LETTER TO SHAREHOLDERS
Dear Shareholder:
These past several months have been a particularly challenging period
for making new investments in The Dreyfus Third Century Fund, given stock
price volatility and investor nervousness over the recent Federal Reserve
Board actions to increase interest rates. During this period, we focused on
themes that we thought would benefit from strong economic growth and little
or no inflation, while keeping an eye on the trend of rising interest rates.
Because of the change in the interest rate outlook, the Fund's
holdings in financial stocks that are sensitive to interest rates lost some
ground. Small capitalization stocks also suffered until we had an opportunity
to dispose of most of those issues.
SPECIFIC PORTFOLIO CHANGES
In making portfolio changes, we sold some of the winners in
technology believing that the shares reflected fair valuations given the
recent run-up in prices and that the opportunity for upward valuation would
be limited. We also reduced positions in some consumer product stocks that
had done well, like Coca Cola and Gillette, replacing the reduced weightings
with stocks in the health care area that had been under pressure due to
governmental attempts at reform. These names include pharmaceutical companies,
Schering-Plough and Amgen. We took some profits in Merck & Co., but still
hold a significant position in the stock. We also added consumer products
companies like food processors IBP, Hershey Foods and Cott, which had been
weak due to concerns over changing consumer buying habits and loss of
industry pricing power.
We sold many traditional financials, namely banks, because of the
interest rate situation and replaced them with more fee-oriented financial
services companies, like Merrill Lynch and Franklin Resources, that we
currently believe will do well, as the continuing shift towards saving and
investing supports the growth of their franchises.
Additionally, we have been adding to utility stocks, which have been
oversold for quite some time and now compare quite favorably with
fixed-income securities because of their above-average yields. We currently
believe the depressed valuations of these securities make them attractive
investments.
FUND PERFORMANCE
Overall, the recent volatile nature of the market has made for a
difficult environment for investors. For the three months ended November 30,
1994, the Dreyfus Third Century Fund was down -5.62%* versus -3.88% for the
Standard & Poor's 500 Composite Stock Price Index.** For the six months ended
November 30, 1994, the Fund was down -3.08%* versus a gain of .80% for the
S&P 500 Index.** Since August 2, 1994, NCM Capital Management Group, Inc.,
the Fund's Sub-Investment Adviser, has provided investment advisory
assistance and day-to-day management of the Fund's portfolio.
We appreciate your decision to invest in a socially responsible
manner by committing your assets to the Third Century Fund. We are very
pleased to serve you as an investor and thank you for your interest in the
Fund.
Sincerely,
(Signatue Logo--Diane M. Coffey)
Diane M. Coffey
Portfolio Manager
The Dreyfus Corporation
December 14, 1994
New York, N.Y.
* Total return represents the change during the period in a
hypothetical account with dividends reinvested.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the
reinvestment of income dividends and, where applicable, capital gain
distributions. The Standard & Poor's 500 Composite Stock Price Index is a
widely accepted unmanaged index of stock market performance.
<TABLE>
<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC. November 30, 1994
ASSET ALLOCATION
(EXHIBIT "A")
<S> <C> <C>
FIVE LARGEST SECTORS
Technology...................................................... 15.1%
Finance......................................................... 13.5
Producer Manufacturing.......................................... 11.6
Utilities....................................................... 8.1
Non-Energy Minerals............................................. 7.4
TEN LARGEST HOLDINGS
Tosco........................................................... 2.5 %
AT & T.......................................................... 2.2
Anadarko Petroleum.............................................. 2.1
Colgate-Palmolive............................................... 2.0
Southern........................................................ 1.8
Philips Electronics, N.V........................................ 1.7
Duke Power...................................................... 1.6
American Barrick Resources...................................... 1.6
Leggett & Platt................................................. 1.6
Sun Microsystems................................................ 1.5
</TABLE>
All percentages shown above are based on Total Net Assets.
