<PAGE>
CENTURY SMALL CAP SELECT FUND
SEMI-ANNUAL REPORT
APRIL 30, 2000
[graphic omitted]
<PAGE>
Dear Fellow Shareholder:
We want to take this opportunity to welcome you as early investors into the
Century Small Cap Select Fund! We are delighted to report that your fund has
been successful in recording strong initial performance from its inception on
December 9, 1999 through April 30, 2000.
--------------------------------------------------------------------------------
CENTURY SMALL CAP SELECT FUND
Performance (inception through April 30, 2000)
Century Small Cap Russell
Select Fund 2000 Index
----------- ----------
Institutional Class 11.5%* 9.4%
(12/9/99 Inception)
Investor Class 9.2%* (8.5%)
(2/24/00 Inception)
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Despite the recent turmoil in financial markets and concerns over rising
interest rates, the fund's portfolio was able to deliver strong absolute and
relative performance against its benchmarks (see table above.) The Fund's
Institutional Class produced an 11.5% return from its 12/9/99 inception through
4/30/00 versus 9.4% for the Russell 2000 Index. Meanwhile, the Fund's Investor
Class opened on 2/24/00 and delivered a 9.2% return through 4/30/00 versus a
decline of (8.5%) for the Russell 2000 Index during that period. The portfolio
was able to avoid the wide swings in performance and volatility of the Russell
2000 Index during February, March and April.
We attribute this short-term performance to the Fund's focus on smaller
companies with higher earnings quality and visibility than some of the
widely-known "momentum" stocks that have captivated investors recently. The
Funds year-to-date performance through the writing of this letter, has continued
upward in both its absolute and relative returns.
GROWTH INVESTORS IN VALUE INDUSTRIES
From a research and valuation standpoint, we adhere to Century's longheld
strategy of investing in innovative leaders with sustainable competitive
advantages. We aim to buy positions at attractive discounts to their inherent
franchise value and/or growth opportunities. We believe our fundamental "due
diligence" research and industry knowledge are well-suited to uncovering
valuation inefficiencies among smaller capitalization companies in the equity
market.
PORTFOLIO REVIEW
The Fund's goal is long-term capital appreciation. We seek companies whose stock
prices do not adequately reflect our expectations for a company's growth or its
underlying value. The portfolio is concentrated in "risk management" businesses
- financial services, health care and related services and technology companies.
We believe these industry segments are not well understood by investors and are
changing rapidly as they grow in importance.
We believe this risk management supersector may benefit disproportionally from
the dramatic changes we are seeing in today's global commerce, technology and
demographic shifts. We feel current valuations are also very attractive relative
to 1) the overall equity markets and 2) their historical price-to-earnings, cash
flow and book value levels. Please feel free to contact us at our website
(www.centuryfunds.com) or by phone at 1-800-321-1928.
Sincerely,
Lanny Thorndike
Portfolio Manager and
Investment Committee Member
June 20, 2000
* The Fund's investment adviser has voluntarily committed to waive a portion of
its management fee for both classes and to reimburse certain other expenses to
the extent necessary that net total fund annual operating expenses will not
exceed 1.80% for the Investor class and 1.45% for the Institutional class
through at least February 1, 2001. The returns shown would have been lower
absent this waiver and reimbursement.
<PAGE>
CENTURY SMALL CAP SELECT FUND
TOP TEN HOLDINGS
AS OF APRIL 30, 2000
<TABLE>
<CAPTION>
% OF FUND
<S> <C> <C>
FISERV INC. A financial processing and technology outsourcing provider. 5.7%
SEI INVESTMENTS CO. An asset manager as well as technology provider to banks 5.4%
and trust companies.
NCO GROUP INC. A provider of accounts receivable management and collection 5.1%
services utilizing technology solutions.
ALLIED CAPITAL CORP. A closed-end management investment company that provides 5.1%
specialized financing to small and medium sized companies.
BISYS GROUP INC. A provider of outsourcing solutions to and through financial 4.7%
organizations.
PROBUSINESS SERVICES INC. A provider of outsourced payroll processing, payroll tax filing 4.6%
and benefits administration services.
