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 International
New Century Alternative Strategies
SEMI-ANNUAL REPORT
Six Months Ended April 30, 2013
(Unaudited)
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||||
100 William Street, Suite 200, Wellesley MA 02481
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781-239-0445
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888-639-0102
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Fax 781-237-1635
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LETTER TO SHAREHOLDERS
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2-5
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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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6
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Schedule of Investments
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7-8
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New Century Balanced Portfolio
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Portfolio Information
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9
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Schedule of Investments
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10-11
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New Century International Portfolio
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Portfolio Information
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12
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Schedule of Investments
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13-14
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New Century Alternative Strategies Portfolio
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Portfolio Information
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15
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Schedule of Investments
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16-18
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Statements of Assets and Liabilities
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19
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Statements of Operations
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20
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Statements of Changes in Net Assets
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21-22
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Financial Highlights
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23-26
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Notes to Financial Statements
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27-36
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About Your Portfolios’ Expenses
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37-39
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LETTER TO SHAREHOLDERS
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April 2013
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|
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Nicole M. Tremblay, Esq.
President, CEO
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Susan K. Arnold
Portfolio Manager
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Andre M. Fernandes
Portfolio Manager
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Ronald A. Sugameli
Portfolio Manager
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NEW CENTURY CAPITAL PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2013 (Unaudited)
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Asset Allocation (% of Net Assets)
|
|
Top Ten Long-Term Holdings
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Security Description
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% of Net Assets
|
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iShares S&P 500 Growth Index Fund
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7.5%
|
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Wells Fargo Advantage Growth Fund - Administrator Class
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6.3%
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iShares Core S&P 500 ETF
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6.2%
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Vanguard Dividend Growth Fund - Investor Shares
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6.1%
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MFS Growth Fund - Class I
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6.0%
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BlackRock Equity Dividend Fund - Institutional Shares
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5.6%
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Vanguard 500 Index Fund - Investor Shares
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4.7%
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iShares S&P 500 Value Index Fund
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4.2%
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iShares Dow Jones U.S. Energy Sector Index Fund
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3.8%
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iShares Russell 1000 Index Fund
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3.3%
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NEW CENTURY CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2013 (Unaudited)
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INVESTMENT COMPANIES — 99.1%
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Shares
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Value
|
||||||
Large-Cap Funds — 64.1%
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||||||||
American Funds AMCAP Fund - Class A
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138,958 | $ | 3,382,245 | |||||
BlackRock Equity Dividend Fund - Institutional Shares
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280,154 | 6,135,380 | ||||||
Columbia Dividend Opportunity Fund - Class A
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285,883 | 2,807,371 | ||||||
Fidelity Strategic Dividend & Income Fund
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169,710 | 2,326,729 | ||||||
Gabelli Asset Fund (The) - Class I
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48,386 | 2,823,814 | ||||||
iShares Core S&P 500 ETF (a)
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42,350 | 6,791,246 | ||||||
iShares Russell 1000 Index Fund (a)
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40,000 | 3,554,800 | ||||||
iShares Russell 1000 Value Index Fund (a)
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27,300 | 2,249,247 | ||||||
iShares S&P 500 Growth Index Fund (a)
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96,900 | 8,144,445 | ||||||
iShares S&P 500 Value Index Fund (a)
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60,800 | 4,566,688 | ||||||
MFS Growth Fund - Class I (b)
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116,126 | 6,496,110 | ||||||
Putnam Equity Income - Class Y
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93,280 | 1,789,099 | ||||||
Vanguard 500 Index Fund - Investor Shares
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34,530 | 5,088,638 | ||||||
Vanguard Dividend Growth Fund - Investor Shares
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349,945 | 6,662,944 | ||||||
Wells Fargo Advantage Growth Fund - Administrator Class (b)
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154,337 | 6,875,697 | ||||||
69,694,453 | ||||||||
Sector Funds — 14.7%
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||||||||
Fidelity Select Health Care Portfolio
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22,045 | 3,429,728 | ||||||
Fidelity Select Utilities Growth Portfolio
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38,230 | 2,598,080 | ||||||
iShares Dow Jones U.S. Energy Sector Index Fund (a)
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91,400 | 4,081,924 | ||||||
iShares S&P North American Natural Resources Index Fund (a)
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15,300 | 600,066 | ||||||
PowerShares Dynamic Pharmaceuticals Portfolio (a)
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67,000 | 2,727,570 | ||||||
SPDR Gold Trust (a) (b) (c)
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9,000 | 1,284,930 | ||||||
Technology Select Sector SPDR Fund (a)
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42,800 | 1,318,668 | ||||||
16,040,966 | ||||||||
International Funds — 9.3%
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||||||||
Aberdeen Emerging Markets Fund - Institutional Class
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123,597 | 1,989,917 | ||||||
Harding, Loevner International Equity Portfolio - Institutional Class
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140,202 | 2,351,182 | ||||||
iShares MSCI Emerging Markets Index Fund (a)
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64,000 | 2,770,560 | ||||||
Oppenheimer Developing Markets Fund - Class Y
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12,283 | 434,458 | ||||||
Oppenheimer International Growth Fund - Class Y
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44,753 | 1,492,968 | ||||||
Wells Fargo Advantage Intrinsic World Equity Fund - Administrator Class
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52,549 | 1,057,278 | ||||||
10,096,363 | ||||||||
Mid-Cap Funds — 6.7%
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||||||||
iShares S&P MidCap 400 Growth Index Fund (a)
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12,600 | 1,633,590 | ||||||
iShares S&P MidCap 400 Value Index Fund (a)
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31,600 | 3,187,492 | ||||||
SPDR S&P MidCap 400 ETF Trust (a)
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11,702 | 2,468,771 | ||||||
7,289,853 |
NEW CENTURY CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
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INVESTMENT COMPANIES — 99.1% (Continued)
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Shares
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Value
|
||||||
Small-Cap Funds — 4.3%
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||||||||
Gabelli Small Cap Growth Fund (The) - Class I
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10,674 | $ | 446,186 | |||||
iShares S&P SmallCap 600 Growth Index Fund (a)
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24,100 | 2,248,771 | ||||||
iShares S&P SmallCap 600 Value Index Fund (a)
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21,800 | 1,962,872 | ||||||
4,657,829 | ||||||||
Total Investment Companies (Cost $73,439,728)
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$ | 107,779,464 |
MONEY MARKET FUNDS — 1.0%
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Shares
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Value
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||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.09% (d) (Cost $1,051,006)
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1,051,006 | $ | 1,051,006 | |||||
Total Investments at Value — 100.1% (Cost $74,490,734)
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$ | 108,830,470 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
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(99,197 | ) | ||||||
Net Assets — 100.0%
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$ | 108,731,273 |
(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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The rate shown is the 7-day effective yield as of April 30, 2013.
