OMB APPROVAL
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OMB Number: 3235-0570
Expires: January 31, 2014
Estimated average burden hours per response: 20.6
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100 William Street, Suite 200 Wellesley, Massachusetts
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02481
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(Address of principal executive offices)
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(Zip code)
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Item 1.
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Reports to Stockholders.
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New Century Capital
New Century Balanced
New Century Opportunistic
New Century International
New Century Alternative Strategies
ANNUAL REPORT
Year Ended October 31, 2011
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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1-2
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PERFORMANCE CHARTS
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3-7
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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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8
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Schedule of Investments
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9-10
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New Century Balanced Portfolio
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Portfolio Information
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11
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Schedule of Investments
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12-13
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New Century Opportunistic Portfolio
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Portfolio Information
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14
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Schedule of Investments
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15
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New Century International Portfolio
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Portfolio Information
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16
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Schedule of Investments
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17-18
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New Century Alternative Strategies Portfolio
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Portfolio Information
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19
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Schedule of Investments
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20-21
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Statements of Assets and Liabilities
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22
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Statements of Operations
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23
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Statements of Changes in Net Assets
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24-26
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Financial Highlights
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27-31
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Notes to Financial Statements
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32-42
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Report of Independent Registered Public Accounting Firm
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43
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Board of Trustees and Officers
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44-45
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Federal Tax Information
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46
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About Your Portfolios’ Expenses
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47-49
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Trustees’ Approval of Investment Advisory Agreements
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50-53
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LETTER TO SHAREHOLDERS
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December 2011
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|||||||
Nicole M. Tremblay
President, CEO
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Wayne M. Grzecki
Portfolio Manager
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Ronald A. Sugameli
Portfolio Manager
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|||||
Susan K. Arnold
Portfolio Manager
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Andre M. Fernandes
Portfolio Manager
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NEW CENTURY PORTFOLIOS
PERFORMANCE CHARTS (Unaudited)
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Average Annual Total Returns
For Years Ended October 31, 2011
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1 Year
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5 Years
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10 Years
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New Century Capital Portfolio (a)
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4.54%
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-0.20%
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3.61%
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S&P 500® Composite Index
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8.09%
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0.25%
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3.69%
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(a)
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The total returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
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NEW CENTURY PORTFOLIOS
PERFORMANCE CHARTS (Unaudited) (Continued)
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Average Annual Total Returns
For Years Ended October 31, 2011
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||||
1 Year
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5 Years
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10 Years
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New Century Balanced Portfolio (a)
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4.29%
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1.35%
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3.91%
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S&P 500® Composite Index
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8.09%
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0.25%
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3.69%
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Barclays Capital U.S. Intermediate Government/Credit Bond Index
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3.22%
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5.87%
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4.98%
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(a)
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The total returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
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NEW CENTURY PORTFOLIOS
PERFORMANCE CHARTS (Unaudited) (Continued)
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Average Annual Total Returns
For Years Ended October 31, 2011
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||||
1 Year
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5 Years
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10 Years
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New Century Opportunistic Portfolio (a)
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4.21%
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1.65%
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3.36%
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Russell 3000 Growth Index
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9.92%
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3.01%
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3.74%
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S&P 500® Composite Index
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8.09%
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0.25%
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3.69%
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(a)
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The total returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
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NEW CENTURY PORTFOLIOS
PERFORMANCE CHARTS (Unaudited) (Continued)
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Average Annual Total Returns
For Years Ended October 31, 2011
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||||
1 Year
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5 Years
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10 Years
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New Century International Portfolio (a)
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-7.22%
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-0.20%
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7.65%
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MSCI EAFE Index
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-4.08%
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-2.41%
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5.73%
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(a)
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The total returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
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NEW CENTURY PORTFOLIOS
PERFORMANCE CHARTS (Unaudited) (Continued)
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Average Annual Total Returns
For Periods Ended October 31, 2011
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||||
1 Year
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5 Years
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Since
Inception*
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New Century Alternative Strategies Portfolio (a)
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0.62%
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1.12%
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4.54%
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S&P 500® Composite Index
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8.09%
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0.25%
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3.54%
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Barclays Capital U.S. Intermediate Government/Credit Bond Index
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3.22%
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5.87%
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5.26%
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*
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Initial public offering of shares was May 1, 2002.
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(a)
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The total returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
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NEW CENTURY CAPITAL PORTFOLIO
PORTFOLIO INFORMATION
October 31, 2011 (Unaudited)
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Asset Allocation (% of Net Assets)
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Top Ten Long-Term 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%
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Wells Fargo Advantage Growth - Administrator Class
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6.8%
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iShares S&P 500 Growth Index
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6.2%
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iShares S&P 500 Index
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6.0%
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MFS Growth - Class I
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5.8%
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Vanguard Dividend Growth - Investor Shares
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5.8%
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Vanguard 500 Index - Investor Shares
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4.4%
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Fidelity Select Utilities Growth
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4.3%
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iShares S&P SmallCap 600 Growth Index
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3.9%
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iShares Russell 1000 Index
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3.1%
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NEW CENTURY CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2011
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INVESTMENT COMPANIES — 96.6%
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Shares
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Value
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||||||
Large-Cap Funds — 55.5%
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||||||||
Amana Trust Income
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26,911 | $ | 851,180 | |||||
American Funds AMCAP - Class A
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138,376 | 2,619,462 | ||||||
BlackRock Equity Dividend - Institutional Shares
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111,607 | 1,997,768 | ||||||
Columbia Dividend Opportunity - Class A
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271,497 | 2,150,256 | ||||||
Gabelli Asset (The) - Class I Shares
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44,174 | 2,137,580 | ||||||
iShares Russell 1000 Index (a)
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40,000 | 2,778,000 | ||||||
iShares Russell 1000 Value Index (a)
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14,800 | 933,436 | ||||||
iShares S&P 500 Growth Index (a)
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80,900 | 5,472,885 | ||||||
iShares S&P 500 Index (a)
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42,350 | 5,327,630 | ||||||
iShares S&P 500 Value Index (a)
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44,300 | 2,542,820 | ||||||
MFS Growth - Class I (b)
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116,126 | 5,136,270 | ||||||
Morgan Stanley Institutional Opportunity Portfolio - Class P (b)
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138,408 | 2,197,925 | ||||||
Vanguard 500 Index - Investor Shares
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33,481 | 3,868,782 | ||||||
Vanguard Dividend Growth - Investor Shares
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338,645 | 5,116,932 | ||||||
Wells Fargo Advantage Growth - Administrator Class (b)
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160,888 | 6,018,817 | ||||||
49,149,743 | ||||||||
Sector Funds — 18.5%
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||||||||
Fidelity Select Health Care
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16,379 | 2,134,711 | ||||||
Fidelity Select Utilities Growth
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72,642 | 3,836,944 | ||||||
iShares Dow Jones U.S. Energy Sector Index (a)
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156,200 | 6,204,264 | ||||||
iShares S&P North American Natural Resources Index (a)
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31,800 | 1,255,146 | ||||||
PowerShares Dynamic Pharmaceuticals (a)
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59,300 | 1,577,380 | ||||||
SPDR Gold Trust (a) (b) (c)
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8,000 | 1,338,720 | ||||||
16,347,165 | ||||||||
International Funds — 10.4%
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||||||||
Aberdeen Emerging Markets Institutional - Institutional Class
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119,403 | 1,635,821 | ||||||
First Eagle Global - Class A
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12,547 | 588,594 | ||||||
Harding, Loevner International Equity - Institutional Class
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126,547 | 1,779,251 | ||||||
iShares MSCI EAFE Index (a)
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40,200 | 2,105,274 | ||||||
iShares MSCI Emerging Markets Index (a)
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40,900 | 1,668,720 | ||||||
Oppenheimer International Growth - Class Y
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52,780 | 1,429,803 | ||||||
9,207,463 | ||||||||
Small-Cap Funds — 6.8%
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||||||||
iShares S&P SmallCap 600 Growth Index (a)
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47,200 | 3,486,192 | ||||||
iShares S&P SmallCap 600 Value Index (a)
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37,500 | 2,560,125 | ||||||
6,046,317 | ||||||||
Mid-Cap Funds — 5.4%
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||||||||
iShares S&P MidCap 400 Growth Index (a)
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12,600 | 1,283,058 | ||||||
iShares S&P MidCap 400 Value Index (a)
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31,600 | 2,382,324 | ||||||
SPDR S&P MidCap 400 ETF Trust (a)
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7,200 | 1,162,080 | ||||||
4,827,462 | ||||||||
Total Investment Companies (Cost $68,861,372)
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$ | 85,578,150 |
NEW CENTURY CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
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MONEY MARKET FUNDS — 3.5%
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Shares
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Value
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||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.054% (d) (Cost $3,115,678)
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3,115,678 | $ | 3,115,678 | |||||
Total Investments at Value — 100.1% (Cost $71,977,050)
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$ | 88,693,828 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
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(91,858 | ) | ||||||
Net Assets — 100.0%
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$ | 88,601,970 |
(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)
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Variable rate security. The rate shown is the 7-day effective yield as of October 31, 2011.
