Item 1. |
Reports to Shareholders.
|
Page
|
||
Letter to Shareholders
|
2
|
|
Fund Summaries
|
||
Century Shares Trust
|
5
|
|
Century Small Cap Select Fund
|
8
|
|
Portfolio of Investments
|
||
Century Shares Trust
|
11
|
|
Century Small Cap Select Fund
|
13
|
|
Statements of Assets and Liabilities
|
16
|
|
Statements of Operations
|
17
|
|
Statements of Changes in Net Assets
|
18
|
|
Financial Highlights
|
||
Century Shares Trust
|
19
|
|
Century Small Cap Select Fund
|
20
|
|
Notes to Financial Statements
|
22
|
|
Report of Independent Registered Public Accounting Firm
|
30
|
|
Disclosure of Fund Expenses
|
31
|
|
Tax Information
|
32
|
|
Trustees and Officers
|
33
|
Annual Report | October 31, 2016
|
1
|
Letter to Shareholders
|
October 31, 2016 (Unaudited)
|
1
|
EPS is the portion of a company’s profit allocated to each outstanding share of common stock. EPS serves as an indicator of a company’s profitability.
|
2
|
Brexit is an abbreviation for “British exit,” which refers to the June 23, 2016, referendum whereby British citizens voted to exit the European Union.
|
2
|
centuryfunds.com
|
Letter to Shareholders
|
October 31, 2016 (Unaudited)
|
3
|
Cost of borrowing refers to the Federal Funds Rate. Source: Bloomberg; Date range: 7/22/1981-11/17/2016
|
Annual Report | October 31, 2016
|
3
|
Letter to Shareholders
|
October 31, 2016 (Unaudited)
|
4
|
centuryfunds.com
|
Fund Commentary
|
CENTURY SHARES TRUST
|
October 31, 2016 (Unaudited)
|
Annual Report | October 31, 2016
|
5
|
Fund Commentary
|
CENTURY SHARES TRUST
|
October 31, 2016 (Unaudited)
|
Ten Largest Holdings*
|
|
ALPHABET, INC.
|
6.79%
|
Internet Software & Services
|
|
APPLE, INC.
|
5.03%
|
Technology Hardware, Storage & Peripherals
|
|
VISA, INC., CLASS A
|
4.57%
|
IT Services
|
|
AMAZON.COM, INC.
|
4.45%
|
Internet & Direct Marketing Retail
|
|
UNITED PARCEL SERVICE, INC., CLASS B
|
4.36%
|
Air Freight & Logistics
|
|
MICROSOFT CORP.
|
4.35%
|
Software
|
|
BORGWARNER, INC.
|
3.68%
|
Auto Components
|
|
VERISK ANALYTICS, INC.
|
3.64%
|
Professional Services
|
|
CERNER CORP.
|
3.41%
|
Health Care Technology
|
|
AMERICAN TOWER CORP.
|
3.33%
|
Equity Real Estate Investment Trusts (REITs)
|
Sector Allocation*
|
|
Information Technology
|
34.7%
|
Consumer Discretionary
|
17.0%
|
Health Care
|
11.5%
|
Industrials
|
8.0%
|
Real Estate
|
7.8%
|
Financials
|
6.7%
|
Consumer Staples
|
3.3%
|
Materials
|
3.1%
|
Telecommunication Services
|
2.0%
|
Cash, Cash Equivalents, & Other Net Assets
|
5.9%
|
*
|
Based on the Fund’s net assets at October 31, 2016 and subject to change.
|
6
|
centuryfunds.com
|
Performance Summary
|
CENTURY SHARES TRUST
|
October 31, 2016 (Unaudited)
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Century Shares Trust - Institutional Shares (CENSX)
|
-2.24%
|
8.62%
|
12.19%
|
6.47%
|
Russell 1000® Growth Index
|
2.28%
|
9.36%
|
13.65%
|
8.22%
|
Annual Report | October 31, 2016
|
7
|
Fund Commentary
|
CENTURY SMALL CAP SELECT FUND
|
October 31, 2016 (Unaudited)
|
8
|
centuryfunds.com
|
Fund Commentary
|
CENTURY SMALL CAP SELECT FUND
|
October 31, 2016 (Unaudited)
|
Ten Largest Holdings*
|
|
VAIL RESORTS, INC.
|
2.75%
|
Hotels, Restaurants & Leisure
|
|
J2 GLOBAL, INC.
|
2.73%
|
Internet Software & Services
|
|
GRAND CANYON EDUCATION, INC.
|
2.70%
|
Diversified Consumer Services
|
|
WNS HOLDINGS LTD., SPONSORED ADR
|
2.56%
|
IT Services
|
|
COHEN & STEERS, INC.
|
2.54%
|
Capital Markets
|
|
BRIGHT HORIZONS FAMILY SOLUTIONS, INC.
|
2.46%
|
Diversified Consumer Services
|
|
BALCHEM CORP.
|
2.46%
|
Chemicals
|
|
CHARLES RIVER LABORATORIES
INTERNATIONAL, INC.
|
2.33%
|
Life Sciences Tools & Services
|
|
MERIT MEDICAL SYSTEMS, INC.
|
2.28%
|
Health Care Equipment & Supplies
|
|
SCOTTS MIRACLE-GRO CO., CLASS A
|
2.27%
|
Chemicals
|
Sector Allocation*
|
|
Health Care
|
23.3%
|
Information Technology
|
22.5%
|
Consumer Discretionary
|
17.8%
|
Industrials
|
11.4%
|
Financials
|
8.2%
|
Materials
|
4.7%
|
Consumer Staples
|
2.6%
|
Real Estate
|
2.6%
|
Energy
|
2.1%
|
Telecommunication Services
|
1.5%
|
Cash, Cash Equivalents, & Other Net Assets
|
3.3%
|
*
|
Based on the Fund’s net assets at October 31, 2016 and subject to change.
|
Annual Report | October 31, 2016
|
9
|
Performance Summary
|
CENTURY SMALL CAP SELECT FUND
|
October 31, 2016 (Unaudited)
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Century Small Cap Select Fund - Institutional Shares (CSMCX)
|
-6.53%
|
0.76%
|
7.74%
|
5.04%
|
Century Small Cap Select Fund - Investor Shares (CSMVX)
|
-6.77%
|
0.44%
|
7.40%
|
4.69%
|
Russell 2000® Growth Index
|
-0.49%
|
3.70%
|
11.34%
|
6.92%
|
10
|
centuryfunds.com
|
Portfolio of Investments
|
CENTURY SHARES TRUST
|
October 31, 2016
|
Shares
|
Value
|
||||||
COMMON STOCKS - 94.1%
|
|||||||
Consumer Discretionary - 17.0%
|
|||||||
Auto Components - 3.7%
|
|||||||
211,393
|
BorgWarner, Inc.
|
$
|
7,576,325
|
||||
Diversified Consumer Services - 2.1%
|
|||||||
184,852
|
H&R Block, Inc.
|
4,246,050
|
|||||
Hotels, Restaurants & Leisure - 2.0%
|
|||||||
78,515
|
Starbucks Corp.
