THE DREYFUS THIRD CENTURY FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on The Dreyfus Third
Century Fund, Inc. for the six-month period ended November 30, 1996. For this
period, the Fund provided a total return of 15.14%* as compared to 14.37% for
the Standard & Poor's 500 Composite Stock Price Index (the "S&P 500 Index")
for the same period,** thus outperforming the market as measured by the S&P
500 Index.
A SHAKY START
The latest half of the fiscal year began with a very shaky start as
nothing appeared right to the market pundits. For the economists, the economy
had underlying strength which they believed would lead to future inflation.
The market strategists believed that the market was overvalued, the Fed was
about to raise interest rates to stave off inflation, and corporate profits
were about to fall off of a cliff. For the average portfolio manager there
was confusion, and for the average investor there was frustration leading to
a sharp slowdown in money flows into mutual funds. Needless to say, this
caused the mini-correction that the markets experienced in July when the
various averages plunged anywhere from roughly 6% on the S&P 500 to 10% on
the NASDAQ. But, as economic data began to appear that gave pause to the
notion that the economy was about to surge out of control, cooler heads
prevailed and the ascent began. In August the S&P recovered 2.11%, and in
September the S&P returned 5.63%. Most naysayers finally capitulated and
joined the party.
November's economic data confirmed much of what appeared evident in
October. The retail climate continues to be far from robust with a few select
operators able to realize healthy comparable-store sales gains. The recently
released employment report showed a slowing of U.S. job growth in November,
suggesting economic growth and, more importantly, inflation remaining under
control. Consequently the market's ascent continued, with strong results from
the S&P 500 Index which rose 2.76% in October and 7.81% in November. These
results pushed market returns for the year through November (+25%) into the
same ballpark with the stellar results of 1995 (+37%). Not until December did
second thoughts erode some of these gains.
FAVORABLE STOCK SELECTIONS
In this environment, we were highly selective in our choices of stocks. A
number of the issues we chose that led the way for the period included BMC
Software, 3Com, Computer Associates, EMC, Colgate Palmolive, Gillette, CPC
Int'l, Citicorp, Greentree Acceptance Corp., SunAmerica, Bank of Boston, and
Allstate. Each of these stocks not only outperformed the market but also
outperformed their corresponding sectors. Each of these stocks exhibited
superior earnings revisions during the previous six months and, because of
their earnings stability, were rewarded by investors who remained skittish
about the strength of the economy.
Decisions to overweight certain sectors (compared to the S&P 500 Index)
contributed nicely to performance as the Fund was weighted heavily in three
strong areas. Technology regained investor attention after a dismal
performance in the second quarter, as many people came to the conclusion that
a slowdown in the capital goods cycle would have a minimal adverse impact on
these companies. We currently intend to continue to take some profits, as
available, in this area on strength but will remain overweighted, as we
continue to like the long-term picture for Technology. Consumer Staple stocks
continued to attract interest because of the stability of their earnings
although many are beginning to look pricey. The Financial or
Interest-sensitive stocks benefited from a rebound in the bond market as the
Fed decided to leave rates unchanged, thus reducing investor anxiety over the
prevalence of inflation in the economy. We currently remain overweighted in
this sector as we believe that company-specific fundamentals remain intact
and expect that interest rates will fall over the long term.
SOCIALLY RESPONSIBLE POLICIES
The Fund continues to see positive results in its effort to invest in a
way that enhances the quality of life in America. We believe that our
commitment to social investment is slowly but surely reaping social
dividends. For example, we are witnessing a broad-based attack on the tobacco
industry, especially its targeting of youthful customers. In the fight
against tobacco, The Dreyfus Third Century Fund, along with a growing chorus
of forces, including state and local governments and the American Medical
Association, is calling for the general divestment of tobacco stocks, which,
it should be noted, continue to underperform the S&P 500 Index.