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NEW CENTURY BALANCED PORTFOLIO
PORTFOLIO INFORMATION
October 31, 2011 (Unaudited)
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Asset Allocation (% of Net Assets)
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Top Ten Long-Term Holdings
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Security Description
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% of Net Assets
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Loomis Sayles Bond - Institutional Class
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9.4%
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Templeton Global Bond - Class A
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9.4%
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First Eagle Global - Class A
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6.5%
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iShares S&P 500 Index
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5.5%
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iShares Dow Jones U.S. Energy Sector Index
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5.5%
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American Funds AMCAP - Class A
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5.1%
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Harding, Loevner International Equity - Institutional Class
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4.9%
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Dodge & Cox Income
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4.9%
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SPDR S&P MidCap 400 ETF Trust
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4.5%
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Loomis Sayles Institutional High Income
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4.4%
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NEW CENTURY BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2011
|
INVESTMENT COMPANIES — 98.6%
|
Shares
|
Value
|
||||||
Sector Funds — 21.5%
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||||||||
Consumer Staples Select Sector SPDR (a)
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76,300 | $ | 2,368,352 | |||||
Fidelity Select Health Care
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5,783 | 753,726 | ||||||
Fidelity Select Utilities Growth
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47,514 | 2,509,677 | ||||||
iShares Dow Jones U.S. Energy Sector Index (a)
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89,100 | 3,539,052 | ||||||
iShares S&P North American Natural Resources Index (a)
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31,800 | 1,255,146 | ||||||
PowerShares Dynamic Food & Beverage (a)
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78,000 | 1,485,900 | ||||||
PowerShares Dynamic Pharmaceuticals (a)
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40,100 | 1,066,660 | ||||||
SPDR Gold Trust (a) (b) (c)
|
5,300 | 886,902 | ||||||
13,865,415 | ||||||||
Large-Cap Funds — 17.8%
|
||||||||
American Funds AMCAP - Class A
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173,046 | 3,275,755 | ||||||
iShares Russell 1000 Growth Index (a)
|
19,600 | 1,142,876 | ||||||
iShares Russell 1000 Value Index (a)
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20,300 | 1,280,321 | ||||||
iShares S&P 500 Index (a)
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28,300 | 3,560,140 | ||||||
Vanguard Dividend Appreciation ETF (a)
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14,500 | 774,880 | ||||||
Wells Fargo Advantage Growth - Investor Class (b)
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41,551 | 1,482,553 | ||||||
11,516,525 | ||||||||
Government/Corporate Bond Funds — 12.8%
|
||||||||
Loomis Sayles Bond - Institutional Class
|
420,736 | 6,071,222 | ||||||
PIMCO Unconstrained Bond - Institutional Class
|
91,035 | 997,742 | ||||||
Vanguard Intermediate-Term Investment-Grade - Admiral Shares
|
120,638 | 1,224,477 | ||||||
8,293,441 | ||||||||
Worldwide Bond Funds — 11.9%
|
||||||||
Loomis Sayles Global Bond - Institutional Class
|
93,850 | 1,600,143 | ||||||
Templeton Global Bond - Class A
|
456,272 | 6,050,170 | ||||||
7,650,313 | ||||||||
International Funds — 11.4%
|
||||||||
First Eagle Global - Class A
|
89,251 | 4,186,785 | ||||||
Harding, Loevner International Equity - Institutional Class
|
227,096 | 3,192,969 | ||||||
7,379,754 | ||||||||
High Quality Bond Funds — 6.9%
|
||||||||
Calvert Social Investment - Class I
|
77,931 | 1,230,537 | ||||||
Dodge & Cox Income
|
237,924 | 3,192,934 | ||||||
4,423,471 | ||||||||
Mid-Cap Funds — 5.5%
|
||||||||
iShares S&P MidCap 400 Value Index (a)
|
9,000 | 678,510 | ||||||
SPDR S&P MidCap 400 ETF Trust (a)
|
17,980 | 2,901,972 | ||||||
3,580,482 | ||||||||
Small-Cap Funds — 4.4%
|
||||||||
iShares S&P SmallCap 600 Growth Index (a)
|
22,500 | 1,661,850 | ||||||
iShares S&P SmallCap 600 Value Index (a)
|
17,200 | 1,174,244 | ||||||
2,836,094 |
NEW CENTURY BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
INVESTMENT COMPANIES — 98.6% (Continued)
|
Shares
|
Value
|
||||||
High Yield Bond Funds — 4.4%
|
||||||||
Loomis Sayles Institutional High Income
|
374,561 | $ | 2,812,955 | |||||
Convertible Bond Funds — 2.0%
|
||||||||
Calamos Convertible - Class I
|
72,617 | 1,314,368 | ||||||
Total Investment Companies (Cost $53,999,781)
|
$ | 63,672,818 |
MONEY MARKET FUNDS — 1.5%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.054% (d) (Cost $971,695)
|
971,695 | $ | 971,695 | |||||
Total Investments at Value — 100.1% (Cost $54,971,476)
|
$ | 64,644,513 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(62,266 | ) | ||||||
Net Assets — 100.0%
|
$ | 64,582,247 |
(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 October 31, 2011.
|
NEW CENTURY OPPORTUNISTIC PORTFOLIO
PORTFOLIO INFORMATION
October 31, 2011 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
Top Ten Long-Term Holdings
|
Security Description
|
% of Net Assets
|
|
iShares S&P 500 Growth Index
|
14.9%
|
|
Wells Fargo Advantage Growth - Administrator Class
|
12.1%
|
|
iShares MSCI Emerging Markets Index
|
9.0%
|
|
Technology Select Sector SPDR
|
8.4%
|
|
iShares S&P North American Natural Resources Index
|
7.4%
|
|
iShares S&P 500 Value Index
|
7.2%
|
|
SPDR S&P MidCap 400 ETF Trust
|
6.2%
|
|
Meridian Growth
|
4.3%
|
|
iShares Dow Jones U.S. Energy Sector Index
|
4.0%
|
|
Oppenheimer Developing Markets - Class Y Shares
|
3.9%
|
NEW CENTURY OPPORTUNISTIC PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2011
|
INVESTMENT COMPANIES — 97.5%
|
Shares
|
Value
|
||||||
Large-Cap Funds — 41.5%
|
||||||||
Brown Advisory Growth Equity - Institutional Shares (b)
|
36,102 | $ | 471,852 | |||||
iShares S&P 500 Growth Index (a)
|
29,200 | 1,975,380 | ||||||
iShares S&P 500 Value Index (a)
|
16,500 | 947,100 | ||||||
Vanguard Growth ETF (a)
|
8,000 | 499,440 | ||||||
Wells Fargo Advantage Growth - Administrator Class (b)
|
42,770 | 1,600,017 | ||||||
5,493,789 | ||||||||
Sector Funds — 26.5%
|
||||||||
Fidelity Select Health Care
|
2,494 | 324,985 | ||||||
iShares Dow Jones U.S. Energy Sector Index (a)
|
13,200 | 524,304 | ||||||
iShares S&P North American Natural Resources Index (a)
|
24,900 | 982,803 | ||||||
PowerShares Dynamic Pharmaceuticals (a)
|
14,700 | 391,020 | ||||||
SPDR Gold Trust (a) (b) (c)
|
1,000 | 167,340 | ||||||
Technology Select Sector SPDR (a)
|
42,800 | 1,113,228 | ||||||
3,503,680 | ||||||||
International Funds — 14.1%
|
||||||||
Harding, Loevner International Equity - Institutional Class
|
10,925 | 153,605 | ||||||
iShares MSCI Emerging Markets Index (a)
|
29,300 | 1,195,440 | ||||||
Oppenheimer Developing Markets - Class Y Shares
|
16,300 | 520,946 | ||||||
1,869,991 | ||||||||
Mid-Cap Funds — 10.5%
|
||||||||
Meridian Growth
|
12,517 | 561,260 | ||||||
SPDR S&P MidCap 400 ETF Trust (a)
|
5,102 | 823,463 | ||||||
1,384,723 | ||||||||
Small-Cap Funds — 4.9%
|
||||||||
Gabelli Small Cap Growth (The) - Class I (b)
|
13,107 | 431,213 | ||||||
iShares S&P SmallCap 600 Growth Index (a)
|
2,900 | 214,194 | ||||||
645,407 | ||||||||
Total Investment Companies (Cost $10,666,289)
|
$ | 12,897,590 |
MONEY MARKET FUNDS — 2.6%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.054% (d) (Cost $346,089)
|
346,089 | $ | 346,089 | |||||
Total Investments at Value — 100.1% (Cost $11,012,378)
|
$ | 13,243,679 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(14,721 | ) | ||||||
Net Assets — 100.0%
|
$ | 13,228,958 |
(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 October 31, 2011.