|
4,166,791
|
|||||
Internet & Direct Marketing Retail - 4.5%
|
|||||||
11,579
|
Amazon.com, Inc.(a)
|
9,145,326
|
|||||
Multiline Retail - 2.2%
|
|||||||
60,753
|
Dollar Tree, Inc.(a)
|
4,589,889
|
|||||
Specialty Retail - 2.5%
|
|||||||
41,995
|
Home Depot, Inc.
|
5,123,810
|
|||||
Total Consumer Discretionary
|
34,848,191
|
||||||
Consumer Staples - 3.3%
|
|||||||
Beverages - 3.3%
|
|||||||
63,109
|
PepsiCo, Inc.
|
6,765,285
|
|||||
Financials - 6.7% | |||||||
Capital Markets - 6.3%
|
|||||||
193,360
|
Charles Schwab Corp.
|
6,129,512
|
|||||
67,916
|
Moody’s Corp.
|
6,826,916
|
|||||
12,956,428
|
|||||||
Diversified Financial Services - 0.4%
|
|||||||
4
|
Berkshire Hathaway, Inc., Class A(a)
|
862,800
|
|||||
Total Financials
|
13,819,228
|
||||||
Health Care - 11.5%
|
|||||||
Biotechnology - 2.9%
|
|||||||
57,811
|
Celgene Corp.(a)
|
5,907,128
|
|||||
Health Care Providers & Services - 2.4%
|
|||||||
71,633
|
|
AmerisourceBergen Corp.
|
5,037,233
|
||||
Health Care Technology - 3.4%
|
|||||||
119,744
|
Cerner Corp.(a)
|
7,014,603
|
|||||
Pharmaceuticals - 2.8%
|
|||||||
27,291
|
Allergan PLC(a)
|
5,702,181
|
|||||
Total Health Care
|
23,661,145
|
Shares
|
Value
|
||||||
Industrials - 8.0%
|
|||||||
Air Freight & Logistics - 4.4%
|
|||||||
83,218
|
United Parcel Service, Inc., Class B
|
$
|
8,967,572
|
||||
Professional Services - 3.6%
|
|||||||
91,840
|
Verisk Analytics, Inc.(a)
|
7,489,552
|
|||||
Total Industrials
|
16,457,124
|
||||||
Information Technology - 34.7%
|
|||||||
Internet Software & Services - 6.8%
|
|||||||
8,952
|
Alphabet, Inc., Class A(a)
|
7,250,225
|
|||||
8,547
|
Alphabet, Inc., Class C(a)
|
6,705,463
|
|||||
13,955,688
|
|||||||
IT Services - 9.1%
|
|||||||
123,560
|
Cognizant Technology Solutions Corp., Class A(a)
|
6,344,806
|
|||||
113,940
|
Visa, Inc., Class A
|
9,401,189
|
|||||
154,063
|
Western Union Co.
|
3,092,045
|
|||||
18,838,040
|
|||||||
Semiconductors & Semiconductor Equipment - 3.0%
|
|||||||
80,205
|
Skyworks Solutions, Inc.
|
6,170,973
|
|||||
Software - 8.7%
|
|||||||
54,872
|
Adobe Systems, Inc.(a)
|
5,899,289
|
|||||
35,798
|
Citrix Systems, Inc.(a)
|
3,035,670
|
|||||
149,155
|
Microsoft Corp.
|
8,937,368
|
|||||
17,872,327
|
|||||||
Technology Hardware, Storage & Peripherals - 7.1%
|
|||||||
91,015
|
Apple, Inc.
|
10,333,843
|
|||||
71,867
|
Western Digital Corp.
|
4,199,907
|
|||||
14,533,750
|
|||||||
Total Information Technology
|
71,370,778
|
||||||
Materials - 3.1%
|
|||||||
Chemicals - 3.1%
|
|||||||
78,438
|
LyondellBasell Industries NV, Class A
|
6,239,743
|
Annual Report | October 31, 2016
|
11
|
Portfolio of Investments
|
CENTURY SHARES TRUST
|
October 31, 2016
|
Shares
|
Value
|
||||||
Real Estate - 7.8%
|
|||||||
Equity Real Estate Investment Trusts (REITs) - 5.4%
|
|||||||
58,448
|
American Tower Corp.
|
$
|
6,849,521
|
||||
12,142
|
Equinix, Inc.
|
4,338,094
|
|||||
11,187,615
|
|||||||
Real Estate Management & Development - 2.4%
|
|||||||
190,413
|
CBRE Group, Inc., Class A(a)
|
4,905,039
|
|||||
Total Real Estate
|
16,092,654
|
||||||
Telecommunication Services - 2.0%
|
|||||||
Diversified Telecommunication Services - 2.0%
|
|||||||
112,616
|
AT&T, Inc.
|
4,143,143
|
|||||
TOTAL COMMON STOCKS (Cost $142,283,629)
|
193,397,291
|
||||||
SHORT-TERM INVESTMENTS - 6.0%
|
|||||||
Money Market Fund - 6.0%
|
|||||||
12,416,479
|
State Street Institutional U.S. Government Money Market Fund - Investment Class (0.26% 7 Day Yield)
|
12,416,479
|
|||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,416,479) |
12,416,479
|
||||||
TOTAL INVESTMENTS - 100.1%
(Cost, $154,700,108) |
205,813,770
|
||||||
Liabilities in Excess of Other Assets - (0.1%)
|
(179,896
|
)
|
|||||
NET ASSETS - 100.0%
|
$
|
205,633,874
|
(a)
|
Non-income producing security.
|
12
|
centuryfunds.com
|
Portfolio of Investments
|
CENTURY SMALL CAP SELECT FUND
|
October 31, 2016
|
Shares
|
Value
|
||||||
COMMON STOCKS - 96.7%
|
|||||||
Consumer Discretionary - 17.8%
|
|||||||
Diversified Consumer Services - 5.2%
|
|||||||
56,715
|
Bright Horizons Family Solutions, Inc.(a)
|
$
|
3,794,801
|
||||
95,608
|
Grand Canyon Education, Inc.(a)
|
4,172,333
|
|||||
7,967,134
|
|||||||
Hotels, Restaurants & Leisure - 2.9%
|
|||||||
10,944
|
Sonic Corp.
|
250,727
|
|||||
26,570
|
Vail Resorts, Inc.
|
4,236,321
|
|||||
4,487,048
|
|||||||
Household Durables - 3.4%
|
|||||||
62,527
|
CalAtlantic Group, Inc.
|
2,020,873
|
|||||
63,363
|
iRobot Corp.(a)
|
3,212,504
|
|||||
5,233,377
|
|||||||
Multiline Retail - 2.2%
|
|||||||
78,083
|
Big Lots, Inc.
|
3,388,802
|
|||||
Specialty Retail - 4.1%
|
|||||||
47,116
|
American Eagle Outfitters, Inc.
|
802,857
|
|||||
41,550
|
Children’s Place, Inc.
|
3,155,722
|
|||||
144,167
|
Tile Shop Holdings, Inc.(a)
|
2,443,631
|
|||||
6,402,210
|
|||||||
Total Consumer Discretionary
|
27,478,571
|
||||||
Consumer Staples - 2.6%
|
|||||||
Food & Staples Retailing - 1.0%
|
|||||||
13,507
|
Casey’s General Stores, Inc.