<TABLE>
<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED)
COMMON STOCKS--92.0% SHARES VALUE
-------------- -------------
<S> <C> <C> <C>
CONSUMER DURABLES--2.8% American Greetings, Cl. A 154,100 $ 4,276,275
Leggett & Platt........................ 160,000 5,660,000
-------------
9,936,275
-------------
CONSUMER NON-DURABLES--7.2% Coca-Cola................................ 71,000 3,629,875
Colgate-Palmolive...................... 113,800 6,828,000
Cott................................... 130,000 1,316,250
Gillette............................... 66,000 4,851,000
Hershey Foods.......................... 45,700 2,136,475
IBP............................... 119,500 4,018,188
Sunbeam-Oster.......................... 89,400 2,167,950
-------------
24,947,738
-------------
CONSUMER SERVICES--1.4%. Disney (Walt)......................... 108,200 4,720,225
-------------
ENERGY--5.6% Anadarko Petroleum.................... 185,400 7,416,000
Imperial Oil........................... 100,000 3,325,000
Tosco.................................. 294,600 8,690,700
-------------
19,431,700
-------------
FINANCE--13.5%.......... ADVANTA, Cl. A 109,800 3,019,500
AFLAC.................................. 148,100 5,016,888
American International Group........... 47,900 4,388,837
Citicorp............................... 98,900 4,116,712
Dean Witter, Discover & Co............. 40,000 1,400,000
Federal National Mortgage Association.. 64,400 4,580,450
Franklin Resources..................... 116,000 4,408,000
Green Tree Financial................... 176,400 4,873,050
Merrill Lynch ......................... 127,700 4,852,600
Midlantic.............................. 162,300 4,300,950
NationsBank............................ 75,600 3,392,550
PXRE................................... 111,000 2,886,000
-------------
47,235,537
--------------
HEALTH CARE--7.3%......... Amgen.................................. (a) 90,400 5,277,100
Cordis............................ (a) 82,400 4,861,600
Forest Laboratories.............. (a) 67,500 3,164,063
Medtronic.............................. 69,600 3,688,800
Merck & Co............................. 105,302 3,922,500
Schering-Plough........................ 61,700 4,619,787
-------------
25,533,850
-------------
INDUSTRIAL SERVICES--1.2%. Fluor.................................. 99,400 4,261,775
-------------
NON-ENERGY MINERALS--7.4% American Barrick Resources............ 271,900 5,675,913
British Steel, A.D.S................... 175,200 4,401,900
Cleveland-Cliffs....................... 89,400 3,140,175
Nucor.................................. 68,700 3,744,150
Phelps Dodge........................... 75,300 4,310,925
Santa Fe Pacific Gold................ (a) 208,461 2,631,820
Terra Industries....................... 179,900 1,956,412
-------------
25,861,295
-------------
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
COMMON STOCKS (CONTINUED) SHARES VALUE
-------------- --------------
PROCESS INDUSTRIES--3.1%.... Chesapeake............................. 128,200 $ 4,198,550
First Mississippi...................... 128,000 2,832,000
Mead................................... 85,700 3,920,775
-------------
10,951,325
-------------
PRODUCER
MANUFACTURING--11.6%......... AGCO................................... 83,200 3,796,000
Armstrong World Industries............. 64,100 2,564,000
Briggs & Stratton...................... 131,400 4,401,900
Clark Equipment...................... (a) 95,900 5,286,488
Deere & Co............................. 41,300 2,653,525
Eaton.................................. 86,400 4,114,800
Federal-Mogul.......................... 200,100 4,052,025
Ingersoll-Rand.. ...................... 127,900 4,124,775
Parker-Hannifin........................ 82,100 3,602,137
Philips Electronics, N.V............... 193,600 5,856,400
-------------
40,452,050
-------------
RETAIL TRADE--7.1%........... American Stores........................ 168,500 4,444,188
Dillard Department Stores, Cl. A....... 152,800 4,297,500
Heilig-Meyers.......................... 160,800 4,221,000
Penney (J.C.).......................... 109,400 5,032,400
Pier 1 Imports......................... 413,200 3,253,950
Schlumberger........................... 63,900 3,394,687
Seventh Generation................. (a,b) 57,000 89,775
--------------
24,733,500
-------------
TECHNOLOGY--15.1%.......... Applied Materials.................... (a) 64,200 3,073,575
BMC Software......................... (a) 109,200 4,804,800
Computer Associates International...... 112,100 5,100,550
EMC.................................. (a) 192,800 4,338,000
Hewlett-Packard........................ 42,100 4,125,800
Linear Technology...................... 82,000 3,956,500
Motorola............................... 56,400 3,179,550