|
NEW CENTURY INTERNATIONAL PORTFOLIO
PORTFOLIO INFORMATION
October 31, 2011 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
Top Ten Long-Term Holdings
|
Security Description
|
% of Net Assets
|
|
iShares MSCI Germany Index
|
6.5%
|
|
Fidelity Canada
|
6.0%
|
|
iShares MSCI Canada Index
|
5.8%
|
|
iShares S&P Latin America 40 Index
|
5.4%
|
|
iShares S&P Global Energy Sector Index
|
5.2%
|
|
Matthews Pacific Tiger - Class I
|
5.0%
|
|
Harding, Loevner International Equity - Institutional Class
|
4.8%
|
|
Vanguard European Stock ETF
|
4.3%
|
|
iShares MSCI United Kingdom Index
|
4.3%
|
|
ProShares Ultra MSCI Japan
|
4.2%
|
NEW CENTURY INTERNATIONAL PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2011
|
INVESTMENT COMPANIES — 99.3%
|
Shares
|
Value
|
||||||
Europe Funds — 26.9%
|
||||||||
Columbia European Equity - Class A
|
187,970 | $ | 1,028,195 | |||||
Franklin Mutual European - Class A
|
116,211 | 2,212,654 | ||||||
iShares MSCI Germany Index (a)
|
186,700 | 3,959,907 | ||||||
iShares MSCI Sweden Index (a)
|
58,000 | 1,540,480 | ||||||
iShares MSCI Switzerland Index (a)
|
105,600 | 2,481,600 | ||||||
iShares MSCI United Kingdom Index (a)
|
156,546 | 2,611,187 | ||||||
Vanguard European Stock ETF (a)
|
57,700 | 2,634,582 | ||||||
16,468,605 | ||||||||
Diversified Funds — 24.6%
|
||||||||
Columbia Acorn International Select - Class A
|
58,416 | 1,518,226 | ||||||
Harding, Loevner International Equity - Institutional Class
|
209,791 | 2,949,658 | ||||||
iShares MSCI EAFE Growth Index (a)
|
20,200 | 1,112,010 | ||||||
iShares MSCI EAFE Index (a)
|
17,500 | 916,475 | ||||||
iShares MSCI EAFE Value Index (a)
|
21,600 | 979,128 | ||||||
iShares S&P Global Energy Sector Index (a)
|
82,100 | 3,185,480 | ||||||
iShares S&P Global Infrastructure Index (a)
|
26,200 | 900,756 | ||||||
iShares S&P Global Materials Index (a)
|
19,100 | 1,182,672 | ||||||
Oppenheimer International Growth - Class Y
|
26,257 | 711,290 | ||||||
Templeton Institutional Funds - Foreign Smaller Companies Series
|
99,061 | 1,638,475 | ||||||
15,094,170 | ||||||||
Asia/Pacific Funds — 22.8%
|
||||||||
Fidelity Japan
|
157,443 | 1,506,727 | ||||||
iShares FTSE/Xinhua China 25 Index (a)
|
61,500 | 2,218,305 | ||||||
iShares MSCI Australia Index (a)
|
105,800 | 2,511,692 | ||||||
iShares MSCI Pacific ex-Japan Index (a)
|
49,700 | 2,121,196 | ||||||
Matthews Pacific Tiger - Class I
|
140,613 | 3,066,777 | ||||||
ProShares Ultra MSCI Japan (a) (b)
|
46,300 | 2,548,352 | ||||||
13,973,049 | ||||||||
Americas Funds — 19.6%
|
||||||||
Fidelity Canada
|
70,119 | 3,687,547 | ||||||
iShares MSCI Canada Index (a)
|
126,000 | 3,558,240 | ||||||
iShares MSCI Mexico Investable Market Index (a)
|
26,800 | 1,481,504 | ||||||
iShares S&P Latin America 40 Index (a)
|
72,300 | 3,288,927 | ||||||
12,016,218 | ||||||||
Emerging Market Funds — 5.4%
|
||||||||
iShares MSCI Emerging Markets Index (a)
|
34,000 | 1,387,200 | ||||||
Vanguard Emerging Markets Stock Index (a)
|
45,800 | 1,900,242 | ||||||
3,287,442 | ||||||||
Total Investment Companies (Cost $45,912,846)
|
$ | 60,839,484 |
NEW CENTURY INTERNATIONAL PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
MONEY MARKET FUNDS — 0.8%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.054% (c) (Cost $503,967)
|
503,967 | $ | 503,967 | |||||
Total Investments at Value — 100.1% (Cost $46,416,813)
|
$ | 61,343,451 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(81,309 | ) | ||||||
Net Assets — 100.0%
|
$ | 61,262,142 |
(a)
|
Exchange-traded fund.
|
(b)
|
Non-income producing security.
|
(c)
|
Variable rate security. The rate shown is the 7-day effective yield as of October 31, 2011.
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
PORTFOLIO INFORMATION
October 31, 2011 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
Top Ten Long-Term Holdings
|
Security Description
|
% of Net Assets
|
|
Calamos Market Neutral Income - Class A
|
5.6%
|
|
First Eagle Global - Class A
|
5.6%
|
|
Merger
|
5.4%
|
|
Wasatch-1st Source Long/Short
|
5.3%
|
|
Marketfield
|
5.2%
|
|
FPA Crescent
|
5.1%
|
|
Arbitrage - Class I
|
4.8%
|
|
BlackRock Global Allocation - Class A
|
4.7%
|
|
TFS Market Neutral
|
4.0%
|
|
Ivy Asset Strategy - Class A
|
3.9%
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2011
|
INVESTMENT COMPANIES — 98.4%
|
Shares
|
Value
|
||||||
Global Macro Funds — 17.7%
|
||||||||
BlackRock Global Allocation - Class A
|
285,262 | $ | 5,437,090 | |||||
First Eagle Global - Class A
|
136,374 | 6,397,327 | ||||||
Ivy Asset Strategy - Class A
|
183,679 | 4,430,330 | ||||||
Mutual Global Discovery - Class Z
|
106,418 | 2,956,294 | ||||||
WisdomTree Japan Hedged Equity (a)
|
34,000 | 1,100,580 | ||||||
20,321,621 | ||||||||
Long/Short Equity Funds — 16.1%
|
||||||||
Marketfield
|
441,647 | 6,010,816 | ||||||
TFS Market Neutral
|
316,166 | 4,555,946 | ||||||
Wasatch-1st Source Long/Short
|
469,247 | 6,095,521 | ||||||
Weitz Partners III Opportunity - Institutional Class (b)
|
152,896 | 1,816,410 | ||||||
18,478,693 | ||||||||
Arbitrage Funds — 15.8%
|
||||||||
Arbitrage - Class I
|
413,421 | 5,510,909 | ||||||
Calamos Market Neutral Income - Class A
|
530,521 | 6,424,614 | ||||||
Merger
|
390,387 | 6,195,449 | ||||||
18,130,972 | ||||||||
Asset Allocation Funds — 13.1%
|
||||||||
Berwyn Income
|
268,491 | 3,568,239 | ||||||
Calamos Strategic Total Return (d)
|
220,000 | 1,911,800 | ||||||
FPA Crescent
|
217,465 | 5,895,476 | ||||||
Greenspring
|
53,199 | 1,270,389 | ||||||
Leuthold Core Investment
|
106,753 | 1,734,730 | ||||||
Oakmark Equity and Income - Class I
|
24,946 | 689,264 | ||||||
15,069,898 | ||||||||
Natural Resources Funds — 9.3%
|
||||||||
Highbridge Dynamic Commodities Strategy - Select Class
|
66,466 | 1,264,839 | ||||||
Market Vectors Gold Miners ETF (a)
|
12,000 | 705,960 | ||||||
PIMCO Commodity Real Return Strategy - Class A
|
291,349 | 2,292,914 | ||||||
PowerShares Water Resources Portfolio (a)
|
69,000 | 1,180,590 | ||||||
RS Global Natural Resources - Class A (b)
|
25,698 | 950,296 | ||||||
SPDR Gold Trust (a) (b) (c)
|
10,500 | 1,757,070 | ||||||
SteelPath MLP Select 40 - Institutional Class (b)
|
112,549 | 1,221,157 | ||||||
Vanguard Precious Metals and Mining - Investor Shares
|
51,169 | 1,235,722 | ||||||
10,608,548 | ||||||||
High Yield/Fixed Income Funds — 8.1%
|
||||||||
Forward Long/Short Credit Analysis - Institutional Class
|
343,030 | 2,747,671 | ||||||
Loomis Sayles Institutional High Income
|
201,773 | 1,515,313 | ||||||
ProShares Short 20+ Year Treasury (a) (b)
|
20,000 | 664,600 | ||||||
Templeton Global Bond - Class A
|
327,639 | 4,344,495 | ||||||
9,272,079 | ||||||||
Real Estate Funds — 6.5%
|
||||||||
CBRE Clarion Global Real Estate Income
|
86,000 | 621,780 | ||||||
ING Global Real Estate - Class I
|
221,567 | 3,489,674 |
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
INVESTMENT COMPANIES — 98.4% (Continued)
|
Shares
|
Value
|
||||||
Real Estate Funds — 6.5% (Continued)
|
||||||||
Invesco Real Estate - Class A
|
149,131 | $ | 3,382,282 | |||||
7,493,736 | ||||||||
Option Hedged Funds — 5.4%
|
||||||||
Eaton Vance Enhanced Equity Income II (d)
|
50,000 | 513,500 | ||||||
Eaton Vance Tax-Managed Buy-Write Income (d)
|
90,000 | 1,108,800 | ||||||
Eaton Vance Tax-Managed Buy-Write Opportunities (d)
|
80,000 | 920,800 | ||||||
Gateway - Class A
|
141,829 | 3,684,715 | ||||||
6,227,815 | ||||||||
Managed Futures Funds — 3.6%
|
||||||||
ASG Managed Futures Strategy - Class Y
|
107,431 | 1,119,427 | ||||||
MutualHedge Frontier Legends - Class I Shares (b)
|
290,838 | 3,024,711 | ||||||
4,144,138 | ||||||||
Deep Value/Distressed Securities Funds — 2.8%
|
||||||||
Fairholme
|
44,727 | 1,218,815 | ||||||
Royce Value Trust, Inc. (d)
|
154,454 | 1,958,477 | ||||||
3,177,292 | ||||||||
Total Investment Companies (Cost $102,602,348)
|
$ | 112,924,792 |
STRUCTURED NOTES — 0.9%
|
Par Value
|
Value
|
||||||
Credit Suisse, Buffered Accelerated Return Equity Security Linked Note due 04/05/2012 (b) (Cost $1,000,000)
|
$ | 1,000,000 | $ | 1,060,800 |
MONEY MARKET FUNDS — 0.8%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.054% (e) (Cost $918,545)
|
918,545 | $ | 918,545 | |||||
Total Investments at Value — 100.1% (Cost $104,520,893)
|
$ | 114,904,137 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(63,131 | ) | ||||||
Net Assets — 100.0%
|
$ | 114,841,006 |
(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 October 31, 2011.
