SEMI-ANNUAL REPORT
SIX MONTHS ENDED APRIL 30, 2000
<PAGE>
NEW CENTURY PORTFOLIOS
CONTENTS
PRESIDENT'S LETTER 1
NEW CENTURY CAPITAL PORTFOLIO
Portfolio of Investments
April 30, 2000 2
Statement of Assets and Liabilities
April 30, 2000 4
Statement of Operations
Six months ended April 30, 2000 5
Statement of Changes in Net Assets
Six months ended April 30, 2000 and year ended October 31, 1999 6
Financial Highlights
Six months ended April 30, 2000 and
each of the five years in the period ended October 31, 1999 7
NEW CENTURY BALANCED PORTFOLIO
Portfolio of Investments
April 30, 2000 8
Statement of Assets and Liabilities
April 30, 2000 10
Statement of Operations
Six months ended April 30, 2000 11
Statement of Changes in Net Assets
Six months ended April 30, 2000 and year ended October 31, 1999 12
Financial Highlights
Six months ended April 30, 2000 and
each of the five years in the period ended October 31, 1999 13
NEW CENTURY CAPITAL AND BALANCED PORTFOLIOS
Notes to Financial Statements 14
<PAGE>
PRESIDENT'S LETTER
Dear Fellow Shareholders:
As the millennium opened, the financial markets continued to exhibit the
volatility that had become the hallmark of the 90s. Investors grappled with
a divergence between the "old economy" and the "new economy" while the
Federal Reserve increased interest rates in an effort to slow red-hot
economic growth.
During the six-month period ended April 30, 2000, the Standard & Poor's 500
Composite Stock Price Index, which reflects the performance of the stocks of
the largest domestic companies, gained 7.1%. The Russell 2000 Index, which
reflects the performance of the stocks of smaller-capitalized domestic
companies, posted an impressive gain of 18.7%. Even the international equity
markets, measured by the Morgan Stanley Capital International-Europe,
Australasia, Far East Index, gained 6.8%. The Lehman Brothers Aggregate
Bond Index gained 1.4%.
I am pleased to report that during the period, the New Century Portfolios
produced levels of investment return consistent with their fund's investment
objective. For the six-month period ended April 30, 2000, New Century Capital
generated a return of 18.9%; New Century Balanced produced a return of 11.4%.
Sector allocation led us to focus our equity investments in the larger
capitalized companies by concentrating in the growth and the growth and
income sectors. Toward the end of the period, we began to reduce our
allocation to the foreign sector and the aggressive sector. Sector
allocation also led us to concentrate our fixed-income investments in the
short to intermediate term government sector.
Although we may experience short-term volatility, our long-term investment
outlook remains positive. We encourage investors who are investing for the
long-term to resist acting upon short-term market volatility. The New
Century Portfolios provide a disciplined investment approach that will provide
a risk-adjusted performance consistent with each fund's objectives. We thank
you for selecting us to be part of your long-term investment strategy.