|
1,526,156
|
|||||
Personal Products - 1.6%
|
|||||||
76,353
|
Inter Parfums, Inc.
|
2,489,108
|
|||||
Total Consumer Staples
|
4,015,264
|
||||||
Energy - 2.1%
|
|||||||
Energy Equipment & Services - 0.4%
|
|||||||
41,467
|
Superior Energy Services, Inc.
|
587,173
|
|||||
Oil, Gas & Consumable Fuels - 1.7%
|
|||||||
82,860
|
Matador Resources Co.(a)
|
1,807,176
|
|||||
124,421
|
Sanchez Energy Corp.(a)
|
792,562
|
|||||
2,599,738
|
|||||||
Total Energy
|
3,186,911
|
Shares
|
Value
|
||||||
Financials - 8.2%
|
|||||||
Banks - 3.6%
|
|||||||
113,590
|
Berkshire Hills Bancorp, Inc.
|
$
|
3,356,584
|
||||
31,697
|
Eagle Bancorp, Inc.(a)
|
1,557,908
|
|||||
28,174
|
Hanmi Financial Corp.
|
704,350
|
|||||
5,618,842
|
|||||||
Capital Markets - 2.6%
|
|||||||
105,600
|
Cohen & Steers, Inc.
|
3,926,208
|
|||||
Thrifts & Mortgage Finance - 2.0%
|
|||||||
111,173
|
Washington Federal, Inc.
|
3,029,464
|
|||||
Total Financials
|
12,574,514
|
||||||
Health Care - 23.3%
|
|||||||
Biotechnology - 2.2%
|
|||||||
37,210
|
Acceleron Pharma, Inc.(a)
|
1,042,996
|
|||||
55,912
|
Global Blood Therapeutics, Inc.(a)
|
975,665
|
|||||
12,055
|
TESARO, Inc.(a)
|
1,457,208
|
|||||
3,475,869
|
|||||||
Health Care Equipment & Supplies - 3.8%
|
|||||||
38,110
|
Inogen, Inc.(a)
|
2,045,363
|
|||||
160,084
|
Merit Medical Systems, Inc.(a)
|
3,513,844
|
|||||
4,729
|
West Pharmaceutical Services, Inc.
|
359,546
|
|||||
5,918,753
|
|||||||
Health Care Providers & Services - 9.2%
|
|||||||
67,437
|
Acadia Healthcare Co., Inc.(a)
|
2,425,035
|
|||||
37,861
|
Adeptus Health, Inc., Class A(a)
|
1,140,373
|
|||||
43,421
|
Almost Family, Inc.(a)
|
1,704,274
|
|||||
84,782
|
AMN Healthcare Services, Inc.(a)
|
2,780,850
|
|||||
50,409
|
Diplomat Pharmacy, Inc.(a)
|
1,167,977
|
|||||
106,464
|
Surgery Partners, Inc.(a)
|
1,714,070
|
|||||
52,079
|
VCA, Inc.(a)
|
3,200,775
|
|||||
14,133,354
|
|||||||
Health Care Technology - 3.0%
|
|||||||
65,406
|
Cotiviti Holdings, Inc.(a)
|
2,019,083
|
|||||
122,100
|
HMS Holdings Corp.(a)
|
2,572,647
|
|||||
4,591,730
|
Annual Report | October 31, 2016
|
13
|
Portfolio of Investments
|
CENTURY SMALL CAP SELECT FUND
|
October 31, 2016
|
Shares
|
Value
|
||||||
Health Care (continued)
|
|||||||
Life Sciences Tools & Services - 4.4%
|
|||||||
41,713
|
Cambrex Corp.(a)
|
$
|
1,681,034
|
||||
47,346
|
Charles River Laboratories International, Inc.(a)
|
3,592,615
|
|||||
28,228
|
PRA Health Sciences, Inc.(a)
|
1,502,294
|
|||||
6,775,943
|
|||||||
Pharmaceuticals - 0.7%
|
|||||||
35,782
|
Dermira, Inc.(a)
|
1,121,766
|
|||||
Total Health Care
|
36,017,415
|
||||||
Industrials - 11.4%
|
|||||||
Building Products - 1.5%
|
|||||||
56,138
|
Simpson Manufacturing Co., Inc.
|
2,402,706
|
|||||
Commercial Services & Supplies - 2.1%
|
|||||||
70,147
|
Herman Miller, Inc.
|
1,950,087
|
|||||
40,984
|
Team, Inc.(a)
|
1,260,258
|
|||||
3,210,345
|
|||||||
Construction & Engineering - 2.9%
|
|||||||
30,101
|
Dycom Industries, Inc.(a)
|
2,315,670
|
|||||
44,600
|
Granite Construction, Inc.
|
2,192,536
|
|||||
4,508,206
|
|||||||
Electrical Equipment - 1.1%
|
|||||||
32,585
|
AZZ, Inc.
|
1,735,151
|
|||||
Professional Services - 1.7%
|
|||||||
74,381
|
On Assignment, Inc.(a)
|
2,559,450
|
|||||
Road & Rail - 1.3%
|
|||||||
55,136
|
Saia, Inc.(a)
|
1,965,599
|
|||||
Trading Companies & Distributors - 0.8%
|
|||||||
72,704
|
BMC Stock Holdings, Inc.(a)
|
1,203,251
|
|||||
Total Industrials
|
17,584,708
|
||||||
Information Technology - 22.5%
|
|||||||
Internet Software & Services - 3.9%
|
|||||||
59,212
|
j2 Global, Inc.
|
4,212,934
|
|||||
31,031
|
Shutterstock, Inc.(a)
|
1,830,519
|
|||||
6,043,453
|
Shares
|
Value
|
||||||
Information Technology (continued)
|
|||||||
IT Services - 4.5%
|
|||||||
22,348
|
EPAM Systems, Inc.(a)
|
$
|
1,438,541
|
||||
217,876
|
PFSweb, Inc.(a)
|
1,573,064
|
|||||
143,838
|
WNS Holdings Ltd., Sponsored ADR(a)
|
3,955,545
|
|||||
6,967,150
|
|||||||
Semiconductors & Semiconductor Equipment - 3.8%
|
|||||||
46,028
|
Cavium, Inc.(a)
|
2,598,280
|
|||||
60,926
|
Inphi Corp.(a)
|
2,260,355
|
|||||
49,744
|
Integrated Device Technology, Inc.(a)
|
1,030,198
|
|||||
5,888,833
|
|||||||
Software - 10.3%
|
|||||||
70,368
|
CyberArk Software Ltd.(a)
|
3,289,704
|
|||||
44,542
|
Gigamon, Inc.(a)
|
2,463,173
|
|||||
63,467
|
Manhattan Associates, Inc.(a)
|
3,213,969
|
|||||
50,822
|
Paycom Software, Inc.(a)
|
2,629,022
|
|||||
122,313
|
RingCentral, Inc., Class A(a)
|
2,531,879
|
|||||
125,183
|
VASCO Data Security International,
Inc.(a) |
1,721,266
|
|||||
15,849,013
|
|||||||
Total Information Technology
|
34,748,449
|
||||||
Materials - 4.7%
|
|||||||
Chemicals - 4.7%
|
|||||||
49,984
|
Balchem Corp.
