OMB APPROVAL
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OMB Number: 3235-0570
Expires: August 31, 2011
Estimated average burden hours per response: 18.9
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100 William Street, Suite 200 Wellesley, Massachusetts | 02481 |
(Address of principal executive offices) | (Zip code) |
New Century Capital
New Century Balanced
New Century Opportunistic
New Century International
New Century Alternative Strategies
SEMI-ANNUAL REPORT
Six Months Ended April 30, 2011
(Unaudited)
100 William Street, Suite 200, Wellesley MA 02481 781-239-0445 888-639-0102 Fax 781-237-1635
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PRESIDENT’S LETTER TO SHAREHOLDERS
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2-3
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NEW CENTURY PORTFOLIOS
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New Century Capital Portfolio
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Portfolio Information
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4
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Schedule of Investments
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5-6
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New Century Balanced Portfolio
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Portfolio Information
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7
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Schedule of Investments
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8-9
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New Century Opportunistic Portfolio
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Portfolio Information
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10
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Schedule of Investments
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11
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New Century International Portfolio
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Portfolio Information
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12
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Schedule of Investments
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13-14
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New Century Alternative Strategies Portfolio
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Portfolio Information
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15
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Schedule of Investments
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16-17
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Statements of Assets and Liabilities
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18
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Statements of Operations
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19
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Statements of Changes in Net Assets
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20-22
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Financial Highlights
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23-27
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Notes to Financial Statements
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28-38
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About Your Portfolio’s Expenses
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39-41
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PRESIDENT’S LETTER TO SHAREHOLDERS
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June 2011
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NEW CENTURY CAPITAL PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2011 (Unaudited)
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Asset Allocation (% of Net Assets)
|
|
Top Ten Holdings
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Security Description
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% of Net Assets
|
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iShares Dow Jones U.S. Energy Sector Index
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7.0%
|
|
Amana Trust Income
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5.7%
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|
Nuveen Tradewinds Value Opportunities - I Shares
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5.5%
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Fidelity Capital Appreciation
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5.4%
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iShares S&P MidCap 400 Value Index
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4.8%
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iShares S&P SmallCap 600 Growth Index
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4.4%
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Vanguard 500 Index - Investor Shares
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4.4%
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iShares S&P SmallCap 600 Value Index
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4.0%
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iShares MSCI Emerging Markets Index
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4.0%
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Fidelity Select Utilities Growth
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3.7%
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NEW CENTURY CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2011 (Unaudited)
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||||||||
INVESTMENT COMPANIES — 99.9%
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Shares
|
Value
|
||||||
Large-Cap Funds — 43.8%
|
||||||||
Amana Trust Income
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169,617 | $ | 5,851,773 | |||||
American Funds AMCAP - Class A
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157,158 | 3,204,455 | ||||||
Brown Advisory Growth Equity - Institutional Shares (b)
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223,214 | 3,127,232 | ||||||
Fairholme
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65,459 | 2,265,550 | ||||||
Fidelity Capital Appreciation
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202,917 | 5,545,734 | ||||||
iShares Russell 1000 Value Index (a)
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28,800 | 2,028,960 | ||||||
iShares S&P 500 Growth Index (a)
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19,900 | 1,412,303 | ||||||
iShares S&P 500 Index (a)
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17,350 | 2,375,215 | ||||||
iShares S&P 500 Value Index (a)
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44,300 | 2,874,184 | ||||||
Morgan Stanley Institutional Fund, Inc. - Opportunity Portfolio - Class P (b)
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138,408 | 2,329,412 | ||||||
Nuveen Tradewinds Value Opportunities - I Shares
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151,550 | 5,598,263 | ||||||
Putnam Equity Income - Class Y
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62,073 | 1,034,761 | ||||||
Vanguard 500 Index - Investor Shares
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35,599 | 4,475,484 | ||||||
Wells Fargo Advantage Growth - Administrator Class (b)
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71,942 | 2,830,935 | ||||||
44,954,261 | ||||||||
International Funds — 17.1%
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||||||||
First Eagle Global - Class A
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65,139 | 3,230,262 | ||||||
Harding, Loevner International Equity - Institutional Class
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205,871 | 3,372,166 | ||||||
iShares MSCI EAFE Index (a)
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40,200 | 2,551,092 | ||||||
iShares MSCI EAFE Value Index (a)
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39,000 | 2,184,000 | ||||||
iShares MSCI Emerging Markets Index (a)
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82,700 | 4,135,000 | ||||||
Oppenheimer Developing Markets - Class Y Shares
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54,863 | 2,032,667 | ||||||
17,505,187 | ||||||||
Sector Funds — 16.2%
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||||||||
Fidelity Select Utilities Growth
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72,642 | 3,798,444 | ||||||
iShares Dow Jones U.S. Energy Sector Index (a)
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156,200 | 7,186,762 | ||||||
iShares S&P North American Natural Resources Index (a)
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31,800 | 1,498,734 | ||||||
PowerShares Dynamic Biotechnology & Genome (a) (b)
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58,600 | 1,358,348 | ||||||
PowerShares Dynamic Pharmaceuticals (a)
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59,300 | 1,552,474 | ||||||
SPDR Gold Trust (a) (b) (c)
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8,000 | 1,218,880 | ||||||
16,613,642 | ||||||||
Mid-Cap Funds — 12.8%
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||||||||
iShares S&P MidCap 400 Growth Index (a)
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18,000 | 2,051,640 | ||||||
iShares S&P MidCap 400 Value Index (a)
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55,800 | 4,902,588 | ||||||
Ivy Mid Cap Growth - Class I Shares (b)
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169,223 | 3,313,379 | ||||||
Janus Global Select - T Shares
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119,060 | 1,475,153 | ||||||
SPDR S&P MidCap 400 ETF Trust (a)
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7,200 | 1,329,192 | ||||||
13,071,952 | ||||||||
Small-Cap Funds — 10.0%
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||||||||
Buffalo Small Cap (b)
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58,330 | 1,658,309 | ||||||
iShares S&P SmallCap 600 Growth Index (a)
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54,600 | 4,486,482 | ||||||
iShares S&P SmallCap 600 Value Index (a)
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53,700 | 4,136,511 | ||||||
10,281,302 | ||||||||
Total Investment Companies (Cost $74,060,009) | $ | 102,426,344 |
NEW CENTURY CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
MONEY MARKET FUNDS — 0.2%
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Shares
|
Value
|
||||||
AIM STIT-STIC Prime Portfolio (The) - Institutional Class, 0.10% (d) (Cost $228,212)
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228,212 | $ | 228,212 | |||||
Total Investments at Value — 100.1% (Cost $74,288,221)
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$ | 102,654,556 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
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(99,644 | ) | ||||||
Net Assets — 100.0%
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$ | 102,554,912 |
(a)
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Exchange-traded fund.
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(b)
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Non-income producing security.
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(c)
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For federal income tax purposes, structured as a grantor trust.
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(d)
|
Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2011.
