THE DREYFUS THIRD CENTURY FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report that for the six-month period ended November 30,
1995, The Dreyfus Third Century Fund posted a total return of 19.06%*
compared to a total return of 14.87% for the Standard & Poor's 500 Composite
Stock Price Index.** For the same 6-month period, the Fund placed in the top
quartile of the Lipper Growth Funds Category.***
A LOOK AT THE ECONOMY
The most salient issue confronting the equity markets in 1995 continued
to be the Federal Reserve Board's vigilance in fighting inflation and overly
expansive economic growth. The Fed did this by raising interest rates an
unprecedented seven times in a 12-month period. The hope was that by doing
so, businesses would seek to grow their bottom lines via productivity
enhancements and market share growth rather than by simply raising prices, as
had been the case in previous economic cycles. The question in investors'
minds was, "Will the Fed continue to slay the inflation dragon by raising
rates and thereby establish an unprecedented soft landing in the economy?"
Investors kept a watchful eye on the economy in making decisions and for
the most part the economic reports were consistent with the soft landing
theme that we have followed all year. In a soft landing, the economy grows at
a reasonably slow to moderate pace with little to no inflation after a period
of significant growth, instead of adhering to the usual pattern of cyclical
booms and busts. After some decent economic advances in both 1993 and 1994,
investors became concerned that the Federal Reserve's vigilance in fighting
inflation might have pushed the economy to the brink of recession. However,
the economic information released through the third quarter of 1995 supported
our belief that the Fed had achieved the elusive economic soft landing. The Fe
d even sent the market a very positive signal in early July by cutting
interest rates by a quarter of a percent, the first such reduction since the
Fed began preemptive rate increases in February 1994. The Fed decreased rates
once again in December.
PORTFOLIO OVERVIEW
In terms of the economic sectors of the Fund, we made several changes in
the weightings. The primary areas of focus for the Fund have been Consumer
Staples, Technology and Financials. During the last six months, we increased
the weightings in carefully selected Technology stocks and Financials and
maintained the exposure to Consumer Staples. We also reduced the Fund's
weighting in the Industrial sector. These thematic changes are indicative of
our overall view of what is driving the current economic environment. The
increase in Technology weight represents our belief that this traditional
growth sector, in spite of recent market weakness, is experiencing a secular
improvement in demand driven by global competition and productivity growth.
We also increased the Financials, believing that the Fed would continue to
lower interest rates, and that our positions would continue to benefit from
the consolidation trend in the industry. We reduced our weighting in
industrial stocks due to continued concerns over the strength of the economy
as well as valuation, both of which we believed indicated that better
opportunities lay elsewhere.
INDIVIDUAL ISSUES
Year-to-date, there are many individual securities that have contributed
nicely to the positive performance trends of the Fund. In the Consumer
Cyclical sector, Regal Cinemas, Capital Cities ABC, Disney (Walt), Nike Cl.B
and Phillips Electronics N.V. have had superior performance. Those names
represent stocks that we believe can grow whatever the economic environment
because of globally- oriented, diversified operations. Other stocks in the
portfolio that have contributed to performance are Coca-Cola, Cordis, Amgen,
Medtronic, Becton, Dickinson & Co., Bristol-Myers Squibb and Merck & Co. The
food, beverage and household products companies have benefited from more
positive investor sentiment toward their long-term, globally-driven growth
rates. The health care stocks benefited from an improved outlook for their
operations due to the rising optimism for new drug approvals and investor
confidence in the consistency of their growth.
Stock selection in the Financial area also contributed to the Fund's
positive results as did a more benign interest-rate outlook. ADVANTA, Cl.A.,
a credit card company, banks such as Citicorp, Bank of New York and BayBanks,
specialty financial services companies such as Green Tree Financial, a
provider of mobile home financing, and Federal National Mortgage Association
performed well for most of the semi-annual reporting period. In addition,
insurers American International Group and Allstate rose on expectations of
lower interest rates and possible industry consolidation.
Our focus in the Technology sector was on stocks of companies which we
believed had fairly established market positions, superior technology and
outstanding management teams. Individual issues such as 3COM, Applied
Materials, Hewlett-Packard, Linear Technology, and Sun Microsystems were all
stellar performers. We believe each of these companies stands to benefit not
just from demand for a single product, but from a broad, diversified product
offering with multiple downstream beneficiaries. We believe these qualities
lower the risk profile of the Fund's technology weighting relative to the
typical technology stock and lower the general level of volatility in the
sector.