|
3,793,785
|
|||||
39,808 |
Scotts Miracle-Gro Co., Class A
|
3,506,687
|
|||||
Total Materials
|
7,300,472
|
||||||
Real Estate - 2.6%
|
|||||||
Equity Real Estate Investment Trusts (REITs) - 2.6%
|
|||||||
47,883
|
CubeSmart
|
1,248,310
|
|||||
58,787
|
QTS Realty Trust, Inc., Class A
|
2,701,850
|
|||||
Total Real Estate
|
3,950,160
|
14
|
centuryfunds.com
|
Portfolio of Investments
|
CENTURY SMALL CAP SELECT FUND
|
October 31, 2016
|
Shares
|
Value
|
||||||
Telecommunication Services - 1.5%
|
|||||||
Wireless Telecommunication Services - 1.5%
|
|||||||
89,236
|
Shenandoah Telecommunications Co.
|
$
|
2,355,831
|
||||
TOTAL COMMON STOCKS
(Cost $134,356,533) |
149,212,295
|
||||||
SHORT-TERM INVESTMENTS - 4.9% | |||||||
Money Market Fund - 4.9%
|
|||||||
7,526,521
|
State Street Institutional U.S. Government Money Market Fund - Investment Class (0.26% 7 Day Yield)
|
7,526,521
|
|||||
TOTAL SHORT-TERM INVESTMENTS (Cost $7,526,521) |
7,526,521
|
||||||
TOTAL INVESTMENTS - 101.6%
(Cost, $141,883,054) |
156,738,816
|
||||||
Liabilities in Excess of Other Assets - (1.6%) |
(2,454,390
|
)
|
|||||
NET ASSETS - 100.0% |
$
|
154,284,426
|
(a)
|
Non-income producing security.
|
Annual Report | October 31, 2016
|
15
|
Statements of Assets and Liabilities
|
Century
Shares
Trust
|
Century
Small Cap
Select Fund
|
|||||||
ASSETS:
|
||||||||
Investments, at value (Note 1) (cost - see below)
|
$
|
205,813,770
|
$
|
156,738,816
|
||||
Receivable for investments sold
|
–
|
2,540,829
|
||||||
Receivable for fund shares subscribed
|
101,555
|
596,288
|
||||||
Dividends receivable
|
56,504
|
12,047
|
||||||
Prepaid expenses
|
5,732
|
6,080
|
||||||
Total Assets
|
205,977,561
|
159,894,060
|
||||||
LIABILITIES:
|
||||||||
Payable to Affiliates:
|
||||||||
Investment adviser fees (Note 4)
|
141,572
|
130,632
|
||||||
Administration fees (Note 5)
|
17,696
|
–
|
||||||
Distribution and service fees (Note 6)
|
–
|
24,084
|
||||||
Payable for investments purchased
|
–
|
4,835,387
|
||||||
Payable for shares redeemed
|
51,605
|
499,523
|
||||||
Payable to trustees
|
33,371
|
26,699
|
||||||
Payable for professional fees
|
47,500
|
47,500
|
||||||
Accrued expenses and other liabilities
|
51,943
|
45,809
|
||||||
Total Liabilities
|
343,687
|
5,609,634
|
||||||
NET ASSETS
|
$
|
205,633,874
|
$
|
154,284,426
|
||||
NET ASSETS CONSIST OF:
|
||||||||
Paid-in capital
|
$
|
147,813,757
|
$
|
145,312,128
|
||||
Accumulated net investment income/(loss)
|
106,641
|
(1,084,772
|
)
|
|||||
Accumulated net realized gain/(loss) on investments
|
6,599,814
|
(4,798,692
|
)
|
|||||
Unrealized appreciation in value of investments
|
51,113,662
|
14,855,762
|
||||||
NET ASSETS
|
$
|
205,633,874
|
$
|
154,284,426
|
||||
Net Assets:
|
||||||||
Institutional Shares
|
$
|
205,633,874
|
$
|
88,182,222
|
||||
Investor Shares
|
N/A
|
$
|
66,102,204
|
|||||
Shares Outstanding (Note 2):
|
||||||||
Institutional Shares
|
10,317,841
|
4,015,117
|
||||||
Investor Shares
|
N/A
|
3,220,546
|
||||||
Net Asset Value Per Share
|
||||||||
(Represents both the offering and redemption price)(a)
|
||||||||
Institutional Shares
|
$
|
19.93
|
$
|
21.96
|
||||
Investor Shares
|
N/A
|
$
|
20.53
|
|||||
Cost of investments
|
$
|
154,700,108
|
$
|
141,883,054
|
(a) |
A redemption fee may be assessed for shares redeemed within 90 days after purchase. (Note 1)
|
16
|
centuryfunds.com
|
Statements of Operations
|
Century
Shares
Trust
|
Century
Small Cap
Select Fund
|
|||||||
INVESTMENT INCOME:
|
||||||||
Dividends
|
$
|
2,681,605
|
$
|
1,318,627
|
||||
Total Investment Income
|
2,681,605
|
1,318,627
|
||||||
EXPENSES:
|
||||||||
Investment adviser fees (Notes 4)
|
1,708,024
|
1,825,158
|
||||||
Distribution and service fees (Note 6):
|
||||||||
Investor Shares
|
–
|
167,351
|
||||||
Administrative fees
|
213,503
|
–
|
||||||
Transfer agency fees
|
145,571
|
151,497
|
||||||
Trustee fees
|
123,835
|
100,475
|
||||||
Professional fees
|
79,559
|
74,710
|
||||||
Fund accounting fees
|
35,542
|
33,297
|
||||||
Registration fees
|
29,999
|
38,128
|
||||||
Printing fees
|
23,081
|
16,786
|
||||||
Insurance fees
|
21,288
|
26,819
|
||||||
Custodian fees
|
4,061
|
12,044
|
||||||
Other expenses
|
17,416
|
21,052
|
||||||
Total Expenses
|
2,401,879
|
2,467,317
|
||||||
NET INVESTMENT INCOME/(LOSS)
|
279,726
|
(1,148,690
|
)
|
|||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
|
||||||||
Net realized gain/(loss) on investments
|
6,600,965
|
(4,285,311
|
)
|
|||||
Net change in unrealized appreciation of investments
|
(11,735,309
|
)
|
(11,785,433
|
)
|
||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS
|
(5,134,344
|
)
|
(16,070,744
|
)
|
||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
(4,854,618
|
)
|
$
|
(17,219,434
|
)
|
Annual Report | October 31, 2016
|
17
|
Statements of Changes in Net Assets
|
Century Shares Trust
|
Century Small Cap Select Fund
|
|||||||||||||||
For the Year Ended October 31,
|
For the Year Ended October 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
OPERATIONS:
|
||||||||||||||||
Net investment income/(loss)
|
$
|
279,726
|
$
|
262,549
|
$
|
(1,148,690
|
)
|
$
|
(1,971,630
|
)
|
||||||
Net realized gain/(loss) on investments
|
6,600,965
|