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NEW CENTURY BALANCED PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2011 (Unaudited)
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Asset Allocation (% of Net Assets)
|
|
Top Ten Holdings
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Security Description
|
% of Net Assets
|
|
Templeton Global Bond - Class A
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8.9%
|
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Loomis Sayles Bond - Institutional Class
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8.3%
|
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iShares S&P 500 Index
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6.5%
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First Eagle Global - Class A
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6.3%
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SPDR S&P MidCap 400 ETF Trust
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6.2%
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iShares Dow Jones U.S. Energy Sector Index
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5.8%
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American Funds AMCAP - Class A
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5.0%
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Loomis Sayles Institutional High Income
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4.3%
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Dodge & Cox Income
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3.8%
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iShares S&P SmallCap 600 Growth Index
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3.6%
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NEW CENTURY BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2011 (Unaudited)
|
||||||||
INVESTMENT COMPANIES — 98.7%
|
Shares
|
Value
|
||||||
Sector Funds — 19.9%
|
||||||||
Consumer Staples Select Sector SPDR (a)
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54,000 | $ | 1,702,080 | |||||
Fidelity Select Utilities Growth
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47,514 | 2,484,495 | ||||||
iShares Dow Jones U.S. Energy Sector Index (a)
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89,100 | 4,099,491 | ||||||
iShares S&P North American Natural Resources Index (a)
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31,800 | 1,498,734 | ||||||
PowerShares Dynamic Biotechnology & Genome (a) (b)
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36,900 | 855,342 | ||||||
PowerShares Dynamic Food & Beverage (a)
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78,000 | 1,542,840 | ||||||
PowerShares Dynamic Pharmaceuticals (a)
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40,100 | 1,049,818 | ||||||
SPDR Gold Trust (a) (b) (c)
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5,300 | 807,508 | ||||||
14,040,308 | ||||||||
Large-Cap Funds — 15.7%
|
||||||||
American Funds AMCAP - Class A
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172,395 | 3,515,137 | ||||||
iShares Russell 1000 Growth Index (a)
|
19,600 | 1,224,020 | ||||||
iShares Russell 1000 Value Index (a)
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20,300 | 1,430,135 | ||||||
iShares S&P 500 Index (a)
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33,400 | 4,572,460 | ||||||
Wells Fargo Advantage Growth - Investor Class (b)
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9,573 | 359,749 | ||||||
11,101,501 | ||||||||
Government/Corporate Bond Funds — 14.3%
|
||||||||
Loomis Sayles Bond - Institutional Class
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389,183 | 5,833,860 | ||||||
PIMCO Unconstrained Bond - Institutional Class
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90,226 | 1,007,828 | ||||||
ProShares UltraShort 20+ Year Treasury (a) (b)
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31,600 | 1,126,540 | ||||||
Rydex Inverse Government Long Bond Strategy - Investor Class (b)
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77,534 | 988,553 | ||||||
Vanguard Intermediate-Term Investment-Grade - Admiral Shares
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118,007 | 1,175,352 | ||||||
10,132,133 | ||||||||
International Funds — 12.6%
|
||||||||
First Eagle Global - Class A
|
89,251 | 4,425,979 | ||||||
Harding, Loevner International Equity - Institutional Class
|
130,819 | 2,142,810 | ||||||
iShares MSCI EAFE Index (a)
|
37,300 | 2,367,058 | ||||||
8,935,847 | ||||||||
Worldwide Bond Funds — 11.2%
|
||||||||
Loomis Sayles Global Bond - Institutional Class
|
92,229 | 1,598,334 | ||||||
Templeton Global Bond - Class A
|
446,320 | 6,279,725 | ||||||
7,878,059 | ||||||||
Mid-Cap Funds — 7.3%
|
||||||||
iShares S&P MidCap 400 Value Index (a)
|
9,000 | 790,740 | ||||||
SPDR S&P MidCap 400 ETF Trust (a)
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23,580 | 4,353,104 | ||||||
5,143,844 | ||||||||
Small-Cap Funds — 5.9%
|
||||||||
iShares S&P SmallCap 600 Growth Index (a)
|
30,800 | 2,530,836 | ||||||
iShares S&P SmallCap 600 Value Index (a)
|
21,300 | 1,640,739 | ||||||
4,171,575 | ||||||||
High Quality Bond Funds — 5.5%
|
||||||||
Calvert Social Investment - Class I
|
76,602 | 1,202,649 | ||||||
Dodge & Cox Income
|
200,170 | 2,688,287 | ||||||
3,890,936 | ||||||||
High Yield Bond Funds — 4.3%
|
||||||||
Loomis Sayles Institutional High Income
|
374,561 | 3,033,946 |
NEW CENTURY BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
INVESTMENT COMPANIES — 98.7% (Continued)
|
Shares
|
Value
|
||||||
Convertible Bond Funds — 2.0%
|
||||||||
Calamos Convertible - Class I
|
72,025 | $ | 1,421,778 | |||||
Total Investment Companies (Cost $54,325,387)
|
$ | 69,749,927 |
|
||||||||
MONEY MARKET FUNDS — 1.4%
|
Shares
|
Value
|
||||||
AIM STIT-STIC Prime Portfolio (The) - Institutional Class, 0.10% (d) (Cost $999,543)
|
999,543 | $ | 999,543 | |||||
Total Investments at Value — 100.1% (Cost $55,324,930)
|
$ | 70,749,470 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(69,323 | ) | ||||||
Net Assets — 100.0%
|
$ | 70,680,147 |
(a)
|
Exchange-traded fund.
|
(b)
|
Non-income producing security.
|
(c)
|
For federal income tax purposes, structured as a grantor trust.
|
(d)
|
Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2011.
|
NEW CENTURY OPPORTUNISTIC PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2011 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
|
Top Ten Holdings
|
Security Description
|
% of Net Assets
|
|
iShares S&P 500 Growth Index
|
13.6%
|
|
iShares MSCI Emerging Markets Index
|
9.6%
|
|
Wells Fargo Advantage Growth - Administrator Class
|
9.5%
|
|
SPDR S&P MidCap 400 ETF Trust
|
8.6%
|
|
iShares S&P North American Natural Resources Index
|
7.7%
|
|
Technology Select Sector SPDR
|
7.5%
|
|
iShares S&P 500 Value Index
|
7.0%
|
|
Gabelli Small Cap Growth - Class I
|
4.4%
|
|
PowerShares Dynamic Biotechnology & Genome
|
4.0%
|
|
iShares Dow Jones U.S. Energy Sector Index
|
4.0%
|
NEW CENTURY OPPORTUNISTIC PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2011 (Unaudited)
|
||||||||
INVESTMENT COMPANIES — 96.7%
|
Shares
|
Value
|
||||||
Large-Cap Funds — 33.6%
|
||||||||
iShares S&P 500 Growth Index (a)
|
29,200 | $ | 2,072,324 | |||||
iShares S&P 500 Value Index (a)
|
16,500 | 1,070,520 | ||||||
Vanguard Growth ETF (a)
|
8,000 | 530,320 | ||||||
Wells Fargo Advantage Growth - Administrator Class (b)
|
36,852 | 1,450,120 | ||||||
5,123,284 | ||||||||
Sector Funds — 26.8%
|
||||||||
iShares Dow Jones U.S. Energy Sector Index (a)
|
13,200 | 607,332 | ||||||
iShares S&P North American Natural Resources Index (a)
|
24,900 | 1,173,537 | ||||||
PowerShares Dynamic Biotechnology & Genome (a) (b)
|
26,500 | 614,270 | ||||||
PowerShares Dynamic Pharmaceuticals (a)
|
14,700 | 384,846 | ||||||
SPDR Gold Trust (a) (b) (c)
|
1,000 | 152,360 | ||||||
Technology Select Sector SPDR (a)
|
42,800 | 1,144,900 | ||||||
4,077,245 | ||||||||
International Funds — 16.6%
|
||||||||
iShares MSCI Emerging Markets Index (a)
|
29,300 | 1,465,000 | ||||||
Janus Overseas - T Shares
|
9,007 | 458,721 | ||||||
Oppenheimer Developing Markets - Class Y Shares
|
16,300 | 603,912 | ||||||
2,527,633 | ||||||||
Mid-Cap Funds — 12.6%
|
||||||||
Meridian Growth
|
12,517 | 606,196 | ||||||
SPDR S&P MidCap 400 ETF Trust (a)
|
7,102 | 1,311,100 | ||||||
1,917,296 | ||||||||
Small-Cap Funds — 7.1%
|
||||||||
Gabelli Small Cap Growth - Class I (b)
|
17,916 | 666,655 | ||||||
iShares S&P SmallCap 600 Growth Index (a)
|
5,100 | 419,067 | ||||||
1,085,722 | ||||||||
Total Investment Companies (Cost $10,786,120)
|
$ | 14,731,180 |
MONEY MARKET FUNDS — 3.4%
|
Shares
|
Value
|
||||||
AIM STIT-STIC Prime Portfolio (The) - Institutional Class, 0.10% (d) (Cost $518,166)
|
518,166 | $ | 518,166 | |||||
Total Investments at Value — 100.1% (Cost $11,304,286)
|
$ | 15,249,346 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(13,500 | ) | ||||||
Net Assets — 100.0%
|
$ | 15,235,846 |
(a)
|
Exchange-traded fund.
|
(b)
|
Non-income producing security.
|
(c)
|
For federal income tax purposes, structured as a grantor trust.
|
(d)
|
Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2011.