CONCORD EFS INC. A supplier of infrastructure for e-commerce and electronic 4.5%
payment/verification that also processes credit and debit
transactions from retailers to truck drivers.
FLEETBOSTON FINANCIAL CORP. A diversified financial services company that has bank branches 4.4%
throughout the Northeast and also owns Robertson Stephens and
Quick and Reilly.
NEUBERGER BERMAN INC. An independent investment adviser that also provides 4.1%
institutional and wealthy clients with investment strategies
and products.
WILMINGTON TRUST CORP. A bank and thrift holding company that is engaged in commercial 3.9%
banking, savings, trust, and investment management.
TOP TEN AS A % OF TOTAL 47.5%
</TABLE>
<PAGE>
PORTFOLIO OF INVESTMENTS - APRIL 30, 2000
(Unaudited)
COMMON STOCKS:
Shares HEALTHCARE - 13.0% Value
------ ------------------ ----------
4,500 Alterra Healthcare Corp. $ 14,625
1,000 First Health Group Corp. 30,438
4,000 Health Management Associates, Inc. 63,750
1,000 Healtheon/WebMD Corp. 21,062
2,000 IMS Health Inc. 34,125
1,000 Shared Medical Systems Corp. 41,437
1,000 Universal Health Services, Inc. 54,750
----------
260,187
----------
OUTSOURCING/TECHNOLOGY - 29.7%
------------------------------
500 Affiliated Computer Services, Inc. 16,562
1,500 BISYS Group, Inc. 93,844
1,000 Ceridian Corp. 21,688
500 Checkfree Holdings Corp. 25,406
1,000 ChoicePoint, Inc. 38,000
3,300 Core, Inc. 18,666
2,500 Fiserv, Inc. 114,843
3,000 Gartner Group, Inc. 32,438
3,000 NCO Group, Inc. 103,124
500 Pre-Paid Legal Services, Inc. 16,000
3,500 ProBusiness Services, Inc. 92,313
400 Transaction Systems Architects, Inc. 6,525
1,000 US Interactive, Inc. 16,625
----------
596,034
----------
FINANCIAL SERVICES - 35.3%
5,500 Allied Capital Corp. 102,781
6,000 Banknorth Group, Inc. 78,375
2,000 Brookline Bancorp, Inc. 18,875
4,000 Concord EFS, Inc. 89,500
2,500 FleetBoston Financial Corp. 88,594
800 Intuit, Inc. 28,750
2,500 Neuberger Berman, Inc. 82,188
900 SEI Investments Co. 107,437
2,000 UnumProvident Corp. 34,000
1,700 Wilmington Trust Corp. 78,413
----------
708,913
----------
BROKER/OTHER - 3.6%
1,000 Gallagher (Arthur J.) & Co. 37,250
3,000 HCC Insurance Holdings, Inc. 35,250
----------
72,500
----------
TOTAL INVESTMENTS IN COMMON STOCKS - 81.6%
(Identified cost, $1,473,219) 1,637,634
----------
CASH EQUIVALENTS: 18.4%
369,000 State Street Bank and Trust Eurodollar Time Deposit,
at cost approximating value, maturity 5/1/00 369,000
----------
TOTAL INVESTMENTS - 100% (Identified cost, $1,842,219) $2,006,634
==========
See Notes to Financial Statements.