7,397,854
|
(4,285,311
|
)
|
57,511,187
|
|||||||||||
Change in net unrealized appreciation/(depreciation)
|
(11,735,309
|
)
|
17,286,786
|
(11,785,433
|
)
|
(49,085,133
|
)
|
|||||||||
Net increase/(decrease) in net assets resulting from operations
|
(4,854,618
|
)
|
24,947,189
|
(17,219,434
|
)
|
6,454,424
|
||||||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||||||||||
Institutional Shares
|
||||||||||||||||
From net investment income
|
(468,505
|
)
|
–
|
–
|
–
|
|||||||||||
From net realized gains on investments
|
(7,353,202
|
)
|
(53,335,537
|
)
|
(34,271,035
|
)
|
(33,970,609
|
)
|
||||||||
Investor Shares
|
||||||||||||||||
From net realized gains on investments
|
–
|
–
|
(21,543,723
|
)
|
(18,018,773
|
)
|
||||||||||
Total distributions
|
(7,821,707
|
)
|
(53,335,537
|
)
|
(55,814,758
|
)
|
(51,989,382
|
)
|
||||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||||||||||
Increase/(decrease) in net assets from capital share transactions (Note 2)
|
(7,049,692
|
)
|
31,196,795
|
(37,558,710
|
)
|
(73,851,491
|
)
|
|||||||||
Redemption fees
|
124
|
188
|
16,389
|
22,054
|
||||||||||||
Net increase/(decrease) from share transactions
|
(7,049,568
|
)
|
31,196,983
|
(37,542,321
|
)
|
(73,829,437
|
)
|
|||||||||
Total increase/(decrease)
|
(19,725,893
|
)
|
2,808,635
|
(110,576,513
|
)
|
(119,364,395
|
)
|
|||||||||
NET ASSETS:
|
||||||||||||||||
Beginning of year
|
225,359,767
|
222,551,132
|
264,860,939
|
384,225,334
|
||||||||||||
End of year*
|
$
|
205,633,874
|
$
|
225,359,767
|
$
|
154,284,426
|
$
|
264,860,939
|
||||||||
|
||||||||||||||||
*Including accumulated net investment income/(loss)
|
$
|
106,641
|
$
|
295,420
|
$
|
(1,084,772
|
)
|
$
|
(973,396
|
)
|
18
|
centuryfunds.com
|
Financial Highlights
|
CENTURY SHARES TRUST
|
For a share outstanding throughout the periods presented
|
For the Year Ended October 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD
|
$
|
21.14
|
$
|
24.78
|
$
|
22.41
|
$
|
19.81
|
$
|
20.66
|
||||||||||
INCOME/(LOSS) FROM OPERATIONS:
|
||||||||||||||||||||
Net investment income/(loss)(a)
|
0.03
|
0.02
|
(0.02
|
)
|
0.03
|
0.05
|
||||||||||||||
Net realized and unrealized gain/(loss) on investments
|
(0.50
|
)
|
2.39
|
3.72
|
5.09
|
1.28
|
||||||||||||||
Total income/(loss) from investment operations
|
(0.47
|
)
|
2.41
|
3.70
|
5.12
|
1.33
|
||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net investment income
|
(0.04
|
)
|
–
|
–
|
(0.05
|
)
|
(0.06
|
)
|
||||||||||||
Net realized gain on investment transactions
|
(0.70
|
)
|
(6.05
|
)
|
(1.33
|
)
|
(2.47
|
)
|
(2.12
|
)
|
||||||||||
Total distributions
|
(0.74
|
)
|
(6.05
|
)
|
(1.33
|
)
|
(2.52
|
)
|
(2.18
|
)
|
||||||||||
REDEMPTION FEES
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
0.00
|
(b)
|
||||||||||
NET ASSET VALUE, END OF PERIOD
|
$
|
19.93
|
$
|
21.14
|
$
|
24.78
|
$
|
22.41
|
$
|
19.81
|
||||||||||
Total Return
|
(2.24
|
%)
|
11.76
|
%
|
17.29
|
%
|
28.85
|
%
|
7.63
|
%
|
||||||||||
RATIOS AND SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of period (000's)
|
$
|
205,634
|
$
|
225,360
|
$
|
222,551
|
$
|
201,271
|
$
|
174,534
|
||||||||||
Ratio of expenses to average net assets
|
1.13
|
%
|
1.11
|
%
|
1.09
|
%
|
1.11
|
%
|
1.12
|
%
|
||||||||||
Ratio of net investment income/(loss) to average net assets
|
0.13
|
%
|
0.12
|
%
|
(0.06
|
%)
|
0.16
|
%
|
0.24
|
%
|
||||||||||
Portfolio Turnover Rate
|
44
|
%
|
46
|
%
|
126
|
%
|
39
|
%
|
79
|
%
|
(a) |
Per share numbers have been calculated using the average shares method.
|
(b) |
Less than $0.005 per share.
|
Annual Report | October 31, 2016
|
19
|
Financial Highlights
|
CENTURY SMALL CAP SELECT FUND
|
For a share outstanding throughout the periods presented
|
For the Year Ended October 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD
|
$
|
30.00
|
$
|
34.46
|
$
|
33.94
|
$
|
26.27
|
$
|
23.91
|
||||||||||
INCOME/(LOSS) FROM OPERATIONS:
|
||||||||||||||||||||
Net investment loss(a)
|
(0.11
|
)
|
(0.17
|
)
|
(0.24
|
)
|
(0.04
|
)
|
(0.12
|
)
|
||||||||||
Net realized and unrealized gain/(loss) on investments
|
(1.58
|
)
|
0.87
|
2.48
|
7.71
|
2.48
|
||||||||||||||
Total income/(loss) from investment operations
|
(1.69
|
)
|
0.70
|
2.24
|
7.67
|
2.36
|
||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net realized gain on investment transactions
|
(6.35
|
)
|
(5.16
|
)
|
(1.72
|
)
|
–
|
–
|
||||||||||||
Total distributions
|
(6.35
|
)
|
(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
|
$
|
21.96
|
$
|
30.00
|
$
|
34.46
|
$
|
33.94
|
$
|
26.27
|
||||||||||
Total Return
|
(6.53
|
%)
|
2.48
|
%
|
6.79
|
%
|
29.20
|
%
|
9.87
|
%
|
||||||||||
RATIOS AND SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of period (000's)
|
$
|
88,182
|
$
|
164,141
|
$
|
266,045
|
$
|
300,833
|
$
|
281,480
|
||||||||||
Ratio of expenses to average net assets
|
1.16
|
%
|
1.13
|
%
|
1.11
|
%
|
1.12
|
%
|
1.10
|
%
|
||||||||||
Ratio of net investment loss to average net assets
|
(0.47
|
%)
|
(0.52
|
%)
|
(0.71
|
%)
|
(0.14
|
%)
|
(0.48
|
%)
|
||||||||||
Portfolio Turnover Rate
|
82
|
%
|
69
|
%
|
97
|
%
|
91
|
%
|
53
|
%
|
(a) |
Per share numbers have been calculated using the average shares method.
|
(b) |
Less than $0.005 per share.