Sincerely,
Wayne M. Grzecki
President
Average Annual Total Return For The Period Ended 4/30/00
1 Year 5 Years 10 Years
New Century Capital 24.21% 22.78% 16.67%
New Century Balanced 13.01% 15.41% 12.52%
<PAGE>
NEW CENTURY CAPITAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
April 30, 2000 (Unaudited)
Issuer Shares Value
INVESTMENT COMPANIES - 99.3%
Aggressive Funds - 13.2%
Invesco Telecommunications 30,142 $ 1,643,959
Janus Olympus 117,522 6,345,006
Oppenheimer Capital Appreciation 98,866 5,787,642
ProFunds Ultra Short OTC 4,714 154,938
RS Emerging Growth 1,252 73,554
Rydex OTC Inv 117,466 3,264,380
Transamerica Premier Aggressive Growth 92,619 3,300,924
-----------
20,570,403
Growth and Income Funds - 28.9%
Citizens Index International 232,392 6,158,381
Janus Growth and Income 178,355 7,633,612
SEI Index S&P 500 E 126,856 5,711,078
SSGA Growth & Income 176,427 4,389,508
Vanguard 500 Index 158,143 21,180,083
------------
45,072,662
Growth Funds - 32.4%
Davis New York Venture 162,385 5,108,622
Janus 363,829 16,772,535
Marsico Growth & Income 558,276 11,506,077
Turner Growth Equity 466,646 8,506,958
Vanguard Growth Index 218,603 8,512,418
-----------
50,406,610
Foreign Stock Funds - 11.3%
Acorn International 155,403 5,437,539
American Century International Discovery 228,367 4,085,482
Artisan International 221,560 6,637,939
Janus Worldwide 18,686 1,480,461
-----------
17,641,421
Small Company Funds - 13.5%
AIM Small Cap Growth 155,106 5,751,339
Berger New Generation 149,894 5,217,804
Mutual Discovery Z 45,989 1,028,780
State Street Research Aurora 368,544 8,999,842
-----------
20,997,765
Total investment companies (Cost $113,302,477) 99.3% 154,688,861
Cash and other assets in excess of liabilities 0.7% 1,070,534
Net assets 100.0% $ 155,759,395
See notes to financial statements
-2-
<PAGE>
NEW CENTURY CAPITAL PORTFOLIO
PORTFOLIO OF INVESTMENTS - (Continued)
April 30, 2000 (Unaudited)
Cost for federal income tax at April 30, 2000 was $113,302,477
and net unrealized appreciation consisted of:
Gross unrealized appreciation $ 41,610,002
Gross unrealized depreciation (223,618)
Net unrealized appreciation $ 41,386,384
See notes to financial statements
-3-
<PAGE>
NEW CENTURY CAPITAL PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2000 (Unaudited)
ASSETS
Investments, at value (Cost $113,302,477) (Note 1A) $ 154,688,861
Cash 1,175,521
Receivable for
Capital stock sold 71,923
Dividends and interest 5,240
------------
Total assets 155,941,545
LIABILITIES
Payable for capital stock redeemed 1,900
Accrued expenses 180,250
------------
Total liabilities 182,150
NET ASSETS
(applicable to 8,272,056 outstanding shares;
unlimited number of shares of beneficial interest
authorized, $.01 par value.) $ 155,759,395
Net asset value, offering price and redemption price per share
($155,759,395/8,272,056 shares of beneficial interest
outstanding) $18.83
Net assets consist of:
Paid-in capital $ 106,455,842
Unrealized appreciation of investments 41,386,384
Undistributed net realized gain on investments 8,448,721
Accumulated net investment deficit (531,552)
-------------
Total net assets $ 155,759,395
See notes to financial statements
-4-
<PAGE>
NEW CENTURY CAPITAL PORTFOLIO
STATEMENT OF OPERATIONS
Six months ended April 30, 2000 (Unaudited)
NET INVESTMENT LOSS
Income
Interest $ 18,038
Dividends 388,259
-------------
Total investment income 406,297
Expenses
Distribution costs (Note 3) 117,693
Investment advisory fees (Note 2) 669,372
Transfer agent fees 28,573
Legal and audit fees 35,570
Custody and accounting fees 43,239
Administration fee (Note 2) 35,776
Trustees' fees 4,019
Insurance 1,267
Other 2,340
-------------
Total expenses 937,849
Net investment loss (531,552)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 4,819,412
Capital gain distributions from regulated
investment companies 5,020,952
Net unrealized appreciation of investments
during the period 13,948,472
--------------
Net realized and unrealized gain on investments 23,788,836
--------------
Net increase in net assets resulting from
operations $ 23,257,284