|
NEW CENTURY PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2011
|
|
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
|
$ | 71,977,050 | $ | 54,971,476 | $ | 11,012,378 | $ | 46,416,813 | $ | 104,520,893 | ||||||||||
At value (Note 1A)
|
$ | 88,693,828 | $ | 64,644,513 | $ | 13,243,679 | $ | 61,343,451 | $ | 114,904,137 | ||||||||||
Dividends receivable
|
169 | 5,678 | 17 | 35 | 262 | |||||||||||||||
Receivable for capital shares sold
|
1,173 | 2,175 | — | 2,146 | 53,888 | |||||||||||||||
Other assets
|
4,828 | 3,396 | 728 | 3,553 | 6,294 | |||||||||||||||
TOTAL ASSETS
|
88,699,998 | 64,655,762 | 13,244,424 | 61,349,185 | 114,964,581 | |||||||||||||||
LIABILITIES
|
||||||||||||||||||||
Payable for investment
securities purchased |
— | 1,247 | — | — | — | |||||||||||||||
Payable for capital shares redeemed
|
— | — | — | 16,300 | 34,282 | |||||||||||||||
Payable to Adviser (Note 2)
|
74,461 | 54,764 | 7,571 | 51,737 | 74,375 | |||||||||||||||
Payable to Distributor (Note 3)
|
16,200 | 10,700 | 2,706 | 12,300 | 6,000 | |||||||||||||||
Other accrued expenses
|
7,367 | 6,804 | 5,189 | 6,706 | 8,918 | |||||||||||||||
TOTAL LIABILITIES
|
98,028 | 73,515 | 15,466 | 87,043 | 123,575 | |||||||||||||||
NET ASSETS
|
$ | 88,601,970 | $ | 64,582,247 | $ | 13,228,958 | $ | 61,262,142 | $ | 114,841,006 | ||||||||||
Net assets consist of:
|
||||||||||||||||||||
Paid-in capital
|
$ | 71,394,670 | $ | 57,525,779 | $ | 12,638,819 | $ | 50,794,392 | $ | 116,454,161 | ||||||||||
Undistributed net investment income
|
— | 227,405 | — | 434,566 | 222,877 | |||||||||||||||
Undistributed (accumulated) net realized gains (losses) on investments
|
490,522 | (2,843,974 | ) | (1,641,162 | ) | (4,893,454 | ) | (12,219,276 | ) | |||||||||||
Net unrealized appreciation
on investments |
16,716,778 | 9,673,037 | 2,231,301 | 14,926,638 | 10,383,244 | |||||||||||||||
Net assets
|
$ | 88,601,970 | $ | 64,582,247 | $ | 13,228,958 | $ | 61,262,142 | $ | 114,841,006 | ||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)
|
5,501,001 | 4,752,712 | 1,337,733 | 4,566,786 | 9,734,636 | |||||||||||||||
Net asset value, offering price and redemption price per share (a)
|
$ | 16.11 | $ | 13.59 | $ | 9.89 | $ | 13.41 | $ | 11.80 |
(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 Year Ended October 31, 2011
|
|
New Century
Capital
Portfolio
|
New Century
Balanced
Portfolio
|
New Century Opportunistic Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
|||||||||||||||
INVESTMENT INCOME
|
||||||||||||||||||||
Dividends
|
$ | 1,102,314 | $ | 1,864,705 | $ | 148,823 | $ | 1,446,206 | $ | 3,258,678 | ||||||||||
EXPENSES
|
||||||||||||||||||||
Investment advisory fees (Note 2)
|
947,447 | 661,438 | 135,861 | 691,767 | 953,484 | |||||||||||||||
Distribution costs (Note 3)
|
208,302 | 131,789 | 33,965 | 162,383 | 199,317 | |||||||||||||||
Accounting fees
|
39,453 | 36,656 | 31,357 | 36,913 | 42,652 | |||||||||||||||
Administration fees (Note 2)
|
33,831 | 25,432 | 10,150 | 26,610 | 43,146 | |||||||||||||||
Legal and audit fees
|
25,442 | 19,314 | 8,841 | 19,999 | 31,831 | |||||||||||||||
Transfer agent fees
|
21,000 | 21,000 | 21,000 | 21,000 | 21,000 | |||||||||||||||
Trustees’ fees (Note 2)
|
25,290 | 17,743 | 3,697 | 18,337 | 33,502 | |||||||||||||||
Custody and bank service fees
|
16,750 | 13,001 | 4,314 | 13,605 | 25,577 | |||||||||||||||
Insurance expense
|
8,064 | 5,783 | 1,100 | 6,999 | 12,030 | |||||||||||||||
Postage & supplies
|
7,204 | 4,207 | 2,581 | 4,712 | 6,895 | |||||||||||||||
Other expenses
|
10,005 | 8,767 | 6,531 | 8,976 | 11,363 | |||||||||||||||
Total expenses
|
1,342,788 | 945,130 | 259,397 | 1,011,301 | 1,380,797 | |||||||||||||||
Less fees waived by the
Adviser (Note 2) |
— | — | (55,606 | ) | — | — | ||||||||||||||
Net expenses
|
1,342,788 | 945,130 | 203,791 | 1,011,301 | 1,380,797 | |||||||||||||||
NET INVESTMENT
INCOME (LOSS) |
(240,474 | ) | 919,575 | (54,968 | ) | 434,905 | 1,877,881 | |||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES)
ON INVESTMENTS |
||||||||||||||||||||
Net realized gains on investments
|
7,967,498 | 991,946 | 563,851 | 2,781,204 | 1,155,274 | |||||||||||||||
Capital gain distributions from regulated investment companies
|
144,757 | 79,337 | — | — | 559,407 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments
|
(3,383,909 | ) | 788,079 | (110,711 | ) | (8,139,613 | ) | (2,090,130 | ) | |||||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
4,728,346 | 1,859,362 | 453,140 | (5,358,409 | ) | (375,449 | ) | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
$ | 4,487,872 | $ | 2,778,937 | $ | 398,172 | $ | (4,923,504 | ) | $ | 1,502,432 |
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
|
New Century
Capital Portfolio
|
New Century
Balanced Portfolio
|
|||||||||||||||
Year
Ended
October 31,
2011
|
Year
Ended
October 31,
2010
|
Year
Ended
October 31,
2011
|
Year
Ended
October 31,
2010
|
|||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income (loss)
|
$ | (240,474 | ) | $ | (174,563 | ) | $ | 919,575 | $ | 751,710 | ||||||
Net realized gains (losses) from
security transactions |
7,967,498 | 3,033,894 | 991,946 | (164,389 | ) | |||||||||||
Capital gain distributions from regulated
investment companies |
144,757 | — | 79,337 | 74,671 | ||||||||||||
Net change in unrealized appreciation
(depreciation) on investments |
(3,383,909 | ) | 10,720,948 | 788,079 | 6,637,608 | |||||||||||
Net increase in net assets from operations
|
4,487,872 | 13,580,279 | 2,778,937 | 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
|
3,892,082 | 5,779,440 | 3,406,806 | 2,950,046 | ||||||||||||
Proceeds from redemption fees
collected (Note 1B) |
— | 200 | 326 | — | ||||||||||||
Net asset value of shares issued
in reinvestment of distributions to shareholders |
— | 187,117 | 901,552 | 760,047 | ||||||||||||
Payments for shares redeemed
|
(13,044,041 | ) | (11,083,722 | ) | (6,443,866 | ) | (6,904,364 | ) | ||||||||
Net decrease in net assets from capital
share transactions |
(9,151,959 | ) | (5,116,965 | ) | (2,135,182 | ) | (3,194,271 | ) | ||||||||
TOTAL INCREASE (DECREASE)
IN NET ASSETS |
(4,664,087 | ) | 8,265,760 | (297,398 | ) | 3,302,082 | ||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of year
|
93,266,057 | 85,000,297 | 64,879,645 | 61,577,563 | ||||||||||||
End of year
|
$ | 88,601,970 | $ | 93,266,057 | $ | 64,582,247 | $ | 64,879,645 | ||||||||
UNDISTRIBUTED NET
INVESTMENT INCOME |
$ | — | $ | — | $ | 227,405 | $ | 248,983 | ||||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares sold
|
237,739 | 395,919 | 246,569 | 233,988 | ||||||||||||
Shares reinvested
|
— | 13,094 | 66,437 | 61,493 | ||||||||||||
Shares redeemed
|
(788,882 | ) | (769,439 | ) | (466,920 | ) | (550,071 | ) | ||||||||
Net decrease in shares outstanding
|
(551,143 | ) | (360,426 | ) | (153,914 | ) | (254,590 | ) | ||||||||
Shares outstanding, beginning of year
|
6,052,144 | 6,412,570 | 4,906,626 | 5,161,216 | ||||||||||||