THE TAKEOVER THEME
Overall, from a stock selection standpoint, the Fund has benefited from
the rising tide of takeovers this year. Companies are under pressure to make
revenues grow in a very competitive environment, and are therefore buying
other firms to broaden and deepen their product offerings. Several Fund
holdings were taken over this year: Cordis, a medical technology firm;
BayBanks, a large regional banking firm; Capital Cities ABC, a broadcasting
company; and Scott Paper, a paper manufacturer. There are several other names
in the portfolio that we believe could benefit from this theme over the
coming years.
Going forward, we feel that the Federal Reserve's hold on the market will
persist. However, this time the Fed's action may benefit stocks because we
believe rates will be further reduced rather than raised, as the economy
shows signs of slowing. Our goal, as ever, is to provide superior returns to
our shareholders while honoring your socially responsible investment
objectives. We are confident in the outlook for the Fund and appreciate your
continued support. We take your socially responsible directives seriously as
we endeavor to provide attractive returns on shareholder capital.
Sincerely,
[Maceo K. Sloan, CFA and Diane M. Coffey signature logos]
Maceo K. Sloan, CFA Diane M. Coffey
Portfolio Manager Portfolio Manager
NCM Capital Management Group, Inc. The Dreyfus Corporation
December 15, 1995
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**SOURCE: LIPPER ANALYTICAL SERVICES - Reflects the reinvestment of income
dividends and when applicable, capital gain distributions. The Standard &
Poor's 500 Composite Stock Price Index is a widely accepted unmanaged index
of U.S. stock market performance.
*** SOURCE: LIPPER ANALYTICAL SERVICES. The Fund ranked 129 out of 615 in
Lipper's Growth Funds Category for the 6-month period ended 11/30/95.
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THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1995 (UNAUDITED)
COMMON STOCKS-95.7% SHARES VALUE
_______ _______
<S> <C> <C>
CONSUMER DURABLES-.9%...Briggs & Stratton 94,500 $ 3,933,563
_______
CONSUMER
NON-DURABLES-9.2% Campbell Soup.......................... 142,500 7,962,188
Coca-Cola.............................. 114,900 8,703,675
Gillette............................... 171,600 8,901,750
NIKE, Cl. B............................ 80,800 4,686,400
PepsiCo................................ 148,500 8,204,625
_______
38,458,638
_______
CONSUMER SERVICES-4.9%...Disney (Walt) ...... 98,600 5,928,325
Regal Cinemas........................ (a) 150,000 6,450,000
Tribune................................ 61,000 3,934,500
Wendy's International.................. 200,000 4,125,000
_______
20,437,825
_______
ELECTRONIC TECHNOLOGY-15.1% Applied Materials (a) 197,000 9,579,125
DSC Communications................... (a) 205,500 8,142,938
EMC.................................. (a) 494,100 8,832,037
Hewlett-Packard........................ 117,600 9,746,100
Linear Technology...................... 194,400 8,796,600
Sun Microsystems....................... 112,400 9,455,650
3Com................................... 186,300 8,523,225
_______
63,075,675
_______
ENERGY-2.2%............Schlumberger 142,210 9,030,335
_______
FINANCE-17.7%...........ADVANTA, Cl. A ...... 109,800 4,556,700
AFLAC.................................. 99,100 4,038,325
Allstate............................... 123,070 5,045,870
American International Group........... 74,700 6,704,325
Bank of New York....................... 201,000 9,472,125
BankAmerica............................ 70,000 4,453,750
BayBanks............................... 101,300 8,407,900
Citicorp............................... 159,200 11,263,400
Federal National Mortgage Association.. 92,400 10,117,800
Green Tree Financial................... 352,800 9,966,600
_______
74,026,795
_______
HEALTH SERVICES-.9%....... HealthCare COMPARE (a) 95,000 3,716,875
_______
HEALTH TECHNOLOGY-13.6%....... Amgen (a) 170,600 8,466,025
Becton, Dickinson & Co. ............... 129,400 9,025,650
Bristol-Myers Squibb................... 127,200 10,207,800
Johnson & Johnson...................... 113,140 9,800,752
Medtronic.............................. 139,600 7,660,550
Merck & Co............................. 188,762 11,679,649
_______
56,840,426
_______
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
COMMON STOCKS (CONTINUED) SHARES VALUE
_______ _______
INDUSTRIAL SERVICES-1.5%.... Grainger (W.W.) 95,700 $ 6,399,938
_______
NON-ENERGY MINERALS-.8% British Steel, A.D.S. 134,200 3,489,200
_______
PROCESS INDUSTRIES-4.4%...... ..Bemis 275,600 7,200,050
Sigma-Aldrich.......................... 155,900 7,678,075
Terra Industries....................... 275,700 3,756,412
_______
18,634,537
_______
PRODUCER
MANUFACTURING-4.5% AGCO ................................. 198,300 8,551,688
Dover.................................. 125,800 4,890,475
Philips Electronics, N.V............... 143,500 5,614,437
_______
19,056,600
_______
RETAIL TRADE-3.3%........ Consolidated Stores (a) 256,000 6,336,000
Sears, Roebuck & Co.................... 191,700 7,548,187
_______
13,884,187
_______
TECHNOLOGY SERVICES-9.8%.. Arrow Electronics 176,500 8,229,312
BMC Software......................... (a) 253,560 10,712,910
Computer Associates International...... 208,950 13,686,225
Oracle................................. (a) 187,000 8,485,125
_______
41,113,572
_______
TRANSPORTATION-1.5%........ Federal Express (a) 85,820 6,415,045
_______
UTILITIES-5.4%. Century Telephone Enterprises 261,900 8,184,375
Duke Power............................. 30,000 1,346,250
Ericsson (LM) Telephone, Cl. B, A.D.R.. 180,000 4,275,000
GTE.................................... 203,430 8,671,204
_______
22,476,829
_______
TOTAL COMMON STOCKS
(cost $315,321,141).................. $400,990,040
=======
PRINCIPAL
SHORT-TERM INVESTMENTS-4.2% AMOUNT
_______
U.S. TREASURY BILLS:....5.30%, 12/21/95 ..... $ 8,392,000 $ 8,365,985
5.31%, 1/11/96......................... 9,164,000 9,107,733