|
20
|
centuryfunds.com
|
Financial Highlights
|
CENTURY SMALL CAP SELECT FUND
|
For a share outstanding throughout the periods presented
|
For the Year Ended October 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD
|
$
|
28.53
|
$
|
33.12
|
$
|
32.78
|
$
|
25.45
|
$
|
23.25
|
||||||||||
INCOME/(LOSS) FROM OPERATIONS:
|
||||||||||||||||||||
Net investment loss(a)
|
(0.17
|
)
|
(0.26
|
)
|
(0.33
|
)
|
(0.13
|
)
|
(0.21
|
)
|
||||||||||
Net realized and unrealized gain/(loss) on investments
|
(1.48
|
)
|
0.83
|
2.39
|
7.46
|
2.41
|
||||||||||||||
Total income/(loss) from investment operations
|
(1.65
|
)
|
0.57
|
2.06
|
7.33
|
2.20
|
||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net realized gain on investment transactions
|
(6.35
|
)
|
(5.16
|
)
|
(1.72
|
)
|
–
|
–
|
||||||||||||
Total distributions
|
(6.35
|
)
|
(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
|
$
|
20.53
|
$
|
28.53
|
$
|
33.12
|
$
|
32.78
|
$
|
25.45
|
||||||||||
Total Return
|
(6.77
|
%)
|
2.14
|
%
|
6.47
|
%
|
28.80
|
%
|
9.46
|
%
|
||||||||||
RATIOS AND SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of period (000's)
|
$
|
66,102
|
$
|
100,720
|
$
|
118,181
|
$
|
128,029
|
$
|
111,965
|
||||||||||
Ratio of expenses to average net assets
|
1.46
|
%
|
1.42
|
%
|
1.40
|
%
|
1.41
|
%
|
1.47
|
%
|
||||||||||
Ratio of net investment loss to average net assets
|
(0.78
|
%)
|
(0.85
|
%)
|
(1.00
|
%)
|
(0.44
|
%)
|
(0.84
|
%)
|
||||||||||
Portfolio Turnover Rate
|
82
|
%
|
69
|
%
|
97
|
%
|
91
|
%
|
53
|
%
|
(a) |
Per share numbers have been calculated using the average shares method.
|
(b) |
Less than $0.005 per share.
|
Annual Report | October 31, 2016
|
21
|
Notes to Financial Statements
|
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.
|
22
|
centuryfunds.com
|
Notes to Financial Statements
|
Investments in Securities at Value*
|
Level 1 -
Quoted Prices
|
Level 2 -
Other Significant Observable Inputs
|
Level 3 -
Significant
Unobservable
Inputs
|
Total
|
||||||||||||
Common Stocks
|
$
|
193,397,291
|
$
|
–
|
$
|
–
|
$
|
193,397,291
|
||||||||
Short-Term Investments
|
12,416,479
|
–
|
–
|
12,416,479
|
||||||||||||
TOTAL
|
$
|
205,813,770
|
$
|
–
|
$
|
–
|
$
|
205,813,770
|
Investments in Securities at Value*
|
Level 1 -
Quoted Prices
|
Level 2 -
Other Significant Observable Inputs
|
Level 3 -
Significant
Unobservable
Inputs
|
Total
|
||||||||||||
Common Stocks
|
$
|
149,212,295
|
$
|
–
|
$
|
–
|
$
|
149,212,295
|
||||||||
Short-Term Investments
|
7,526,521
|
–
|
–
|
7,526,521
|
||||||||||||
TOTAL
|
$
|
156,738,816
|
$
|
–
|
$
|
–
|
$
|
156,738,816
|
*
|
At October 31, 2016 the Funds held investments in common stocks classified as Level 1, with corresponding major categories as shown on each Fund’s Portfolio of Investments.
|
Annual Report | October 31, 2016
|
23
|
Notes to Financial Statements
|
24
|
centuryfunds.com
|
Notes to Financial Statements
|
Paid-In Capital
|
Accumulated
Net Investment
Income
|
Accumulated
Net Realized
Gain/Loss
|
|
Century Small Cap Select Fund
|
(1,037,314)
|
1,037,314
|
–
|
Century
Shares Trust
|
Century Small Cap
Select Fund
|
|||||||
Gross appreciation on investments (excess of value over tax cost)
|
$
|
53,871,007
|
$
|
20,785,803
|
||||
Gross depreciation on investments (excess of tax cost over value)
|
(2,881,042
|
)
|
(6,543,144
|
)
|
||||
Net unrealized appreciation
|
$
|
50,989,965
|
$
|
14,242,659
|
||||
Cost of investments for federal income tax purposes
|
$
|
154,823,805
|
$
|
142,496,157
|
Century
Shares Trust
|
Century Small Cap
Select Fund
|
|||||||
Undistributed ordinary income
|
$
|
106,641
|
$
|
–
|
||||
Accumulated capital gains/(losses)
|
6,723,511
|
(4,185,589
|
)
|
|||||
Unrealized appreciation
|
50,989,965
|
14,242,659
|
||||||
Other cumulative effect of timing differences
|
–
|
(1,084,772
|
)
|
|||||
Total
|
$
|
57,820,117
|
$
|
8,972,298
|
Annual Report | October 31, 2016
|
25
|
Notes to Financial Statements
|
Distributions Paid From:
|
Century
Shares
Trust
|
Century
Small Cap
Select Fund
|
||||||
Ordinary income
|
$
|
1,520,204
|
$
|
–
|
||||
Long-term capital gains
|
6,301,503
|
55,814,758
|
||||||
Total
|
$
|
7,821,707
|
$
|
55,814,758
|
Distributions Paid From:
|
Century
Shares
Trust
|
Century
Small Cap
Select Fund
|
||||||
Ordinary income
|
$
|
5,003,338
|
$
|
1,161,133
|
||||
Long-term capital gains
|
48,332,199
|
50,828,249
|
||||||
Total
|
$
|
53,335,537
|
$
|
51,989,382
|
26
|
centuryfunds.com
|
Notes to Financial Statements
|
Institutional
|
||||||||||||||||
For the Year Ended
October 31, 2016
|
For the Year Ended
October 31, 2015
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Sold
|
98,033
|
$
|
1,952,190
|
194,080
|
$
|
3,935,550
|
||||||||||
Issued to shareholders in reinvestment of distributions
|
355,390
|
7,146,898
|
2,487,747
|
48,511,068
|
||||||||||||
453,423
|
9,099,088
|
2,681,827
|
52,446,618
|
|||||||||||||
Repurchased
|
(798,182
|
)
|
(16,148,780
|
)
|
(1,001,585
|
)
|
(21,249,823
|
)
|
||||||||
Net Increase/(Decrease)
|
(344,759
|
)
|
$
|
(7,049,692
|
)
|
1,680,242
|
$
|
31,196,795
|
Institutional | ||||||||||||||||
For the Year Ended
October 31, 2016
|
For the Year Ended
October 31, 2015
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Sold
|
547,654
|
$
|
12,738,016
|
1,010,831
|
$
|
32,451,401
|
||||||||||
Issued to shareholders in reinvestment of distributions
|
1,444,718
|
33,112,940
|
1,134,797
|
33,033,944
|
||||||||||||
1,992,372
|
45,850,956
|
2,145,628
|
65,485,345
|
|||||||||||||
Repurchased
|
(3,448,764
|
)
|
(76,500,718
|
)
|
(4,395,083
|
)
|
(137,236,009
|
)
|
||||||||
Net Decrease
|
(1,456,392
|
)
|
$
|
(30,649,762
|
)
|
(2,249,455
|
)
|
$
|
(71,750,664
|
)
|
Annual Report | October 31, 2016
|
27
|
Notes to Financial Statements
|
Investor
|
||||||||||||||||
For the Year Ended
October 31, 2016
|
For the Year Ended
October 31, 2015
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Sold
|
236,525
|
$
|
5,033,490
|
410,619
|
$
|
12,543,011
|
||||||||||
Issued to shareholders in reinvestment of distributions
|
994,743
|
21,357,127
|
642,483
|
17,835,340
|
||||||||||||
1,231,268
|
26,390,617
|
1,053,102
|
30,378,351
|
|||||||||||||
