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SUPPLEMENT DATED DECEMBER 29, 2000 TO CENTURY SMALL CAP SELECT FUND
PROSPECTUS DATED DECEMBER 17, 1999
INCREASED REDEMPTION FEE FOR SHARES
PURCHASED AFTER JANUARY 31, 2001;
TELEPHONIC EXCHANGE PRIVILEGE AVAILABLE TO CSCSF SHAREHOLDERS
The Trustees of Century Small Cap Select Fund (the "Fund") have concluded that
excessive, short-term trading (market timing) disrupts portfolio management
strategies and harms fund performance. To minimize harm to the Fund and its
shareholders, the Fund has increased its redemption fee from 0.60% to 1.00%, in
the case of Investor Shares, and from 0.50% to 1.00%, in the case of
Institutional Shares. In each case, the increased fee will apply to the amount
payable on redemption of shares purchased on or after January 31, 2001 and held
less than 180 days.
THE FOLLOWING INFORMATION REPLACES THE "SHAREHOLDER FEES" SECTION UNDER THE
HEADING "FUND FEES AND EXPENSES" ON PAGE 5 OF THE CURRENT PROSPECTUS OF THE FUND
(DATED DECEMBER 17, 1999):
Shareholder Fees Investor Institutional
(fees paid directly from your investment): Shares Shares
-------- -------------
o Maximum Sales Charge (Load)
Imposed on Purchases NONE NONE
o Maximum Deferred Sales Charge (Load) NONE NONE
o Maximum Sales Charge (Load) Imposed
on Reinvested Dividends or other Distributions NONE NONE
o Redemption Fee on shares held less than 180
days (as a % of amount redeemed)* 1.00% 1.00%
o Exchange Fee NONE NONE
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* The Fund will deduct a short-term trading fee in the specified percentage from
the redemption proceeds if you sell your shares after holding them less than
180 days. This fee is paid to the Fund (for the shareholders' benefit) rather
than the Adviser or any broker, and is designed to offset the brokerage
commissions and other costs associated with redemptions. If you bought shares
on different days, the shares you held longest will be redeemed first for
purposes of determining whether the short-term trading fee applies.
THE FOLLOWING TEXT REPLACES IN ITS ENTIRETY THE SECOND PARAGRAPH UNDER THE
HEADING "PAYMENT FOR REDEEMED SHARES" IN THE SECTION TITLED "REDEEMING SHARES"
ON PAGE 10 OF THE PROSPECTUS.
If you redeem shares within 180 days of purchase, the Fund will deduct a
redemption fee from the proceeds payable to you. The redemption fee is 1.00% of
the net asset value of the shares redeemed. This fee is retained by the Fund for
the shareholders' benefit (and does not accrue to the Adviser) in order to
offset the brokerage commissions and other costs associated with redemptions. In
determining whether a redemption fee is payable when shares are redeemed, unless
you instruct the Fund otherwise in writing, the Fund will first redeem shares
that are not subject to the fee and then will redeem other shares in the order
in which you purchased them. The redemption fee does not apply to:
o shares redeemed for the sole purpose of using the redemption proceeds to
purchase shares of Century Shares Trust ("CST"), an open-end investment
company also managed by the Adviser;
o shares acquired as a result of reinvesting dividends or other distributions of
the Fund;
o shares held in an account of certain qualified retirement plans; or
o shares held in an account of certain broker wrap fee accounts.
The Trust may waive the fee in any case in its sole discretion.
THE FOLLOWING TEXT IS TO BE INSERTED AS A NEW PARAGRAPH AT PAGE 10 OF THE
PROSPECTUS IN THE SECTION ENTITLED "REDEEMING SHARES" IMMEDIATELY PRECEDING THE
SECTION ENTITLED "SHAREHOLDER ACCOUNT."
Exchange Privilege. Effective January 8, 2001, you are permitted to redeem
shares by telephone for the sole purpose of using the redemption proceeds to
purchase shares of CST. Your redemption price for shares of the Fund and
purchase price for shares of CST will be the net asset value per share for each
fund next computed after we receive your request; you will not be charged any
additional fees for these transactions. You may incur taxable gain or loss on
the redemption of Fund shares. The Fund and its transfer agent will use
reasonable procedures to confirm the identity of shareholders and the
authenticity of exchange instructions, including requiring personal
identification, but will not be liable for following instructions communicated
by telephone that are reasonably believed to be genuine. This privilege is
automatically available to you without any further action on your part; however,
the following procedures and restrictions apply:
o all shares of CST purchased with redemption proceeds must be registered in the
same name, address, and taxpayer identification number as the shares of the
Fund being redeemed;
o you should read CST's current prospectus before purchasing CST shares with
redemption proceeds;
o if you have recently purchased Fund shares, your purchase
of CST shares will be effected only after your purchase check has cleared
(which may take up to 15 days from purchase);
o income dividends and capital gains distributions for your new CST shares will
be treated in the same manner as they have been treated for your Fund shares,
unless you change your choice in writing; and
o this exchange privilege is subject to the Fund's right to suspend redemptions
as described in the prospectus.
The Fund may modify or terminate this privilege at any time without prior
notice.
If you wish to utilize this exchange privilege, please telephone shareholder
services at 1-800-321-1928. If you are unable to reach us, please contact the
Fund by writing to the address provided in the prospectus.