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NEW CENTURY BALANCED PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2013 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
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 Fund - Institutional Class
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8.0%
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First Eagle Global Fund - Class A
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7.2%
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iShares Core S&P 500 ETF
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7.0%
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Templeton Global Bond Fund - Class A
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6.1%
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iShares Dow Jones U.S. Energy Sector Index Fund
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5.8%
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Harding, Loevner International Equity Portfolio - Institutional Class
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5.6%
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SPDR S&P MidCap 400 ETF Trust
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5.5%
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Dodge & Cox Income Fund
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5.4%
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Wells Fargo Advantage Growth Fund - Investor Class
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5.4%
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American Funds AMCAP Fund - Class A
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4.3%
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NEW CENTURY BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2013 (Unaudited)
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INVESTMENT COMPANIES — 98.9%
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Shares
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Value
|
||||||
Large-Cap Funds — 23.7%
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||||||||
American Funds AMCAP Fund - Class A
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122,192 | $ | 2,974,153 | |||||
iShares Core S&P 500 ETF (a)
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30,100 | 4,826,836 | ||||||
iShares Russell 1000 Growth Index Fund (a)
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19,600 | 1,428,448 | ||||||
iShares Russell 1000 Value Index Fund (a)
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20,300 | 1,672,517 | ||||||
Vanguard Dividend Appreciation ETF (a)
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26,300 | 1,756,840 | ||||||
Wells Fargo Advantage Growth Fund - Investor Class (b)
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87,790 | 3,710,895 | ||||||
16,369,689 | ||||||||
Fixed Income/Multi-Sector Bond Funds — 21.0%
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||||||||
Dodge & Cox Income Fund
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266,309 | 3,712,343 | ||||||
DoubleLine Total Return Bond Fund - Class I
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63,187 | 720,962 | ||||||
Loomis Sayles Bond Fund - Institutional Class
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350,807 | 5,483,119 | ||||||
PIMCO Income Fund - Institutional Class
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196,232 | 2,499,990 | ||||||
Vanguard Intermediate-Term Investment-Grade Fund - Admiral Shares
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201,284 | 2,071,211 | ||||||
14,487,625 | ||||||||
Sector Funds — 16.0%
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||||||||
Consumer Staples Select Sector SPDR Fund (a)
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67,300 | 2,755,262 | ||||||
Fidelity Select Health Care Portfolio
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7,197 | 1,119,733 | ||||||
Fidelity Select Utilities Growth Portfolio
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18,300 | 1,243,693 | ||||||
iShares Dow Jones U.S. Energy Sector Index Fund (a)
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89,100 | 3,979,206 | ||||||
Oppenheimer MLP Select 40 Fund - Institutional Class
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95,638 | 1,149,568 | ||||||
SPDR Gold Trust (a) (b) (c)
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5,300 | 756,681 | ||||||
11,004,143 | ||||||||
International Funds — 12.8%
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||||||||
First Eagle Global Fund - Class A
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95,582 | 4,969,311 | ||||||
Harding, Loevner International Equity Portfolio - Institutional Class
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231,605 | 3,884,020 | ||||||
8,853,331 | ||||||||
Worldwide Bond Funds — 8.6%
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||||||||
Loomis Sayles Global Bond Fund - Institutional Class
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98,752 | 1,702,485 | ||||||
Templeton Global Bond Fund - Class A
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306,843 | 4,191,468 | ||||||
5,893,953 | ||||||||
Mid-Cap Funds — 5.5%
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||||||||
SPDR S&P MidCap 400 ETF Trust (a)
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17,980 | 3,793,241 | ||||||
High Yield Bond Funds — 4.8%
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||||||||
Loomis Sayles Institutional High Income Fund
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277,329 | 2,246,362 | ||||||
Oppenheimer Senior Floating Rate Fund - Class A
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123,299 | 1,039,407 | ||||||
3,285,769 | ||||||||
Small-Cap Funds — 4.0%
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||||||||
iShares S&P SmallCap 600 Growth Index Fund (a)
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12,900 | 1,203,699 | ||||||
iShares S&P SmallCap 600 Value Index Fund (a)
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17,200 | 1,548,688 | ||||||
2,752,387 |
NEW CENTURY BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