Repurchased
|
(1,540,691
|
)
|
(33,299,565
|
)
|
(1,091,291
|
)
|
(32,479,178
|
)
|
||||||||
Net Decrease
|
(309,423
|
)
|
$
|
(6,908,948
|
)
|
(38,189
|
)
|
$
|
(2,100,827
|
)
|
28
|
centuryfunds.com
|
Notes to Financial Statements
|
Annual Report | October 31, 2016
|
29
|
Report of Independent Registered Public Accounting Firm
|
30
|
centuryfunds.com
|
Disclosure of Fund Expenses
|
|
Beginning
Account Value
May 1, 2016
|
Ending
Account Value
October 31, 2016
|
Expense
Ratio(a)
|
Expenses Paid
During period
May 1, 2016 to
October 31,
2016(b)
|
Century Shares Trust
|
||||
Institutional Shares
|
||||
Actual
|
$1,000.00
|
$1,009.10
|
1.13%
|
$5.71
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.46
|
1.13%
|
$5.74
|
Century Small Cap Select Fund
|
||||
Institutional Shares
|
||||
Actual
|
$1,000.00
|
$1,002.30
|
1.15%
|
$5.79
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.36
|
1.15%
|
$5.84
|
Investor Shares
|
||||
Actual
|
$1,000.00
|
$1,000.50
|
1.42%
|
$7.14
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,018.00
|
1.42%
|
$7.20
|
(a)
|
The Fund’s expense ratios have been based on the Fund’s most recent fiscal half year expenses.
|
(b)
|
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), divided by 366.
|
Annual Report | October 31, 2016
|
31
|
Tax Information
|
Century
Shares Trust
|
Century Small
Cap Select Fund
|
|
Dividends Received Deduction
|
100.00%
|
–
|
Qualified Dividend Income
|
100.00%
|
–
|
32
|
centuryfunds.com
|
Trustees and Officers
|
Name, Year of Birth, Position(s) held with Trust and Length of Time Served
|
Principal Occupation During Past 5 Years And Other Directorships Held
|
No. of Portfolios in Fund Complex Overseen
|
William Gray (1952)
Trustee, 2006 to present |
Senior Advisor, The Blackstone Group LP (private equity firm); Special Advisor, Chi & Partners (communications firm); Advisor, TruEffect, Inc. (advertising data analytics); Advisor, Global Cities of Bloomberg Philanthropies (since April 2015). Formerly, North American CEO, Vice Chairman, Director, Ogilvy Group Inc. (communications firm) (retired 2010); Senior Advisor, Digital Artists (social media technology platform) (through February 2016); Advisor, Idomoo Ltd. (customer video targeting) (through June 2016); Senior Advisor, Orca TV, LLC (campus-based social media firm) (through September 2016). Other Directorships: HealthMarkets, Inc. (health insurance); The New York Public Library; First Tee of Connecticut; SeaWorld Parks & Entertainment (Independent Director, since December 2014). Former Directorships: Zinio Holdings LLC (digital newsstand firm) (through October 2016); Harleysville Group, Inc. (through 2011); American Red Cross of Greater New York (Trustee, 1996 to 2002; Chairman 2002 to 2008; Chairman Emeritus, since 2008).
|
2
|
Laura A. Johnson (1954)
Trustee, 2007 to present |
Director of the International Land Conservation Network, Lincoln Institute of Land Policy. Formerly, Bullard Fellow, Harvard Forest, Harvard University (2013-2014). President, Massachusetts Audubon Society (1999-2012). Other Directorships: Chairman, Board of Directors, Land Trust Alliance; member, WGBH Board of Overseers; member of the Corporation, Woods Hole Oceanographic Institute; member, Appalachian Mountain Club (AMC) Board of Advisors; member, Mount Auburn Cemetery Council of Visitors. Former Directorships: Fenn School (2001–2006); Winsor School (trustee, 1990-1996; Alumnae board, 2013-2014).
|
2
|
Stephen W. Kidder (1952)
Trustee, 2005 to present |
Partner, Hemenway & Barnes LLP (law firm). Formerly, Managing Partner, Hemenway & Barnes LLP (through 2014); President, Hemenway Trust Company. Other Directorships: President of the Board, Isabella Stewart Gardner Museum; Vice Chairman, Children’s Hospital Trust; Overseer, Boston Symphony Orchestra (since July 2016). Former Directorships: Vice Chairman, Wellesley College (through July 2016).
|
2
|
Annual Report | October 31, 2016
|
33
|
Trustees and Officers
|
Name, Year of Birth, Position(s) held with Trust and Length of Time Served
|
Principal Occupation During Past 5 Years And Other Directorships Held
|
No. of Portfolios
in Fund
Complex
Overseen
|
Jerry S. Rosenbloom (1939)
Trustee, 1999 to present |
Frederick H. Ecker Emeritus Professor of Insurance and Risk Management, The Wharton School, University of Pennsylvania. Fellow, Financial Institutions Center and Fellow, Leonard Davis Institute for Health Economics, The Wharton School. Formerly, Academic Director, Certified Employee Benefit Specialist Program, The Wharton School. Other Directorships: American Institute for Chartered Property Casualty Underwriters; The Insurance Institute of America; member, Abramson Cancer Center Director’s Leadership Council (since March 2016). Former Directorships: Harleysville Mutual Insurance Company and Harleysville Group, Inc. (through April 2012); Advisory Board Member, International Foundation of Employee Benefit Plans (through December 2015).
|
2
|
David D. Tripple (1944)
Trustee, 2004 to present |
Private investor. Formerly, Chief Executive Officer and Trustee, Pioneer Funds (2000 to 2001); Executive Vice President and Director, The Pioneer Group, Inc. (asset management) (1998 to 2000). Other Directorships: The Calamos Funds (overseeing 26 portfolios in fund complex).
|
2
|
Ellen M. Zane (1951)
Trustee, 2007 to present |
CEO Emeritus and Vice Chairman, Board of Trustees of Tufts Medical Center. Formerly, President and CEO of Tufts Medical Center and Floating Hospital for Children (2004 to 2011); Network President, Partners Healthcare System (1994 to 2004). Other Directorships: Boston Scientific Corporation; Brooks Automation, Inc.; Parexel International Corporation; Fiduciary Trust Company; Harvard School of Public Health, Health Policy & Management Executive Council; Trustee, Vice Chairman, George Washington University; Trustee, Tufts Medical Center; Chairman, Minuteman Health Plan (since 2012); Director, AgNovos Healthcare, LLC (since 2014). Former Directorships: Lincare Corporation (through August 2012); Haemonetics Corporation (through May 2016); Press Ganey Holdings (through October 2016).
