-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TArP0vXrTWLYEiqENEoARz6g8cJoHdYYJ6SUtK0eJJ+aUzX23ci+j+j4Cl1B9ZvR zPqGjuOeVvl/Of9zXvcRKQ== 0000030167-04-000002.txt : 20040126 0000030167-04-000002.hdr.sgml : 20040126 20040126140444 ACCESSION NUMBER: 0000030167-04-000002 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030723 FILED AS OF DATE: 20040126 EFFECTIVENESS DATE: 20040126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS PREMIER THIRD CENTURY FUND INC CENTRAL INDEX KEY: 0000030167 IRS NUMBER: 132691318 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-02192 FILM NUMBER: 04543046 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226883 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS THIRD CENTURY FUND INC DATE OF NAME CHANGE: 19920703 N-CSR 1 ncsr-s035.txt SEMI ANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-2192 THE DREYFUS PREMIER THIRD CENTURY FUND, INC. (Exact name of Registrant as specified in charter) c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 (Address of principal executive offices) (Zip code) Mark N. Jacobs, Esq. 200 Park Avenue New York, New York 10166 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 922-6000 Date of fiscal year end: 5/31 Date of reporting period: 11/30/03 -2- FORM N-CSR ITEM 1. REPORTS TO STOCKHOLDERS. The Dreyfus Premier Third Century Fund, Inc. SEMIANNUAL REPORT November 30, 2003 The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund. Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value Contents THE FUND - -------------------------------------------------- 2 Letter from the Chairman 3 Discussion of Fund Performance 6 Statement of Investments 9 Statement of Assets and Liabilities 10 Statement of Operations 11 Statement of Changes in Net Assets 13 Financial Highlights 19 Notes to Financial Statements FOR MORE INFORMATION - --------------------------------------------------------------------------- Back Cover The Fund The Dreyfus Premier Third Century Fund, Inc. LETTER FROM THE CHAIRMAN Dear Shareholder: This semiannual report for The Dreyfus Premier Third Century Fund, Inc. covers the six-month period from June 1, 2003, through November 30, 2003. Inside, you' ll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund's portfolio managers, L. Emerson Tuttle and Paul Hilton. Recent reports of marked improvement in the growth of U.S. Gross Domestic Product suggest to us that the economy has started to turn the corner. Tax cuts and low mortgage rates have put cash in consumers' pockets, and corporations have started to increase spending. As a result, stocks have rallied, posting gains in virtually every market sector and capitalization range. Based on recent data, we are cautiously optimistic about the current economic environment. As always, we urge you to speak regularly with your financial advisor, who may be in the best position to suggest the Dreyfus funds designed to meet your current needs, future goals and attitudes toward risk. Thank you for your continued confidence and support. Sincerely, /s/Stephen E. Canter Stephen E. Canter Chairman and Chief Executive Officer The Dreyfus Corporation December 15, 2003 DISCUSSION OF FUND PERFORMANCE L. Emerson Tuttle and Paul Hilton, Portfolio Managers How did The Dreyfus Premier Third Century Fund, Inc. perform relative to its benchmark? For the six-month period ended November 30, 2003, the fund produced total returns of 11.70% for Class A shares, 11.13% for Class B shares, 11.13% for Class C shares, 11.82% for Class R shares, 11.51% for Class T shares and 11.74% for Class Z shares.(1) In comparison, the fund's benchmark, the Standard & Poor' s 500 Composite Stock Price Index ("S&P 500 Index"), produced a total return of 10.80% for the same period.(2) We attribute the market's performance during the reporting period to an improving economy and a rallying stock market. The fund produced higher returns than its benchmark, primarily due to the success of our sector allocation strategy, including an emphasis on consumer discretionary stocks, and our stock selection strategy, especially within the health care group. What is the fund's investment approach? The fund seeks to provide capital growth, with current income as a secondary objective. The fund looks for growth-oriented companies that generally exhibit three characteristics: improving profitability measurements, a pattern of consistent earnings and reasonable prices. To pursue these goals, the fund invests primarily in the common stocks of companies that, in the opinion of the fund's management, meet traditional investment standards while simultaneously conducting their businesses in a manner that contributes to the enhancement of the quality of life in America What other factors influenced the fund's performance? By