INVESTMENT COMPANIES — 98.9% (Continued)
|
Shares
|
Value
|
||||||
Convertible Bond Funds — 2.5%
|
||||||||
Allianz AGIC Convertible Fund - Institutional Shares
|
56,192 | $ | 1,754,325 | |||||
Total Investment Companies (Cost $52,443,206)
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$ | 68,194,463 |
MONEY MARKET FUNDS — 1.2%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.09% (d) (Cost $799,762)
|
799,762 | $ | 799,762 | |||||
Total Investments at Value — 100.1% (Cost $53,242,968)
|
$ | 68,994,225 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(68,437 | ) | ||||||
Net Assets — 100.0%
|
$ | 68,925,788 |
(a)
|
Exchange-traded fund.
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(b)
|
Non-income producing security.
|
(c)
|
For federal income tax purposes, structured as a grantor trust.
|
(d)
|
The rate shown is the 7-day effective yield as of April 30, 2013.
|
NEW CENTURY INTERNATIONAL PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2013 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
Top Ten Long-Term Holdings
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Security Description
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% of Net Assets
|
|
iShares MSCI Germany Index Fund
|
6.2%
|
|
Matthews Pacific Tiger Fund - Class I
|
6.0%
|
|
Harding, Loevner International Equity Portfolio- Institutional Class
|
5.6%
|
|
iShares MSCI Switzerland Index Fund
|
5.1%
|
|
ProShares Ultra MSCI Japan
|
4.8%
|
|
iShares MSCI Australia Index Fund
|
4.8%
|
|
iShares MSCI United Kingdom Index Fund
|
4.7%
|
|
Vanguard MSCI Europe ETF
|
4.5%
|
|
Fidelity Canada Fund
|
4.5%
|
|
Franklin Mutual European Fund - Class A
|
4.4%
|
NEW CENTURY INTERNATIONAL PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2013 (Unaudited)
|
INVESTMENT COMPANIES — 99.2%
|
Shares
|
Value
|
||||||
Europe Funds — 30.1%
|
||||||||
Columbia European Equity Fund - Class A
|
192,134 | $ | 1,273,845 | |||||
Franklin Mutual European Fund - Class A
|
124,417 | 2,742,154 | ||||||
iShares MSCI Germany Index Fund (a)
|
152,000 | 3,871,440 | ||||||
iShares MSCI Sweden Index Fund (a)
|
58,000 | 1,922,700 | ||||||
iShares MSCI Switzerland Index Fund (a)
|
105,600 | 3,220,800 | ||||||
iShares MSCI United Kingdom Index Fund (a)
|
156,546 | 2,941,499 | ||||||
Vanguard MSCI Europe ETF (a)
|
55,200 | 2,835,072 | ||||||
18,807,510 | ||||||||
Diversified Funds — 28.5%
|
||||||||
Columbia Acorn International Select Fund - Class A
|
67,421 | 1,839,254 | ||||||
Harbor International Fund - Institutional Class
|
16,993 | 1,115,231 | ||||||
Harding, Loevner International Equity Portfolio - Institutional Class
|
210,638 | 3,532,398 | ||||||
iShares MSCI EAFE Growth Index Fund (a)
|
20,200 | 1,330,574 | ||||||
iShares MSCI EAFE Index Fund (a)
|
17,500 | 1,083,950 | ||||||
iShares MSCI EAFE Value Index Fund (a)
|
21,600 | 1,141,776 | ||||||
iShares S&P Global Energy Sector Index Fund (a)
|
61,300 | 2,451,387 | ||||||
MFS International Value Fund - Class I
|
34,470 | 1,116,150 | ||||||
Oakmark International Fund - Class I
|
53,788 | 1,253,250 | ||||||
Oppenheimer International Growth Fund - Class Y
|
26,995 | 900,556 | ||||||
Templeton Institutional Funds - Foreign Smaller Companies Series
|
103,126 | 2,060,465 | ||||||
17,824,991 | ||||||||
Asia/Pacific Funds — 24.4%
|
||||||||
Fidelity Japan Fund
|
164,908 | 1,962,403 | ||||||
iShares FTSE/Xinhua China 25 Index Fund (a)
|
27,600 | 1,041,624 | ||||||
iShares MSCI Australia Index Fund (a)
|
105,800 | 2,972,980 | ||||||
iShares MSCI Pacific ex-Japan Index Fund (a)
|
49,700 | 2,564,520 | ||||||
Matthews Pacific Tiger Fund - Class I
|
144,676 | 3,755,786 | ||||||
ProShares Ultra MSCI Japan (a) (b)
|
34,700 | 2,982,465 | ||||||
15,279,778 | ||||||||
Americas Funds — 11.5%
|
||||||||
Fidelity Canada Fund
|
50,764 | 2,789,979 | ||||||
iShares MSCI Canada Index Fund (a)
|
32,400 | 907,848 | ||||||
iShares MSCI Mexico Investable Market Index Fund (a)
|
23,600 | 1,707,460 | ||||||
iShares S&P Latin America 40 Index Fund (a)
|
41,200 | 1,785,196 | ||||||
7,190,483 | ||||||||
Emerging Markets Funds — 4.7%
|
||||||||
iShares MSCI Emerging Markets Index Fund (a)
|
34,000 | 1,471,860 | ||||||
Vanguard MSCI Emerging Markets ETF (a)
|
33,200 | 1,452,832 | ||||||
2,924,692 | ||||||||
Total Investment Companies (Cost $41,040,672)
|
$ | 62,027,454 |
NEW CENTURY INTERNATIONAL PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
MONEY MARKET FUNDS — 0.9%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.09% (c) (Cost $593,416)
|
593,416 | $ | 593,416 | |||||
Total Investments at Value — 100.1% (Cost $41,634,088)
|
$ | 62,620,870 | ||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(60,002 | ) | ||||||
Net Assets — 100.0%
|
$ | 62,560,868 |
(a)
|
Exchange-traded fund.
|
(b)
|
Non-income producing security.
|
(c)
|
The rate shown is the 7-day effective yield as of April 30, 2013.
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
PORTFOLIO INFORMATION
April 30, 2013 (Unaudited)
|
Asset Allocation (% of Net Assets)
|
Top Ten Long-Term Holdings
|
Security Description
|
% of Net Assets
|
|
Touchstone Merger Arbitrage Fund - Institutional Shares
|
6.9%
|
|
MainStay Marketfield Fund - Class I
|
6.2%
|
|
Calamos Market Neutral Income Fund - Class A
|
5.4%
|
|
First Eagle Global Fund - Class A
|
4.9%
|
|
FPA Crescent Fund
|
4.7%
|
|
Wasatch Long/Short Fund
|
4.3%
|
|
ING Global Real Estate Fund - Class I
|
4.3%
|
|
TFS Market Neutral Fund
|
3.9%
|
|
Berwyn Income Fund
|
3.8%
|
|
Templeton Global Bond Fund - Class A
|
3.7%
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2013 (Unaudited)
|
INVESTMENT COMPANIES — 94.0%
|
Shares
|
Value
|
||||||
Long/Short Equity Funds — 19.1%
|
||||||||
BlackRock Emerging Markets Long/Short Equity Fund - Institutional Shares
|
182,127 | $ | 1,946,938 | |||||
MainStay Marketfield Fund - Class I (b)
|
463,952 | 7,738,726 | ||||||
TFS Market Neutral Fund (b)
|
308,079 | 4,852,249 | ||||||
Wasatch Long/Short Fund (b)
|
350,729 | 5,310,032 | ||||||
Weitz Partners III Opportunity Fund - Institutional Class (b)
|
264,503 | 3,800,908 | ||||||
23,648,853 | ||||||||
Arbitrage Funds — 15.8%
|
||||||||
Arbitrage Fund (The) - Class I
|