We also have positive news to report on a number of the Fund's core
holdings. Bank America was recently named a winner of Business Ethics'
Magazine's Award for Corporate Social Responsibility and Ethics for general
ethics, environment and community banking. The Bank has just announced that
it has granted stock options to all employees. Interestingly, the
above-mentioned awards were sponsored by another leader in corporate social
responsibility, Sears, Roebuck and Co., which the Fund has held for some time.
On the diversity front, two of the Fund's companies, Johnson & Johnson and
Disney, have announced that they will now be extending employee benefits to
same-sex partners, a move which conforms to the Fund's objectives of ensuring
equal employment opportunity for all Americans.
OUTLOOK
The current outlook for the stock market appears mixed to positive. Lower
interest rates, modest economic growth, and continued money flows into mutual
funds bode well for the market. However, somewhat extended valuations, the
possibility of slowing economic growth and tough earnings comparisons to last
year for individual companies, give us some concern. We look for 1997 to be a
year for much more modest returns from the equity markets than 1996 or 1995
as a result of overall slowing economic conditions. The focus will continue
to be on the ability of investment managers to outperform through superior
stock selection.
We thank you for your confidence in us and look forward to serving you
well in the future.
Sincerely,
<TABLE>
<CAPTION>
<S> <C> <C>
[Stephon A. Jackson signature logo] [Maceo K. Sloan signature logo] [Eric Steedman signature logo]
Stephon A. Jackson Maceo K. Sloan Eric Steedman
Portfolio Manager Portfolio Manager Portfolio Manager
NCM Capital Management NCM Capital Management The Dreyfus Corporation
Group, Inc. Group, Inc.
</TABLE>
December 20, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**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 U.S. stock market performance.
<TABLE>
<CAPTION>
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1996 (UNAUDITED)
Common Stocks-95.3% Shares Value
___________ ____________
<S> <C> <C>
Consumer Durables-.7% Oakwood Homes.......................... 190,000 $ 4,203,750
_____________
Consumer Non-Durables-11.9% CPC International...................... 145,000 12,071,250
Coca-Cola.............................. 194,800 9,959,150
Colgate-Palmolive...................... 140,000 12,967,500
Gillette............................... 141,600 10,443,000
Jones Apparel Group....................(a) 130,000 3,997,500
NIKE, Cl. B............................ 181,600 10,328,500
PepsiCo................................ 347,000 10,366,625
_____________
70,133,525
_____________
Consumer Services-6.8% BET Holdings, Cl. A................... (a) 85,000 2,358,750
CUC International..................... (a) 418,550 11,039,256
Disney (Walt)......................... 198,600 14,646,750
Regal Cinemas......................... (a) 20,150 657,394
Service Corp. International........... 380,000 11,447,500
_____________
40,149,650
_____________
Electronic Technology-13.6% Cisco Systems........................ (a) 235,000 15,950,625
Coherent............................. (a) 58,400 2,533,100
EMC.................................. (a) 314,100 10,129,725
Intel................................ 100,000 12,687,500
Linear Technology.................... 110,000 5,183,750
Panavision........................... 33,300 745,088
Seagate Technology................... (a) 300,000 11,850,000
Sun Microsystems..................... (a) 83,600 4,869,700
3COM................................. (a) 86,300 6,483,287
U.S. Robotics........................ (a) 120,000 9,435,000
_____________
79,867,775
_____________
Finance-20.7% AFLAC.................................. 171,150 7,145,513
Allstate............................... 163,070 9,824,967
American International Group........... 74,700 8,590,500
BankAmerica............................ 175,000 18,025,000
Bank of Boston......................... 135,000 9,433,125
