New Century Balanced Portfolio

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NEW CENTURY BALANCED PORTFOLIO
PRODUCT SHEET	ACCOUNT APPLICATION	PROSPECTUS	PERFORMANCE	PRICES	DISTRIBUTIONS	DISCLOSURE
3-Star Overall Morningstar Rating^TM (as of 10/31/08)				Morningstar Category: Moderate Allocation

FUND DESCRIPTION

New Century Balanced is dedicated to a philosophy... diversification can reduce risk without sacrificing performance. The Portfolio's objective is to earn income and, as a secondary objective, to provide capital growth. 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.

FUND HIGHLIGHTS

Diversification through a blend of value and growth investments allocated among large-cap, mid-cap, small-cap and international equity positions and among domestic, high-yield and foreign fixed-income positions.
Access to no-load mutual funds, institutional funds and ETFs
Disciplined ranges in both equity and fixed-income categories reduce risk
Investments are not limited to a single fund family or institution
Active management consistently monitors fund objectives and performance
Simplified year-end tax reporting on a single tax statement

PRINCIPAL INVESTMENT STRATEGIES

The New Century Balanced Portfolio seeks to achieve its investment objective by investing primarily in shares of registered investment companies that emphasize investments in equities such as common stocks, preferred stocks or securities convertible into stocks (domestic and foreign), in fixed income securities such as fixed rate debt, variable rate debt or high yield, lower rated debt instruments (domestic and foreign), or in a composite of such securities.

The Balanced Portfolio will use a variety of investment techniques designed to generate dividends (including dividends of funds in which we invest that are derived from interest) and other income. The Balanced Portfolio will diversify its equity and fixed income investments by investing primarily in investment companies that concentrate in different segments of the equity markets and investment companies that concentrate in different segments of the fixed income markets. For example, the portion of the Balanced Portfolio that is invested in equities may be invested in investment companies that emphasize growth, growth and income, equity income, small-capitalization and foreign equities. The portion of the Balanced Portfolio that is invested in fixed income securities may be invested in investment companies that emphasize domestic, high yield (including lower rated) and foreign fixed income securities.

The Balanced Portfolio will maintain not less than 25% of its assets in fixed income investments by selecting underlying funds that invest in such securities.

PORTFOLIO MANAGEMENT

Wayne M. Grzecki, Portfolio Manager and President of New Century Portfolios, has been with the Advisor since 1986. He has managed the New Century Capital and Balanced Portfolios since 1995 and the New Century Opportunistic and International Portfolios since their inception in November 2000.

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 October 31, 2008 the fund received 3-Stars Overall among 955 funds and 3-Stars for the 3-, 5- and 10-year periods among 955, 735 and 432 funds, respectively, in the Morningstar Moderate Allocation 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.

©2008 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.

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