Shares outstanding, end of year
|
5,501,001
|
6,052,144
|
4,752,712
|
4,906,626
|
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
|
New Century
Opportunistic Portfolio
|
New Century
International Portfolio
|
|||||||||||||||
Year
Ended
October 31,
2011
|
Year
Ended
October 31,
2010
|
Year
Ended
October 31,
2011
|
Year
Ended
October 31,
2010
|
|||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income (loss)
|
$ | (54,968 | ) | $ | (27,497 | ) | $ | 434,905 | $ | 499,160 | ||||||
Net realized gains from
security transactions |
563,851 | 152,638 | 2,781,204 | 1,760,915 | ||||||||||||
Capital gain distributions from regulated
investment companies |
— | — | — | 19,724 | ||||||||||||
Net change in unrealized appreciation
(depreciation) on investments |
(110,711 | ) | 1,904,138 | (8,139,613 | ) | 8,838,385 | ||||||||||
Net increase (decrease) in net assets
from operations |
398,172 | 2,029,279 | (4,923,504 | ) | 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
|
2,342,894 | 583,154 | 4,989,543 | 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
|
(1,225,190 | ) | (2,215,304 | ) | (7,747,872 | ) | (41,622,845 | ) | ||||||||
Net increase (decrease) in net assets from
capital share transactions |
1,117,743 | (1,619,876 | ) | (2,387,071 | ) | (31,067,904 | ) | |||||||||
TOTAL INCREASE (DECREASE)
IN NET ASSETS |
1,515,915 | 397,038 | (7,685,281 | ) | (20,502,042 | ) | ||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of year
|
11,713,043 | 11,316,005 | 68,947,423 | 89,449,465 | ||||||||||||
End of year
|
$ | 13,228,958 | $ | 11,713,043 | $ | 61,262,142 | $ | 68,947,423 | ||||||||
UNDISTRIBUTED NET
INVESTMENT INCOME |
$ | — | $ | — | $ | 434,566 | $ | 374,367 | ||||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares sold
|
228,401 | 66,432 | 335,837 | 758,982 | ||||||||||||
Shares reinvested
|
— | 1,417 | 24,653 | 28,601 | ||||||||||||
Shares redeemed
|
(124,792 | ) | (253,593 | ) | (539,081 | ) | (3,087,044 | ) | ||||||||
Net increase (decrease) in shares outstanding
|
103,609 | (185,744 | ) | (178,591 | ) | (2,299,461 | ) | |||||||||
Shares outstanding, beginning of year
|
1,234,124 | 1,419,868 | 4,745,377 | 7,044,838 | ||||||||||||
Shares outstanding, end of year
|
1,337,733
|
1,234,124
|
4,566,786
|
4,745,377
|
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
|
New Century Alternative
Strategies Portfolio
|
||||||||
Year
Ended
October 31,
2011
|
Year
Ended
October 31,
2010
|
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$ | 1,877,881 | $ | 1,009,441 | ||||
Net realized gains (losses) from security transactions
|
1,155,274 | (1,902,489 | ) | |||||
Capital gain distributions from regulated investment companies
|
559,407 | 240,236 | ||||||
Net change in unrealized appreciation (depreciation) on investments
|
(2,090,130 | ) | 11,305,025 | |||||
Net increase in net assets from operations
|
1,502,432 | 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
|
12,085,063 | 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
|
(34,007,680 | ) | (38,600,474 | ) | ||||
Net decrease in net assets from capital share transactions
|
(20,293,592 | ) | (12,716,984 | ) | ||||
TOTAL DECREASE IN NET ASSETS
|
(20,446,164 | ) | (3,880,763 | ) | ||||
NET ASSETS
|
||||||||
Beginning of year
|
135,287,170 | 139,167,933 | ||||||
End of year
|
$ | 114,841,006 | $ | 135,287,170 | ||||
UNDISTRIBUTED NET INVESTMENT INCOME
|
$ | 222,877 | $ | — | ||||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
995,488 | 2,110,966 | ||||||
Shares reinvested
|
134,357 | 156,547 | ||||||
Shares redeemed
|
(2,792,202 | ) | (3,402,098 | ) | ||||
Net decrease in shares outstanding
|
(1,662,357 | ) | (1,134,585 | ) | ||||
Shares outstanding, beginning of year
|
11,396,993 | 12,531,578 | ||||||
Shares outstanding, end of year
|
9,734,636 | 11,396,993 |
NEW CENTURY CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year
|
||||||||||||||||||||
|
Years Ended October 31,
|
|||||||||||||||||||
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 15.41 | $ | 13.26 | $ | 11.76 | $ | 20.68 | $ | 17.23 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.04 | ) | (0.03 | ) | 0.03 | 0.02 | (0.06 | ) | ||||||||||||
Net realized and unrealized gains
(losses) on investments |
0.74 | 2.21 | 1.50 | (7.94 | ) | 3.51 | ||||||||||||||
Total from investment operations
|
0.70 | 2.18 | 1.53 | (7.92 | ) | 3.45 | ||||||||||||||
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 year
|
$ | 16.11 | $ | 15.41 | $ | 13.26 | $ | 11.76 | $ | 20.68 | ||||||||||
TOTAL RETURN (b)
|
4.54% | 16.47% | 13.05% | (40.06% | ) | 20.02% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of year (000’s)
|
$ | 88,602 | $ | 93,266 | $ | 85,000 | $ | 84,119 | $ | 144,228 | ||||||||||
Ratio of expenses to average net assets (c)
|
1.42% | 1.40% | 1.41% | 1.29% | 1.25% | |||||||||||||||
Ratio of net investment income (loss) to
average net assets (c) (d) |
(0.25% | ) | (0.20% | ) | 0.27% | 0.08% | (0.32% | ) | ||||||||||||
Portfolio turnover
|
60% | 10% | 4% | 27% | 21% |
(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 years 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)
|
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.
|
(d)
|
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.
|
NEW CENTURY BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year
|
||||||||||||||||||||
|
Years Ended October 31,
|
|||||||||||||||||||
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 13.22 | $ | 11.93 | $ | 10.54 | $ | 16.13 | $ | 14.57 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.20 | 0.15 | 0.22 | 0.25 | 0.19 | |||||||||||||||
Net realized and unrealized gains
(losses) on investments |
0.37 | 1.30 | 1.39 | (4.69 | ) | 1.56 | ||||||||||||||
Total from investment operations
|
0.57 | 1.45 | 1.61 | (4.44 | ) | 1.75 | ||||||||||||||
Less distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.20 | ) | (0.16 | ) | (0.22 | ) | (0.30 | ) | (0.19 | ) | ||||||||||
Distributions from net realized gains
|
— | — | — | (0.85 | ) | — | ||||||||||||||
Total distributions
|
(0.20 | ) | (0.16 | ) | (0.22 | ) | (1.15 | ) | (0.19 | ) | ||||||||||
Proceeds from redemption fees collected
|
0.00 | (a) | — | — | 0.00 | (a) | 0.00 | (a) | ||||||||||||
Net asset value, end of year
|
$ | 13.59 | $ | 13.22 | $ | 11.93 | $ | 10.54 | $ | 16.13 | ||||||||||
TOTAL RETURN (b)
|
4.29% | 12.23% | 15.57% | (29.46% | ) | 12.09% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of year (000’s)
|
$ | 64,582 | $ | 64,880 | $ | 61,578 | $ | 62,423 | $ | 95,052 | ||||||||||
Ratio of expenses to average net assets (c)
|
1.43% | 1.44% | 1.45% | 1.38% | 1.35% | |||||||||||||||
Ratio of net investment income to
average net assets (c) (d) |
1.39% | 1.20% | 2.07% | 1.71% | 1.21% | |||||||||||||||
Portfolio turnover
|
17% | 7% | 13% | 22% | 28% |
(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 years 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)
|
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.