the time the reporting period began, the stock market had already begun to rally after a three-year bear market. The quick end to major combat in Iraq lifted a veil of uncertainty from the U.S. economy, and investors began to look forward to higher corporate earnings. As a The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) result, we began to see a shift in investor sentiment away from lower-quality, lower-priced stocks with generally modest earnings toward higher-quality, more fully valued stocks with higher rates of earnings growth. This change in market leadership helped drive the fund' s returns during the reporting period The fund' s performance also benefited from its relatively heavy exposure to consumer discretionary stocks. For some time now, we have maintained a "barbell" approach toward retailers, favoring luxury goods providers such as Tiffany & Co. and Coach on one end, discount retailers such as TJX Cos. at the other end and generally avoiding the middle tier of retailers. High-end consumers continued to spend during the economic slowdown, and we saw a steady increase in sales from discount retailers when the economy began to recover. The fund also received relatively strong contributions from its holdings of health care equipment companies, medical device manufacturers and health care providers. While the health care group posted only modestly positive returns overall, weakness was concentrated primarily among large pharmaceutical companies, which were hurt by competition from generic drugs and the possibility of a more restrictive regulatory environment. Since the fund held relatively few pharmaceutical stocks, it successfully avoided the brunt of the industry's weakness. On the other hand, the fund's performance might have been stronger had it had greater exposure to large banks and brokerage firms within the financial services area. In hindsight, we did not anticipate the speed at which these companies' earnings would recover as the stock market rallied. What is the fund's current strategy? As of the end of the reporting period, we have modestly trimmed the fund's exposure to telecommunications, energy and utilities stocks, choosing instead to deploy more of the fund's assets to the technology and consumer discretionary sectors, where we currently believe earnings growth rates have the potential to rise. In our view, this strategy should help position the fund to benefit from stronger economic growth. Can you highlight some of the fund's socially responsible investing activities? We' d like to alert our shareholders about a pressing environmental issue: electronic waste. As computers have become newer, quicker and more efficient, it has rendered older equipment obsolete. These products often contain hazardous and toxic materials that pose environmental risks if they are sent to landfills or are incinerated. For example, computer monitors use cathode ray tubes (CRTs), which contain significant amounts of lead, and most printed circuit boards have small amounts of chromium, lead solder, nickel and zinc. The National Recycling Coalition (NRC) offers several tips to consumers for recycling these products. Consider donating unused computer equipment to nonprofit and charitable organizations. If your equipment is broken or too old to be reused, you can send it to one of several companies that specialize in electronics recycling. Your local community may even offer a special program to take back electronic waste--just check the directory on the NRC website listed below. Finally, your computer manufacturer may provide a recycling option on their web site, charging a nominal fee for transport. We have been in dialogue with management at Dell Computers and International Business Machines, both holdings in the fund, to encourage them to track recycling and set goals for improvement. Dell Computers, in particular, has demonstrated a serious commitment to improving recycling rates. For more information on computer recycling, please visit the NRC's website at http://www.nrc-recycle.org/resources/electronics/managing.htm. December 15, 2003 (1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID, AND DOES NOT TAKE INTO CONSIDERATION THE MAXIMUM INITIAL SALES CHARGES IN THE CASE OF CLASS A AND CLASS T SHARES, OR THE APPLICABLE CONTINGENT DEFERRED SALES CHARGES IMPOSED ON REDEMPTIONS IN THE CASE OF CLASS B AND CLASS C SHARES. HAD THESE CHARGES BEEN REFLECTED, RETURNS WOULD HAVE BEEN LOWER. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. (2) SOURCE: LIPPER INC. -- REFLECTS REINVESTMENT OF 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. The Fund November 30, 2003 (Unaudited) STATEMENT OF INVESTMENTS STATEMENT OF INVESTMENTS