<PAGE>
Financial Statements
STATEMENT OF ASSETS AND LIABILITIES-APRIL 30, 2000
(Unaudited)
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ASSETS:
Investments, at value (Note 1A)(Identified cost, $1,842,219) $2,006,634
Dividends and interest receivable 2,452
Adviser reimbursement receivable 17,457
----------
Total Assets 2,026,543
----------
LIABILITIES:
Payable for investments purchased 19,405
Accrued investment adviser fee (Note 5) 3,541
Accrued expenses and other liabilities 5,259
----------
Total Liabilities 28,205
----------
NET ASSETS (Note 3) $1,998,338
==========
Net Assets consists of
Investor Class $ 408,080
Institutional Class 1,590,258
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Total Net Assets $1,998,338
==========
Shares Outstanding
Investor Class 37,366
Institutional Class 142,681
NET ASSET VALUE PER SHARE
Investor Class $10.92
Institutional Class $11.15
STATEMENT OF OPERATIONS - PERIOD ENDED APRIL 30, 2000 (a)
(Unaudited)
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INVESTMENT INCOME:
Dividends $ 4,685
Interest 5,099
----------
Total income 9,784
EXPENSES:
Management advisory fee (Note 5) $ 3,541
Non-interested trustees' remuneration 1,249
Transfer agent 8,286
Custodian 10,330
Insurance 2,787
Professional fees 8,125
Registration 31,978
12b-1 fee 109
Printing and other 3,664
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Total expenses 70,069
Less: Adviser reimbursement (64,512)
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Net expenses 5,557
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Net investment income 4,227
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized (loss) from investment transactions (9,274)
Increase in unrealized appreciation on investments 164,415
----------
Net realized and unrealized gain on investments 155,141
----------
Net increase in net assets resulting from operations $ 159,368
==========
(a) For the period from December 9, 1999 (commencement of Fund) to
April 30, 2000
See Notes to Financial Statements.
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
-----------------------------------------------------------------------------------------------------------
<CAPTION>
Period
Ended
April 30, 2000 (a)
------------------
<S> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income $ 4,227
Net realized (loss) on investment transaction (9,274)
Increase in net unrealized appreciation of investment 164,415
----------
Net increase in net assets resulting from operations 159,368
Fund share transactions - net (Note 2) 1,838,970
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Total increase 1,998,338
NET ASSETS:
At beginning of period --
At end of period (including undistributed net investment income of $4,227) $1,998,338
==========
(a) For the period from December 9, 1999 (commencement of Fund) to April 30, 2000
<CAPTION>
FINANCIAL HIGHLIGHTS
(Unaudited)
-------------------------------------------------------------------------------------------------
Period Ended
April, 30 2000
--------------
INSTITUTIONAL INVESTOR
CLASS (A) CLASS (b)
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<S> <C> <C>
NET ASSET VALUE, beginning of period $ 10.00 $ 10.00
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INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.03 0.01
Net realized and unrealized gain on investments 1.12 0.91
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Total income from investment operations 1.15 0.92
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LESS DISTRIBUTIONS FROM:
Net investment income -- --
Net realized gain on investment transactions -- --
--------- ---------
Total distribution -- --
--------- ---------
NET ASSET VALUE, end of period $ 11.15 $ 10.92
========= =========
TOTAL RETURN 11.5% 9.2%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $ 1,590 $ 408
Ratio of expenses to average net assets 1.43%* 1.75%*
Ratio of expenses to average net assets without giving
effect to voluntary expense agreement 18.14%* 20.97%*
Ratio of net investment income to average net assets 1.19%* 0.55%*
PORTFOLIO TURNOVER RATE 2% 2%
(a) For the period from December 9, 1999 (commencement of Institutional class) to April 30, 2000
(b) For the period from February 24, 2000 (commencement of Investor class) to April 30, 2000
* Annualized
</TABLE>
See Notes to Financial Statements.
<PAGE>
Notes To the Financial Statements
(Unaudited)
(1) SIGNIFICANT ACCOUNTING POLICIES - Century Capital Management Trust (the
"Trust") is registered under the Investment Company Act of 1940, as amended, as
a diversified, open-end management investment company. Century Small Cap Select
Fund (the "Fund") is a series of the Trust which issues shares in two classes:
an Institutional class and an Investor class. The following is a summary of
significant accounting policies consistently followed by the Fund in the
preparation of financial statements. The policies are in conformity with
generally accepted accounting principles.
A. Investment Security Valuations - Securities listed on national securities
exchanges are valued at closing prices. Unlisted securities or listed securities
for which closing prices are not available are valued at the latest bid prices.
Short-term obligations, maturing in 60 days or less, are valued at amortized
cost, which approximates value.
B. Federal Taxes - It is the Fund's policy to comply with the provisions of the
Internal Revenue Code applicable to investment companies and to distribute to
shareholders each year all of its taxable income, including any net realized
gain on investments. Accordingly, no provision for Federal income or excise tax
is necessary.
