0.02
|
)
|
–
|
–
|
||||||||||||
REDEMPTION FEES
|
–
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
|||||||||||
NET ASSET VALUE, END OF PERIOD
|
$
|
13.30
|
$
|
15.51
|
$
|
13.87
|
$
|
10.81
|
$
|
10.67
|
||||||||||
TOTAL RETURN
|
7.61
|
%(c)
|
13.04
|
%
|
28.54
|
%
|
1.31
|
%
|
6.70
|
%(c)
|
||||||||||
RATIOS AND SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of period (000’s)
|
$
|
90,094
|
$
|
87,420
|
$
|
93,413
|
$
|
94,285
|
$
|
7,323
|
||||||||||
Ratio of expenses to average net assets without giving effect to contractual expense agreement
|
1.12
|
%(d)
|
1.10
|
%
|
1.12
|
%
|
1.20
|
%
|
3.62
|
%(d)
|
||||||||||
Ratio of expenses to average net assets
|
1.10
|
%(d)
|
1.10
|
%
|
1.10
|
%
|
1.10
|
%
|
1.10
|
%(d)
|
||||||||||
Ratio of net investment loss to average net assets
|
(0.61
|
%)(d)
|
(0.77
|
%)
|
(0.27
|
%)
|
(0.18
|
%)
|
(0.64
|
%)(d)
|
||||||||||
PORTFOLIO TURNOVER RATE
|
67
|
%(c)
|
165
|
%
|
155
|
%
|
148
|
%
|
119
|
%(c)
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Less than $0.005 per share.
|
(c)
|
Not annualized.
|
(d)
|
Annualized.
|
See Notes to Financial Statements
|
|
Semi-Annual Report | April 30, 2015
|
27
|
![]() |
Notes to Financial Statements
|
April 30, 2015 (Unaudited)
|
1.
|
SIGNIFICANT ACCOUNTING POLICIES
|
Level 1
|
—
|
Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;
|
|
Level 2
|
—
|
Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability;
|
|
Level 3
|
—
|
Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.
|
28
|
centuryfunds.com
|
![]() |
Notes to Financial Statements
|
April 30, 2015 (Unaudited)
|
Investments in Securities at Value*
|
Level 1 ‐
Quoted Prices |
Level 2 ‐
Other Significant Observable Inputs |
Level 3 ‐
Significant Unobservable Inputs |
Total
|
||||||||||||
Common Stocks
|
$
|
226,219,450
|
$
|
–
|
$
|
–
|
$
|
226,219,450
|
||||||||
Short‐Term Investments
|
3,225,912
|
–
|
–
|
3,225,912
|
||||||||||||
TOTAL
|
$
|
229,445,362
|
$
|
–
|
$
|
–
|
$
|
229,445,362
|
Investments in Securities at Value*
|
Level 1 ‐
Quoted Prices |
Level 2 ‐
Other Significant Observable Inputs |
Level 3 ‐
Significant Unobservable Inputs |
Total
|
||||||||||||
Common Stocks
|
$
|
280,896,035
|
$
|
–
|
$
|
–
|
$
|
280,896,035
|
||||||||
Short‐Term Investments
|
14,814,690
|
–
|
–
|
14,814,690
|
||||||||||||
TOTAL
|
$
|
295,710,725
|
$
|
–
|
$
|
–
|
$
|
295,710,725
|
Investments in Securities at Value*
|
Level 1 ‐
Quoted Prices |
Level 2 ‐
Other Significant Observable Inputs |
Level 3 ‐
Significant Unobservable Inputs |
Total
|
||||||||||||
Common Stocks
|
$
|
87,246,951
|
$
|
–
|
$
|
–
|
$
|
87,246,951
|
||||||||
Short‐Term Investments
|
1,958,670
|
–
|
–
|
1,958,670
|
||||||||||||
TOTAL
|
$
|
89,205,621
|
$
|
–
|
$
|
–
|
$
|
89,205,621
|
*
|
At April 30, 2015 the Funds held investments in common stocks classified as Level 1, with corresponding major categories as shown on each Fund’s Portfolio of Investments.