COMMON STOCKS--98.2% Shares Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER SOFTWARE--5.6% Microsoft 1,060,000 27,242,000 Symantec 256,000 (a) 8,404,480 35,646,480 CONSUMER DISCRETIONARY--15.3% Bed Bath & Beyond 135,000 (a) 5,702,400 Coach 263,000 (a) 10,477,920 Comcast, Cl. A (Special) 243,000 (a) 7,326,450 Home Depot 219,000 8,050,440 Staples 251,000 (a) 6,814,650 Starwood Hotels & Resorts Worldwide 215,500 7,428,285 TJX Cos. 515,000 11,633,850 Target 313,000 12,119,360 Tiffany & Co. 295,000 13,378,250 Viacom, Cl. B 232,000 9,122,240 Walt Disney 222,000 5,125,980 97,179,825 CONSUMER STAPLES--6.4% Anheuser-Busch Cos. 116,000 6,011,120 CVS 305,000 11,425,300 PepsiCo 280,000 13,473,600 Procter & Gamble 100,000 9,624,000 40,534,020 ENERGY--2.1% Anadarko Petroleum 150,500 6,761,965 Royal Dutch Petroleum (New York Shares), ADR 149,000 6,690,100 13,452,065 FINANCIAL--12.6% ACE 233,000 8,492,850 American Express 354,500 16,204,195 American International Group 151,500 8,779,425 Axis Capital Holdings Ltd. 34,550 986,403 Citigroup 427,500 20,109,600 Goldman Sachs Group 83,000 7,974,640 COMMON STOCKS (CONTINUED) Shares Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIAL (CONTINUED) M&T Bank 38,500 3,613,995 Radian Group 148,000 7,303,800 U.S. Bancorp 235,000 6,511,850 79,976,758 HEALTH CARE--23.2% Alcon 171,500 9,976,155 Amgen 196,500 (a) 11,300,715 Boston Scientific 410,000 (a) 14,714,900 Celgene 166,000 (a) 7,591,180 Forest Laboratories 296,000 (a) 16,173,440 Johnson & Johnson 357,000 17,596,530 Medtronic 313,000 14,147,600 Pfizer 853,500 28,634,925 Stryker 50,000 4,050,000 Varian Medical Systems 113,500 (a) 7,832,635 WellPoint Health Networks 111,000 (a) 10,377,390 Zimmer Holdings 77,000 (a) 5,075,840 147,471,310 INDUSTRIAL--9.0% Avery Dennison 149,000 8,206,920 Danaher 170,000 14,144,000 Dover 272,000 10,442,080 Hewitt Associates, Cl. A 260,000 (a) 7,859,800 Tyco International 730,000 16,753,500 57,406,300 INFORMATION TECHNOLOGY--22.5% Analog Devices 250,000 12,437,500 Applied Materials 276,000 (a) 6,706,800 BEA Systems 711,500 (a) 9,036,050 Cisco Systems 1,183,000 (a) 26,806,780 Cognizant Technology Solutions 140,000 (a) 6,421,800 Dell 549,000 (a) 18,940,500 EMC 524,000 (a) 7,199,760 Intel 733,000 24,504,190 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) COMMON STOCKS (CONTINUED) Shares Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY (CONTINUED) International Business Machines 97,000 8,782,380 National Semiconductor 145,000 (a) 6,484,400 Texas Instruments 132,500 (a) 3,943,200 UTstarcom 307,000 (a) 11,629,160 142,892,520 MATERIALS--1.0% Praxair 89,500 6,424,310 TELECOMMUNICATION SERVICES--.5% CenturyTel 107,500 3,515,250 TOTAL COMMON STOCKS (cost $512,240,988) 624,498,838 - ------------------------------------------------------------------------------------------------------------------------------------ Principal SHORT-TERM INVESTMENTS--1.8% Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ CERTIFICATES OF DEPOSIT--.0% Self Help Credit Union, 1.14%, 12/16/2003 100,000 100,000 U.S. TREASURY BILLS--1.8% .90%, 12/4/2003 1,006,924 1,006,929 .87%, 12/11/2003 926,776 926,778 .89%, 12/18/2003 2,474,961 2,474,960 .91%, 12/26/2003 6,754,729 6,754,674 11,163,341 TOTAL SHORT-TERM INVESTMENTS (cost $11,263,390) 11,263,341 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $523,504,378) 100.0% 635,762,179 CASH AND RECEIVABLES (NET) .0% 35,816 NET ASSETS 100.0% 635,797,995 (A) NON-INCOME PRODUCING. SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES November 30, 2003 (Unaudited) Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 523,504,378 635,762,179 Cash 287,126 Dividends and interest receivable 446,200 Receivable for shares of Common Stock subscribed 136,615 Prepaid expenses 41,558 636,673,678 - -------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 507,237 Payable for shares of Common Stock redeemed 116,652 Accrued expenses 251,794 875,683 - -------------------------------------------------------------------------------- NET ASSETS ($) 635,797,995 - -------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 792,791,919 Accumulated investment (loss)--net (739,706) Accumulated net realized gain (loss) on investments (268,512,019) Accumulated net unrealized appreciation (depreciation) on investments 112,257,801 - -------------------------------------------------------------------------------- NET ASSETS ($) 635,797,995
NET ASSET VALUE PER SHARE Class A Class B Class C Class R Class T Class Z - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets ($) 15,815,242 18,411,637 3,868,029 27,257,436 632,195 569,813,456 Shares Outstanding 2,070,487 2,491,966 523,211 3,514,498 84,715 73,874,028 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE PER SHARE ($) 7.64 7.39 7.39 7.76 7.46 7.71 SEE NOTES TO FINANCIAL STATEMENTS.