|
NEW CENTURY INTERNATIONAL PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2011 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
|
Top Ten Holdings
|
Security Description
|
% of Net Assets
|
|
Fidelity Canada
|
6.8%
|
|
iShares MSCI Germany Index
|
6.7%
|
|
iShares S&P Latin America 40 Index
|
6.2%
|
|
iShares MSCI Canada Index
|
5.5%
|
|
Janus Overseas - T Shares
|
5.2%
|
|
iShares S&P Global Energy Sector Index
|
4.9%
|
|
iShares FTSE/Xinhua China 25 Index
|
4.6%
|
|
Harding, Loevner International Equity - Institutional Class
|
4.5%
|
|
Matthews Pacific Tiger - Class I
|
4.4%
|
|
Vanguard Emerging Markets Stock Index
|
4.0%
|
NEW CENTURY INTERNATIONAL PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2011 (Unaudited)
|
||||||||
INVESTMENT COMPANIES — 98.2%
|
Shares
|
Value
|
||||||
Diversified Funds — 27.3%
|
||||||||
Columbia Acorn International Select - Class A
|
57,784 | $ | 1,754,910 | |||||
Harding, Loevner International Equity - Institutional Class
|
209,791 | 3,436,372 | ||||||
iShares MSCI EAFE Growth Index (a)
|
20,200 | 1,340,068 | ||||||
iShares MSCI EAFE Index (a)
|
17,500 | 1,110,550 | ||||||
iShares MSCI EAFE Value Index (a)
|
21,600 | 1,209,600 | ||||||
iShares S&P Global Energy Sector Index (a)
|
82,100 | 3,728,161 | ||||||
iShares S&P Global Infrastructure Index (a)
|
26,200 | 1,016,298 | ||||||
iShares S&P Global Materials Index (a)
|
19,100 | 1,492,856 | ||||||
Janus Overseas - T Shares
|
78,191 | 3,982,253 | ||||||
Templeton Institutional Funds - Foreign Smaller Companies Series
|
99,054 | 1,886,986 | ||||||
20,958,054 | ||||||||
Europe Funds — 23.2%
|
||||||||
Franklin Mutual European - Class A
|
113,643 | 2,576,290 | ||||||
iShares MSCI Germany Index (a)
|
178,100 | 5,125,718 | ||||||
iShares MSCI Sweden Index (a)
|
58,000 | 2,071,180 | ||||||
iShares MSCI Switzerland Index (a)
|
105,600 | 2,940,960 | ||||||
iShares MSCI United Kingdom Index (a)
|
156,546 | 2,991,594 | ||||||
Vanguard European Stock ETF (a)
|
37,100 | 2,089,843 | ||||||
17,795,585 | ||||||||
Americas Funds — 22.4%
|
||||||||
Fidelity Canada
|
82,373 | 5,215,850 | ||||||
iShares MSCI Canada Index (a)
|
126,000 | 4,246,200 | ||||||
iShares MSCI Mexico Investable Market Index (a)
|
47,300 | 3,041,863 | ||||||
iShares S&P Latin America 40 Index (a)
|
87,300 | 4,729,041 | ||||||
17,232,954 | ||||||||
Asia/Pacific Funds — 19.1%
|
||||||||
Fidelity Japan
|
157,443 | 1,684,637 | ||||||
iShares FTSE/Xinhua China 25 Index (a)
|
78,500 | 3,548,985 | ||||||
iShares MSCI Australia Index (a)
|
105,800 | 2,990,966 | ||||||
iShares MSCI Japan Index (a)
|
45,500 | 479,115 | ||||||
iShares MSCI Pacific ex-Japan Index (a)
|
49,700 | 2,512,832 | ||||||
Matthews Pacific Tiger - Class I
|
140,613 | 3,415,498 | ||||||
14,632,033 | ||||||||
Emerging Markets Funds — 6.2%
|
||||||||
iShares MSCI Emerging Markets Index (a)
|
34,000 | 1,700,000 | ||||||
Vanguard Emerging Markets Stock Index
|
61,000 | 3,085,380 | ||||||
4,785,380 | ||||||||
Total Investment Companies (Cost $45,062,494)
|
$ | 75,404,006 |
NEW CENTURY INTERNATIONAL PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
MONEY MARKET FUNDS — 1.9%
|
Shares
|
Value
|
||||||
AIM STIT-STIC Prime Portfolio (The) - Institutional Class, 0.10% (b) (Cost $1,477,392)
|
1,477,392 | $ | 1,477,392 | |||||
Total Investments at Value — 100.1% (Cost $46,539,886)
|
$ | 76,881,398 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(113,553 | ) | ||||||
Net Assets — 100.0%
|
$ | 76,767,845 |
(a)
|
Exchange-traded fund.
|
(b)
|
Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2011.
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2011 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
|
Top Ten Holdings
|
Security Description
|
% of Net Assets
|
|
Merger
|
5.5%
|
|
FPA Crescent
|
5.4%
|
|
Calamos Market Neutral Income - Class A
|
5.4%
|
|
First Eagle Global - Class A
|
5.4%
|
|
BlackRock Global Allocation - Class A
|
4.5%
|
|
Arbitrage - Class I
|
4.1%
|
|
Wasatch-1st Source Long/Short
|
4.1%
|
|
Marketfield
|
3.7%
|
|
Templeton Global Bond - Class A
|
3.5%
|
|
TFS Market Neutral
|
3.4%
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2011 (Unaudited)
|
||||||||
INVESTMENT COMPANIES — 97.2%
|
Shares
|
Value
|
||||||
Global Macro Funds — 16.3%
|
||||||||
BlackRock Global Allocation - Class A
|
283,101 | $ | 5,874,350 | |||||
First Eagle Global - Class A
|
140,760 | 6,980,310 | ||||||
Ivy Asset Strategy - Class A
|
163,009 | 4,409,394 | ||||||
Mutual Global Discovery - Class Z
|
122,525 | 3,880,365 | ||||||
21,144,419 | ||||||||
Asset Allocation Funds — 15.7%
|
||||||||
Berwyn Income
|
264,039 | 3,596,210 | ||||||
Calamos Strategic Total Return (d)
|
220,000 | 2,191,200 | ||||||
FPA Crescent
|
246,096 | 7,065,407 | ||||||
Greenspring
|
78,855 | 1,976,118 | ||||||
Leuthold Core Investment
|
106,404 | 1,955,704 | ||||||
Oakmark Equity and Income - Class I
|
124,461 | 3,692,767 | ||||||
20,477,406 | ||||||||
Arbitrage Funds — 15.0%
|
||||||||
Arbitrage - Class I
|
413,421 | 5,357,943 | ||||||
Calamos Market Neutral Income - Class A
|
567,856 | 7,001,669 | ||||||
Merger (b)
|
441,343 | 7,171,825 | ||||||
19,531,437 | ||||||||
Long/Short Equity Funds — 14.7%
|
||||||||
CGM Focus (b)
|
54,778 | 1,836,165 | ||||||
Marketfield
|
340,150 | 4,789,305 | ||||||
Schwab Hedged Equity - Select Shares (b)
|
169,449 | 2,772,188 | ||||||
TFS Market Neutral (b)
|
283,803 | 4,415,977 | ||||||
Wasatch-1st Source Long/Short
|
383,230 | 5,273,244 | ||||||
19,086,879 | ||||||||
Natural Resources Funds — 8.9%
|