|
2
|
34
|
centuryfunds.com
|
Trustees and Officers
|
Name, Year of Birth, Position(s) held with Trust and Length of Time Served
|
Principal Occupation During Past 5 Years And Other Directorships Held
|
No. of Portfolios
in Fund
Complex
Overseen
|
Alexander L. Thorndike (1966)
Trustee, 1999 to present; Chairman and Principal Executive Officer, 2004 to present |
Managing Partner, Century Capital Management, LLC. No other directorships held.
|
2
|
Julie Smith (1971)
Principal Financial Officer, 2008 to present |
Chief Financial Officer, Century Capital Management, LLC.
|
N/A
|
Jennifer Mortimer (1971)
Secretary and Chief Compliance Officer, June 2014 to present |
Chief Compliance Officer, Century Capital Management, LLC (June 2014 to present). Formerly, Fund Chief Compliance Officer (2012 to June 2014) and Compliance Manager (2011 to 2012), Foreside Compliance Services, LLC.
|
N/A
|
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.
|
Annual Report | October 31, 2016
|
35
|
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 2. |
Code of Ethics.
|
(a) |
As of the end of the period covered by this report, Century Capital Management Trust (the “Registrant”) 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.
|
(c) |
During the period covered by this report, there were no amendments to the code of ethics.
|
(d) |
During the period covered by this report, no waivers from any provision of the code of ethics were granted.
|
(f)(1) |
A copy of the code of ethics is filed as an exhibit hereto.
|
Item 3. |
Audit Committee Financial Expert.
|
(a)(1) |
The Registrant’s board of trustees has determined that the Registrant has an “audit committee financial expert” serving on its audit committee, as that term is defined in paragraph (b) of Item 3 of Form N‑CSR.
|
(a)(2) |
Jerry Rosenbloom is the audit committee financial expert. Mr. Rosenbloom is an “independent” member of the audit committee as that term is defined in paragraph (a)(2) of Item 3 of Form N‑CSR.
|
(c)(4) |
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 Registrant for each of the last two fiscal years for professional services rendered by the Registrant’s principal accountant (“Accountant”) for the audit of the Registrant’s annual financial statements 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
|
Fees
|
10/31/2016
|
$91,600
|
10/31/2015
|
$131,400
|
(b) |
Audit-Related Fees. For each of the last two fiscal years, there were no fees billed to the Registrant for assurance and related services by the Accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under Audit Fees. For each of the last two fiscal years of the Registrant, there were no audit-related fees billed by the Registrant’s Accountant to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant (together, “Adviser Related Entities”) for services that were related directly to the operations and financial reporting of the Registrant.
|
(c) |
Tax Fees. For the last two fiscal years of the Registrant, there were no tax fees billed by the Registrant's Accountant to Adviser Related Entities for services that were related directly to the operations and financial reporting of the Registrant. The aggregate fees billed to the Registrant for each of the last two fiscal years for professional services provided by the Registrant’s Accountant for tax compliance, tax advice and tax planning were as follows:
|
FYE
|
Fees
|
10/31/2016
|
$13,520
|
10/31/2015
|
$15,600
|
(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 Registrant’s last two fiscal years, no such fees were billed by the Registrant’s Accountant to the Registrant or to Adviser Related Entities for services related directly to the operations and financial reporting of the Registrant.
|
(e)(1) |
The audit committee’s pre-approval policies and procedures are as follows:
|
(e)(2) |
No services described in paragraphs (b) through (d) of this Item were approved by the Registrant’s 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 Registrant’s Accountant, for the Trust’s last two fiscal years, for services rendered to the Registrant and Adviser Related Entities are shown in the table below:
|
FYE
|
Non-Audit Fees for Registrant
|
Non-Audit Fees for
Adviser Related Entities
|
Aggregate Non-Audit Fees
|
10/31/2016
|
$13,520
|
None
|
$13,520
|
10/31/2015
|
$15,600
|
None
|
$15,600
|
(h) |
Not applicable.
|
Item 5.
|
Audit Committee of Listed Registrants.
|
Item 6.
|
Investments.
|
Item 7. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
|
Item 8. |
Portfolio Managers of Closed-End Management Investment Companies.
|
Item 9. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
|
Item 10. |
Submission of Matters to a Vote of Security Holders.
|
Item 11.
|
Controls and Procedures.
|
(a) |
The Registrant’s principal executive officer and principal financial officer, after evaluating the effectiveness of the Registrant’s “disclosure controls and procedures” (as defined in the Investment Company Act of 1940 Rule 30-a-2(c) under the Act (17 CFR 270.30a-2(c))) as of a date (the “Evaluation Date”) within 90 days of the filing date of this report, have concluded that, as of the Evaluation Date, the Registrant’s disclosure controls and procedures were adequately designed to ensure that the information required to be disclosed by the Registrant in this Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.
|
(b) |
There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
Item 12. |
Exhibits.
|
(a)(1) |
Registrant’s Code of Ethics required to be disclosed under Item 2 hereof is filed and attached hereto as exhibit EX‑99.CODE ETH.
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(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.
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(a)(3) |
Not applicable.
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(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‑99.906 CERT.
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By:
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/s/ Alexander L. Thorndike
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Alexander L. Thorndike, Chairman
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||
Date:
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January 6, 2017
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By:
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/s/ Alexander L. Thorndike
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Alexander L. Thorndike, Principal Executive Officer
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||
Date:
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January 6, 2017
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By:
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/s/ Julie Smith
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|
Julie Smith, Principal Financial Officer
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||
Date:
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January 6, 2017
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I. |
Covered Officers/Purpose of the Code
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· |
promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
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· |
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;
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· |
promote compliance with applicable laws and governmental rules and regulations;
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· |
encourage the prompt internal reporting of violations of the Code to the Trust’s Chief Compliance Officer (CCO); and
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· |
establish accountability for adherence to the Code.
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II. |
Responsibilities of Covered Officers
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· |
not use his or her 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;
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· |
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
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· |
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.
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· |
service as a director on the board of any public or private company;
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· |
the receipt of any non-nominal gifts;
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· |
the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
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· |
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;
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· |
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
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IV. |
Reporting and Accountability
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V. |
Waivers
|
VI. |
Other Policies and Procedures
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VII. |
Amendments
|
VIII. |
Confidentiality
|
IX. |
Internal Use
|
Principal Executive Officer
|
Alexander L. Thorndike
|
Principal Financial Officer and Principal Accounting Officer
|
Julie Smith
|
1. |
I have reviewed this report on Form N-CSR of Century Capital Management Trust (the “Registrant”);
|
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, 2017
|
|
/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 (the “Registrant”);
|
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, 2017
|
|
/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:
|
January 6, 2017
|
||
/s/ Alexander L. Thorndike
|
|||
Alexander L. Thorndike
|
|||
Principal Executive Officer
|
|||
/s/ Julie Smith
|
|||
Julie Smith
|
|||
Principal Financial Officer
|
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