|
Semi-Annual Report | April 30, 2015
|
29
|
![]() |
Notes to Financial Statements
|
April 30, 2015 (Unaudited)
|
30
|
centuryfunds.com
|
![]() |
Notes to Financial Statements
|
April 30, 2015 (Unaudited)
|
Century Shares
Trust |
Century Small
Cap Select Fund |
Century Growth
Opportunities Fund |
||||||||||
Gross appreciation on investments (excess of value over tax cost)
|
$
|
61,362,458
|
$
|
68,604,241
|
$
|
16,262,593
|
||||||
Gross depreciation on investments (excess of tax cost over value)
|
(118,374
|
)
|
(6,518,683
|
)
|
(936,907
|
)
|
||||||
Net unrealized appreciation
|
$
|
61,244,084
|
$
|
62,085,558
|
$
|
15,325,686
|
||||||
Cost of investments for federal income tax purposes
|
$
|
168,201,278
|
$
|
233,625,167
|
$
|
73,879,935
|
Distributions Paid From:
|
Century Shares
Trust |
Century Small
Cap Select Fund |
Century Growth
Opportunities Fund |
|||||||||
Long-term capital gains
|
$
|
11,893,456
|
$
|
21,443,295
|
$
|
987,358
|
||||||
Total
|
$
|
11,893,456
|
$
|
21,443,295
|
$
|
987,358
|
Semi-Annual Report | April 30, 2015
|
31
|
![]() |
Notes to Financial Statements
|
April 30, 2015 (Unaudited)
|
2. TRANSACTIONS IN SHARES
|
Institutional
|
||||||||||||||||
For the Six Months Ended
April 30, 2015 (Unaudited) |
For the Year Ended
October 31, 2014 |
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Sold
|
106,262
|
$
|
2,123,489
|
130,045
|
$
|
2,996,632
|
||||||||||
Issued to shareholders in reinvestment of distributions
|
2,487,747
|
48,511,068
|
488,619
|
10,734,961
|
||||||||||||
2,594,009
|
50,634,557
|
618,664
|
13,731,593
|
|||||||||||||
Repurchased
|
(567,856
|
)
|
(12,234,034
|
)
|
(619,060
|
)
|
(14,447,905
|
)
|
||||||||
Net Increase/(Decrease)
|
2,026,153
|
$
|
38,400,523
|
(396
|
)
|
$
|
(716,312
|
)
|
Institutional
|
||||||||||||||||
For the Six Months Ended
April 30, 2015 (Unaudited) |
For the Year Ended
October 31, 2014 |
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Sold
|
376,010
|
$
|
11,844,936
|
996,377
|
$
|
33,757,130
|
||||||||||
Issued to shareholders in reinvestment of distributions
|
1,134,797
|
33,033,944
|
433,612
|
14,432,225
|
||||||||||||
1,510,807
|
44,878,880
|
1,429,989
|
48,189,355
|
|||||||||||||
Repurchased
|
(3,645,904
|
)
|
(114,034,679
|
)
|
(2,573,811
|
)
|
(87,508,528
|
)
|
||||||||
Net Decrease
|
(2,135,097
|
)
|
$
|
(69,155,799
|
)
|
(1,143,822
|
)
|
$
|
(39,319,173
|
)
|
32
|
centuryfunds.com
|
![]() |
Notes to Financial Statements
|
April 30, 2015 (Unaudited)
|
Investor
|
||||||||||||||||
For the Six Months Ended
April 30, 2015 (Unaudited) |
For the Year Ended
October 31, 2014 |
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Sold
|
197,915
|
$
|
6,006,568
|
257,497
|
$
|
8,422,456
|
||||||||||
Issued to shareholders in reinvestment of distributions
|
642,483
|
17,835,340
|
202,724
|
6,504,077
|
||||||||||||
840,398
|
23,841,908
|
460,221
|
14,926,533
|
|||||||||||||
Repurchased
|
(547,695
|
)
|
(16,143,377
|
)
|
(798,051
|
)
|
(26,211,087
|
)
|
||||||||
Net Increase/(Decrease)
|
292,703
|
$
|
7,698,531
|
(337,830
|
)
|
$
|
(11,284,554
|
)
|
Institutional
|
||||||||||||||||
For the Six Months Ended
April 30, 2015 (Unaudited) |
For the Year Ended
October 31, 2014 |
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Sold
|
363,265
|
$
|
4,966,843
|
375,051
|
$
|
5,492,245
|
||||||||||
Issued to shareholders in reinvestment of distributions
|
1,401,447
|
17,658,239
|
70,524
|
987,328
|
||||||||||||