9,885 | 125,545 | ||||||
Calamos Market Neutral Income Fund - Class A
|
517,324 | 6,668,312 | ||||||
Merger Fund (The)
|
268,604 | 4,273,486 | ||||||
Touchstone Merger Arbitrage Fund - Institutional Shares
|
777,199 | 8,510,329 | ||||||
19,577,672 | ||||||||
Global Macro Funds — 14.9%
|
||||||||
BlackRock Global Allocation Fund - Class A
|
120,554 | 2,535,247 | ||||||
First Eagle Global Fund - Class A
|
116,324 | 6,047,664 | ||||||
Ivy Asset Strategy Fund - Class A
|
105,638 | 2,876,529 | ||||||
John Hancock Global Absolute Return Strategies Fund - Class I
|
329,629 | 3,652,294 | ||||||
Mutual Global Discovery Fund - Class Z
|
107,528 | 3,393,578 | ||||||
18,505,312 | ||||||||
High Yield/Fixed Income Funds — 11.7%
|
||||||||
DoubleLine Total Return Bond Fund - Class I
|
114,663 | 1,308,302 | ||||||
Forward Credit Analysis Long/Short Fund - Institutional Class
|
478,089 | 4,298,022 | ||||||
Ivy High Income Fund - Class A
|
213,276 | 1,874,694 | ||||||
PIMCO Income Fund - Institutional Class
|
192,424 | 2,451,476 | ||||||
Templeton Global Bond Fund - Class A
|
335,543 | 4,583,522 | ||||||
14,516,016 | ||||||||
Asset Allocation Funds — 8.5%
|
||||||||
Berwyn Income Fund
|
334,964 | 4,632,546 | ||||||
FPA Crescent Fund
|
190,469 | 5,835,980 | ||||||
10,468,526 | ||||||||
Real Estate Funds — 7.8%
|
||||||||
ING Global Real Estate Fund - Class I
|
261,400 | 5,272,441 | ||||||
Vanguard REIT ETF (a)
|
58,000 | 4,366,240 | ||||||
9,638,681 | ||||||||
Natural Resources Funds — 7.7%
|
||||||||
Market Vectors Gold Miners ETF (a)
|
43,000 | 1,305,480 | ||||||
Oppenheimer MLP Select 40 Fund - Institutional Class
|
123,979 | 1,490,223 | ||||||
PIMCO CommodityRealReturn Strategy Fund - Class A
|
268,191 | 1,692,285 | ||||||
RS Global Natural Resources Fund - Class A (b)
|
25,949 | 979,047 | ||||||
SPDR Gold Trust (a) (b) (c)
|
10,500 | 1,499,085 | ||||||
Tortoise MLP & Pipeline Fund - Institutional Class
|
109,041 | 1,613,804 |
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
INVESTMENT COMPANIES — 94.0% (Continued)
|
Shares
|
Value
|
||||||
Natural Resources Funds — 7.7% (Continued)
|
||||||||
Vanguard Precious Metals and Mining Fund - Investor Shares
|
73,522 | $ | 902,846 | |||||
9,482,770 | ||||||||
Managed Futures Funds — 5.6%
|
||||||||
361 Managed Futures Strategy Fund - Class I (b)
|
328,777 | 3,669,150 | ||||||
MutualHedge Frontier Legends Fund - Class I (b)
|
335,457 | 3,300,899 | ||||||
6,970,049 | ||||||||
Option Hedged Funds — 2.9%
|
||||||||
BlackRock Enhanced Equity Dividend Trust (d)
|
63,000 | 492,030 | ||||||
Eaton Vance Enhanced Equity Income Fund II (d)
|
50,000 | 571,500 | ||||||
Gateway Fund - Class A
|
89,704 | 2,531,454 | ||||||
3,594,984 | ||||||||
Total Investment Companies (Cost $101,045,668)
|
$ | 116,402,863 |
STRUCTURED NOTES — 3.8%
|
Par Value
|
Value
|
||||||
JPMorgan Chase & Co., Return Note Linked to JPMorgan ETF Efficiente 5 PR Index, due 06/23/2014
|
$ | 1,500,000 | $ | 1,569,300 | ||||
JPMorgan Chase & Co., Return Note Linked to the JPMorgan Strategic Volatility Dynamic Index (Series 1), due 09/30/2014 (b)
|
1,500,000 | 1,250,250 | ||||||
RBC Capital Markets, Absolute Return Barrier Equity Security Linked Note, due 05/15/2014 (b)
|
1,600,000 | 1,878,720 | ||||||
Total Structured Notes (Cost $4,600,000)
|
$ | 4,698,270 |
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
|
MONEY MARKET FUNDS — 2.2%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.09% (e) (Cost $2,766,172)
|
2,766,172 | $ | 2,766,172 | |||||
Total Investments at Value — 100.0% (Cost $108,411,840)
|
$ | 123,867,305 | ||||||
Liabilities in Excess of Other Assets — (0.0%) (f)
|
(12,471 | ) | ||||||
Net Assets — 100.0%
|
$ | 123,854,834 |
(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)
|
The rate shown is the 7-day effective yield as of April 30, 2013.
|
(f)
|
Percentage rounds to greater than (0.1%).
|
NEW CENTURY PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2013 (Unaudited)
|
|
New Century Capital
Portfolio
|
New Century Balanced Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
||||||||||||
ASSETS
|
||||||||||||||||
Investments in securities:
|
||||||||||||||||
At acquisition cost
|
$ | 74,490,734 | $ | 53,242,968 | $ | 41,634,088 | $ | 108,411,840 | ||||||||
At value (Note 1A)
|
$ | 108,830,470 | $ | 68,994,225 | $ | 62,620,870 | $ | 123,867,305 | ||||||||
Dividends receivable
|
47 | 8,899 | 44 | 6,364 | ||||||||||||
Receivable for capital shares sold
|
17,875 | — | 3,195 | 78,448 | ||||||||||||
Other assets
|
10,819 | 8,457 | 7,663 | 13,687 | ||||||||||||
TOTAL ASSETS
|
108,859,211 | 69,011,581 | 62,631,772 | 123,965,804 | ||||||||||||
LIABILITIES
|
||||||||||||||||
Payable for investment
securities purchased |
— | 2,701 | — | 4,901 | ||||||||||||
Payable for capital shares redeemed
|
1,884 | 6,525 | — | 99 | ||||||||||||
Payable to Adviser (Note 2)
|
89,304 | 57,446 | 51,205 | 78,716 | ||||||||||||
Payable to Distributor (Note 3)
|
21,500 | 10,500 | 11,900 | 12,300 | ||||||||||||
Other accrued expenses and liabilities
|
15,250 | 8,621 | 7,799 | 14,954 | ||||||||||||
TOTAL LIABILITIES
|
127,938 | 85,793 | 70,904 | 110,970 | ||||||||||||
NET ASSETS
|
$ | 108,731,273 | $ | 68,925,788 | $ | 62,560,868 | $ | 123,854,834 | ||||||||
Net assets consist of:
|
||||||||||||||||
Paid-in capital
|
$ | 73,878,736 | $ | 52,091,668 | $ | 43,611,387 | $ | 115,608,225 | ||||||||
Accumulated undistributed (overdistributed)
net investment income |
87,193 | 50,711 | 257,262 | (225,742 | ) | |||||||||||
Accumulated net realized gains (losses)
on investments |
425,608 | 1,032,152 | (2,294,563 | ) | (6,983,114 | ) | ||||||||||
Net unrealized appreciation
on investments |
34,339,736 | 15,751,257 | 20,986,782 | 15,455,465 | ||||||||||||
Net assets
|
$ | 108,731,273 | $ | 68,925,788 | $ | 62,560,868 | $ | 123,854,834 | ||||||||
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value) |
5,770,656 | 4,384,337 | 4,036,532 | 9,658,214 | ||||||||||||
Net asset value, offering price and
redemption price per share (a) |
$ | 18.84 | $ | 15.72 | $ | 15.50 | $ | 12.82 |
(a)
|
Redemption price may differ from the net asset value per share depending upon the length of time held (Note 1B).