|
(d)
|
Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
|
NEW CENTURY OPPORTUNISTIC PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year
|
||||||||||||||||||||
|
Years Ended October 31,
|
|||||||||||||||||||
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 9.49 | $ | 7.97 | $ | 7.08 | $ | 11.78 | $ | 9.45 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.04 | ) | (0.02 | ) | 0.01 | (0.05 | ) | (0.05 | ) | |||||||||||
Net realized and unrealized gains
(losses) on investments |
0.44 | 1.55 | 0.88 | (4.26 | ) | 2.38 | ||||||||||||||
Total from investment operations
|
0.40 | 1.53 | 0.89 | (4.31 | ) | 2.33 | ||||||||||||||
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 year
|
$ | 9.89 | $ | 9.49 | $ | 7.97 | $ | 7.08 | $ | 11.78 | ||||||||||
TOTAL RETURN (b)
|
4.21% | 19.19% | 12.57% | (37.74% | ) | 24.66% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of year (000’s)
|
$ | 13,229 | $ | 11,713 | $ | 11,316 | $ | 10,587 | $ | 14,935 | ||||||||||
Ratios of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement and waived fees (c)
|
1.91% | 2.03% | 2.08% | 1.79% | 1.88% | |||||||||||||||
After expense reimbursement and waived fees (c)
|
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 (c) (d)
|
(0.81% | ) | (0.77% | ) | (0.47% | ) | (0.89% | ) | (0.88% | ) | ||||||||||
After expense reimbursement and waived fees (c)(d)
|
(0.40% | ) | (0.24% | ) | 0.11% | (0.60% | ) | (0.50% | ) | |||||||||||
Portfolio turnover
|
24% | 7% | 10% | 56% | 47% |
(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 years 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)
|
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.
|
(d)
|
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.
|
NEW CENTURY INTERNATIONAL PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year
|
||||||||||||||||||||
|
Years Ended October 31,
|
|||||||||||||||||||
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 14.53 | $ | 12.70 | $ | 10.08 | $ | 20.06 | $ | 15.06 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.10 | 0.09 | 0.13 | 0.28 | 0.03 | |||||||||||||||
Net realized and unrealized gains
(losses) on investments |
(1.14 | ) | 1.82 | 2.61 | (9.47 | ) | 5.61 | |||||||||||||
Total from investment operations
|
(1.04 | ) | 1.91 | 2.74 | (9.19 | ) | 5.64 | |||||||||||||
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 | ) | |||||||||||||
Total distributions
|
(0.08 | ) | (0.08 | ) | (0.12 | ) | (0.79 | ) | (0.64 | ) | ||||||||||
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 year
|
$ | 13.41 | $ | 14.53 | $ | 12.70 | $ | 10.08 | $ | 20.06 | ||||||||||
TOTAL RETURN (b)
|
(7.22% | ) | 15.07% | 27.45% | (47.52% | ) | 38.62% | |||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of year (000’s)
|
$ | 61,262 | $ | 68,947 | $ | 89,449 | $ | 76,234 | $ | 147,416 | ||||||||||
|
||||||||||||||||||||
Ratios of expenses to average net assets (c)
|
1.46% | 1.45% | 1.44% | 1.29% | (e) | 1.35% | (e) | |||||||||||||
Ratios of net investment income to
average net assets (c) (d) |
0.63% | 0.57% | 1.23% | 1.66% | (e) | 0.11% | (e) | |||||||||||||
Portfolio turnover
|
13% | 4% | 11% | 34% | 10% |
(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 years 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)
|
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.
|
(d)
|
Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
|
(e)
|
Absent the recoupment of fees previously waived and expenses reimbursed by the Adviser, the ratios of expenses to average net assets would have been 1.28% and 1.32% and the ratios of net investment income to average net assets would have been 1.68% and 0.14% for the years ended October 31, 2008 and 2007, respectively (Note 2).
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year
|
||||||||||||||||||||
|
Years Ended October 31,
|
|||||||||||||||||||
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 11.87 | $ | 11.11 | $ | 10.14 | $ | 13.93 | $ | 13.03 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.17 | 0.08 | 0.14 | 0.27 | 0.18 | |||||||||||||||
Net realized and unrealized gains
(losses) on investments |
(0.09 | ) | 0.83 | 1.15 | (3.39 | ) | 1.34 | |||||||||||||
Total from investment operations
|
0.08 | 0.91 | 1.29 | (3.12 | ) | 1.52 | ||||||||||||||
Less distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.15 | ) | (0.15 | ) | (0.32 | ) | (0.36 | ) | (0.32 | ) | ||||||||||
Distributions from net realized gains
|
— | — | — | (0.31 | ) | (0.30 | ) | |||||||||||||
Total distributions
|
(0.15 | ) | (0.15 | ) | (0.32 | ) | (0.67 | ) | (0.62 | ) | ||||||||||
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 year
|
$ | 11.80 | $ | 11.87 | $ | 11.11 | $ | 10.14 | $ | 13.93 | ||||||||||
TOTAL RETURN (b)
|
0.62% | 8.21% | 13.16% | (23.44% | ) | 12.09% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of year (000’s)
|
$ | 114,841 | $ | 135,287 | $ | 139,168 | $ | 136,999 | $ | 128,117 | ||||||||||
Ratio of expenses to average net assets (c)
|
1.09% | 1.10% | 1.06% | 1.00% | 1.06% | |||||||||||||||
Ratio of net investment income to
average net assets (c) (d) |
1.48% | 0.74% | 1.46% | 1.46% | 1.07% | |||||||||||||||
Portfolio turnover
|
31% | 22% | 27% | 17% | 8% |
(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 years 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)
|
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.
|
(d)
|
Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS
October 31, 2011
|
(1)
|
SIGNIFICANT ACCOUNTING POLICIES
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
A.
|
Investment Valuation
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
New Century Capital Portfolio
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investment Companies
|
$ | 85,578,150 | $ | — | $ | — | $ | 85,578,150 | ||||||||
Money Market Funds
|
3,115,678 | — | — | 3,115,678 | ||||||||||||
Total
|
$ | 88,693,828 | $ | — | $ | — | $ | 88,693,828 | ||||||||
New Century Balanced Portfolio
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investment Companies
|
$ | 63,672,818 | $ | — | $ | — | $ | 63,672,818 | ||||||||
Money Market Funds
|
971,695 | — | — | 971,695 | ||||||||||||
Total
|
$ | 64,644,513 | $ | — | $ | — | $ | 64,644,513 | ||||||||
New Century Opportunistic Portfolio
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investment Companies
|
$ | 12,897,590 | $ | — | $ | — | $ | 12,897,590 | ||||||||
Money Market Funds
|
346,089 | — | — | 346,089 | ||||||||||||
Total
|
$ | 13,243,679 | $ | — | $ | — | $ | 13,243,679 | ||||||||
New Century International Portfolio
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investment Companies
|
$ | 60,839,484 | $ | — | $ | — | $ | 60,839,484 | ||||||||
Money Market Funds
|
503,967 | — | — | 503,967 | ||||||||||||
Total
|
$ | 61,343,451 | $ | — | $ | — | $ | 61,343,451 |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
New Century Alternative Strategies Portfolio
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investment Companies
|
$ | 112,924,792 | $ | — | $ | — | $ | 112,924,792 | ||||||||
Structured Notes
|
— | 1,060,800 | — | 1,060,800 | ||||||||||||
Money Market Funds
|
918,545 | — | — | 918,545 | ||||||||||||
Total
|
$ | 113,843,337 | $ | 1,060,800 | $ | — | $ | 114,904,137 |
B.
|
Share Valuation
|
C.
|
Investment Transactions
|
D.
|
Income Recognition
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
E.
