Century Small Cap Select Fund
Investment Objective
Century Small Cap Select Fund seeks long-term growth of capital.
Investment Strategy
The Fund invests primarily in a diversified portfolio of common stocks that exhibit attractive growth and valuation characteristics. Under normal circumstances, the Fund invests at least 80% of its net assets in small cap companies. The Fund’s Adviser considers small cap companies to be those with market caps not exceeding that of the company with the highest market cap in the Russell 2000® Index during the most recent 365 day period. As of April 30, 2009, the largest company in the Russell 2000 Index had a market cap of $3.5 billion.
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.
The Fund concentrates its investments in the financial services and health care group of industries, which means that at least 25% of the Fund’s assets in the aggregate will be invested in companies in those industries.
Fund Performance
Standardized Returns
as of December 31, 2009 (updated quarterly)
| Quarter | 1 Year | 3 Years | 5 Years | 10 Years/Since Inception | |
|---|---|---|---|---|---|
| Institutional Shares (CSMCX) | 5.19% | 29.93% | -6.74% | -1.55% | 9.71% |
| Investor Shares (CSMVX) | 5.05% | 29.43% | -7.08% | -1.88% | 9.31%** |
| Russell 2000 Growth Index | 4.14% | 34.47% | -4.00% | 0.87% | -2.92%** |
Inception Dates:
Institional Shares 12/9/99
**Investor Shares 2/24/00
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 ratio for the Institutional and Investor Share Classes are 1.11% and 1.50%, respectively. 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.
Investments in mutual funds involve risks. The Fund concentrates its investments in the financial services and health care group of industries. Concentration in a particular industry subjects the Fund to the risks associated with that industry and, as a result, the Fund may be subject to greater price volatility than funds with less concentrated portfolios. In addition, the Fund invests in smaller companies which pose greater risks than those associated with larger, more established companies.
The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. 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.
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