|
NEW CENTURY PORTFOLIOS
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2013 (Unaudited)
|
|
New Century Capital
Portfolio
|
New Century Balanced Portfolio
|
New Century International Portfolio
|
New Century Alternative Strategies Portfolio
|
||||||||||||
INVESTMENT INCOME
|
||||||||||||||||
Dividends
|
$ | 821,885 | $ | 1,138,567 | $ | 734,112 | $ | 1,118,669 | ||||||||
Interest
|
— | — | — | 28,140 | ||||||||||||
Total investment income
|
821,885 | 1,138,567 | 734,112 | 1,146,809 | ||||||||||||
EXPENSES
|
||||||||||||||||
Investment advisory fees (Note 2)
|
469,407 | 330,998 | 293,324 | 443,923 | ||||||||||||
Distribution costs (Note 3)
|
110,089 | 61,243 | 66,258 | 105,516 | ||||||||||||
Accounting fees
|
21,326 | 18,583 | 17,965 | 23,030 | ||||||||||||
Administration fees (Note 2)
|
18,238 | 13,622 | 12,411 | 22,055 | ||||||||||||
Legal and audit fees
|
15,816 | 12,345 | 11,335 | 19,758 | ||||||||||||
Trustees’ fees and expenses (Note 2)
|
14,166 | 9,645 | 8,703 | 17,398 | ||||||||||||
Transfer agent fees
|
11,396 | 10,514 | 10,352 | 11,737 | ||||||||||||
Custody and bank service fees
|
9,439 | 7,139 | 6,312 | 10,860 | ||||||||||||
Postage & supplies
|
5,820 | 3,130 | 3,006 | 4,770 | ||||||||||||
Insurance expense
|
3,603 | 2,728 | 2,286 | 4,795 | ||||||||||||
Other expenses
|
8,278 | 5,775 | 5,523 | 7,652 | ||||||||||||
Total expenses
|
687,578 | 475,722 | 437,475 | 671,494 | ||||||||||||
NET INVESTMENT INCOME
|
134,307 | 662,845 | 296,637 | 475,315 | ||||||||||||
REALIZED AND UNREALIZED
GAINS ON INVESTMENTS
|
||||||||||||||||
Net realized gains on investments
|
1,172,970 | 1,488,455 | 1,318,344 | 1,145,170 | ||||||||||||
Capital gain distributions from
regulated investment companies |
376,611 | 376,451 | 187,110 | 854,576 | ||||||||||||
Net change in unrealized appreciation
(depreciation) on investments |
9,787,314 | 3,437,654 | 5,224,913 | 3,726,385 | ||||||||||||
NET REALIZED AND UNREALIZED
GAINS ON INVESTMENTS |
11,336,895 | 5,302,560 | 6,730,367 | 5,726,131 | ||||||||||||
NET INCREASE IN NET ASSETS
FROM OPERATIONS |
$ | 11,471,202 | $ | 5,965,405 | $ | 7,027,004 | $ | 6,201,446 |
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
|
New Century
Capital Portfolio
|
New Century
Balanced Portfolio
|
|||||||||||||||
|
Six Months
Ended
April 30, 2013
(Unaudited)
|
Year
Ended
October 31,
2012
|
Six Months
Ended
April 30, 2013
(Unaudited)
|
Year
Ended
October 31,
2012
|
||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income (loss)
|
$ | 134,307 | $ | (47,114 | ) | $ | 662,845 | $ | 783,443 | |||||||
Net realized gains from
security transactions |
1,172,970 | 3,780,693 | 1,488,455 | 1,615,147 | ||||||||||||
Capital gain distributions from
regulated investment companies |
376,611 | 400,834 | 376,451 | 396,073 | ||||||||||||
Net change in unrealized appreciation
(depreciation) on investments |
9,787,314 | 4,043,331 | 3,437,654 | 2,640,566 | ||||||||||||
Net increase in net assets from operations
|
11,471,202 | 8,177,744 | 5,965,405 | 5,435,229 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||||||
From net investment income (Note 1E)
|
— | — | (794,645 | ) | (828,337 | ) | ||||||||||
From net realized gains on security
transactions (Note 1E) |
(4,174,787 | ) | (497,600 | ) | — | — | ||||||||||
Decrease in net assets from
distributions to shareholders |
(4,174,787 | ) | (497,600 | ) | (794,645 | ) | (828,337 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Net assets received in conjunction
with fund merger (Note 1) |
12,773,191 | — | — | — | ||||||||||||
Proceeds from shares sold
|
2,861,992 | 2,037,610 | 2,090,666 | 2,998,862 | ||||||||||||
Proceeds from redemption fees collected
(Note 1B) |
724 | — | 1 | 545 | ||||||||||||
Net asset value of shares issued in
reinvestment of distributions to shareholders |
4,039,599 | 476,833 | 768,274 | 792,109 | ||||||||||||
Payments for shares redeemed
|
(5,904,323 | ) | (11,132,882 | ) | (5,929,491 | ) | (6,155,077 | ) | ||||||||
Net increase (decrease) in net assets from
capital share transactions |
13,771,183 | (8,618,439 | ) | (3,070,550 | ) | (2,363,561 | ) | |||||||||
TOTAL INCREASE (DECREASE)
IN NET ASSETS |
21,067,598 | (938,295 | ) | 2,100,210 | 2,243,331 | |||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of period
|
87,663,675 | 88,601,970 | 66,825,578 | 64,582,247 | ||||||||||||
End of period
|
$ | 108,731,273 | $ | 87,663,675 | $ | 68,925,788 | $ | 66,825,578 | ||||||||
ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME (LOSS)
|
$ | 87,193 | $ | (47,114 | ) | $ | 50,711 | $ | 182,511 | |||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares issued in conjunction with fund
merger (Note 1) |
708,515 | — | — | — | ||||||||||||
Shares sold
|
158,872 | 119,985 | 139,909 | 215,916 | ||||||||||||
Shares reinvested
|
236,510 | 29,877 | 52,478 | 59,467 | ||||||||||||
Shares redeemed
|
(327,734 | ) | (656,370 | ) | (399,085 | ) | (437,060 | ) | ||||||||
Net increase (decrease) in
shares outstanding |
776,163 | (506,508 | ) | (206,698 | ) | (161,677 | ) | |||||||||
Shares outstanding, beginning of period
|
4,994,493 | 5,501,001 | 4,591,035 | 4,752,712 | ||||||||||||
Shares outstanding, end of period
|
5,770,656 | 4,994,493 | 4,384,337 | 4,591,035 |
NEW CENTURY PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
|
New Century
International Portfolio
|
New Century Alternative
Strategies Portfolio
|
|||||||||||||||
|
Six Months
Ended
April 30, 2013
(Unaudited)
|
Year
Ended
October 31,
2012
|
Six Months
Ended
April 30, 2013
(Unaudited)
|
Year
Ended
October 31,
2012
|
||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income
|
$ | 296,637 | $ | 603,454 | $ | 475,315 | $ | 1,335,732 | ||||||||
Net realized gains from
security transactions |
1,318,344 | 993,696 | 1,145,170 | 2,581,537 | ||||||||||||
Capital gain distributions from regulated
investment companies |
187,110 | 99,741 | 854,576 | 654,879 | ||||||||||||
Net change in unrealized appreciation