||||||||
Highbridge Dynamic Commodities Strategy - Select Class (b)
|
59,091 | 1,330,136 | ||||||
PIMCO Commodity Real Return Strategy - Class A
|
263,473 | 2,645,264 | ||||||
PowerShares Water Resources Portfolio (a)
|
69,000 | 1,395,870 | ||||||
RS Global Natural Resources - Class A (b)
|
38,866 | 1,616,820 | ||||||
SPDR Gold Trust (a) (b) (c)
|
10,500 | 1,599,780 | ||||||
SteelPath MLP Select 40 - Institutional Class (b)
|
136,636 | 1,561,751 | ||||||
Vanguard Precious Metals and Mining - Investor Shares
|
51,169 | 1,432,209 | ||||||
11,581,830 | ||||||||
High Yield/Fixed Income Funds — 8.3%
|
||||||||
Eaton Vance Global Macro Absolute Return - I Shares
|
9,913 | 101,603 | ||||||
Forward Long/Short Credit Analysis - Institutional Class
|
336,486 | 2,634,683 | ||||||
Loomis Sayles Institutional High Income
|
204,929 | 1,659,922 | ||||||
Nuveen Multi-Strategy Income & Growth 2 (d)
|
200,000 | 1,840,000 | ||||||
Templeton Global Bond - Class A
|
320,493 | 4,509,334 | ||||||
10,745,542 | ||||||||
Real Estate Funds — 7.4%
|
||||||||
ING Global Real Estate - Class I
|
166,513 | 2,912,307 | ||||||
Invesco Real Estate - Class A
|
148,556 | 3,540,085 | ||||||
Third Avenue Real Estate Value
|
130,460 | 3,222,350 | ||||||
9,674,742 |
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
INVESTMENT COMPANIES — 97.2% (Continued)
|
Shares
|
Value
|
||||||
Deep Value/Distressed Securities Funds — 7.3%
|
||||||||
Fairholme
|
110,065 | $ | 3,809,344 | |||||
Royce Value Trust, Inc. (d)
|
149,803 | 2,374,377 | ||||||
Third Avenue Value
|
60,401 | 3,273,728 | ||||||
9,457,449 | ||||||||
Option Hedged Funds — 3.6%
|
||||||||
Eaton Vance Tax-Managed Buy-Write Income (d)
|
50,000 | 682,500 | ||||||
Gateway - Class A
|
149,952 | 4,044,206 | ||||||
4,726,706 | ||||||||
Total Investment Companies (Cost $106,099,107)
|
$ | 126,426,410 |
|
||||||||
STRUCTURED NOTES — 2.3%
|
Par Value
|
Value
|
||||||
Credit Suisse, Buffered Accelerated Return Equity Security Linked Note, due 04/05/2012 (b)
|
$ | 1,000,000 | $ | 1,066,300 | ||||
Credit Suisse, Buffered Accelerated Return Equity Security Linked Note, due 05/05/2011 (b)
|
1,250,000 | 1,900,000 | ||||||
Total Structured Notes (Cost $2,250,000)
|
$ | 2,966,300 |
|
||||||||
MONEY MARKET FUNDS — 0.5%
|
Shares
|
Value
|
||||||
AIM STIT-STIC Prime Portfolio (The) - Institutional Class, 0.10% (e) (Cost $608,172)
|
608,172 | $ | 608,172 | |||||
Total Investments at Value — 100.0% (Cost $108,957,279)
|
$ | 130,000,882 | ||||||
Other Assets in Excess of Liabilities — 0.0%
|
28,398 | |||||||
Net Assets — 100.0%
|
$ | 130,029,280 |
(a)
|
Exchange-traded fund.
|
(b)
|
Non-income producing security.
|
(c)
|
For federal income tax purposes, structured as a grantor trust.
|
(d)
|
Closed-end fund.
|
(e)
|
Variable rate security. The rate shown is the 7-day effective yield as of April 30, 2011.
|
NEW CENTURY PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2011 (Unaudited)
|
||||||||||||||||||||
|
New Century Capital Portfolio
|
New Century Balanced Portfolio
|
New Century Opportunistic Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Investments in securities:
|
||||||||||||||||||||
At acquisition cost
|
$ | 74,288,221 | $ | 55,324,930 | $ | 11,304,286 | $ | 46,539,886 | $ | 108,957,279 | ||||||||||
At value (Note 1A)
|
$ | 102,654,556 | $ | 70,749,470 | $ | 15,249,346 | $ | 76,881,398 | $ | 130,000,882 | ||||||||||
Dividends receivable
|
94 | 6,314 | 49 | 108 | 463 | |||||||||||||||
Receivable for investment
securities sold |
— | — | — | — | 50,000 | |||||||||||||||
Receivable for capital shares sold
|
1,173 | 2,175 | — | 3,635 | 290,390 | |||||||||||||||
Other assets
|
11,003 | 8,098 | 2,989 | 8,737 | 14,766 | |||||||||||||||
TOTAL ASSETS
|
102,666,826 | 70,766,057 | 15,252,384 | 76,893,878 | 130,356,501 | |||||||||||||||
LIABILITIES
|
||||||||||||||||||||
Payable for investment
securities purchased |
— | 1,788 | — | — | 367 | |||||||||||||||
Payable for capital shares redeemed
|
— | — | — | 40,000 | 224,145 | |||||||||||||||
Payable to Advisor (Note 2)
|
84,896 | 58,414 | 8,097 | 63,269 | 82,079 | |||||||||||||||
Payable to Distributor (Note 3)
|
18,500 | 14,768 | 3,062 | 15,100 | 8,119 | |||||||||||||||
Other accrued expenses
|
8,518 | 10,940 | 5,379 | 7,664 | 12,511 | |||||||||||||||
TOTAL LIABILITIES
|
111,914 | 85,910 | 16,538 | 126,033 | 327,221 | |||||||||||||||
NET ASSETS
|
$ | 102,554,912 | $ | 70,680,147 | $ | 15,235,846 | $ | 76,767,845 | $ | 130,029,280 | ||||||||||
Net assets consist of:
|
||||||||||||||||||||
Paid-in capital
|
$ | 75,439,414 | $ | 58,878,040 | $ | 13,176,999 | $ | 53,535,325 | $ | 122,085,463 | ||||||||||
Accumulated undistributed net investment income (loss)
|
(27,736 | ) | 34,170 | (18,678 | ) | 180,123 | (71,331 | ) | ||||||||||||
Accumulated net realized losses
on investments |
(1,223,101 | ) | (3,656,603 | ) | (1,867,535 | ) | (7,289,115 | ) | (13,028,455 | ) | ||||||||||
Net unrealized appreciation
on investments |
28,366,335 | 15,424,540 | 3,945,060 | 30,341,512 | 21,043,603 | |||||||||||||||
Net assets
|
$ | 102,554,912 | $ | 70,680,147 | $ | 15,235,846 | $ | 76,767,845 | $ | 130,029,280 | ||||||||||
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) |
5,730,782 | 4,847,356 | 1,388,996 | 4,769,142 | 10,208,146 | |||||||||||||||
Net asset value, offering price and redemption price per share (a)
|
$ | 17.90 | $ | 14.58 | $ | 10.97 | $ | 16.10 | $ | 12.74 |
(a)
|
Redemption price may differ from the net asset value per share depending upon the length of time held (Note 1B).