Citicorp............................... 149,200 16,300,100
Federal National Mortgage Association.. 410,600 16,937,250
Green Tree Financial................... 266,800 11,172,250
PNC Bank............................... 225,000 8,887,500
Summit Bancorp......................... 133,000 5,968,375
SunAmerica............................. 230,000 9,631,250
_____________
121,915,830
_____________
Health Services-.2% HealthCare COMPARE.................... (a) 35,000 1,500,625
_____________
Health Technology-12.0% Amgen................................. (a) 200,600 12,211,525
Becton, Dickinson & Co................ 170,800 7,173,600
Bristol-Myers Squibb.................. 103,500 11,773,125
Guidant............................... 100,000 5,287,500
Johnson & Johnson..................... 199,080 10,576,125
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996 (UNAUDITED)
Common Stocks (continued) Shares Value
___________ ____________
Health Technology (continued) Medtronic.............................. 169,600 $ 11,214,800
Merck & Co............................. 146,762 12,181,246
_____________
70,417,921
_____________
Industrial Services-1.3% Schlumberger......................... 42,210 4,389,840
Seitel............................... (a) 75,000 3,037,500
_____________
7,427,340
_____________
Process Industries-3.7% Avery Dennison........................ 100,000 7,062,500
Bemis................................. 300,600 10,708,875
Sigma-Aldrich......................... 60,900 3,806,250
_____________
21,577,625
_____________
Producer Manufacturing-1.7% Dover............................... 185,800 9,917,075
_____________
Retail Trade-6.2% Consolidated Stores................. (a) 113,000 4,181,000
OfficeMax........................... (a) 400,000 5,800,000
Safeway............................. (a) 200,000 8,125,000
Sears, Roebuck & Co.................. 238,700 11,875,325
Viking Office Products............... (a) 200,000 6,262,500
_____________
36,243,825
_____________
Technology Services-9.8% Arrow Electronics.................... (a) 191,500 10,293,125
BMC Software......................... (a) 257,120 11,184,720
Computer Associates International..... 188,425 12,388,944
Microsoft............................. (a) 70,000 10,981,250
Oracle................................ (a) 260,500 12,764,500
_____________
57,612,539
_____________
Transportation-2.1% Comair Holdings...................... 212,500 5,285,937
Federal Express...................... (a) 165,640 7,329,570
_____________
12,615,507
_____________
Utilities-4.6% CMS Energy............................. 75,000 2,437,500
Century Telephone Enterprises.......... 261,900 8,348,063
GTE.................................... 153,430 6,885,171
360 Communications..................... 200,000 4,750,000
WorldCom...............................(a) 200,000 4,625,000
_____________
27,045,734
_____________
TOTAL COMMON STOCKS
(cost $423,233,030).................. $560,628,721
=============
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996 (UNAUDITED)
Principal
Short-Term Investments-4.5% Amount Value
___________ ___________
U.S. Treasury Bills:.... 5.10%, 12/5/1996 $ 548,000 $ 547,622
4.84%, 12/12/1996...................... 1,161,000 1,159,038
5.09%, 12/19/1996...................... 2,220,000 2,213,984
4.93%, 1/2/1997........................ 3,968,000 3,950,183
4.97%, 1/16/1997....................... 9,880,000 9,816,274
4.99%, 1/23/1997....................... 2,530,000 2,511,253
4.98%, 2/20/1997....................... 6,271,000 6,199,824
_____________
TOTAL SHORT-TERM INVESTMENTS
(cost $26,401,451)................... $ 26,398,178
=============
TOTAL INVESTMENTS (cost $449,634,481)................................... 99.8% $587,026,899
======== =============
CASH AND RECEIVABLES (NET).................................................. .2% $ 1,089,346
======== =============
NET ASSETS.................................................................. 100.0% $588,116,245
======== =============
Notes to Statement of Investments:
(a) Non-income producing.
SEE NOTES TO FINANCIAL STATEMENTS.