(depreciation) on investments |
5,224,913 | 835,231 | 3,726,385 | 1,345,836 | ||||||||||||
Net increase in net assets from operations
|
7,027,004 | 2,532,122 | 6,201,446 | 5,917,984 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||||||
From net investment income (Note 1E)
|
(642,497 | ) | (434,898 | ) | (668,997 | ) | (1,636,766 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Proceeds from shares sold
|
1,592,273 | 1,830,688 | 8,069,537 | 14,278,169 | ||||||||||||
Proceeds from redemption fees
collected (Note 1B) |
2 | 179 | 798 | 5,870 | ||||||||||||
Net asset value of shares issued in
reinvestment of distributions to shareholders |
631,930 | 429,919 | 656,678 | 1,604,814 | ||||||||||||
Payments for shares redeemed
|
(3,313,979 | ) | (8,354,017 | ) | (7,676,316 | ) | (17,739,389 | ) | ||||||||
Net increase (decrease) in net assets from
capital share transactions |
(1,089,774 | ) | (6,093,231 | ) | 1,050,697 | (1,850,536 | ) | |||||||||
TOTAL INCREASE (DECREASE)
IN NET ASSETS |
5,294,733 | (3,996,007 | ) | 6,583,146 | 2,430,682 | |||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of period
|
57,266,135 | 61,262,142 | 117,271,688 | 114,841,006 | ||||||||||||
End of period
|
$ | 62,560,868 | $ | 57,266,135 | $ | 123,854,834 | $ | 117,271,688 | ||||||||
ACCUMULATED UNDISTRIBUTED (OVERDISTRIBUTED) NET
INVESTMENT INCOME |
$ | 257,262 | $ | 603,122 | $ | (225,742 | ) | $ | (32,060 | ) | ||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares sold
|
108,176 | 137,479 | 643,549 | 1,195,574 | ||||||||||||
Shares reinvested
|
43,581 | 33,852 | 53,258 | 139,792 | ||||||||||||
Shares redeemed
|
(228,345 | ) | (624,997 | ) | (616,488 | ) | (1,492,107 | ) | ||||||||
Net increase (decrease) in shares outstanding
|
(76,588 | ) | (453,666 | ) | 80,319 | (156,741 | ) | |||||||||
Shares outstanding, beginning of period
|
4,113,120 | 4,566,786 | 9,577,895 | 9,734,636 | ||||||||||||
Shares outstanding, end of period
|
4,036,532 | 4,113,120 | 9,658,214 | 9,577,895 |
NEW CENTURY CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
|
Six Months
Ended
April 30,
2013
|
Years Ended October 31,
|
||||||||||||||||||||||
|
(Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 17.55 | $ | 16.11 | $ | 15.41 | $ | 13.26 | $ | 11.76 | $ | 20.68 | ||||||||||||
Income (loss) from
investment operations: |
||||||||||||||||||||||||
Net investment income (loss)
|
0.02 | (0.01 | ) | (0.04 | ) | (0.03 | ) | 0.03 | 0.02 | |||||||||||||||
Net realized and unrealized gains
(losses) on investments |
2.12 | 1.54 | 0.74 | 2.21 | 1.50 | (7.94 | ) | |||||||||||||||||
Total from investment operations
|
2.14 | 1.53 | 0.70 | 2.18 | 1.53 | (7.92 | ) | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
— | — | — | (0.03 | ) | (0.03 | ) | (0.14 | ) | |||||||||||||||
Distributions from net
realized gains |
(0.85 | ) | (0.09 | ) | — | — | — | (0.86 | ) | |||||||||||||||
Total distributions
|
(0.85 | ) | (0.09 | ) | — | (0.03 | ) | (0.03 | ) | (1.00 | ) | |||||||||||||
Proceeds from redemption
fees collected |
0.00 | (a) | — | — | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | ||||||||||||||
Net asset value, end of period
|
$ | 18.84 | $ | 17.55 | $ | 16.11 | $ | 15.41 | $ | 13.26 | $ | 11.76 | ||||||||||||
TOTAL RETURN (b)
|
12.67% | (c) | 9.57% | 4.54% | 16.47% | 13.05% | (40.06% | ) | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 108,731 | $ | 87,664 | $ | 88,602 | $ | 93,266 | $ | 85,000 | $ | 84,119 | ||||||||||||
Ratio of expenses to average
net assets (d) |
1.45% | (f) | 1.46% | 1.42% | 1.40% | 1.41% | 1.29% | |||||||||||||||||
Ratio of net investment income (loss)
to average net assets (d) (e) |
0.28% | (f) | (0.05% | ) | (0.25% | ) | (0.20% | ) | 0.27% | 0.08% | ||||||||||||||
Portfolio turnover
|
5% | (c) | 7% | 60% | 10% | 4% | 27% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income (loss) to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests (Note 2).
|
(e)
|
Recognition of net investment income (loss) by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests (Note 2).
|
(f)
|
Annualized.
|
NEW CENTURY BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
|
Six Months
Ended
April 30,
2013
|
Years Ended October 31,
|
||||||||||||||||||||||
|
(Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 14.56 | $ | 13.59 | $ | 13.22 | $ | 11.93 | $ | 10.54 | $ | 16.13 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.15 | 0.17 | 0.20 | 0.15 | 0.22 | 0.25 | ||||||||||||||||||
Net realized and unrealized gains
(losses) on investments |
1.19 | 0.97 | 0.37 | 1.30 | 1.39 | (4.69 | ) | |||||||||||||||||
Total from investment operations
|
1.34 | 1.14 | 0.57 | 1.45 | 1.61 | (4.44 | ) | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
(0.18 | ) | (0.17 | ) | (0.20 | ) | (0.16 | ) | (0.22 | ) | (0.30 | ) | ||||||||||||
Distributions from net
realized gains |
— | — | — | — | — | (0.85 | ) | |||||||||||||||||
Total distributions
|
(0.18 | ) | (0.17 | ) | (0.20 | ) | (0.16 | ) | (0.22 | ) | (1.15 | ) | ||||||||||||
Proceeds from redemption
fees collected |
0.00 | (a) | 0.00 | (a) | 0.00 | (a) | — | — | 0.00 | (a) | ||||||||||||||
Net asset value, end of period
|
$ | 15.72 | $ | 14.56 | $ | 13.59 | $ | 13.22 | $ | 11.93 | $ | 10.54 | ||||||||||||
TOTAL RETURN (b)
|
9.29% | (c) | 8.54% | 4.29% | 12.23% | 15.57% | (29.46% | ) | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 68,926 | $ | 66,826 | $ | 64,582 | $ | 64,880 | $ | 61,578 | $ | 62,423 | ||||||||||||
Ratio of expenses to average
net assets (d) |
1.44% | (f) | 1.45% | 1.43% | 1.44% | 1.45% | 1.38% | |||||||||||||||||
Ratio of net investment income to
average net assets (d) (e) |
2.00% | (f) | 1.18% | 1.39% | 1.20% | 2.07% | 1.71% | |||||||||||||||||
Portfolio turnover
|
8% | (c) | 13% | 17% | 7% | 13% | 22% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests (Note 2).
|
(e)
|
Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests (Note 2).
|
(f)
|
Annualized.