Oracle Systems....................... (a) 95,000 3,918,750
Seagate Technology................... (a) 160,000 3,820,000
Sun Microsystems.................... (a) 160,100 5,363,350
Tandem Computers..................... (a) 201,800 3,430,600
Teradyne............................. (a) 134,500 4,203,125
Texas Instruments...................... 42,500 3,208,750
-------------
52,523,350
-------------
TRANSPORTATION--.6%....... Federal Express........................ (a) 36,700 2,087,313
-------------
UTILITIES--8.1%........... AT & T................................. 156,900 7,707,713
Duke Power............................. 140,800 5,737,600
SBC Communications..................... 96,700 4,000,962
Southern............................... 298,900 6,202,175
Sprint................................. 155,700 4,651,537
-------------
28,299,987
-------------
TOTAL COMMON STOCKS
(cost $317,972,717)................... $320,975,920
=============
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
SHORT-TERM INVESTMENTS--7.5% AMOUNT VALUE
-------------- --------------
U.S. TREASURY BILLS: 4.53%, 12/1/94......................... $ 348,000 $ 348,000
4.60%, 12/8/94......................... 222,000 221,801
4.56%, 12/15/94........................ 178,000 177,685
4.97%, 12/22/94........................ 13,791,000 13,751,018
5.02%, 1/12/95......................... 5,662,000 5,628,840
5.00%, 1/19/95......................... 6,172,000 6,129,996
-------------
TOTAL SHORT-TERM INVESTMENTS
(cost $26,257,340)................... $ 26,257,340
=============
TOTAL INVESTMENTS (cost $344,230,057)................................. 99.5% $347,233,260
===== =============
CASH AND RECEIVABLES (NET).................................................. .5% $1,621,246
===== ============
NET ASSETS.................................................................. 100.0% $348,854,506
====== =============
</TABLE>
<TABLE>
<CAPTION>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Security restricted as to public resale. Investments in restricted
securities, with an aggregate cost of $950,000, representing
approximately .27% of net assets;
ACQUISITION PURCHASE PERCENTAGE OF
ISSUER DATE PRICE NET ASSETS VALUATION*
- ------ ---------------------- -------------- ----------------
<S> <C> <C> <C> <C>
Seventh Generation........................... 9/26/90 $16.67 .03% 10% discount to
market value
</TABLE>
* The valuation of this security has been determined in good faith
under the direction of the Board of Directors.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $344,230,057)_see statement..................................... $347,233,260
Receivable for investment securities sold............................... 9,482,958
Dividends receivable.................................................... 536,982
Receivable for subscriptions to Common Stock............................ 780
Prepaid expenses and other assets....................................... 86,327
--------------
357,340,307
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 222,780
Due to Custodian........................................................ 1,137,644
Payable for investment securities purchased............................. 6,997,290
Payable for Common Stock redeemed....................................... 45,382
Accrued expenses........................................................ 82,705 8,485,801
------------ --------------
NET ASSETS ................................................................ $348,854,506
==============
REPRESENTED BY:
Paid-in capital........................................................ $296,410,042
Accumulated undistributed investment income_net......................... 2,785,907
Accumulated undistributed net realized gain on investments.............. 46,655,354
Accumulated net unrealized appreciation on investments_Note 3........... 3,003,203
--------------
NET ASSETS at value applicable to 46,132,436 outstanding shares of
Common Stock, equivalent to $7.56 per share (150 million shares of
$.33 1/3 par value authorized).......................................... $348,854,506
=============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1994 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INCOME:
Cash dividends (net of $5,500 foreign taxes withheld at source)....... $ 2,517,603
Interest.............................................................. 1,275,137
--------------
TOTAL INCOME...................................................... $ 3,792,740
EXPENSES:
Investment advisory fee--Note 2(a).................................... 1,251,617
Sub-investment advisory fee_Note 2(a)................................. 141,170
Shareholder servicing costs_Note 2(b)................................. 414,083