|
NEW CENTURY PORTFOLIOS
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2011 (Unaudited)
|
||||||||||||||||||||
New Century Capital Portfolio
|
New Century Balanced Portfolio
|
New Century Opportunistic Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
||||||||||||||||
INVESTMENT INCOME
|
||||||||||||||||||||
Dividends
|
$ | 658,267 | $ | 1,082,520 | $ | 81,737 | $ | 633,800 | $ | 1,691,370 | ||||||||||
EXPENSES
|
||||||||||||||||||||
Investment advisory fees (Note 2)
|
487,364 | 331,456 | 66,944 | 356,487 | 498,938 | |||||||||||||||
Distribution costs (Note 3)
|
103,254 | 65,849 | 16,736 | 83,845 | 112,416 | |||||||||||||||
Accounting fees
|
19,863 | 18,361 | 15,670 | 18,570 | 21,601 | |||||||||||||||
Administration fees (Note 2)
|
16,892 | 12,404 | 4,979 | 13,457 | 21,808 | |||||||||||||||
Legal and audit fees
|
14,589 | 10,745 | 4,363 | 11,242 | 18,249 | |||||||||||||||
Transfer agent fees
|
10,500 | 10,500 | 10,500 | 10,500 | 10,500 | |||||||||||||||
Trustees’ fees (Note 2)
|
12,321 | 8,394 | 1,750 | 9,071 | 16,463 | |||||||||||||||
Custody and bank service fees
|
8,314 | 6,553 | 2,078 | 6,975 | 14,001 | |||||||||||||||
Postage & supplies
|
3,837 | 2,368 | 1,476 | 2,708 | 4,258 | |||||||||||||||
Insurance expense
|
4,161 | 3,014 | 541 | 3,871 | 6,564 | |||||||||||||||
Other expenses
|
4,908 | 11,453 | 3,209 | 4,370 | 7,316 | |||||||||||||||
Total expenses
|
686,003 | 481,097 | 128,246 | 521,096 | 732,114 | |||||||||||||||
Less fees waived by the
Advisor (Note 2) |
— | — | (27,831 | ) | — | — | ||||||||||||||
Net expenses
|
686,003 | 481,097 | 100,415 | 521,096 | 732,114 | |||||||||||||||
NET INVESTMENT
INCOME (LOSS) |
(27,736 | ) | 601,423 | (18,678 | ) | 112,704 | 959,256 | |||||||||||||
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
|
||||||||||||||||||||
Net realized gains on investments
|
6,253,875 | 179,317 | 337,478 | 385,543 | 410,532 | |||||||||||||||
Capital gain distributions from
regulated investment companies |
144,757 | 204,254 | — | 67,758 | 1,119,387 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments
|
8,265,648 | 6,539,582 | 1,603,048 | 7,275,261 | 8,570,229 | |||||||||||||||
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS
|
14,664,280 | 6,923,153 | 1,940,526 | 7,728,562 | 10,100,148 | |||||||||||||||
NET INCREASE IN NET ASSETS FROM OPERATIONS
|
$ | 14,636,544 | $ | 7,524,576 | $ | 1,921,848 | $ | 7,841,266 | $ | 11,059,404 |
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
|
||||||||||||||||
New Century
Capital Portfolio
|
New Century
Balanced Portfolio
|
|||||||||||||||
Six Months
Ended
April 30, 2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
Six Months
Ended
April 30, 2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
|||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income (loss)
|
$ | (27,736 | ) | $ | (174,563 | ) | $ | 601,423 | $ | 751,710 | ||||||
Net realized gains (losses) from
security transactions |
6,253,875 | 3,033,894 | 179,317 | (164,389 | ) | |||||||||||
Capital gain distributions from regulated
investment companies |
144,757 | — | 204,254 | 74,671 | ||||||||||||
Net change in unrealized appreciation
(depreciation) on investments |
8,265,648 | 10,720,948 | 6,539,582 | 6,637,608 | ||||||||||||
Net increase in net assets from operations
|
14,636,544 | 13,580,279 | 7,524,576 | 7,299,600 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||||||
From net investment income (Note 1E)
|
— | (197,554 | ) | (941,153 | ) | (803,247 | ) | |||||||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Proceeds from shares sold
|
2,897,003 | 5,779,440 | 1,577,929 | 2,950,046 | ||||||||||||
Proceeds from redemption fees
collected (Note 1B) |
— | 200 | 179 | — | ||||||||||||
Net asset value of shares issued in
reinvestment of distributions to shareholders |
— | 187,117 | 901,552 | 760,047 | ||||||||||||
Payments for shares redeemed
|
(8,244,692 | ) | (11,083,722 | ) | (3,262,581 | ) | (6,904,364 | ) | ||||||||
Net decrease in net assets from capital
share transactions |
(5,347,689 | ) | (5,116,965 | ) | (782,921 | ) | (3,194,271 | ) | ||||||||
TOTAL INCREASE IN NET ASSETS
|
9,288,855 | 8,265,760 | 5,800,502 | 3,302,082 | ||||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of period
|
93,266,057 | 85,000,297 | 64,879,645 | 61,577,563 | ||||||||||||
End of period
|
$ | 102,554,912 | $ | 93,266,057 | $ | 70,680,147 | $ | 64,879,645 | ||||||||
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS) |
$ | (27,736 | ) | $ | — | $ | 34,170 | $ | 248,983 | |||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares sold
|
174,762 | 395,919 | 114,229 | 233,988 | ||||||||||||
Shares reinvested
|
— | 13,094 | 66,437 | 61,493 | ||||||||||||
Shares redeemed
|
(496,124 | ) | (769,439 | ) | (239,936 | ) | (550,071 | ) | ||||||||
Net decrease in shares outstanding
|
(321,362 | ) | (360,426 | ) | (59,270 | ) | (254,590 | ) | ||||||||
Shares outstanding, beginning of period
|
6,052,144 | 6,412,570 | 4,906,626 | 5,161,216 | ||||||||||||
Shares outstanding, end of period
|
5,730,782
|
6,052,144
|
4,847,356
|
4,906,626
|
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
|
||||||||||||||||
New Century
Opportunistic Portfolio
|
New Century
International Portfolio
|
|||||||||||||||
Six Months
Ended
April 30, 2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
Six Months
Ended
April 30, 2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
|||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income (loss)
|
$ | (18,678 | ) | $ | (27,497 | ) | $ | 112,704 | $ | 499,160 | ||||||
Net realized gains from
security transactions |
337,478 | 152,638 | 385,543 | 1,760,915 | ||||||||||||
Capital gain distributions from regulated
investment companies |
— | — | 67,758 | 19,724 | ||||||||||||
Net change in unrealized appreciation
(depreciation) on investments |
1,603,048 | 1,904,138 | 7,275,261 | 8,838,385 | ||||||||||||
Net increase in net assets from operations
|
1,921,848 | 2,029,279 | 7,841,266 | 11,118,184 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||||||
From net investment income (Note 1E)
|
— | (12,365 | ) | (374,706 | ) | (552,322 | ) | |||||||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Proceeds from shares sold
|
2,004,054 | 583,154 | 3,787,674 | 10,170,127 | ||||||||||||
Proceeds from redemption fees
collected (Note 1B) |
39 | 30 | 1,213 | 1,845 | ||||||||||||
Net asset value of shares issued in
reinvestment of distributions to shareholders |
— | 12,244 | 370,045 | 382,969 | ||||||||||||
Payments for shares redeemed
|
(403,138 | ) | (2,215,304 | ) | (3,805,070 | ) | (41,622,845 | ) | ||||||||
Net increase (decrease) in net assets from
capital share transactions |
1,600,955 | (1,619,876 | ) | 353,862 | (31,067,904 | ) | ||||||||||
TOTAL INCREASE (DECREASE)
IN NET ASSETS |
3,522,803 | 397,038 | 7,820,422 | (20,502,042 | ) | |||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of period
|
11,713,043 | 11,316,005 | 68,947,423 | 89,449,465 | ||||||||||||
End of period
|
$ | 15,235,846 | $ | 11,713,043 | $ | 76,767,845 | $ | 68,947,423 | ||||||||
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS) |
$ | (18,678 | ) | $ | — | $ | 180,123 | $ | 374,367 | |||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares sold
|
194,137 | 66,432 | 251,201 | 758,982 | ||||||||||||
Shares reinvested
|
— | 1,417 | 24,653 | 28,601 | ||||||||||||
Shares redeemed
|
(39,265 | ) | (253,593 | ) | (252,089 | ) | (3,087,044 | ) | ||||||||
Net increase (decrease) in shares outstanding
|
154,872 | (185,744 | ) | 23,765 | (2,299,461 | ) | ||||||||||
Shares outstanding, beginning of period
|
1,234,124 | 1,419,868 | 4,745,377 | 7,044,838 | ||||||||||||
Shares outstanding, end of period
|
1,388,996 | 1,234,124 | 4,769,142 | 4,745,377 |
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
|
||||||||
New Century Alternative
Strategies Portfolio
|
||||||||
Six Months
Ended
April 30, 2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$ | 959,256 | $ | 1,009,441 | ||||