The Fund STATEMENT OF OPERATIONS Six Months Ended November 30, 2003 (Unaudited) - -------------------------------------------------------------------------------- INVESTMENT INCOME ($): INCOME: Cash dividends (net of $19,814 foreign taxes withheld at source) 2,720,346 Interest 59,187 TOTAL INCOME 2,779,533 EXPENSES: Investment advisory fee--Note 3(a) 2,301,079 Shareholder servicing costs--Note 3(c) 1,019,258 Distribution fees--Note 3(b) 80,808 Professional fees 35,333 Prospectus and shareholders' reports 26,193 Registration fees 23,076 Custodian fees--Note 3(c) 19,424 Directors' fees and expenses--Note 3(d) 9,025 Loan commitment fees--Note 2 3,771 Miscellaneous 1,272 TOTAL EXPENSES 3,519,239 INVESTMENT (LOSS)--NET (739,706) - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments 2,640,362 Net unrealized appreciation (depreciation) on investments 65,761,186 NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 68,401,548 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 67,661,842 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF CHANGES IN NET ASSETS Six Months Ended November 30, 2003 Year Ended (Unaudited) May 31, 2003 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment (loss)--net (739,706) (284,486) Net realized gain (loss) on investments 2,640,362 (97,547,448) Net unrealized appreciation (depreciation) on investments 65,761,186 (25,677,078) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 67,661,842 (123,509,012) - -------------------------------------------------------------------------------- CAPITAL STOCK TRANSACTIONS ($): Net proceeds from shares sold: Class A shares 2,068,824 4,266,131 Class B shares 735,055 1,440,692 Class C shares 236,004 315,581 Class R shares 1,251,795 2,908,106 Class T shares 147,789 388,561 Class Z shares 35,388,867 93,114,149 Cost of shares redeemed: Class A shares (2,013,847) (6,054,513) Class B shares (1,061,641) (4,383,071) Class C shares (463,076) (1,120,954) Class R shares (2,487,160) (4,119,273) Class T shares (142,598) (584,146) Class Z shares (57,445,158) (167,888,732) INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS (23,785,146) (81,717,469) TOTAL INCREASE (DECREASE) IN NET ASSETS 43,876,696 (205,226,481) - -------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 591,921,299 797,147,780 END OF PERIOD 635,797,995 591,921,299 The Fund STATEMENT OF CHANGES IN NET ASSETS (CONTINUED) Six Months Ended November 30, 2003 Year Ended (Unaudited) May 31, 2003 - -------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A(A) Shares sold 286,790 659,370 Shares redeemed (278,570) (917,692) NET INCREASE (DECREASE) IN SHARES OUTSTANDING 8,220 (258,322) - -------------------------------------------------------------------------------- CLASS B(A) Shares sold 104,182 224,743 Shares redeemed (150,984) (691,047) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (46,802) (466,304) - -------------------------------------------------------------------------------- CLASS C Shares sold 33,530 49,771 Shares redeemed (66,475) (178,620) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (32,945) (128,849) - -------------------------------------------------------------------------------- CLASS R Shares sold 171,993 443,088 Shares redeemed (341,953) (630,834) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (169,960) (187,746) - -------------------------------------------------------------------------------- CLASS T Shares sold 21,103 60,772 Shares redeemed (19,590) (90,160) NET INCREASE (DECREASE) IN SHARES OUTSTANDING 1,513 (29,388) - -------------------------------------------------------------------------------- CLASS Z Shares sold 4,931,764 14,155,737 Shares redeemed (7,977,559) (25,762,183) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (3,045,795) (11,606,446) (A) DURING THE PERIOD ENDED NOVEMBER 30, 2003, 7,843 CLASS B SHARES REPRESENTING $54,740 WERE AUTOMATICALLY CONVERTED TO 7,603 CLASS A SHARES AND DURING THE PERIOD ENDED MAY 31, 2003, 9,727 CLASS B SHARES REPRESENTING $60,678 WERE AUTOMATICALLY CONVERTED TO 9,475 CLASS A SHARES. SEE NOTES TO FINANCIAL STATEMENTS. FINANCIAL HIGHLIGHTS The following tables describe the performance for each share class for the fiscal periods indicated. All information (excluding portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund's financial statements.
