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SIGNATURE RICHARD F. COOK, JR.
TITLE SECRETARY
<PAGE>
EXHIBIT 1
For Period Ending: 12/31/98
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 26th day of February, 1999.
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
<PAGE>
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 (the "Fund") for the year ended December 31, 1998 (on which we have
issued our report dated January 15, 1999), we considered its internal control,
including control activities 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 Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
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 Fund's internal control 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 components does not reduce to a relatively low
level the risk that errors or fraud 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 Fund's internal
control for safeguarding securities that we consider to be material weaknesses
as defined above as of December 31, 1998.
This report is intended solely for the information and use of management, the
Trustees of Century Shares Trust and the Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
January 15, 1999
- ---------------
Deloitte Touche
Tohmatsu
International
- ---------------
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<PAGE>
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