|
Distributions to Shareholders
|
Year Ended
|
Ordinary
Income
|
|||
New Century Capital Portfolio
|
||||
October 31, 2011
|
$ | — | ||
October 31, 2010
|
$ | 197,554 | ||
New Century Balanced Portfolio
|
||||
October 31, 2011
|
$ | 941,153 | ||
October 31, 2010
|
$ | 803,247 | ||
New Century Opportunistic Portfolio
|
||||
October 31, 2011
|
$ | — | ||
October 31, 2010
|
$ | 12,365 | ||
New Century International Portfolio
|
||||
October 31, 2011
|
$ | 374,706 | ||
October 31, 2010
|
$ | 552,322 | ||
New Century Alternative Strategies Portfolio
|
||||
October 31, 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)
October 31, 2011
|
(2)
|
INVESTMENT ADVISORY FEES, ADMINISTRATIVE AGREEMENT AND TRUSTEES’ FEES
|
|
October 31,
2012
|
October 31,
2013
|
October 31,
2014
|
New Century Opportunistic Portfolio
|
$61,513
|
$62,510
|
$55,606
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
(3)
|
DISTRIBUTION PLAN AND OTHER TRANSACTIONS WITH AFFILIATES
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
(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
|
$ | 56,291,559 | $ | 11,222,203 | $ | 3,992,756 | $ | 8,843,105 | $ | 39,052,191 | ||||||||||
Proceeds from sales of investment securities
|
$ | 65,208,146 | $ | 13,630,263 | $ | 3,160,338 | $ | 10,217,885 | $ | 54,367,479 |
(5)
|
TAX MATTERS
|
|
Increase in
Undistributed
Net Investment
Income
|
Decrease
in Paid-in
Capital
|
||||||
New Century Capital Portfolio
|
$ | 240,474 | $ | (240,474 | ) | |||
New Century Opportunistic Portfolio
|
54,968 | (54,968 | ) |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
|
New Century
Capital
Portfolio
|
New Century
Balanced
Portfolio
|
New Century
Opportunistic
Portfolio
|
New Century
International
Portfolio
|
New Century
Alternative
Strategies Portfolio
|
|||||||||||||||
Undistributed ordinary income
|
$ | — | $ | 227,405 | $ | — | $ | 434,566 | $ | 222,877 | ||||||||||
Net unrealized appreciation
|
16,709,964 | 9,513,468 | 2,214,858 | 14,926,638 | 9,771,749 | |||||||||||||||
Capital loss carryforwards
|
— | (2,684,405 | ) | (1,624,719 | ) | (4,893,454 | ) | (11,607,781 | ) | |||||||||||
Undistributed long-term gains
|
497,336 | — | — | — | — | |||||||||||||||
Total accumulated earnings (deficit)
|
$ | 17,207,300 | $ | 7,056,468 | $ | 590,139 | $ | 10,467,750 | $ | (1,613,155 | ) |
|
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
|
$ | 71,983,864 | $ | 55,131,045 | $ | 11,028,821 | $ | 46,416,813 | $ | 105,132,388 | ||||||||||
Gross unrealized appreciation
|
$ | 16,846,635 | $ | 10,288,971 | $ | 2,378,340 | $ | 16,424,374 | $ | 12,927,034 | ||||||||||
Gross unrealized depreciation
|
(136,671 | ) | (775,503 | ) | (163,482 | ) | (1,497,736 | ) | (3,155,285 | ) | ||||||||||
Net unrealized appreciation
|
$ | 16,709,964 | $ | 9,513,468 | $ | 2,214,858 | $ | 14,926,638 | $ | 9,771,749 |
Expires October 31,
|
New Century
Balanced
Portfolio
|
New Century
Opportunistic
Portfolio
|
New Century
International
Portfolio
|
New Century
Alternative
Strategies
Portfolio
|
||||||||||||
2016
|
$ | 2,581,125 | $ | 1,624,719 | $ | 3,363,552 | $ | — | ||||||||
2017
|
— | — | 1,529,902 | 9,776,758 | ||||||||||||
2018
|
103,280 | — | — | 1,831,023 | ||||||||||||
$ | 2,684,405 | $ | 1,624,719 | $ | 4,893,454 | $ | 11,607,781 |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
New Century Capital Portfolio
|
$ | 7,614,919 | ||
New Century Balanced Portfolio
|
$ | 1,088,726 | ||
New Century Opportunistic Portfolio
|
$ | 563,851 | ||
New Century International Portfolio
|
$ | 2,781,204 | ||
New Century Alternative Strategies
|
$ | 1,693,802 |
(6)
|
CONTINGENCIES AND COMMITMENTS
|
(7)
|
NEW LEGISLATION AND RECENT ACCOUNTING PRONOUNCEMENT
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
October 31, 2011
|
(8)
|
SUBSEQUENT EVENTS
|
NEW CENTURY PORTFOLIOS
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
|
BBD, LLP
|
NEW CENTURY PORTFOLIOS
BOARD OF TRUSTEES AND OFFICERS (Unaudited)
|
Name,
Address
And Age
|
Length of
Time Served
|
Position(s)
Held With
the Trust
|
Principal Occupation(s)
During Past 5 Years
|
Number of
Portfolios in
Fund Complex Overseen by
Trustee
|
Other
Directorships
Held by
Trustee
|
Interested Trustee
|
|||||
*Wayne M. Grzecki, Esq.
100 William Street,
Ste. 200
Wellesley, MA 02481
(age 60)
|
Since 2010
1996 to 2011
|
Trustee
President (CEO)
|
Portfolio Manager since 1995; Formerly, President, Chief Operating Officer and Director, Weston Financial Group, Inc.; and President, Director, and General Securities Principal Weston Securities Corporation (2005 to 2011).
|
5
|
None
|
Non-Interested Trustees
|
|||||
Stanley H. Cooper, Esq.
One Ashford Lane
Andover, MA 01810
(age 64)
|
Since 2008
Since 1988
|
Chairman
Trustee
|
Attorney in private practice.
|
5
|
None
|
Roger A. Eastman, CPA
10682 Gulfshore Drive
C-103
Naples, FL 34108
(age 81)
|
Since 1989
|
Trustee, Chairman of Audit Committee
|
Retired.
|
5
|
None
|
Michael A. Diorio, CPA
11 Calvin Drive
Milford, MA 01757
(age 66)
|
Since 1988
|
Trustee
|
Financial Consultant; Formerly Executive Director, Milford Housing Authority (2004 to 2009).
|
5
|
Director, The Milford National Bank & Trust Company since 1996.
|
*
|
Wayne M. Grzecki is considered to be an “interested person” of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended. Mr. Grzecki is an interested person because he was an Officer of the Adviser and the Distributor and continues to be a portfolio manager of the Portfolios.
|
NEW CENTURY PORTFOLIOS
BOARD OF TRUSTEES AND OFFICERS (Unaudited)
(Continued)
|
Name,
Address
And Age
|
Length of
Time Served
|
Position(s)
Held With
the Trust
|
Principal Occupation(s)
During Past 5 Years
|
Officers
|
|||
Nicole M. Tremblay, Esq.
100 William Street,
Ste. 200
Wellesley, MA 02481
(age 37)
|
Since 2011,
Since 2002
2002 to 2011
|
President (CEO),
Chief Compliance Officer
Chief Financial Officer, Treasurer, Secretary
|
Senior Vice President, Chief Compliance Officer, Weston Financial Group, Inc.; President, Chief Compliance Officer, and General Securities Principal, Weston Securities Corporation.
|
Ronald A. Sugameli
100 William Street,
Ste. 200
Wellesley, MA 02481
(age 59)
|
Since 1997
|
Vice President
|
Portfolio Manager since 2002; Managing Director, Chief Investment Officer, Secretary, Weston Financial Group, Inc.; Vice President, Secretary, Weston Securities Corporation.
|
Stephen G. DaCosta
100 William Street,
Ste. 200
Wellesley, MA 02481
(age 56)
|
Since 2011
|
Chief Financial Officer, Treasurer
|
Vice President, Divisional Controller, Weston Financial Group, Inc.; Vice President, Financial Operations Principal, Weston Securities Corporation.
|
Betsy G. Hochadel
100 William Street,
Ste. 200
Wellesley, MA 02481
(age 29)
|
Since 2011
|
Secretary
|
Assistant Vice President, Senior Compliance Analyst, Weston Financial Group, Inc; Lead Operations Specialist II, Brown Brothers Harriman & Co. (2006 to 2008).
|
Susan K. Arnold
100 William Street,
Ste. 200
Wellesley, MA 02481
(age 52)
|
Since 1998
1998 to 2011
|
Vice President,
Assistant Treasurer
|
Portfolio Manager since 2011; Assistant Portfolio Manager 1998 to 2011; Vice President, Senior Financial Counselor, Weston Financial Group, Inc.; Registered Representative, Weston Securities Corporation.
|
Andre M. Fernandes
100 William Street,
Ste. 200
Wellesley, MA 02481
(age 32)
|
Since 2011
|
Vice President
|
Portfolio Manager since 2011; Assistant Portfolio Manager 2002 to 2011; Vice President, Senior Financial Counselor, Weston Financial Group, Inc.; Registered Representative, Weston Securities Corporation.
|
NEW CENTURY PORTFOLIOS
FEDERAL TAX INFORMATION (Unaudited)
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIOS’ EXPENSES (Unaudited)
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIOS’ EXPENSES (Unaudited)
(Continued)
|
New Century Capital Portfolio
|
Beginning
Account Value
May 1, 2011
|
Ending
Account Value
October 31, 2011
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$900.00
|
$6.85
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,018.00
|
$7.27
|
*
|
Expenses are equal to the New Century Capital Portfolio’s annualized expense ratio of 1.43% for the period, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
|
New Century Balanced Portfolio
|
Beginning
Account Value
May 1, 2011
|
Ending
Account Value
October 31, 2011
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$932.10
|
$6.87
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,018.10
|
$7.17
|
*
|
Expenses are equal to the New Century Balanced Portfolio’s annualized expense ratio of 1.41% for the period, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
|
New Century Opportunistic Portfolio
|
Beginning
Account Value
May 1, 2011
|
Ending
Account Value
October 31, 2011
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$901.50
|
$7.19
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,017.64
|
$7.63
|
*
|
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 184/365 (to reflect the one-half year period).