See notes to financial statements
-5-
<PAGE>
NEW CENTURY CAPITAL PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
<TABLE>
<S> <C> <C>
Six months Year ended
ended April 30, October 31,
2000 1999
(Unaudited)
OPERATIONS
Net investment loss $ (531,552) $ (997,912)
Net realized gain on investments 4,819,412 5,270,799
Capital gain distributions from regulated
investment companies 5,020,952 3,199,821
Net unrealized appreciation (depreciation)
of investments 13,948,472 19,225,559
---------------- --------------
Net increase in net assets resulting from operations 23,257,284 26,698,267
DISTRIBUTIONS TO SHAREHOLDERS
Realized gains on investments
($1.17 and $1.53 per share, respectively) (8,444,754) (9,820,727)
CAPITAL SHARE TRANSACTIONS
Increase in net assets from capital share
transactions (a) 20,364,153 13,540,820
----------------- --------------
TOTAL INCREASE IN NET ASSETS 35,176,683 30,418,360
NET ASSETS
Beginning of period 120,582,712 90,164,352
---------------- -------------
End of period (including accumulated net investment
deficit of $(531,552) and $-0-, respectively) $ 155,759,395 $ 120,582,712
</TABLE>
(a) Summary of capital share transactions is as follows:
<TABLE>
<S> <C> <C>
Six months ended Year ended
April 30, 2000 (Unaudited) October 31, 1999
Shares Value Shares Value
Shares sold 806,608 $ 15,773,591 1,120,772 $ 17,427,343
Shares issued on
reinvestment of distributions 430,764 8,020,828 631,817 9,357,214
---------- ----------- ---------- -------------
1,237,372 23,794,419 1,752,589 26,784,557
Shares redeemed (181,640) (3,430,266) (843,278) (13,243,737)
---------- ------------ ----------- ------------
Net increase 1,055,732 $ 20,364,153 909,311 $ 13,540,820
</TABLE>
See notes to financial statements
-6-
<PAGE>
NEW CENTURY CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share Outstanding Throughout each Period)
<TABLE>
<S> <C>
Six Months
Ended
April 30, Years ended October 31,
2000 1999 1998 1997 1996 1995
(Unaudited)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 16.71 $ 14.30 $ 14.67 $ 13.51 $ 13.12 $ 12.31
Income (loss) from investment operations
Net investment loss (0.06) (0.14) (0.09) (0.10) (0.09) (0.06)
Net gain on securities
(both realized and unrealized) 3.35 4.08 1.18 3.29 1.90 2.16
Total from investment operations 3.29 3.94 1.09 3.19 1.81 2.10
Less distributions
Distributions from capital gains (1.17) (1.53) (1.46) (2.03) (1.42) (1.29)
Net asset value, end of period $ 18.83 $ 16.71 $ 14.30 $ 14.67 $ 13.51 $ 13.12
TOTAL RETURN** 19.40 % 28.94 % 7.97 % 27.22 % 14.91 % 19.60 %
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands) $ 155,759 $120,583 $ 90,164 $ 78,391 $ 62,741 $ 50,889
Ratio of expenses to
average net assets 1.29 %* 1.39 % 1.44 % 1.43 % 1.47 % 1.61 %
Ratio of net investment loss to
average net assets -0.73 %* -0.91 % -0.67 % -0.76 % -0.69 % -0.52 %
Portfolio turnover 23 % 64 % 102 % 93 % 214 % 206 %
</TABLE>
* Annualized.
** Total return for a period of less than 1 year has not been annualized.
See notes to financial statements
-7-
<PAGE>
NEW CENTURY BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
April 30, 2000 (Unaudited)
Issuer Shares Value
INVESTMENT COMPANIES - 99.3%
Growth and Income Funds - 29.2%
Citizens Index Institutional 151,200 $ 4,006,795
Janus Growth and Income 97,256 4,162,546
Mutual Shares Z 772 15,979
SEI Index S&P 500 E 74,776 3,366,403
Strong Growth & Income 80,340 2,358,768
Vanguard 500 Index 62,674 8,393,903
-----------
22,304,394
Growth Funds - 15.4%
Janus 99,807 4,601,116
Marsico Growth & Income 164,170 3,383,537
Turner Growth Equity 93,876 1,711,365
Vanguard Growth Index 53,767 2,093,693
----------
11,789,711
Small Company Funds - 8.4%
AIM Small Cap Growth A 79,448 2,945,924
Berger New Generation 14,006 487,540
State Street Research Aurora 120,968 2,954,032
----------
6,387,496
Convertible Security Funds - 4.3%
MainStay Convertible 110,571 1,724,912
Nations Convertible Securities Inv A 71,574 1,537,411
------------
3,262,323
Foreign Stock Funds - 8.4%
Acorn International 64,441 2,254,795
Artisan International 120,128 3,599,036