Net realized gains (losses) from security transactions
|
410,532 | (1,902,489 | ) | |||||
Capital gain distributions from regulated investment companies
|
1,119,387 | 240,236 | ||||||
Net change in unrealized appreciation (depreciation) on investments
|
8,570,229 | 11,305,025 | ||||||
Net increase in net assets from operations
|
11,059,404 | 10,652,213 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income (Note 1E)
|
(1,655,004 | ) | (1,815,992 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
6,580,993 | 24,105,776 | ||||||
Proceeds from redemption fees collected (Note 1B)
|
618 | 905 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
1,628,407 | 1,776,809 | ||||||
Payments for shares redeemed
|
(22,872,308 | ) | (38,600,474 | ) | ||||
Net decrease in net assets from capital share transactions
|
(14,662,290 | ) | (12,716,984 | ) | ||||
TOTAL DECREASE IN NET ASSETS
|
(5,257,890 | ) | (3,880,763 | ) | ||||
NET ASSETS
|
||||||||
Beginning of period
|
135,287,170 | 139,167,933 | ||||||
End of period
|
$ | 130,029,280 | $ | 135,287,170 | ||||
ACCUMULATED UNDISTRIBUTED NET INVESTMENT LOSS
|
$ | (71,331 | ) | $ | — | |||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
537,950 | 2,110,966 | ||||||
Shares reinvested
|
134,357 | 156,547 | ||||||
Shares redeemed
|
(1,861,154 | ) | (3,402,098 | ) | ||||
Net decrease in shares outstanding
|
(1,188,847 | ) | (1,134,585 | ) | ||||
Shares outstanding, beginning of period
|
11,396,993 | 12,531,578 | ||||||
Shares outstanding, end of period
|
10,208,146 | 11,396,993 |
NEW CENTURY CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||||||
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
Six Months
Ended
April 30, 2011
(Unaudited)
|
Years Ended October 31,
|
|||||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
PER SHARE OPERATING
PERFORMANCE |
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 15.41 | $ | 13.26 | $ | 11.76 | $ | 20.68 | $ | 17.23 | $ | 15.04 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
(0.00 | )(a) | (0.03 | ) | 0.03 | 0.02 | (0.06 | ) | (0.08 | ) | ||||||||||||||
Net realized and unrealized gains
(losses) on investments |
2.49 | 2.21 | 1.50 | (7.94 | ) | 3.51 | 2.27 | |||||||||||||||||
Total from investment operations
|
2.49 | 2.18 | 1.53 | (7.92 | ) | 3.45 | 2.19 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
— | (0.03 | ) | (0.03 | ) | (0.14 | ) | — | — | |||||||||||||||
Distributions from net realized gains
|
— | — | — | (0.86 | ) | — | — | |||||||||||||||||
Total distributions
|
— | (0.03 | ) | (0.03 | ) | (1.00 | ) | — | — | |||||||||||||||
Proceeds from redemption fees collected
|
— | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | — | ||||||||||||||
Net asset value, end of period
|
$ | 17.90 | $ | 15.41 | $ | 13.26 | $ | 11.76 | $ | 20.68 | $ | 17.23 | ||||||||||||
TOTAL RETURN (b)
|
16.16% | (c) | 16.47% | 13.05% | (40.06% | ) | 20.02% | 14.56% | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 102,555 | $ | 93,266 | $ | 85,000 | $ | 84,119 | $ | 144,228 | $ | 123,888 | ||||||||||||
Ratio of expenses to
average net assets (d) |
1.41% | (f) | 1.40% | 1.41% | 1.29% | 1.25% | 1.27% | |||||||||||||||||
Ratio of net investment income (loss)
to average net assets (d) (e) |
(0.06% | )(f) | (0.20% | ) | 0.27% | 0.08% | (0.32% | ) | (0.47% | ) | ||||||||||||||
Portfolio turnover
|
17% | (c) | 10% | 4% | 27% | 21% | 12% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests.
|
(e)
|
Recognition of net investment income (loss) by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
|
(f)
|
Annualized.
|
NEW CENTURY BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||||||
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
Six Months
Ended
April 30, 2011
(Unaudited)
|
Years Ended October 31,
|
|||||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
PER SHARE OPERATING
PERFORMANCE |
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 13.22 | $ | 11.93 | $ | 10.54 | $ | 16.13 | $ | 14.57 | $ | 13.15 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.13 | 0.15 | 0.22 | 0.25 | 0.19 | 0.17 | ||||||||||||||||||
Net realized and unrealized gains
(losses) on investments |
1.43 | 1.30 | 1.39 | (4.69 | ) | 1.56 | 1.44 | |||||||||||||||||
Total from investment operations
|
1.56 | 1.45 | 1.61 | (4.44 | ) | 1.75 | 1.61 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
(0.20 | ) | (0.16 | ) | (0.22 | ) | (0.30 | ) | (0.19 | ) | (0.19 | ) | ||||||||||||
Distributions from net realized gains
|
— | — | — | (0.85 | ) | — | — | |||||||||||||||||
Total distributions
|
(0.20 | ) | (0.16 | ) | (0.22 | ) | (1.15 | ) | (0.19 | ) | (0.19 | ) | ||||||||||||
Proceeds from redemption fees collected
|
0.00 | (a) | — | — | 0.00 | (a) | 0.00 | (a) | — | |||||||||||||||
Net asset value, end of period
|
$ | 14.58 | $ | 13.22 | $ | 11.93 | $ | 10.54 | $ | 16.13 | $ | 14.57 | ||||||||||||
TOTAL RETURN (b)
|
11.89% | (c) | 12.23% | 15.57% | (29.46% | ) | 12.09% | 12.37% | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 70,680 | $ | 64,880 | $ | 61,578 | $ | 62,423 | $ | 95,052 | $ | 85,799 | ||||||||||||
Ratio of expenses to
average net assets (d) |
1.45% | (f) | 1.44% | 1.45% | 1.38% | 1.35% | 1.38% | |||||||||||||||||
Ratio of net investment income
to average net assets (d) (e) |
1.81% | (f) | 1.20% | 2.07% | 1.71% | 1.21% | 1.20% | |||||||||||||||||
Portfolio turnover
|
8% | (c) | 7% | 13% | 22% | 28% | 22% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests.
|
(e)
|
Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
|
(f)
|
Annualized.
|
NEW CENTURY OPPORTUNISTIC PORTFOLIO
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||||||
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
|
Six Months
Ended
April 30, 2011
(Unaudited)
|
Years Ended October 31,
|
||||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||||||
PER SHARE OPERATING
PERFORMANCE |
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.49 | $ | 7.97 | $ | 7.08 | $ | 11.78 | $ | 9.45 | $ | 8.72 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
(0.01 | ) | (0.02 | ) | 0.01 | (0.05 | ) | (0.05 | ) | (0.08 | ) | |||||||||||||
Net realized and unrealized gains
(losses) on investments |
1.49 | 1.55 | 0.88 | (4.26 | ) | 2.38 | 0.81 | |||||||||||||||||
Total from investment operations
|
1.48 | 1.53 | 0.89 | (4.31 | ) | 2.33 | 0.73 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
— | (0.01 | ) | — | (0.05 | ) | — | — | ||||||||||||||||
Distributions from net realized gains
|
— | — | — | (0.34 | ) | — | — | |||||||||||||||||
Total distributions
|
— | (0.01 | ) | — | (0.39 | ) | — | — | ||||||||||||||||
Proceeds from redemption fees collected
|
0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | — | — | ||||||||||||||
Net asset value, end of period
|
$ | 10.97 | $ | 9.49 | $ | 7.97 | $ | 7.08 | $ | 11.78 | $ | 9.45 | ||||||||||||
TOTAL RETURN (b)
|
15.60% | (c) | 19.19% | 12.57% | (37.74% | ) | 24.66% | 8.37% | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 15,236 | $ | 11,713 | $ | 11,316 | $ | 10,587 | $ | 14,935 | $ | 11,949 | ||||||||||||
Ratios of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
and waived fees (d) |
1.91% | (f) | 2.03% | 2.08% | 1.79% | 1.88% | 2.00% | |||||||||||||||||
After expense reimbursement
and waived fees (d) |
1.50% | (f) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||||
Ratios of net investment income (loss)
to average net assets: |
||||||||||||||||||||||||
Before expense reimbursement
and waived fees (d) (e) |
(0.69% | )(f) | (0.77% | ) | (0.47% | ) | (0.89% | ) | (0.88% | ) | (1.39% | ) | ||||||||||||
After expense reimbursement
and waived fees (d) (e) |
(0.28% | )(f) | (0.24% | ) | 0.11% | (0.60% | ) | (0.50% | ) | (0.89% | ) | |||||||||||||
Portfolio turnover
|
13% | (c) | 7% | 10% | 56% | 47% | 49% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests.
|
(e)
|
Recognition of net investment income (loss) by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
|
(f)
|
Annualized.