1,764,712
|
22,625,082
|
445,575
|
6,479,573
|
|||||||||||||
Repurchased
|
(626,511
|
)
|
(8,497,008
|
)
|
(1,543,699
|
)
|
(22,483,447
|
)
|
||||||||
Net Increase/(Decrease)
|
1,138,201
|
$
|
14,128,074
|
(1,098,124
|
)
|
$
|
(16,003,874
|
)
|
3. INVESTMENT SECURITIES TRANSACTIONS
|
Semi-Annual Report | April 30, 2015
|
33
|
![]() |
Notes to Financial Statements
|
April 30, 2015 (Unaudited)
|
4. INVESTMENT ADVISER FEE
|
5. ADMINISTRATION FEES
|
6. DISTRIBUTION AND OTHER FEES
|
34
|
centuryfunds.com
|
![]() |
Notes to Financial Statements
|
April 30, 2015 (Unaudited)
|
7. ADVISER REIMBURSEMENTS
|
Expires on or before October 31,
|
|||
2015
|
2016
|
2017
|
2018
|
$19,185
|
$21,059
|
$3,288
|
$10,271
|
8. TRUSTEE AND OFFICER FEES
|
Semi-Annual Report | April 30, 2015
|
35
|
![]() |
Disclosure of Fund Expenses
|
|
April 30, 2015 (Unaudited)
|
Beginning
Account Value
November 1, 2014
|
Ending
Account Value
April 30, 2015
|
Expense Ratio(a)
|
Expenses Paid During period November 1, 2014 to April 30, 2015(b)
|
|
Century Shares Trust
|
||||
Institutional Shares
|
||||
Actual
|
$1,000.00
|
$1,100.20
|
1.10%
|
$5.73
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.34
|
1.10%
|
$5.51
|
Century Small Cap Select Fund
|
||||
Institutional Shares
|
||||
Actual
|
$1,000.00
|
$1,075.00
|
1.16%
|
$5.97
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.04
|
1.16%
|
$5.81
|
Investor Shares
|
||||
Actual
|
$1,000.00
|
$1,073.40
|
1.44%
|
$7.40
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,017.65
|
1.44%
|
$7.20
|
Century Growth Opportunities Fund
|
||||
Institutional Shares
|
||||
Actual
|
$1,000.00
|
$1,076.10
|
1.10%
|
$5.66
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.34
|
1.10%
|
$5.51
|
36
|
centuryfunds.com
|
![]() |
Privacy Policy
|
|
April 30, 2015 (Unaudited)
|
Semi‐Annual Report | April 30, 2015
|
37
|
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
|
ALPS Distributors, Inc.
|
100 Federal Street
|
1290 Broadway, Suite 1100
|
Boston, MA 02110
|
Denver, CO 80203
|
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
(a)(1) | Not applicable to semi-annual reports. |
(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 EX‑99.CERT. |
(a)(3) | Not applicable. |
(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 EX‑99.906CERT |
By:
|
/s/ Alexander L. Thorndike
|
|
Alexander L. Thorndike, Chairman
|
Date:
|
July 7, 2015
|
By:
|
/s/ Alexander L. Thorndike
|
|
Alexander L. Thorndike, Principal Executive Officer
|
Date:
|
July 7, 2015
|
By:
|
/s/ Julie Smith
|
|
Julie Smith, Principal Financial Officer
|
Date:
|
July 7, 2015
|
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:
|
July 7, 2015
|
/s/ Alexander L. Thorndike
|
|||
Alexander L. Thorndike
|
|||
Principal Executive Officer
|
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:
|
July 7, 2015
|
/s/ Julie Smith
|
|||
Julie Smith
|
|||
Principal Financial Officer
|
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. |
Date:
|
July 7, 2015
|
/s/ Alexander L. Thorndike
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Alexander L. Thorndike
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Principal Executive Officer
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/s/ Julie Smith
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Julie Smith
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Principal Financial Officer
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