|
NEW CENTURY INTERNATIONAL PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
|
Six Months
Ended
April 30,
2013
|
Years Ended October 31,
|
||||||||||||||||||||||
|
(Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 13.92 | $ | 13.41 | $ | 14.53 | $ | 12.70 | $ | 10.08 | $ | 20.06 | ||||||||||||
Income (loss) from
investment operations: |
||||||||||||||||||||||||
Net investment income
|
0.08 | 0.15 | 0.10 | 0.09 | 0.13 | 0.28 | ||||||||||||||||||
Net realized and unrealized gains
(losses) on investments |
1.66 | 0.46 | (1.14 | ) | 1.82 | 2.61 | (9.47 | ) | ||||||||||||||||
Total from investment operations
|
1.74 | 0.61 | (1.04 | ) | 1.91 | 2.74 | (9.19 | ) | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
(0.16 | ) | (0.10 | ) | (0.08 | ) | (0.08 | ) | (0.12 | ) | (0.33 | ) | ||||||||||||
Distributions from net
realized gains |
— | — | — | — | — | (0.46 | ) | |||||||||||||||||
Total distributions
|
(0.16 | ) | (0.10 | ) | (0.08 | ) | (0.08 | ) | (0.12 | ) | (0.79 | ) | ||||||||||||
Proceeds from redemption
fees collected |
0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | ||||||||||||
Net asset value, end of period
|
$ | 15.50 | $ | 13.92 | $ | 13.41 | $ | 14.53 | $ | 12.70 | $ | 10.08 | ||||||||||||
TOTAL RETURN (b)
|
12.58% | (c) | 4.60% | (7.22% | ) | 15.07% | 27.45% | (47.52% | ) | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 62,561 | $ | 57,266 | $ | 61,262 | $ | 68,947 | $ | 89,449 | $ | 76,234 | ||||||||||||
Ratios of expenses to average
net assets (d) |
1.49% | (f) | 1.50% | 1.46% | 1.45% | 1.44% | 1.29% | (g) | ||||||||||||||||
Ratios of net investment income to
average net assets (d) (e) |
1.01% | (f) | 1.03% | 0.63% | 0.57% | 1.23% | 1.66% | (g) | ||||||||||||||||
Portfolio turnover
|
3% | (c) | 4% | 13% | 4% | 11% | 34% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests (Note 2).
|
(e)
|
Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests (Note 2).
|
(f)
|
Annualized.
|
(g)
|
Absent the recoupment of fees previously reduced and expenses reimbursed by the Adviser, the ratio of expenses to average net assets would have been 1.28% and the ratio of net investment income to average net assets would have been 1.68% for the year ended October 31, 2008 (Note 2).
|
NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO
FINANCIAL HIGHLIGHTS
|
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
|
||||||||||||||||||||||||
|
Six Months
Ended
April 30,
2013
|
Years Ended October 31,
|
||||||||||||||||||||||
|
(Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 12.24 | $ | 11.80 | $ | 11.87 | $ | 11.11 | $ | 10.14 | $ | 13.93 | ||||||||||||
Income (loss) from
investment operations: |
||||||||||||||||||||||||
Net investment income
|
0.05 | 0.14 | 0.17 | 0.08 | 0.14 | 0.27 | ||||||||||||||||||
Net realized and unrealized gains
(losses) on investments |
0.60 | 0.47 | (0.09 | ) | 0.83 | 1.15 | (3.39 | ) | ||||||||||||||||
Total from investment operations
|
0.65 | 0.61 | 0.08 | 0.91 | 1.29 | (3.12 | ) | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net
investment income |
(0.07 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | (0.32 | ) | (0.36 | ) | ||||||||||||
Distributions from net realized gains
|
— | — | — | — | — | (0.31 | ) | |||||||||||||||||
Total distributions
|
(0.07 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | (0.32 | ) | (0.67 | ) | ||||||||||||
Proceeds from redemption fees
collected |
0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | ||||||||||||
Net asset value, end of period
|
$ | 12.82 | $ | 12.24 | $ | 11.80 | $ | 11.87 | $ | 11.11 | $ | 10.14 | ||||||||||||
TOTAL RETURN (b)
|
5.34% | (c) | 5.26% | 0.62% | 8.21% | 13.16% | (23.44% | ) | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||||||
Net assets, end of period (000’s)
|
$ | 123,855 | $ | 117,272 | $ | 114,841 | $ | 135,287 | $ | 139,168 | $ | 136,999 | ||||||||||||
Ratio of expenses to average
net assets (d) |
1.13% | (f) | 1.11% | 1.09% | 1.10% | 1.06% | 1.00% | |||||||||||||||||
Ratio of net investment income to
average net assets (d) (e) |
0.80% | (f) | 1.15% | 1.48% | 0.74% | 1.46% | 1.46% | |||||||||||||||||
Portfolio turnover
|
12% | (c) | 32% | 31% | 22% | 27% | 17% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in the value of an investment in the Portfolio over the periods covered, which assumes dividends or capital gains distributions, if any, are reinvested in shares of the Portfolio. Returns shown do not reflect the taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
|
(c)
|
Not annualized.
|
(d)
|
The ratios of expenses and net investment income to average net assets do not reflect the Portfolio’s proportionate share of expenses of the underlying investment companies in which the Portfolio invests (Note 2).
|
(e)
|
Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests (Note 2).
|
(f)
|
Annualized.
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS
April 30, 2013 (Unaudited)
|
(1)
|
SIGNIFICANT ACCOUNTING POLICIES
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
A.
|
Investment Valuation
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
•
|
Level 1 – quoted prices in active markets for identical securities
|
•
|
Level 2 – other significant observable inputs
|
•
|
Level 3 – significant unobservable inputs
|
New Century Capital Portfolio
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 107,779,464 | $ | — | $ | — | $ | 107,779,464 | ||||||||
Money Market Funds
|
1,051,006 | — | — | 1,051,006 | ||||||||||||
Total
|
$ | 108,830,470 | $ | — | $ | — | $ | 108,830,470 |
New Century Balanced Portfolio
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 68,194,463 | $ | — | $ | — | $ | 68,194,463 | ||||||||
Money Market Funds
|
799,762 | — | — | 799,762 | ||||||||||||
Total
|
$ | 68,994,225 | $ | — | $ | — | $ | 68,994,225 |
New Century International Portfolio
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 62,027,454 | $ | — | $ | — | $ | 62,027,454 | ||||||||
Money Market Funds
|
593,416 | — | — | 593,416 | ||||||||||||
Total
|
$ | 62,620,870 | $ | — | $ | — | $ | 62,620,870 |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
New Century Alternative Strategies Portfolio
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investment Companies
|
$ | 116,402,863 | $ | — | $ | — | $ | 116,402,863 | ||||||||
Structured Notes
|
— | 4,698,270 | — | 4,698,270 | ||||||||||||
Money Market Funds
|
2,766,172 | — | — | 2,766,172 | ||||||||||||
Total
|
$ | 119,169,035 | $ | 4,698,270 | $ | — | $ | 123,867,305 |
B.
|
Share Valuation
|
C.
|
Investment Transactions
|
D.
|
Income Recognition
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
E.
|
Distributions to Shareholders
|
Period Ended
|
Ordinary
Income
|
Long-Term
Capital Gains
|
Total
Distributions
|
|||||||||
New Century Capital Portfolio
|
||||||||||||
April 30, 2013
|
$ | — | $ | 4,174,787 | $ | 4,174,787 | ||||||
October 31, 2012
|
$ | — | $ | 497,600 | $ | 497,600 | ||||||
New Century Balanced Portfolio
|
||||||||||||
April 30, 2013
|
$ | 794,645 | $ | — | $ | 794,645 | ||||||
October 31, 2012
|
$ | 828,337 | $ | — | $ | 828,337 | ||||||
New Century International Portfolio
|
||||||||||||
April 30, 2013
|
$ | 642,497 | $ | — | $ | 642,497 | ||||||
October 31, 2012
|
$ | 434,898 | $ | — | $ | 434,898 | ||||||
New Century Alternative Strategies Portfolio
|
||||||||||||
April 30, 2013
|
$ | 668,997 | $ | — | $ | 668,997 | ||||||
October 31, 2012
|
$ | 1,636,766 | $ | — | $ | 1,636,766 |
F.