|
NEW CENTURY INTERNATIONAL PORTFOLIO
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||||||
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
Six Months
Ended
April 30, 2011
(Unaudited)
|
Years Ended October 31,
|
|||||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
PER SHARE OPERATING
PERFORMANCE |
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 14.53 | $ | 12.70 | $ | 10.08 | $ | 20.06 | $ | 15.06 | $ | 12.12 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.02 | 0.09 | 0.13 | 0.28 | 0.03 | (0.06 | ) | |||||||||||||||||
Net realized and unrealized gains
(losses) on investments |
1.63 | 1.82 | 2.61 | (9.47 | ) | 5.61 | 3.12 | |||||||||||||||||
Total from investment operations
|
1.65 | 1.91 | 2.74 | (9.19 | ) | 5.64 | 3.06 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
(0.08 | ) | (0.08 | ) | (0.12 | ) | (0.33 | ) | (0.06 | ) | — | |||||||||||||
Distributions from net realized gains
|
— | — | — | (0.46 | ) | (0.58 | ) | (0.12 | ) | |||||||||||||||
Total distributions
|
(0.08 | ) | (0.08 | ) | (0.12 | ) | (0.79 | ) | (0.64 | ) | (0.12 | ) | ||||||||||||
Proceeds from redemption fees collected
|
0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | ||||||||||||
Net asset value, end of period
|
$ | 16.10 | $ | 14.53 | $ | 12.70 | $ | 10.08 | $ | 20.06 | $ | 15.06 | ||||||||||||
TOTAL RETURN (b)
|
11.39% | (c) | 15.07% | 27.45% | (47.52% | ) | 38.62% | 25.35% | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 76,768 | $ | 68,947 | $ | 89,449 | $ | 76,234 | $ | 147,416 | $ | 102,945 | ||||||||||||
Ratios of expenses to
average net assets (d) |
1.46% | (f) | 1.45% | 1.44% | 1.29% | (g) | 1.35% | (g) | 1.50% | (g) | ||||||||||||||
Ratios of net investment income (loss)
to average net assets (d) (e) |
0.32% | (f) | 0.57% | 1.23% | 1.66% | (g) | 0.11% | (g) | (0.46% | )(g) | ||||||||||||||
Portfolio turnover
|
2% | (c) | 4% | 11% | 34% | 10% | 22% |
(a)
|
Amount runds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests.
|
(e)
|
Recognition of net investment income (loss) by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
|
(f)
|
Annualized.
|
(g)
|
Absent the recoupment of fees previously waived and expenses reimbursed by the Advisor, the ratios of expenses to average net assets would have been 1.28%, 1.32% and 1.41% and the ratios of net investment income (loss) to average net assets would have been 1.68%, 0.14% and (0.37%) for the years ended October 31, 2008, 2007 and 2006, respectively (Note 2).
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||||||
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
Six Months
Ended
April 30, 2011
(Unaudited)
|
Years Ended October 31,
|
|||||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
PER SHARE OPERATING
PERFORMANCE |
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 11.87 | $ | 11.11 | $ | 10.14 | $ | 13.93 | $ | 13.03 | $ | 11.99 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.08 | 0.08 | 0.14 | 0.27 | 0.18 | 0.21 | ||||||||||||||||||
Net realized and unrealized gains
(losses) on investments |
0.94 | 0.83 | 1.15 | (3.39 | ) | 1.34 | 1.23 | |||||||||||||||||
Total from investment operations
|
1.02 | 0.91 | 1.29 | (3.12 | ) | 1.52 | 1.44 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
(0.15 | ) | (0.15 | ) | (0.32 | ) | (0.36 | ) | (0.32 | ) | (0.33 | ) | ||||||||||||
Distributions from net realized gains
|
— | — | — | (0.31 | ) | (0.30 | ) | (0.07 | ) | |||||||||||||||
Total distributions
|
(0.15 | ) | (0.15 | ) | (0.32 | ) | (0.67 | ) | (0.62 | ) | (0.40 | ) | ||||||||||||
Proceeds from redemption fees collected
|
0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | — | |||||||||||||
Net asset value, end of period
|
$ | 12.74 | $ | 11.87 | $ | 11.11 | $ | 10.14 | $ | 13.93 | $ | 13.03 | ||||||||||||
TOTAL RETURN (b)
|
8.63% | (c) | 8.21% | 13.16% | (23.44% | ) | 12.09% | 12.32% | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 130,029 | $ | 135,287 | $ | 139,168 | $ | 136,999 | $ | 128,117 | $ | 97,811 | ||||||||||||
Ratio of expenses to
average net assets (d) |
1.10% | (f) | 1.10% | 1.06% | 1.00% | 1.06% | 1.08% | |||||||||||||||||
Ratio of net investment income
to average net assets (d) (e) |
1.44% | (f) | 0.74% | 1.46% | 1.46% | 1.07% | 1.43% | |||||||||||||||||
Portfolio turnover
|
13% | (c) | 22% | 27% | 17% | 8% | 12% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests.
|
(e)
|
Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
|
(f)
|
Annualized.
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS
April 30, 2011 (Unaudited)
|
(1)
|
SIGNIFICANT ACCOUNTING POLICIES
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
A.
|
Investment Valuation
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
New Century Capital Portfolio
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 102,426,344 | $ | — | $ | — | $ | 102,426,344 | ||||||||
Money Market Funds
|
228,212 | — | — | 228,212 | ||||||||||||
Total
|
$ | 102,654,556 | $ | — | $ | — | $ | 102,654,556 |
New Century Balanced Portfolio
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 69,749,927 | $ | — | $ | — | $ | 69,749,927 | ||||||||
Money Market Funds
|
999,543 | — | — | 999,543 | ||||||||||||
Total
|
$ | 70,749,470 | $ | — | $ | — | $ | 70,749,470 |
New Century Opportunistic Portfolio
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 14,731,180 | $ | — | $ | — | $ | 14,731,180 | ||||||||
Money Market Funds
|
518,166 | — | — | 518,166 | ||||||||||||
Total
|
$ | 15,249,346 | $ | — | $ | — | $ | 15,249,346 |
New Century International Portfolio
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 75,404,006 | $ | — | $ | — | $ | 75,404,006 | ||||||||
Money Market Funds
|
1,477,392 | — | — | 1,477,392 | ||||||||||||
Total
|
$ | 76,881,398 | $ | — | $ | — | $ | 76,881,398 |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
New Century Alternative Strategies Portfolio
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 126,426,410 | $ | — | $ | — | $ | 126,426,410 | ||||||||
Structured Notes
|
— | 2,966,300 | — | 2,966,300 | ||||||||||||
Money Market Funds
|
608,172 | — | — | 608,172 | ||||||||||||
Total
|
$ | 127,034,582 | $ | 2,966,300 | $ | — | $ | 130,000,882 |
B.
|
Share Valuation
|
C.
|
Investment Transactions
|
D.
|
Income Recognition
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
E.
|
Distributions to Shareholders
|
Period Ended
|
Ordinary
Income
|
|||
New Century Capital Portfolio
|
|
|||
April 30, 2011
|
$ | — | ||
October 31, 2010
|
$ | 197,554 | ||
New Century Balanced Portfolio
|
||||
April 30, 2011
|
$ | 941,153 | ||
October 31, 2010
|
$ | 803,247 | ||
New Century Opportunistic Portfolio
|
||||
April 30, 2011
|
$ | — | ||
October 31, 2010
|
$ | 12,365 | ||
New Century International Portfolio
|
||||
April 30, 2011
|
$ | 374,706 | ||
October 31, 2010
|
$ | 552,322 | ||
New Century Alternative Strategies Portfolio
|
||||
April 30, 2011
|
$ | 1,655,004 | ||
October 31, 2010
|
$ | 1,815,992 |
F.
|
Cost of Operations
|
G.