C. Other - Investment security transactions are accounted for on the date the
securities are purchased or sold. Gain or loss on sales is determined on the
basis of identified cost. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. Shares issuable to shareholders electing to
receive income dividends and capital gain distributions in shares are recorded
on the ex-dividend date.
D. Use of Estimates - The preparation of these financial statements in
accordance with generally accepted accounting principles incorporates estimates
made by management in determining the reported amounts of assets, liabilities,
revenues and expenses of the Fund. Actual results could differ from those
estimates.
(2) FUND SHARES - The number of authorized shares is unlimited. Shares of the
Fund are currently divided into an Investor class and an Institutional class.
Transactions in Fund shares were as follows:
Period Ended
April 30, 2000
Institutional Investor
Class Class
Shares Amount Shares Amount
------ ------ ------ ------
Sold 142,681 $1,455,100 37,366 $ 383,870
(3) SOURCES OF NET ASSETS - At April 30, 2000,
net assets consisted of:
Capital Paid-in $1,838,970
Undistributed net investment income 4,227
Net realized loss and unrealized appreciation
on investments 155,141
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Net assets applicable to outstanding capital stock $1,998,338
==========
(4) INVESTMENT SECURITY TRANSACTIONS - Other than U.S. Government obligations
and certificates of deposit, purchases and sales of investment securities
aggregated $1,499,159 and $16,665 respectively, during the period ended April
30, 2000. At April 30, 2000, the cost of investments for federal tax purposes
was $1,842,219. Net unrealized appreciation for all securities at that date was
$164,415. This consisted of aggregate gross unrealized appreciation for all
securities in which there was an excess of market value over tax cost of
$243,747 and aggregate gross unrealized depreciation for all securities in which
there was an excess tax cost over market value of $79,332.
(5) INVESTMENT ADVISER FEE - The investment adviser fee is earned by Century
Capital Management, Inc. ("CCM"), as compensation for providing investment
advisory, management and administrative services to the Fund. CCM receives a
monthly fee equal on an annualized basis to 0.95% of the Fund's net asset value.
For the period ended April 30, 2000, the fee amounted to $3,541. Officers and
Trustees of the Fund who are employed by CCM receive remuneration for their
services out of such investment adviser fee.
(6) ADVISER REIMBURSEMENT - CCM has voluntarily waived a portion of its
management fee for both classes and to reimburse certain other expenses to the
extent necessary so that net total fund annual operating expenses (exclusive of
brokerage commissions, taxes, interest and litigation, indemnification and other
extraordinary expenses) will not exceed certain expense limitations through at
least February 1, 2001. The expense limitations for the Investor and
Institutional class are 1.80% and 1.45%, respectively. During the period ended
April 30, 2000, the adviser reimbursement amounted to $64,512.
(7) DISTRIBUTION AND SERVICE PLAN - The Fund has adopted a distribution and
service plan for the Investor class under Rule 12b-1 of the 1940 Act.
Distribution plans permit a Fund to pay for all or a portion of the costs
incurred in connection with the distribution and/or servicing of shares. The
Investor Class currently pays a distribution and service fee equal to 0.25% of
the average daily net assets of the class. During the period ended April 30,
2000, $109 was accrued under the distribution and service plan. The plan may be
terminated at any time by the vote of a majority of the independent Trustees or
by the vote of the holders of a "majority" of the outstanding shares of the
Investor class.
<PAGE>
TRUSTEES
Allan W. Fulkerson, Chairman
William O. Bailey
John E. Beard
William W. Dyer, Jr.
Ernest E. Monrad
Michael J. Poulos
Jerry S. Rosenbloom
Alexander L. Thorndike
INVESTMENT ADVISER
Century Capital Management, Inc.
TELEPHONE
617-482-3060
800-321-1928
800-303-1928 (Shareholder Hotline)
WEBSITE
www.centuryfunds.com
PERFORMANCE INFORMATION
(Inception through April 30, 2000)
Institutional Class 11.5%*
(12/9/99 Inception)
Investor Class 9.2%*
(2/24/00 Inception)
* These data represent past performance. The investment return and principal
value of an investment will fluctuate so that your shares, when redeemed, may be
worth more or less than their orignal cost. Please see inside for futher
information on performance.
This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by an effective prospectus.