Janus Worldwide 7,163 567,550
-----------
6,421,381
General Corporate Bond Funds - 2.3%
Strong Corporate Bond 172,054 1,773,880
Government Treasury Bond Funds - 10.6%
American Century - Target Maturities 2005 51,771 3,784,435
American Century - Target Maturities 2010 75,361 4,237,550
Vanguard Fixed Income Intermediate Term U.S. 12,357 125,420
----------
8,147,405
See notes to financial statements
-8-
<PAGE>
NEW CENTURY BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS - (Continued)
April 30, 2000 (Unaudited)
Issuer Shares Value
High Quality Bond Funds - 1.8%
Dodge & Cox Income 120,369 1,371,008
High Yield Bonds - 12.0%
John Hancock High Yield Bond 164,547 993,862
MainStay High Yield Corporate Bond A 605,511 4,359,682
Northeast Investors 405,609 3,833,001
----------
9,186,545
Worldwide Bond Funds - 6.9%
PIMCO Foreign Bond Institutional 357,790 3,585,055
PIMCO Global Bond Institutional 194,461 1,689,870
----------
5,274,925
Total investment companies (Cost $66,003,084) 99.3% 75,919,068
Cash and other assets in excess of liabilities 0.7% 527,362
------ -------------
Net assets 100.0% $ 76,446,430
Cost for federal income tax at April 30, 2000 was $66,003,084 and net
unrealized appreciation consisted of:
Gross unrealized appreciation $ 11,965,509
Gross unrealized depreciation (2,049,525)
-----------------
Net unrealized appreciation $ 9,915,984
See notes to financial statements
-9-
<PAGE>
NEW CENTURY BALANCED PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2000 (Unaudited)
ASSETS
Investments, at value (Cost $66,003,084) (Note 1A) $ 75,919,068
Cash 480,366
Receivables for
Capital stock sold 167
Dividends and interest 118,826
-----------
Total assets 76,518,427
LIABILITIES
Payable for capital stock redeemed 5,000
Accrued expenses 66,997
----------
Total liabilities 71,997
----------
NET ASSETS
(applicable to 5,486,315 outstanding shares;
unlimited number of shares of beneficial interest
authorized, $.01 par value.) $ 76,446,430
Net asset value, offering price and redemption
price per share ($76,446,430/5,486,315 shares of
beneficial interest outstanding) $13.93
Net assets consist of:
Paid-in capital $ 63,315,243
Unrealized appreciation of investments 9,915,984
Undistributed net realized gain on investments 3,097,111
Undistributed net investment income 118,092
-------------
Total net assets $ 76,446,430
See notes to financial statements
-10-
<PAGE>
NEW CENTURY BALANCED PORTFOLIO
STATEMENT OF OPERATIONS
Six months ended April 30, 2000 (Unaudited)
NET INVESTMENT INCOME
Income
Interest $ 13,178
Dividends 1,267,748
---------
Total investment income 1,280,926
Expenses
Distribution costs (Note 3) 59,263
Investment advisory fees (Note 2) 368,189
Transfer agent fees 16,113
Legal and audit fees 20,660
Custody and accounting fees 30,994
Administration fee (Note 2) 18,141
Trustees' fees 1,981
Insurance 646
Other 2,143
--------
Total expenses 518,130
--------
Net investment income 762,796
--------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 1,821,606
Capital gain distributions from regulated
investment companies 1,874,638
Net unrealized appreciation of investments during
the period 3,351,950
---------
Net realized and unrealized gain on investments 7,048,194
---------
Net increase in net assets resulting from operations $ 7,810,990
See notes to financial statements
-11-
<PAGE>
NEW CENTURY BALANCED PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
<TABLE>
<S> <C>
Six months Year ended
ended April 30, October 31,
2000 1999
(Unaudited)
OPERATIONS
Net investment income $ 762,796 $ 903,301
Net realized gain on investments 1,821,606 2,938,374
Capital gain distributions from regulated
investment companies 1,874,638 1,577,632
Net unrealized appreciation of investments 3,351,950 3,133,807
Net increase in net assets resulting from --------- ----------
operations 7,810,990 8,553,114
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
($0.13 and $0.20 per share, respectively) (644,704) (903,301)
Realized gains on investments
($0.95 and $1.09 per share, respectively) (4,661,143) (4,811,756)
CAPITAL SHARE TRANSACTIONS