|
Cost of Operations
|
G.
|
Use of Estimates
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
(2)
|
INVESTMENT ADVISORY FEES, ADMINISTRATIVE AGREEMENT AND TRUSTEES’ FEES
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
(3)
|
DISTRIBUTION PLAN AND OTHER TRANSACTIONS WITH RELATED PARTIES
|
(4)
|
INVESTMENT TRANSACTIONS
|
|
New Century
Capital
Portfolio
|
New Century
Balanced
Portfolio
|
New Century
International
Portfolio
|
New Century
Alternative
Strategies
Portfolio
|
||||||||||||
Purchase of investment securities
|
$ | 4,565,416 | $ | 5,046,842 | $ | 1,750,628 | $ | 14,465,467 | ||||||||
Proceeds from sales of investment securities
|
$ | 7,258,723 | $ | 7,951,441 | $ | 2,842,951 | $ | 14,365,570 |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
(5)
|
TAX MATTERS
|
|
New Century
Capital
Portfolio
|
New Century
Balanced
Portfolio
|
New Century
International
Portfolio
|
New Century
Alternative
Strategies Portfolio
|
||||||||||||
Accumulated undistributed (overdistributed)ordinary income
|
$ | 87,193 | $ | 50,711 | $ | 257,262 | $ | (225,742 | ) | |||||||
Net unrealized appreciation
|
34,322,898 | 15,597,021 | 20,986,782 | 14,578,532 | ||||||||||||
Capital loss carryforwards
|
(1,105,506 | ) | (690,036 | ) | (3,800,017 | ) | (8,104,512 | ) | ||||||||
Other gains
|
1,547,952 | 1,876,424 | 1,505,454 | 1,998,331 | ||||||||||||
Total accumulated earnings
|
$ | 34,852,537 | $ | 16,834,120 | $ | 18,949,481 | $ | 8,246,609 |
|
New Century
Capital
Portfolio
|
New Century
Balanced
Portfolio
|
New Century
International
Portfolio
|
New Century
Alternative
Strategies
Portfolio
|
||||||||||||
Federal income tax cost
|
$ | 74,507,572 | $ | 53,397,204 | $ | 41,634,088 | $ | 109,288,773 | ||||||||
Gross unrealized appreciation
|
$ | 34,341,123 | $ | 15,598,316 | $ | 21,295,024 | $ | 16,913,417 | ||||||||
Gross unrealized depreciation
|
(18,225 | ) | (1,295 | ) | (308,242 | ) | (2,334,885 | ) | ||||||||
Net unrealized appreciation
|
$ | 34,322,898 | $ | 15,597,021 | $ | 20,986,782 | $ | 14,578,532 |
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
Expires October 31,
|
New Century
Capital
Portfolio
|
New Century
Balanced
Portfolio
|
New Century
International
Portfolio
|
New Century
Alternative
Strategies
Portfolio
|
||||||||||||
2016 - short-term
|
$ | 1,105,506 | $ | 586,756 | $ | 2,270,115 | $ | — | ||||||||
2017 - short-term
|
— | — | 1,529,902 | 6,273,490 | ||||||||||||
2018 - short-term
|
— | 103,280 | — | 1,831,022 | ||||||||||||
$ | 1,105,506 | $ | 690,036 | $ | 3,800,017 | $ | 8,104,512 |
(6)
|
CONTINGENCIES AND COMMITMENTS
|
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
April 30, 2013 (Unaudited)
|
(7)
|
SUBSEQUENT EVENTS
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIOS’ EXPENSES (Unaudited)
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIOS’ EXPENSES (Unaudited)
(Continued)
|
New Century Capital Portfolio
|
Beginning
Account Value
November 1, 2012
|
Ending
Account Value
April 30, 2013
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,126.70
|
$7.65
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,017.60
|
$7.25
|
*
|
Expenses are equal to the New Century Capital Portfolio’s annualized expense ratio of 1.45% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
New Century Balanced Portfolio
|
Beginning
Account Value
November 1, 2012
|
Ending
Account Value
April 30, 2013
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,092.90
|
$7.47
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,017.65
|
$7.20
|
*
|
Expenses are equal to the New Century Balanced Portfolio’s annualized expense ratio of 1.44% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
NEW CENTURY PORTFOLIOS
ABOUT YOUR PORTFOLIOS’ EXPENSES (Unaudited)
(Continued)
|
New Century International Portfolio
|
Beginning
Account Value
November 1, 2012
|
Ending
Account Value
April 30, 2013
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,125.80
|
$7.85
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,017.41
|
$7.45
|
*
|
Expenses are equal to the New Century International Portfolio’s annualized expense ratio of 1.49% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
New Century Alternative Strategies Portfolio
|
Beginning
Account Value
November 1, 2012
|
Ending
Account Value
April 30, 2013
|
Expenses Paid
During Period*
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,053.40
|
$5.75
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,019.19
|
$5.66
|
*
|
Expenses are equal to the New Century Alternative Strategies Portfolio’s annualized expense ratio of 1.13% for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
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.
|
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.
|
Not applicable
|
Item 8.
|
Portfolio Managers of Closed-End Management Investment Companies.
|
Not applicable
|
Item 9.
|
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
|
Not applicable
|
Item 10.
|
Submission of Matters to a Vote of Security Holders.
|
Item 11.
|
Controls and Procedures.
|
Item 12.
|
Exhibits.
|
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
|
July 2, 2013
|
By (Signature and Title)*
|
/s/ Nicole M. Tremblay
|
||
Nicole M. Tremblay, President
|
|||
Date
|
July 2, 2013
|
||
By (Signature and Title)*
|
/s/ Stephen G. DaCosta
|
||
Stephen G. DaCosta, Treasurer
|
|||
Date
|
July 2, 2013
|
*
|
Print the name and title of each signing officer under his or her signature.
|
Date: July 2, 2013
|
|
/s/ Nicole M. Tremblay
|
|
Nicole M. Tremblay, President
|
Date: July 2, 2013
|
/s/ Stephen G. DaCosta
|
||
|
|
Stephen G. DaCosta, Treasurer
|
|
1.
|
The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2013 (the “Form N-CSR”) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
2.
|
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
CHIEF EXECUTIVE OFFICER
|
CHIEF FINANCIAL OFFICER
|
|
New Century Portfolios
|
New Century Portfolios
|
|
/s/ Nicole M. Tremblay
|
/s/ Stephen G. DaCosta
|
|
Nicole M. Tremblay, President
|
Stephen G. DaCosta, Treasurer
|
|
Date: July 2, 2013
|
Date: July 2, 2013
|
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