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1996 (UNAUDITED)
Cost Value
____________ ____________
ASSETS: Investments in securities-See Statement of Investments $449,634,481 $587,026,899
Cash....................................... 1,081,933
Dividends receivable....................... 458,554
Receivable for subscriptions to Common Stock 94,373
Prepaid expenses........................... 62,062
_____________
588,723,821
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 413,246
Payable for Common Stock redeemed.......... 4,972
Accrued expenses........................... 189,358
_____________
607,576
_____________
NET ASSETS.................................................................. $588,116,245
==============
REPRESENTED BY: Paid-in capital............................ $371,291,741
Accumulated undistributed investment income-net 1,217,413
Accumulated net realized gain (loss) on investments 78,214,673
Accumulated net unrealized appreciation (depreciation)
........ on investments-Note 4 137,392,418
_____________
NET ASSETS.................................................................. $588,116,245
==============
SHARES OUTSTANDING
(150 million shares of $ .331\3 par value Common Stock authorized).......... 55,244,825
NET ASSET VALUE, offering and redemption price per share.................... $10.65
=======
SEE NOTES TO FINANCIAL STATEMENTS.
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1996 (UNAUDITED)
INVESTMENT INCOME:
INCOME: Cash dividends............................. $ 2,417,373
Interest................................... 652,678
_______________
Total Income......................... $ 3,070,051
EXPENSES: Management fee-Note 3(a)................... 1,836,067
Shareholder servicing costs-Note 3(b)...... 596,977
Professional fees.......................... 63,878
Prospectus and shareholders' reports....... 41,567
Registration fees.......................... 32,873
Directors' fees and expenses-Note 3(c)..... 27,468
Custodian fees-Note 3(b)................... 17,650
Interest-Note 2(a)......................... 631
Miscellaneous.............................. 9,068
_______________
Total Expenses....................... 2,626,179
_______________
INVESTMENT INCOME-NET....................................................... 443,872
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 4:
Net realized gain (loss) on investments.... $39,139,593
Net unrealized appreciation (depreciation)
on investments 33,767,241
_______________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 72,906,834
_______________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $73,350,706
================
SEE NOTES TO FINANCIAL STATEMENTS.
THE DREYFUS THIRD CENTURY FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1996 Year Ended
(Unaudited) May 31, 1996
_____________ _____________
OPERATIONS:
Investment income-net............................................... $ 443,872 $ 1,507,162
Net realized gain (loss) on investments............................. 39,139,593 62,835,662
Net unrealized appreciation (depreciation) on investments........... 33,767,241 54,728,281
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations... 73,350,706 119,071,105
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................... __ (2,113,842)
Net realized gain on investments.................................... __ (27,118,179)
_____________ _____________
Total Dividends................................................... __ (29,232,021)
_____________ _____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold....................................... 297,583,076 347,500,025
Dividends reinvested................................................ __ 27,798,267
Cost of shares redeemed............................................. (256,269,680) (360,518,670)
_____________ _____________
Increase( Decrease) in Net Assets from Capital Stock Transactions. 41,313,396 14,779,622
_____________ _____________
Total Increase (Decrease) in Net Assets....................... 114,664,102 104,618,706
NET ASSETS:
Beginning of Period................................................. 473,452,143 368,833,437
_____________ _____________
End of Period....................................................... $ 588,116,245 $ 473,452,143
============== ===============
Undistributed investment income-net..................................... $ 1,217,413 $ 773,541
_____________ _____________
Shares Shares
_____________ _____________
CAPITAL SHARE TRANSACTIONS:
Shares sold......................................................... 30,094,491 40,415,926
Shares issued for dividends reinvested.............................. __ 3,419,227
Shares redeemed..................................................... (26,051,304) (42,120,754)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding..................... 4,043,187 1,714,399
============== ===============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
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.