Professional fees..................................................... 73,606
Custodian fees........................................................ 38,715
Prospectus and shareholders' reports.................................. 22,528
Directors' fees and expenses_Note 2(c)................................ 20,523
Registration fees..................................................... 16,998
Miscellaneous......................................................... 48,114
--------------
TOTAL EXPENSES.................................................... 2,027,354
--------------
INVESTMENT INCOME--NET............................................ 1,765,386
--------------
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments--Note 3............................... $ 9,953,401
Net unrealized (depreciation) on investments............................ (23,153,937)
--------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (13,200,536)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (11,435,150)
==============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1994
1994 (UNAUDITED)
------------ -----------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................ $ 2,524,629 $ 1,765,386
Net realized gain on investments.................................. 43,262,547 9,953,401
Net unrealized (depreciation) on investments for the period....... (42,310,849) (23,153,937)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS. 3,476,327 (11,435,150)
------------ -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................ (2,357,310) ---
Net realized gain on investments.................................. (35,948,936) ---
--------------- -----------
TOTAL DIVIDENDS................................................. (38,306,246) -----
-------------- -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold..................................... 133,886,002 29,778,298
Dividends reinvested.............................................. 36,994,901 ___
Cost of shares redeemed........................................... (272,045,796) (59,828,822)
-------------- -----------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ (101,164,893) (30,050,524)
-------------- ------------
TOTAL (DECREASE) IN NET ASSETS.............................. (135,994,812) (41,485,674)
NET ASSETS:
Beginning of period............................................... 526,334,992 390,340,180
--------------- -------------
End of period (including undistributed investment income_net:
$1,020,521 and $2,785,907, respectively)........................ $390,340,180 $348,854,506
============== =============
</TABLE>
<TABLE>
<CAPTION>
SHARES SHARES
-------------- -----------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 15,961,262 3,832,363
Shares issued for dividends reinvested............................ 4,572,917 ---
Shares redeemed................................................... (32,586,800) (7,711,668)
-------------- ---------
NET (DECREASE) IN SHARES OUTSTANDING............................ (12,052,621) (3,879,305)
============== ============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share
of Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30, 1994
--------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------ ------- ----- ------- ------ ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 6.33 $ 7.01 $ 7.79 $ 7.80 $ 8.48 $ 7.80
-------- ------ ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net................ .21 .06 .05 .04 .05 .04
Net realized and unrealized gain (loss)
on investments...................... .84 1.07 .26 .74 (.08) (.28)
------ ------- ------- ------- ------- -----
TOTAL FROM INVESTMENT OPERATIONS.... 1.05 1.13 .31 .78 (.03) (.24)
------ ----- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income--net. (.18) (.12) (.08) (.05) (.04) ----
Dividends from net realized gain
on investments...................... (.19) (.23) (.22) (.05) (.61) ----
------ ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS................. (.37) (.35) (.30) (.10) (.65) ----
------- ------- ------- ------- ------- -------
Net asset value, end of period........ $ 7.01 $ 7.79 $ 7.80 $ 8.48 $ 7.80 $ 7.56
====== ======= =======- ======= ======= ========
TOTAL INVESTMENT RETURN 17.26% 17.19% 3.92% 10.02% (.63%) (3.08%)*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.05% 1.04% 1.08% 1.11% 1.17% .54%*
Ratio of net investment income to average
net assets.......................... 3.19% 1.10% .83% .48% .52% .48%*
Portfolio Turnover Rate............... 162.82% 72.57% 47.92% 67.30% 71.70% 61.56%*
Net Assets, end of period (000's Omitted $195,658 $266,126 $443,533 $526,335 $390,340 $348,855
</TABLE>
* Not annualized.
See independent accountants' review report and notes to financial statements.
