EXHIBIT 1
Page 45
For Period Ending: 12/31/95
File Number 811-19
This report is signed on behalf of the registrant (or depositor or trustee) in
the City of Boston and State of Massachusetts on the 28th day of February, 1996.
CENTURY SHARES TRUST
------------------------------
(Name of registrant, depositor
or trustee)
BY: /s/ ALLAN W. FULKERSON
-----------------------------
Allan W. Fulkerson,
Chairman and Managing Trustee
Witness: /s/ RICHARD F. COOK, JR.
-------------------------
Richard F. Cook, Jr.
Secretary
EXHIBIT 2
Item 77.B.
Deloitte & Touche LLP
125 Summer Street
Boston, Massachusetts 02110-1617
Telephone: (617)261-8000
Facsimile: (617)261-8111
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of
Century Shares Trust:
In planning and performing our audit of the financial statements of Century
Shares Trust for the year ended December 31, 1995 (on which we have issued our
report dated January 19, 1996), we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Century Shares Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
January 19, 1996
EXHIBIT 27
CENTURY SHARES TRUST
FINANCIAL DATA SCHEDULE - DECEMBER 31, 1995
<TABLE>
<CAPTION>
Item Item
Number Description Amount
- ------ ----------- --------
<C> <S> <C>
6-03- Investments - cost 108,612,474
6-04-4 Investments 270,244,200
6-04-6 Receivables 727,425
6-04-8 Other assets 10,734
- --- Balancing amount to total assets 0
6-04-9 Total assets 270,982,525
6-04- Accounts payable for securities 2,142,611
6-04-13 Senior long-term debt 0
- -- Balancing amount to total liabilities 1,659,079
6-04-14 Total liabilities 3,801,690
6-04-16 Senior equity securities 0
6-04-16 Paid-in-capital - common shareholders 106,070,314
6-04-16 Number of shares or units - current period 9,519,331
6-04-16 Number of shares or units - prior period 9,460,238
6-04-17(a) Accumul. undistrib. net inv. income (current yr) 0
- -- Overdistribution of net investment income 234,389
6-04-17(b) Accum. undistributed net realized gains (losses) 0
- -- Overdistribution of realized gains 286,816
6-04-17(c) Accum.net unrealized appreciation (depreciation) 161,631,726
6-04-19 Net assets 267,180,835
6-07-1(a) Dividend income 5,501,199
6-07-1(b) Interest income 308,127
6-07-1(c) Other income 0
6-07-2 Expenses - net 2,153,090
6-07-6 Net investment income (loss) 3,656,236
6-07-7(a) Realized gains (losses) on investments 8,638,210
6-07-7(d) Net increase (decrease) in appreciation (depreciation) 56,383,215
6-07-9 Net inc. (decrease) in net assets resulting from ops. 68,677,661
6-09-2 Net equalization charges and credits (16,684)
6-09-3(a) Distributions from net investment income 3,698,990
6-09-3(b) Distributions from realized gains 8,521,998
6-09-3(c) Distributions from other sources 0
6-09-4(b) Number of shares sold 1,797,676
6-09-4(b) Number of shares redeemed 2,093,096
6-09-4(b) Number of shares issued - reinvestment 354,513
6-09-5 Total increase (decrease) 59,093
6-09-7 Accum. undistr. net investment income (prior year) 0
6-04-17(b) Accum. undistr. net realized gains (prior year) 0
- -- Overdistribution of net investment income (prior year) 168,466
- -- Overdistribution of net realized gains (prior year) 28,953
Form N-SAR
72F Gross advisory fees 1,609,254
72P Interest Expense 0
72X Total expenses (gross) 2,153,090
Average net assets 228,878,163
Form N-1A
3(a) NAV per share - beginning of period 21.77
3(a) Net investment income (loss) per share 0.41
3(a) Net realized and unrealized gain (loss) per share 7.22
3(a) Dividends per share from net investment income 0.41
3(a) Distributions per share from realized gains 0.92
3(a) Per share returns of cap. and dist. fr. other sources 0.00
3(a) NAV per share - end of period 28.07
3(a) Ratio of expenses to average net assets 0.94
3(b) Average debt outstanding during period 0.00
3(b) Average debt outstanding per share 0.00
</TABLE>