<TABLE>
<CAPTION>
Six Months Ended
November 30, 1996 Year Ended May 31,
___________________________________________________________
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
_____________ _______ _______ _______ _______ ________
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 9.25 $ 7.45 $ 7.80 $ 8.48 $ 7.80 $ 7.79
_______ _______ _______ _______ _______ ________
Investment Operations:
Investment income-net................. .01 .03 .07 .05 .04 .05
Net realized and unrealized gain (loss)
on investments...................... 1.39 2.39 .65 (.08) .74 .26
_______ _______ _______ _______ _______ ________
Total from Investment Operations...... 1.40 2.42 .72 (.03) .78 .31
_______ _______ _______ _______ _______ ________
Distributions:
Dividends from investment income-net.. .- (.05) (.07) (.04) (.05) (.08)
Dividends from net realized gain on
investments .- (.57) (1.00) (.61) (.05) (.22)
_______ _______ _______ _______ _______ ________
Total Distributions................... .- (.62) (1.07) (.65) (.10) (.30)
_______ _______ _______ _______ _______ ________
Net asset value, end of period........ $10.65 $ 9.25 $ 7.45 $ 7.80 $ 8.48 $ 7.80
======== ======= ======= ======== ======== =========
TOTAL INVESTMENT RETURN................... 15.14%(1) 33.63% 11.81% (.63%) 10.02% 3.92%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .54%(1) 1.11% 1.12% 1.17% 1.11% 1.08%
Ratio of net investment income
to average net assets............... .09%(1) .36% .93% .52% .48% .83%
Portfolio Turnover Rate............... 37.91%(1) 92.08% 133.54% 71.70% 67.30% 47.92%
Average commission rate paid(2)....... $.0608 -- -- -- -- --
Net Assets, end of period (000's Omitted) $588,116 $473,452 $368,833 $390,340 $526,335 $443,533
(1) Not annualized.
(2) For fiscal years beginning June 1, 1996 the Fund is required to
disclose its average commission rate paid per share for
purchases and sales of investment securities.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
THE DREYFUS THIRD CENTURY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Dreyfus Third Century Fund, Inc. (the "Fund") is registered under the
Investment Company Act of 1940 ("Act") as a diversified open-end management
investment company. The Fund's investment objective is to provide capital
growth. The Dreyfus Corporation ("Dreyfus") serves as the Fund's investment
adviser. Dreyfus is a direct subsidiary of Mellon Bank, N.A. ("Mellon"). NCM
Capital Management Group, Inc. ("NCM") serves as the Fund's sub-investment
adviser. Premier Mutual Fund Services, Inc. acts as the distributor of the
Fund's shares which are sold to the public without a sales charge.
(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-BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $100 million
unsecured line of credit primarily to be utilized for temporary or emergency
purposes, including the financing of redemptions. Interest is charged to the
Fund at rates which are related to the Federal Funds rate in effect at the
time of borrowings. For the period ended November 30, 1996, the Fund did not
borrow under the line of credit.
NOTE 3-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 value of the
Fund's average daily net assets and is payable monthly. The Agreement further
provides that if in any full fiscal year the aggregate expenses of the Fund,
exclusive of taxes, brokerage, interest on borrowings, and extraordinary
expenses, exceed 11\2% of the value of the Fund's average net assets, the
Fund may deduct from the fees paid to Dreyfus, or Dreyfus will bear such
excess. There was no expenses reimbursement for the period ended November 30,
1996.
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 fees are payable monthly by Dreyfus,
and are bases upon the value of the Fund's average daily net assets ,
computed at the following rates:
Average Net Assets
___________________
0 to $400 million................................... .10 of 1%
$400 to $500 million................................ .15 of 1%
$500 to $750 million................................ .20 of 1%
In excess of $750 million........................... .25 of 1%
(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 certain allocated
expenses of providing personal services and/or maintaining 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 period ended November 30,
1996, the Fund was charged an aggregate of $429,980 pursuant to the
Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such
compensation amounted to $128,645 during the period ended November 30, 1996.
The Fund entered into a custody agreement with Mellon to provide
custodial services for the Fund. During the period ended November 30, 1996,
$17,650 was paid to Mellon pursuant to the custody agreement.
(c) Each director who is not an "affiliated 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 4-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1996
amounted to $200,821,770 and $177,919,860, respectively.
At November 30, 1996, accumulated net unrealized appreciation on
investments was $137,392,418, consisting of $138,280,430 gross unrealized
appreciation and $888,012 gross unrealized depreciation.
At November 30, 1996, 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).
[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
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 035SA9611
[Dreyfus logo]
Third Century
Fund, Inc.
Semi-Annual
Report
November 30, 1996