THE DREYFUS THIRD CENTURY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a diversified open-end management investment company. The Dreyfus
Corporation ("Dreyfus") serves as the Fund's investment adviser. Tiffany
Capital Advisors, Inc. ("Tiffany") served as the Fund's sub-investment
adviser until August 1, 1994. On August 2, 1994, the Fund's shareholders
approved a new sub-investment advisory agreement between Dreyfus and NCM
Capital Management Group, Inc. to replace the existing sub-investment advisory
agreement between the Fund and Tiffany. Prior to August 24, 1994, the
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus, acted as
the exclusive distributor of the Fund's shares, which are sold to the public
without a sales charge. Effective August 24, 1994, Dreyfus became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
(A) PORTFOLIO VALUATION: Investments in securities are valued at the
last sales price on the securities exchange on which such securities are
primarily traded or at the last sales price on the national securities
market. Securities not listed on an exchange or the national securities
market, or securities for which there were no transactions, are valued at the
average of the most recent bid and asked prices. Bid price is used when no
asked price is available. Securities for which there are no such valuations
are valued at fair value as determined in good faith under the direction of
the Board of Directors. Short-term investments are carried at amortized cost,
which approximates value. Investments denominated in foreign currencies are
translated to U.S. dollars at the prevailing rates of exchange.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the
ex-dividend date. Dividends from investment income-net and dividends from net
realized capital gain are normally declared and paid annually, but the Fund
may make distributions on a more frequent basis to comply with the distributio
n requirements of the Internal Revenue Code. To the extent that net realized
capital gain can be offset by capital loss carryovers, if any, it is the
policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
NOTE 2--INVESTMENT ADVISORY FEE, SUB-INVESTMENT ADVISORY FEE AND OTHER
TRANSACTIONS WITH AFFILIATES:
(A) Fees payable by the Fund pursuant to the provisions of an
Investment Advisory Agreement with Dreyfus and prior to
August 2, 1994 a Sub-Investment Advisory Agreement with Tiffany (together
"Agreements") are payable monthly and computed on the average daily value of
the Fund's net assets at the following annual rates:
<TABLE>
<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
TOTAL NET ASSETS DREYFUS TIFFANY
------------------- ------------- -------------
<S> <C> <C>
The first $200 million............................................ .65 of 1% .10 of 1%
$200 up to $300 million........................................... .40 of 1% .35 of 1%
In excess of $300 million......................................... .375 of 1% .375 of 1%
</TABLE>
Pursuant to a new Sub-Investment Advisory Agreement with NCM Capital
Management Group, Inc., the sub-investment advisory fee
is computed at an annual rate of .10 of 1% on the first $500 million and .20
of 1% on the excess of the average daily value of the Fund's net assets and
is payable monthly by Dreyfus.
The Agreements further provided that if in any full fiscal year the
aggregate expenses of the Fund, excluding taxes, interest on borrowings,
brokerage and extraordinary expenses, exceed 1 1/2% of the average value of
the Fund's net assets, the Fund may deduct from the fees to be paid to
Dreyfus and Tiffany, or Dreyfus and Tiffany will bear, such excess, up to the
amount of their respective fees, on a pro rata basis in proportion to the
relative fees otherwise payable to each pursuant to the Agreements. There was
no expense reimbursement for the six months ended November 30, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the six months
ended November 30, 1994, the Fund was charged an aggregate of $189,350
pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of the Investment Adviser
and/or Dreyfus Service Corporation. Each director who is not an "affiliated
person" receives an annual fee of $10,000.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
other than short-term securities, for the six months ended November 30, 1994
amounted to $259,581,788 and $190,589,420, respectively.
At November 30, 1994, accumulated net unrealized appreciation on
investments was $3,003,203, consisting of $21,125,302 gross unrealized
appreciation and $18,122,099 gross unrealized depreciation.
At November 30, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
THE DREYFUS THIRD CENTURY FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
THE DREYFUS THIRD CENTURY FUND, INC.
We have reviewed the accompanying statement of assets and liabilities
of The Dreyfus Third Century Fund, Inc., including the statement of
investments, as of November 30, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
May 31, 1994 and financial highlights for each of the five years in the
period ended May 31, 1994 and in our report dated June 30, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(SIGNATURE LOGO)
New York, New York
January 10, 1995
The Dreyfus
Third Century Fund, Inc.
200 Park Avenue
New York, NY 10166
Investment Adviser
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Sub-Investment Adviser
NCM Capital Management Group, Inc.
103 West Main Street
Durham, North Carolina 27701
Custodian
The Bank of New York
90 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 035SA9411
printed on recycled paper
Third Century
Fund, Inc.
Semi-Annual
Report
November 30, 1994
The Dreyfus Third Century Fund, Inc. November 30, 1994
Asset Allocation
|-----------------------------------------------------------
|Common Stocks 92.0 % |
|Cash Equivalents 8.0 % |
-----------------------------------------------------------