Six Months Ended Year Ended May 31, November 30, 2003 ---------------------------------------------------- CLASS A SHARES (Unaudited) 2003 2002 2001 2000(a) - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 6.84 8.05 10.40 13.95 13.34 Investment Operations: Investment income (loss)--net(b) (.01) (.02) (.02) (.06) .20 Net realized and unrealized gain (loss) on investments .81 (1.19) (2.26) (2.57) 1.76 Total from Investment Operations .80 (1.21) (2.28) (2.63) 1.96 Distributions: Dividends from investment income--net -- -- -- (.08) -- Dividends from net realized gain on investments -- -- (.07) (.84) (1.35) Total Distributions -- -- (.07) (.92) (1.35) Net asset value, end of period 7.64 6.84 8.05 10.40 13.95 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%)(C) 11.70(d) (15.03) (21.95) (19.84) 14.90(d) - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .66(d) 1.36 1.12 1.18 1.02(d) Ratio of net investment income (loss) to average net assets (.21)(d) (.23) (.22) (.51) 1.43(d Portfolio Turnover Rate 26.63(d) 74.83 103.52 82.54 60.20 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 15,815 14,116 18,675 22,004 10,999 (A) FROM AUGUST 31, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO MAY 31, 2000. (B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (C) EXCLUSIVE OF SALES CHARGE. (D) NOT ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.
The Fund FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Ended Year Ended May 31, November 30, 2003 ---------------------------------------------------- CLASS B SHARES (Unaudited) 2003 2002 2001 2000(a) - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 6.65 7.88 10.26 13.88 13.34 Investment Operations: Investment income (loss)--net(b) (.04) (.07) (.09) (.16) .15 Net realized and unrealized gain (loss) on investments .78 (1.16) (2.22) (2.56) 1.74 Total from Investment Operations .74 (1.23) (2.31) (2.72) 1.89 Distributions: Dividends from investment income--net -- -- -- (.06) -- Dividends from net realized gain on investments -- -- (.07) (.84) (1.35) Total Distributions -- -- (.07) (.90) (1.35) Net asset value, end of period 7.39 6.65 7.88 10.26 13.88 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%)(C) 11.13(d) (15.61) (22.55) (20.58) 14.34(d - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets 1.04(d) 2.15 1.93 1.95 1.55(d Ratio of net investment income (loss) to average net assets (.59)(d) (1.03) (1.05) (1.30) 1.07(d Portfolio Turnover Rate 26.63(d) 74.83 103.52 82.54 60.20 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 18,412 16,873 23,671 31,152 20,812 (A) FROM AUGUST 31, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO MAY 31, 2000. (B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (C) EXCLUSIVE OF SALES CHARGE. (D) NOT ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.
Six Months Ended Year Ended May 31, November 30, 2003 ---------------------------------------------------- CLASS C SHARES (Unaudited) 2003 2002 2001 2000(a) - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 6.65 7.88 10.28 13.88 13.34 Investment Operations: Investment income (loss)--net(b) (.04) (.06) (.10) (.16) .11 Net realized and unrealized gain (loss) on investments .78 (1.17) (2.23) (2.54) 1.78 Total from Investment Operations .74 (1.23) (2.33) (2.70) 1.89 Distributions: Dividends from investment income--net -- -- -- (.06) -- Dividends from net realized gain on investments -- -- (.07) (.84) (1.35) Total Distributions -- -- (.07) (.90) (1.35) Net asset value, end of period 7.39 6.65 7.88 10.28 13.88 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%)(C) 11.13(d) (15.61) (22.70) (20.48) 14.34(d) - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets 1.03(d) 2.13 1.98 1.92 1.54(d) Ratio of net investment income (loss) to average net assets (.58)(d) (1.02) (1.09) (1.28) .77(d) Portfolio Turnover Rate 26.63(d) 74.83 103.52 82.54 60.20 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 3,868 3,698 5,399 7,037 5,234 (A) FROM AUGUST 31, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO MAY 31, 2000. (B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (C) EXCLUSIVE OF SALES CHARGE. (D) NOT ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.