_______
TOTAL SHORT-TERM INVESTMENTS
(cost $17,475,836)................... $ 17,473,718
=======
TOTAL INVESTMENTS (cost $332,796,977) ............................... . 99.9% $418,463,758
==== =======
CASH AND RECEIVABLES (NET)................. .1% $ 603,364
==== =======
NET ASSETS.................................................................. 100.0% $419,067,122
==== =======
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See independent accountants' review report and notes to financial statements.
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THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1995 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $332,796,977)-see statement..................................... $418,463,758
Cash.................................................................... 454,892
Receivable for investment securities sold............................... 5,229,700
Dividends receivable.................................................... 607,442
Receivable for subscriptions to Common Stock............................ 780
Prepaid expenses and other assets....................................... 39,936
_______
424,796,508
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 325,618
Payable for Common Stock redeemed....................................... 3,558,984
Payable for investment securities purchased............................. 1,617,566
Accrued expenses........................................................ 227,218 5,729,386
______ ______
NET ASSETS ................................................................ $419,067,122
=======
REPRESENTED BY:
Paid-in capital......................................................... $297,311,210
Accumulated undistributed investment income-net......................... 2,372,874
Accumulated undistributed net realized gain on investments.............. 33,716,257
Accumulated net unrealized appreciation on investments-Note 3........... 85,666,781
_______
NET ASSETS at value applicable to 47,261,288 outstanding shares of
Common Stock, equivalent to $8.87 per share (150 million shares of
$.331\3 par value authorized)........................................... $419,067,122
=======
See independent accountants' review report and notes to financial statements.
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<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INCOME:
<S> <C> <C>
Cash dividends (net of $48,361 foreign taxes withheld at source)...... $ 2,685,973
Interest.............................................................. 569,390
______
TOTAL INCOME...................................................... $ 3,255,363
EXPENSES:
Investment advisory fee-Note 2(a)..................................... 1,481,492
Shareholder servicing costs-Note 2(b)................................. 631,145
Professional fees..................................................... 41,766
Prospectus and shareholders' reports.................................. 29,780
Directors' fees and expenses-Note 2(c)................................ 26,566
Custodian fees........................................................ 24,187
Registration fees..................................................... 17,101
Miscellaneous......................................................... 10,673
______
TOTAL EXPENSES.................................................... 2,262,710
______
INVESTMENT INCOME-NET............................................. 992,653
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3................................. $30,358,660
Net unrealized appreciation on investments.............................. 36,769,885
______
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 67,128,545
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $68,121,198
=======
See independent accountants' review report and notes to financial statements.
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<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1995
1995 (UNAUDITED)
________ ________
OPERATIONS:
<S> <C> <C>
Investment income-net............................................... $ 3,346,699 $ 992,653
Net realized gain on investments.................................... 12,839,259 30,358,660
Net unrealized appreciation on investments for the period........... 22,739,756 36,769,885
________ ________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.............. 38,925,714 68,121,198
________ ________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................... (2,986,999) __
Net realized gain on investments.................................... (46,183,615) __
________ ________
TOTAL DIVIDENDS................................................... (49,170,614) __
________ ________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold....................................... 68,296,100 126,962,401
Dividends reinvested................................................ 47,326,617 __
Cost of shares redeemed............................................. (126,884,560) (144,849,914)
________ ________
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.......... (11,261,843) (17,887,513)
________ ________
TOTAL INCREASE (DECREASE) IN NET ASSETS....................... (21,506,743) 50,233,685
NET ASSETS:
Beginning of period................................................. 390,340,180 368,833,437
________ ________
End of period (including undistributed investment income-net:
$1,380,221 and $2,372,874, respectively).......................... $ 368,833,437 $ 419,067,122
========= ========
SHARES SHARES
________ ________
CAPITAL SHARE TRANSACTIONS:
Shares sold......................................................... 9,474,361 15,283,180
Shares issued for dividends reinvested.............................. 7,548,119 __
Shares redeemed..................................................... (17,546,982) (17,509,131)
________ ________
NET (DECREASE) IN SHARES OUTSTANDING.............................. (524,502) (2,225,951)
========= ========
See independent accountants' review report and notes to financial statements.