|
Use of Estimates
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
(2)
|
INVESTMENT ADVISORY FEES, ADMINISTRATIVE AGREEMENT AND TRUSTEES’ FEES
|
|
October 31,
2011
|
October 31,
2012
|
October 31,
2013
|
April 30,
2014
|
||||||||||||
New Century Opportunistic Portfolio
|
$ | 22,043 | $ | 61,513 | $ | 62,510 | $ | 27,831 |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
(3)
|
DISTRIBUTION PLAN AND OTHER TRANSACTIONS WITH AFFILIATES
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
(4)
|
INVESTMENT TRANSACTIONS
|
New Century Capital Portfolio
|
New Century Balanced Portfolio
|
New Century Opportunistic Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
||||||||||||||||
Purchase of investment securities
|
$ | 16,221,618 | $ | 5,124,922 | $ | 2,867,756 | $ | 1,867,740 | $ | 16,891,599 | ||||||||||
Proceeds from sales of
investment securities |
$ | 18,232,810 | $ | 6,397,013 | $ | 1,689,136 | $ | 1,697,211 | $ | 29,082,145 |
(5)
|
TAX MATTERS
|
|
Increase in
Accumulated
Undistributed Net
Investment
Income (Loss)
|
Decrease in
Accumulated
Net Realized
Losses
on Investments
|
||||||
New Century Balanced Portfolio
|
$ | 124,917 | $ | (124,917 | ) | |||
New Century International Portfolio
|
67,758 | (67,758 | ) | |||||
New Century Alternative Strategies Portfolio
|
624,417 | (624,417 | ) |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
New Century Capital Portfolio
|
New Century Balanced Portfolio
|
New Century Opportunistic Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
||||||||||||||||
Accumulated undistributed
ordinary income (loss) |
$ | (27,736 | ) | $ | 34,170 | $ | (18,678 | ) | $ | 180,123 | $ | (71,331 | ) | |||||||
Net unrealized appreciation
|
28,359,520 | 15,264,500 | 3,928,617 | 30,341,512 | 20,489,460 | |||||||||||||||
Capital loss carryforwards
|
(7,614,919 | ) | (3,773,131 | ) | (2,188,570 | ) | (7,674,658 | ) | (13,301,583 | ) | ||||||||||
Other gains
|
6,398,633 | 276,568 | 337,478 | 385,543 | 827,271 | |||||||||||||||
Total accumulated earnings
|
$ | 27,115,498 | $ | 11,802,107 | $ | 2,058,847 | $ | 23,232,520 | $ | 7,943,817 |
New Century Capital Portfolio
|
New Century Balanced Portfolio
|
New Century Opportunistic Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
||||||||||||||||
Federal income tax cost
|
$ | 74,295,036 | $ | 55,484,970 | $ | 11,320,729 | $ | 46,539,886 | $ | 109,511,422 | ||||||||||
Gross unrealized appreciation
|
$ | 28,408,887 | $ | 15,928,909 | $ | 3,928,617 | $ | 30,744,144 | $ | 21,768,722 | ||||||||||
Gross unrealized depreciation
|
(49,367 | ) | (664,409 | ) | — | (402,632 | ) | (1,279,262 | ) | |||||||||||
Net unrealized appreciation
|
$ | 28,359,520 | $ | 15,264,500 | $ | 3,928,617 | $ | 30,341,512 | $ | 20,489,460 |
Expires October 31,
|
New Century Capital Portfolio
|
New Century Balanced Portfolio
|
New Century Opportunistic Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
|||||||||||||||
2016
|
$ | 7,123,295 | $ | 3,669,851 | $ | 2,188,570 | $ | 6,144,756 | $ | 1,409,701 | ||||||||||
2017
|
491,624 | — | — | 1,529,902 | 10,060,859 | |||||||||||||||
2018
|
— | 103,280 | — | — | 1,831,023 | |||||||||||||||
$ | 7,614,919 | $ | 3,773,131 | $ | 2,188,570 | $ | 7,674,658 | $ | 13,301,583 |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
(6)
|
CONTINGENCIES AND COMMITMENTS
|
(7)
|
NEW PRONOUNCEMENTS
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2011 (Unaudited)
|
(8)
|
SUBSEQUENT EVENTS
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIO’S EXPENSES (Unaudited)
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIO’S EXPENSES (Unaudited)
(Continued)
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid During Period*
|
||||||||||
Based on Actual Fund Return
|
$ | 1,000.00 | $ | 1,161.60 | $ | 7.56 | ||||||
Based on Hypothetical 5% Return (before expenses)
|
$ | 1,000.00 | $ | 1,017.80 | $ | 7.05 |
*
|
Expenses are equal to the New Century Capital Portfolio’s annualized expense ratio of 1.41% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid During Period*
|
||||||||||
Based on Actual Fund Return
|
$ | 1,000.00 | $ | 1,118.90 | $ | 7.62 | ||||||
Based on Hypothetical 5% Return (before expenses)
|
$ | 1,000.00 | $ | 1,017.60 | $ | 7.25 |
*
|
Expenses are equal to the New Century Balanced Portfolio’s annualized expense ratio of 1.45% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid During Period*
|
||||||||||
Based on Actual Fund Return
|
$ | 1,000.00 | $ | 1,156.00 | $ | 8.02 | ||||||
Based on Hypothetical 5% Return (before expenses)
|
$ | 1,000.00 | $ | 1,017.36 | $ | 7.50 |
*
|
Expenses are equal to the New Century Opportunistic Portfolio’s annualized expense ratio of 1.50% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIO’S EXPENSES (Unaudited)
(Continued)
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid During Period*
|
||||||||||
Based on Actual Fund Return
|
$ | 1,000.00 | $ | 1,113.90 | $ | 7.65 | ||||||
Based on Hypothetical 5% Return (before expenses)
|
$ | 1,000.00 | $ | 1,017.55 | $ | 7.30 |
*
|
Expenses are equal to the New Century International Portfolio’s annualized expense ratio of 1.46% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid During Period*
|
||||||||||
Based on Actual Fund Return
|
$ | 1,000.00 | $ | 1,086.30 | $ | 5.69 | ||||||
Based on Hypothetical 5% Return (before expenses)
|
$ | 1,000.00 | $ | 1,019.34 | $ | 5.51 |
*
|
Expenses are equal to the New Century Alternative Strategies Portfolio’s annualized expense ratio of 1.10% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
INVESTMENT ADVISOR AND ADMINISTRATOR
Weston Financial Group, Inc.
Wellesley, MA
DISTRIBUTOR
Weston Securities Corporation
Wellesley, MA
COUNSEL
Greenberg Traurig, LLP
Philadelphia, PA
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM BBD, LLP
Philadelphia, PA
TRANSFER AGENT
Ultimus Fund Solutions, LLC
Cincinnati, OH
CUSTODIAN
US Bank, N.A.
Cincinnati, OH
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Portfolios. This report is authorized for distribution to prospective investors in the Portfolios only if preceded or accompanied by an effective Prospectus which contains details concerning the management fees, expenses and other pertinent information.
A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-888-639-0102, or on the SEC’s website at http://www.sec.gov. Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling toll-free 1-888-639-0102, or on the SEC’s website at http://www.sec.gov.
The Portfolios file a complete listing of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available without charge upon request by calling 1-888-639-0102, or on the SEC’s website at http://www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, or by calling 1-800-SEC-0330.
|
(a)
|
Not applicable [schedule filed with Item 1]
|
(b)
|
Not applicable
|
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.
|
Exhibit 99.CERT
|
Certifications required by Rule 30a-2(a) under the Act
|
Exhibit 99.906CERT
|
Certifications required by Rule 30a-2(b) under the Act
|
By (Signature and Title)* | /s/ Nicole M. Tremblay | ||
Nicole M. Tremblay, President | |||
Date | June 24, 2011 |
By (Signature and Title)* | /s/ Nicole M. Tremblay | ||
Nicole M. Tremblay, President | |||
Date | June 24, 2011 | ||
By (Signature and Title)* | /s/ Stephen G. DaCosta | ||
Stephen G. DaCosta, Treasurer
|
|||
Date | June 24, 2011 |
Date: June 24, 2011
|
/s/ Nicole M. Tremblay
Nicole M. Tremblay, President
|
Date: June 24, 2011
|
|
/s/ Stephen G. DaCosta
Stephen G. DaCosta, Treasurer
|
1.
|
The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2011 (the “Form N-CSR”) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
CHIEF EXECUTIVE OFFICER
|
CHIEF FINANCIAL OFFICER
|
New Century Portfolios
|
New Century Portfolios
|
/s/ Nicole M. Tremblay
|
/s/ Stephen G. DaCosta
|
Nicole M. Tremblay, President
|
Stephen G. DaCosta, Treasurer
|
Date: June 24, 2011
|
Date: June 24, 2011
|
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