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIOS’ EXPENSES (Unaudited)
(Continued)
|
New Century International Portfolio
|
Beginning
Account Value
May 1, 2011
|
Ending
Account Value
October 31, 2011
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$832.90
|
$6.75
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,017.85
|
$7.43
|
*
|
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 184/365 (to reflect the one-half year period).
|
New Century Alternative Strategies Portfolio
|
Beginning
Account Value
May 1, 2011
|
Ending
Account Value
October 31, 2011
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$926.20
|
$5.19
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,019.81
|
$5.45
|
*
|
Expenses are equal to the New Century Alternative Strategies Portfolio’s annualized expense ratio of 1.07% for the period, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
|
NEW CENTURY PORTFOLIOS
TRUSTEES’ APPROVAL OF INVESTMENT
ADVISORY AGREEMENTS (Unaudited)
|
NEW CENTURY PORTFOLIOS
TRUSTEES’ APPROVAL OF INVESTMENT
ADVISORY AGREEMENTS (Unaudited) (Continued)
|
NEW CENTURY PORTFOLIOS
TRUSTEES’ APPROVAL OF INVESTMENT
ADVISORY AGREEMENTS (Unaudited) (Continued)
|
NEW CENTURY PORTFOLIOS
TRUSTEES’ APPROVAL OF INVESTMENT
ADVISORY AGREEMENTS (Unaudited) (Continued)
|
INVESTMENT ADVISER 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.
|
Item 2.
|
Code of Ethics.
|
Item 3.
|
Audit Committee Financial Expert.
|
Item 4.
|
Principal Accountant Fees and Services.
|
|
(a)
|
Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $57,500 and $57,500 with respect to the registrant’s fiscal years ended October 31, 2011 and 2010, respectively.
|
|
(b)
|
Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.
|
|
(c)
|
Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $10,500 and $10,500 with respect to the registrant’s fiscal years ended October 31, 2011 and 2010, respectively. The services comprising these fees are the preparation of the registrant’s federal income and excise tax returns.
|
|
(d)
|
All Other Fees. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.
|
(e)(1)
|
The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
|
(e)(2)
|
None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
|
|
(f)
|
Less than 50% of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
|
|
(g)
|
During the fiscal years ended October 31, 2011 and 2010, aggregate non-audit fees of $10,500 and $10,500, respectively, were billed by the registrant’s accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal years by the registrant’s accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
|
|
(h)
|
The principal accountant has not provided any non-audit services that were not previously approved to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.
|
Item 5.
|
Audit Committee of Listed Registrants.
|
Item 6.
|
Schedule of Investments.
|
|
(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.
|
Item 11.
|
Controls and Procedures.
|
Item 12.
|
Exhibits.
|
Exhibit 99.CODE ETH
|
Code of Ethics
|
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
|
January 4, 2012
|
By (Signature and Title)*
|
/s/ Nicole M. Tremblay
|
||
Nicole M. Tremblay, President
|
|||
Date
|
January 4, 2012
|
||
By (Signature and Title)*
|
/s/ Stephen G. DaCosta
|
||
Stephen G. DaCosta, Treasurer
|
|||
Date
|
January 4, 2012
|
I.
|
Covered Officers/Purpose of the Code.
|
|
•
|
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
|
•
|
full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the “SEC”) and in other public communications made by the Company;
|
|
•
|
compliance with applicable laws and governmental rules and regulations;
|
|
•
|
the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
|
|
•
|
accountability for adherence to the Code.
|
II.
|
Covered Officers Should Handle Ethically any Actual or Apparent Conflict of Interest.
|
1
|
The Company, its investment adviser and its principal underwriter are subject to a separate code of ethics that conforms to the provisions of Rule 17j-1 of the 1940 Act. Such other codes address additional topics, have separate reporting and clearance requirements and applies to additional persons. Covered Officers are required to adhere to the requirements of both this Code and their applicable code adopted pursuant to Rule 17j-1 under the 1940 Act. Section V of this Code deals with situations where this Code may conflict with the provisions of another code adopted pursuant to Rule 17j-1 under the 1940 Act.
|
|
•
|
not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;
|
|
•
|
not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company.
|
|
•
|
service as a director on the board of any public company must be approved in writing by the Board based upon a determination that such other board service would not be inconsistent with the interests of the Company or its shareholders;
|
|
•
|
the receipt of any gifts of more than a de minimus value;
|
2
|
If the Company’s chief compliance officer is a Covered Officer, the issue should be discussed with another appropriate party. Examples of other, appropriate parties are persons associated with the Company that have sufficient status within the Company to engender respect for the Code and the authority to adequately deal with the Covered Officers subject to the Code regardless of their stature in the Company. For example, it may be appropriate to deal with a partner of the Company’s investment adviser. Other examples include an attorney from Greenberg Traurig, LLP, counsel to the Company and to the members of the Board who are not “interested persons,” as that term is defined in the 1940 Act; and members of the Company’s Audit Committee.
|
3
|
Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer’s family engages in such an activity or has such a relationship.
|
|
•
|
the receipt of any entertainment from any company with which the Company 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;
|
|
•
|
any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than its investment adviser, principal underwriter, administrator, or any affiliated person thereof;
|
|
•
|
a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment with the Company, the Investment Adviser, Broker Dealer or Insurance Agency, such as compensation or equity ownership.
|
III.
|
Disclosure and Compliance.
|
|
•
|
Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Company;
|
|
•
|
each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s Board and auditors, and to governmental regulators and self-regulatory organizations;
|
|
•
|
each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Company and the investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the Company; and
|
|
•
|
it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
|
IV.
|
Reporting and Accountability.
|
|
•
|
upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;
|
|
•
|
annually thereafter affirm to the Board that he or she has complied with the requirements of this Code;
|
|
•
|
not retaliate against any other Covered Officer or any employees of the Company or their affiliated persons for reports of potential violations that are made in good faith; and
|
|
•
|
notify the Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.
|
|
•
|
the chief compliance officer will take all appropriate action to investigate any potential violations reported to her;
|
|
•
|
if, after such investigation, the chief compliance officer believes that no violation has occurred, the chief compliance officer is not required to take any further action;
|
|
•
|
any matter that the chief compliance officer believes is a violation will be reported to the Audit Committee;
|
|
•
|
if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the entire Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;
|
|
•
|
the Audit Committee will be responsible for granting waivers, as appropriate; and
|
|
•
|
any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.
|
V.
|
Other Policies and Procedures.
|
4
|
The chief compliance officer is authorized to consult, as appropriate, with the partners of the Company’s investment adviser, the Audit Committee of the Company, counsel to such Company and counsel to the members of the Board who are not “interested persons” (as that term is defined in the 1940 Act), and is encouraged to do so.
|
5
|
Item 2 of Form N-CSR defines “waiver” as “the approval by the registrant of a material departure from a provision of the code of ethics” and “implicit waiver,” which must also be disclosed, as “the registrant’s failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer” of the registrant.
|
VI.
|
Amendments.
|
VII.
|
Confidentiality.
|
VIII.
|
Internal Use.
|
Nicole M. Tremblay
|
President, Chief Executive Officer, Chief Compliance Officer
|
Stephen G. DaCosta
|
Chief Financial Officer and Treasurer
|
Date: January 4, 2012
|
|
/s/ Nicole M. Tremblay
Nicole M. Tremblay, President
|
Date: January 4, 2012
|
|
/s/ Stephen G. DaCosta
Stephen G. DaCosta, Treasurer
|
|
1.
|
The Registrant’s periodic report on Form N-CSR for the period ended October 31, 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
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New Century Portfolios
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/s/ Nicole M. Tremblay
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/s/ Stephen G. DaCosta
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Nicole M. Tremblay, President
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Stephen G. DaCosta, Treasurer
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Date: January 4, 2012
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Date: January 4, 2012
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