Increase in net assets from capital share
transactions (a) 8,220,007 6,692,789
---------- ----------
TOTAL INCREASE IN NET ASSETS 10,725,150 9,530,846
NET ASSETS
Beginning of period 65,721,280 56,190,434
----------- ----------
End of period (including undistributed net
investment income of $118,092 and $-0-,
respectively) $ 76,446,430 $ 65,721,280
</TABLE>
(a) Summary of capital share transactions is as follows:
<TABLE>
<S> <C>
Six months ended Year ended
April 30, 2000 (Unaudited) October 31, 1999
Shares Value Shares Value
Shares sold 431,567 $ 6,098,465 531,039 $ 7,001,002
Shares issued on
reinvestment of distributions 345,575 4,788,146 411,727 5,260,712
------- --------- ------- ---------
777,142 10,886,611 942,766 12,261,714
Shares redeemed (187,366) (2,666,604) (425,308) (5,568,925)
--------- ----------- -------- ----------
Net increase 589,776 $ 8,220,007 517,458 $ 6,692,789
</TABLE>
See notes to financial statements
-12-
<PAGE>
NEW CENTURY BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share Outstanding Throughout each Period)
<TABLE>
<S> <C> <C>
Six Months
Ended
April 30, Years ended October 31,
2000 1999 1998 1997 1996 1995
(Unaudited)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 13.42 $ 12.83 $ 13.23 $ 12.21 $ 11.82 $ 11.22
------- ------- ------- --------- -------- --------
Income from investment operations
Net investment income (loss) 0.15 0.20 0.21 0.21 0.18 0.24
Net gain (loss) on securities
(both realized and unrealized) 1.44 1.68 0.66 2.01 1.30 1.28
------ -------- -------- --------- --------- ------
Total from investment operations 1.59 1.88 0.87 2.22 1.48 1.52
Less distributions
Dividends from net investment income (0.13) (0.20) (0.21) (0.21) (0.18) (0.24)
Distributions from capital gains (0.95) (1.09) (1.06) (0.99) (0.91) (0.68)
------ ------ ------ ------ ------ ------
Total distributions (1.08) (1.29) (1.27) (1.20) (1.09) (0.92)
Net asset value, end of period $ 13.93 $ 13.42 $ 12.83 $ 13.23 $ 12.21 $ 11.82
====== ====== ======= ======== ======= ========
TOTAL RETURN** 11.88 % 15.26 % 6.97 % 19.64 % 13.24 % 14.93 %
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands) $76,446 $65,721 $ 56,190 $ 48,893 $ 40,423 $ 30,124
Ratio of expenses to
average net assets 1.41 %* 1.46 % 1.46 % 1.41 % 1.61 % 1.72 %
Ratio of net investment income to
average net assets 2.07 %* 1.45 % 1.51 % 1.58 % 1.45 % 2.14 %
Portfolio turnover 22 % 60 % 59 % 80 % 172 % 191 %
</TABLE>
* Annualized.
** Total return for a period of less than 1 year has not been annualized.
See notes to financial statements
-13-
<PAGE>
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS
April 30, 2000 (Unaudited)
(1) SIGNIFICANT ACCOUNTING POLICIES
New Century Portfolios ("New Century") is organized as a Massachusetts business
trust which is registered under the Investment Company Act of 1940, as amended,
as an open-end diversified management investment company and currently offers
shares of two series: New Century Capital Portfolio and New Century Balanced
Portfolio (together, "the Portfolios"). The investment objective of the New
Century Capital Portfolio is to provide capital growth, with a secondary
objective to provide income while managing risk. This Portfolio seeks to achieve
its objective by investing primarily in shares of other registered investment
companies that emphasize investments in equities (domestic and foreign). The
investment objective of New Century Balanced Portfolio is to provide income,
with a secondary objective to provide capital growth while managing risk. This
Portfolio seeks to achieve these objectives by investing primarily in shares of
other registered investment companies that emphasize investments in equities
(domestic and foreign), and fixed income securities (domestic and foreign). The
price of shares of these Portfolios fluctuates daily and there are no assurances
that the Portfolios will be successful in achieving their stated investment
objectives. The following is a summary of significant accounting policies
consistently followed by the Portfolios in the preparation of their financial
statements.
