Century Shares Trust

Net Asset Value for 5/08/08

Century Shares Trust: Investor
Fund Name	Century Shares Trust
Class	Investor
Ticker Symbol	CENVX
Net Asset Value (NAV)	21.19
NAV Change	0.06
Current Monthly Performance through 4/30/08
One year performance	-4.12%
Three year performance
Life of fund (inception 7/18/05)	4.25%
Most Recent Calendar Quarter through 3/31/08
One year performance	-5.32%
Three year performance
Life of fund (inception 7/18/05)	2.59%

Century Shares Trust: Institutional
Fund Name	Century Shares Trust
Class	Institutional
Ticker Symbol	CENSX
Net Asset Value (NAV)	21.11
NAV Change	0.06
Current Monthly Performance through 4/30/08
One year performance	-3.91%
Five year performance	9.04%
Ten year performance	4.98%
Most Recent Calendar Quarter through 3/31/08
One year performance	-5.11%
Five year performance	9.78%
Ten year performance	4.55%

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. For most recent month end performance, please call 1.800.321.1928. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) for Investor and Institutional Shares are 1.95% and 1.10%, respectively. However, the Fund’s adviser has agreed to contractually waive a portion of its fees and/or reimburse operating expenses of Investor Shares to maintain total operating expenses at 1.45% through February 28, 2009.  Shares held less than 90 days will be subject to a 1.0% short term trading fee.