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<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, 1995
________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
____ ____ ____ ____ ____ _______
Net asset value, beginning of period. $ 7.01 $ 7.79 $ 7.80 $ 8.48 $ 7.80 $ 7.45
____ ____ ____ ____ ____ ____
INVESTMENT OPERATIONS:
Investment income-net................ .06 .05 .04 .05 .07 .02
Net realized and unrealized gain (loss)
on investments..................... 1.07 .26 .74 (.08) .65 1.40
____ ____ ____ ____ ____ ____
TOTAL FROM INVESTMENT OPERATIONS... 1.13 .31 .78 (.03) .72 1.42
____ ____ ____ ____ ____ ____
DISTRIBUTIONS:
Dividends from investment income-net. (.12) (.08) (.05) (.04) (.07) __
Dividends from net realized gain
on investments..................... (.23) (.22) (.05) (.61) (1.00) _-
____ ____ ____ ____ ____ ____
TOTAL DISTRIBUTIONS................ (.35) (.30) (.10) (.65) (1.07) __
____ ____ ____ ____ ____ ____
Net asset value, end of period....... $ 7.79 $ 7.80 $ 8.48 $ 7.80 $ 7.45 $ 8.87
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN.................. 17.19% 3.92% 10.02% (.63%) 11.81% 19.06%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.04% 1.08% 1.11% 1.17% 1.12% .57%*
Ratio of net investment income to average
net assets......................... 1.10% .83% .48% .52% .93% .25%*
Portfolio Turnover Rate.............. 72.57% 47.92% 67.30% 71.70% 133.54% 46.88%*
Net Assets, end of period (000's Omitted) $266,126 $443,533 $526,335 $390,340 $368,833 $419,067
*Not annualized.
See independent accountants' review report and notes to financial statements.
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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. NCM Capital
Management Group, Inc. ("NCM") serves as the Fund's sub-investment adviser.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares. The Distributor, located at One Exchange
Place, Boston, Massachusetts 02109, is a wholly-owned subsidiary of FDI
Distribution Services, Inc., a provider of mutual fund administration
services, which in turn is a wholly-owned subsidiary of FDI Holdings, Inc.,
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.
(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 distribution
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 TRANSACT
IONS WITH AFFILIATES:
(A) Pursuant to the management agreement ("Agreement") with Dreyfus, the
management fee is computed at an annual rate of .75 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
THE DREYFUS THIRD CENTURY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Pursuant to a Sub-Investment Advisory Agreement with NCM, 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 provide that if in any full fiscal year the
aggregate expenses of the Fund, exclusive of taxes, interest on borrowings,
brokerage and extraordinary expenses, exceed 11\2% of the average value of
the Fund's net assets, the Fund may deduct from the fees to be paid to
Dreyfus and NCM, or Dreyfus and NCM 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, 1995.
Effective December 1, 1995, Dreyfus Transfer, Inc., a wholly-owned
subsidiary of Dreyfus, serves as the Fund's Transfer and Dividend Disbursing
Agent.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus, 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, 1995, the Fund was charged
an aggregate of $357,579 pursuant to the Shareholder Services Plan.
(C) Each director who is not an "affiliate person" as defined in the Act
receives from the Fund an annual fee of $10,000. The Chairman of the Board
receives an additional 25% of such compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the six months ended November 30,
1995 amounted to $174,246,905 and $179,198,676, respectively.
At November 30, 1995, accumulated net unrealized appreciation on
investments was $85,666,781, consisting of $88,131,104 gross unrealized
appreciation and $2,464,323 gross unrealized depreciation.
At November 30, 1995, 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, 1995, and the related statements of operations and changes
in net assets and financial highlights for the six month period ended
November 30, 1995. 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, 1995 and financial highlights for each of the five years in the
period ended May 31, 1995 and in our report dated July 3, 1995, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
December 29, 1995
[Dreyfus lion "d" logo]
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 27705
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 035SA9511
[Dreyfus logo]
Third Century
Fund, Inc.
Semi-Annual
Report
November 30, 1995