A. INVESTMENT VALUATION
Investments, representing primarily capital stock of other open-end investment
companies, are valued at their net asset value as reported by such companies.
In the absence of readily available market quotations, investments are valued
at fair value as determined by the Board of Trustees. Short-term investments
are valued at amortized cost which approximates market value.
B. FEDERAL INCOME TAXES
It is the policy of each Portfolio to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of their taxable income to their shareholders in a
manner which results in no tax to the Portfolios. Therefore, no federal income
or excise tax provision is required.
C. INVESTMENT TRANSACTIONS
Investment transactions are recorded on a trade date basis. Realized gains and
losses from investment transactions are determined using the specific
identification method.
D. INCOME RECOGNITION
Interest is accrued on portfolio investments daily. Dividend income is recorded
on the ex-dividend date.
E. COST OF OPERATIONS
The Portfolios bear all costs of their operations other than expenses
specifically assumed by Weston Financial Group, Inc. (the "Advisor").
Expenses directly attributable to a Portfolio are charged to that Portfolio;
other expenses are allocated proportionately between each Portfolio in
relation to the net assets of each Portfolio.
F. USE OF ESTIMATES
In preparing financial statements in accordance with generally accepted
accounting principles, management is required to make estimates and assumptions
that affect the reported amount of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements, and
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
-14-
<PAGE>
NEW CENTURY PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS - (Continued)
April 30, 2000 (Unaudited)
(2) INVESTMENT ADVISORY FEE, ADMINISTRATIVE AGREEMENT AND TRUSTEES' FEE
Fees paid by the Portfolios pursuant to an Investment Advisory Agreement with
the Advisor are computed daily and paid monthly at an annualized rate of 1% on
the first $100 million of average daily assets and .75% of net assets exceeding
that amount. The advisory fees are based on the net assets of each of the
Portfolios separately, and not on the total net assets of the two series.
Fees paid by the Portfolio pursuant to an Administration Agreement with the
Advisor to administer the ordinary course of the Portfolios' business are paid
monthly from a detail of actual expenses incurred in the overseeing of the
Portfolios' affairs. All expenses incurred overseeing the Portfolios' affairs
are reimbursed monthly.
The Portfolios pay each Trustee who is not affiliated with the Advisor $4,000
annually.
(3) DISTRIBUTION PLAN AND OTHER TRANSACTIONS WITH AFFILIATES
The Portfolios have adopted a Distribution Plan (the "Plan") under Section
12(b) of the Investment Company Act of 1940 and Rule 12(b)-1 thereunder.
Under the Plan, each Portfolio may pay up to .25% of its average daily net
assets to Weston Securities Corporation (the "Distributor") for activities
primarily intended to result in the sale of shares. Under its terms, the Plan
shall remain in effect from year to year, provided such continuance is
approved annually by a vote of a majority of the Trustees and a majority of
those Trustees who are not "interested persons" of the Portfolios and who have
no direct or indirect financial interest in the operation of the Plan or in
any agreement related to the Plan (the "Qualified Trustees").
During the six months ended April 30, 2000, the Distributor received sales
commissions and other compensation of $57,053 and $25,662 in connection with the
purchase of investment company shares by New Century Capital Portfolio and New
Century Balanced Portfolio, respectively. Weston Securities Corporation has
voluntarily agreed to waive payments made by each Portfolio pursuant to the
distribution plans in amounts equal to the sales commissions and other
compensation.
Certain officers and trustees are also officers and/or directors of the Advisor
and the Distributor.
(4) INVESTMENT TRANSACTIONS
For the six months ended April 30, 2000, the cost of purchases and the proceeds
from sales of securities other than short-term notes were as follows:
Purchases Sales
New Century Capital Portfolio $48,519,210 $32,924,075
New Century Balanced Portfolio $21,162,002 $15,789,051
-15-
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 fee expense and other pertinent information.
