Century Shares Trust

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Investment Objective

Century Shares Trust seeks long-term growth of principal and income.

Investment Strategy

The Fund invests primarily in a diversified portfolio of common stocks issued by companies that, in the opinion of the Adviser, have historically had good long-term results and have attractive valuations compared to the markets generally. The Fund invests in companies across different sectors of the economy and in companies of any size.

In constructing the Fund’s portfolio, the Adviser makes investment decisions based on fundamental security analysis. To assess the valuation and growth potential of a security, the Adviser considers various factors, such as a company’s ability to grow book value per share and deliver consistent return on equity (ROE) over an extended time. Various other factors, such as the experience and competence of the company’s management, are also considered.

Fund Performance

Standardized Returns

as of June 30, 2010 (updated quarterly)

	Quarter	1 Year	3 Years	5 Years	10 Years / Since Inception
Institutional Shares (CENSX)	-11.83%	10.46%	-8.82%	-1.56%	4.56%
Investor Shares (CENVX)	-11.88%	10.14%	-9.04%		-2.16%*
S&P 500 Index	-11.43%	14.43%	-9.81%	-0.79%	-1.59%

*Investor Shares Inception Date 7/18/05

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. For the most recent month-end performance, please call (800) 303-1928. As stated in the current prospectus, the gross operating expense ratios for the Institutional Shares and Investor Shares are 1.22% and 2.66%, respectively. The adviser has agreed contractually to reimburse or pay operating expenses of the Fund’s Investor Shares to the extent necessary to maintain total operating expenses at 1.45% through February 28, 2011. Otherwise, performance of the Fund’s Investor Shares would have been lower. Shares held less than 90 days may be subject to a 1% redemption fee.

The recent growth rate in the stock market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

Prior to 2001, Century Shares Trust concentrated its investments in equity securities issued by insurance companies and brokers, banks, and other companies providing services to such companies. In 2001, the Fund adopted a fundamental investment policy not to concentrate in any particular industry or industries; however, long-term holdings in insurance companies continued to comprise more than 25% of the Fund’s total assets until 2007.

Investments in mutual funds involve risks. The Fund may invest a significant portion of assets in securities of companies within the same market sector. If the Fund’s portfolio is over weighted in a sector, any negative development affecting that sector will have a greater impact on the Fund than a fund that is not over weighted in that sector.

The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index. Book Value is the total asset of a company minus total liability. ROE (return on equity) is a measure of a corporation’s profitability that reveals how much profit a company generates with the money shareholders have invested and is calculated as Net Income/Shareholder’s Equity. Performance returns include the reinvestment of dividend and capital gain distributions.

Century Funds