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NEW CENTURY ALTERNATIVE STRATEGIES PORTFOLIO

PRODUCT SHEET

ACCOUNT APPLICATION

PROSPECTUS

PERFORMANCE

PRICES

DISTRIBUTIONS

DISCLOSURE

4-Star Overall Morningstar Rating^TM (as of 1/31/12)

Morningstar Category: Multialternative

 "Hedging Your Portfolio: An Alternative Investment Strategy" and Investment Category Ranges.
(Please note, the above files are in Adobe .pdf format. If you do not have Adobe Acrobat Reader, which is necessary to view .pdf files, 

please click here.)

FUND NEWS

Ron Sugameli, portfolio manager of the New Century Alternative Strategies Portfolio, participated in a webinar, entitled Top Mutual Funds, in June of 2009.  Click on the link below to hear Ron discuss his investment strategy, specific sectors, and how he handled the market volatility during that time. 

Listen to the Audio

New Century Alternative Strategies is dedicated to a philosophy... diversification can reduce risk without sacrificing performance. The Portfolio's objective is to provide long term capital appreciation and, as a secondary objective, to earn income, while managing risk. New Century maintains rigorous investment qualifications for the mutual funds in which it invests: strong performance, reasonable risk-adjusted returns and consistent management styles. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment loss.

The Fund allocates its investments among nine separate investment categories including arbitrage, long/short equity, natural resources and asset allocation. Investments in arbitrage strategies, distressed securities, options, foreign securities, and long/short selling will expose the Fund to additional risks and volatility. Short selling involves the risk of potentially unlimited increase in the market value of the security sold short, which could result in potentially unlimited loss for the funds employing this strategy. Investments in foreign securities may involve additional risks, such as currency rate fluctuation, different financial and accounting standards, and political instability that may cause greater volatility and expose the Portfolio to other risks generally not associated with domestic investments. Funds are generally selected which have strong risk adjusted returns and low correlation to the U.S. equity market. The percentage allocated to each category varies within ranges, based on each strategy's relative performance, volatility and correlation to other categories within the portfolio.

RISK

Short selling involves the risk of potentially unlimited increase in the market value of the security sold short, which could result in potentially unlimited loss for the fund.  Investments in foreign securities may involve additional risks, such as currency rate fluctuation, different financial and accounting standards, and political instability that may cause greater volatility and expose the Portfolio to other risks generally not associated with domestic investments. Funds are generally selected which have strong risk adjusted returns and low correlation to the U.S. equity market. The percentage allocated to each category varies within ranges, based on each strategy’s relative performance, volatility and correlation to other categories within the portfolio.

Certain hedging techniques, arbitrage strategies, distressed securities, options, long/short selling and leverage employed in the funds the Alternative Strategies invests in will expose the fund to additional volatility and risks.

PORTFOLIO MANAGEMENT

Ronald A. Sugameli. Portfolio Manager and Vice President of New Century Portfolios. Mr. Sugameli has been with the Advisor since 1984 and has managed the portfolio since inception.

Matthew Biggar and Ronald Halterman. Assistant Portfolio Managers of the Alternative Strategies Portfolio. Mr. Biggar has been with the Advisor since 2001 and has been an Assistant Portfolio Manager since 2011. Mr. Halterman has been with the Advisor since 2008 and has been an Assistant Portfolio Manager since 2011.

The performance data quoted represents past performance. The investment return and principle value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Past performance does not guarantee future results, and current performance may be lower or higher than the performance data quoted. Total return figures are net of fees and include reinvestment of all dividends and capital gains.

For the fiscal year ended 10/31/10, The New Century Alternative Strategies Portfolio had an expense ratio of 1.10% with an acquired fund expense ratio of 1.11%. The Acquired Fund Expense Ratio reflects the fees and expenses incurred by the New Century Alternative Strategies Portfolio for the fiscal year ended 10/31/10,  as a result of its investment in other registered investment companies. These expenses are not incurred directly by shareholders. 

Investors should take into consideration the investment objectives, risks, charges and expenses of the New Century Portfolios carefully before investing. The Prospectus contains these details and other information and should be read carefully before investing. Click here to view a current Prospectus.

MORNINGSTAR DISCLOSURE

Morningstar Ratings reflect risk-adjusted performance and are derived from a weighted average of the fund’s 3-, 5- and 10-year (if applicable) Ratings. For the periods ended January 31, 2012,  the fund received 4-Stars Overall among 105 funds, 4-Stars for the 3-Year period among 105 funds, and 4-Stars for the 5-Year period among 34 funds in the Morningstar Mulitalternative category.

The Morningstar Ratings formula measures the amount of variation in a fund’s performance and gives more emphasis to downward variations. Ratings are subject to change every month. The top 10% of the funds in the category receive 5 stars; the next 22.5% 4 stars; the next 35% 3 stars; the next 22.5 2 stars; and the last 10% 1 star.

©2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.