The Fund FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Ended Year Ended May 31, November 30, 2003 ---------------------------------------------------- CLASS R SHARES (Unaudited) 2003 2002 2001 2000(a) - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 6.94 8.12 10.46 14.00 13.34 Investment Operations: Investment income (loss)--net(b) (.01) .02 .01 (.03) .26 Net realized and unrealized gain (loss) on investments .83 (1.20) (2.28) (2.58) 1.75 Total from Investment Operations .82 (1.18) (2.27) (2.61) 2.01 Distributions: Dividends from investment income--net -- -- -- (.09) -- Dividends from net realized gain on investments -- -- (.07) (.84) (1.35) Total Distributions -- -- (.07) (.93) (1.35) Net asset value, end of period 7.76 6.94 8.12 10.46 14.00 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%) 11.82(c) (14.53) (21.73) (19.64) 15.30(c) - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .53(c) .86 .81 .84 .75(c) Ratio of net investment income (loss) to average net assets (.07)(c) .25 .08 (.20) 1.69(c) Portfolio Turnover Rate 26.63(c) 74.83 103.52 82.54 60.20 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 27,257 25,573 31,441 39,854 45,641 (A) FROM AUGUST 31, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO MAY 31, 2000. (B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (C) NOT ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.
Six Months Ended Year Ended May 31, November 30, 2003 ---------------------------------------------------- CLASS T SHARES (Unaudited) 2003 2002 2001 2000(a) - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 6.69 7.90 10.29 13.85 13.34 Investment Operations: Investment income (loss)--net(b) (.02) (.03) (.08) (.10) .20 Net realized and unrealized gain (loss) on investments .79 (1.18) (2.24) (2.54) 1.66 Total from Investment Operations .77 (1.21) (2.32) (2.64) 1.86 Distributions: Dividends from investment income--net -- -- -- (.08) -- Dividends from net realized gain on investments -- -- (.07) (.84) (1.35) Total Distributions -- -- (.07) (.92) (1.35) Net asset value, end of period 7.46 6.69 7.90 10.29 13.85 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%)(C) 11.51(d) (15.32) (22.58) (20.08) 14.14(d - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .78(d) 1.60 1.78 1.48 1.21(d Ratio of net investment income (loss) to average net assets (.32)(d) (.48) (.89) (.82) 1.40(d Portfolio Turnover Rate 26.63(d) 74.83 103.52 82.54 60.20 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 632 557 890 998 456 (A) FROM AUGUST 31, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO MAY 31, 2000. (B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (C) EXCLUSIVE OF SALES CHARGE. (D) NOT ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.
The Fund FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Ended Year Ended May 31, November 30, 2003 ----------------------------------------------------------------------- CLASS Z SHARES (Unaudited) 2003 2002 2001 2000(a) 1999 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 6.90 8.10 10.46 14.00 12.72 11.78 Investment Operations: Investment income (loss)--net (.01)(b) (.00)(b,c) (.01)(b) (.04)(b) .08(b) (.01) Net realized and unrealized gain (loss) on investments .82 (1.20) (2.28) (2.58) 2.55 2.29 Total from Investment Operations .81 (1.20) (2.29) (2.62) 2.63 2.28 Distributions: Dividends from investment income--net -- -- -- (.08) -- -- Dividends from net realized gain on investments -- -- (.07) (.84) (1.35) (1.34) Total Distributions -- -- (.07) (.92) (1.35) (1.34) Net asset value, end of period 7.71 6.90 8.10 10.46 14.00 12.72 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%) 11.74(d) (14.82) (21.92) (19.69) 20.91 20.30 - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .56(d) 1.14 1.02 .95 .96 .96 Ratio of net investment income (loss) to average net assets (.10)(d) (.02) (.14) (.32) .60 (.11) Portfolio Turnover Rate 26.63(d) 74.83 103.52 82.54 60.20 75.88 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ X 1,000) 569,813 531,104 717,072 1,034,078 1,310,890 1,130,190 (A) THE FUND CHANGED TO A SIX CLASS FUND ON AUGUST 31, 1999. THE EXISTING SHARES WERE REDESIGNATED CLASS Z SHARES. (B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (C) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE. (D) NOT ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTE 1--Significant Accounting Policies: The Dreyfus Premier Third Century Fund, Inc. (the "fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified open-end management investment company. The fund's investment objective is to provide capital growth, with current income as a secondary goal. The Dreyfus Corporation (the "Manager") serves as the fund's investment adviser. The Manager is a wholly-owned subsidiary of Mellon Bank, N.A. ("Mellon"), which is a wholly-owned subsidiary of Mellon Financial Corporation. Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund's shares. The fund is authorized to issue 100 million shares of $.001 par value Common Stock in each of the following classes of shares: Class A, Class B, Class C, Class R and Class T and 200 million shares of $.001 par value Common Stock of Class Z. Class A, Class B, Class C and Class T shares are sold primarily to retail investors through financial intermediaries and bear a distribution fee and/or service fee. Class Z shares are not available for new accounts and bear a service fee. Class A shares and Class T shares are subject to a sales charge imposed at the time of purchase. Class B shares are subject to a contingent deferred sales charge (" CDSC") imposed on Class B share redemptions made within six years of purchase and automatically convert to Class A shares after six years. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase and Class R shares are sold at net asset value per share only to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class and certain voting rights. The fund' s financial statements are prepared in accordance with accounting principles generally accepted in the United States, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. (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. The Fun NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) The fund prices securities traded on the NASDAQ stock market using the NASDAQ official closing price. 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 and premium on investments, is recognized on the accrual basis. Under the terms of the custody agreement, the fund receives net earnings credits based on available cash balances left on deposit. (C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gain, if any, 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 of 1986, as amended (the "Code"). To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States. (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 Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. The fund has an unused capital loss carryover of $235,338,282 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to May 31, 2003. If not applied, $139,788,117 of the carryover expires in fiscal 2010 and $95,550,165 expires in fiscal 2011. NOTE 2--Bank Line of Credit: The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the "Facility" ) primarily to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended November 30, 2003, the fund did not borrow under the Facility. NOTE 3--Investment Advisory Fee and Other Transactions With Affiliates: (A) Pursuant to the Investment Advisory Agreement (" Agreement") with the Manager, the investment advisory 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. Pursuant to the Agreement, if in any full fiscal year the aggregate expenses allocable to Class Z, exclusive of taxes, brokerage fees, interest on borrowings, commitment fees and extraordinary expenses, exceed 11_2% of the value of the average daily net assets of Class Z, the fund may deduct from the fees paid to the Manager, or the Manager will bear such excess expense. During the period ended November 30, 2003, there was no expense reimbursement pursuant to the Agreement. During the period ended November 30, 2003, the Distributor retained $3,397 and $49 from commissions earned on sales of the fund's Class A and Class T shares, respectively, and $24,205 and $361 from contingent deferred sales charges on redemptions of the fund's Class B and Class C shares, respectively. The Fund NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) (B) Under the Distribution Plan (the "Plan") adopted pursuant to Rule 12b-1 under the Act, Class B, Class C and Class T shares pay the Distributor for distributing their shares at the annual rates of .75 of 1% of the value of the average daily net assets of Class B and Class C shares and .25 of 1% of the value of the average daily net assets of Class T shares. During the period ended November 30, 2003, Class B, Class C and Class T shares were charged $65,884, $14,123 and $801, respectively, pursuant to the Plan. (C) Under the Shareholder Services Plan, Class A, Class B, Class C and Class T shares pay the Distributor at an annual rate of .25 of 1% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class A, Class B, Class C and Class T shares and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended November 30, 2003, Class A, Class B, Class C and Class T shares were charged $18,609, $21,961, $4,708, and $801, respectively, pursuant to the Shareholder Services Plan. Under the Shareholder Services Plan, Class Z shares reimburse the Distributor an amount not to exceed an annual rate of .25 of 1% of the value of the average daily net assets of Class Z for certain allocated expenses with respect to 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, 2003, Class Z shares were charged $282,079 pursuant to the Shareholder Services Plan. The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended November 30, 2003, the fund was charged $160,759 pursuant to the transfer agency agreement. The fund compensates Mellon under a custody agreement for providing custodial services for the fund. During the period ended November 30, 2003, the fund was charged $19,424 pursuant to the custody agreement. (D) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets. NOTE 4--Securities Transactions: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended November 30, 2003, amounted to $158,880,557 and $177,842,987, respectively. At November 30, 2003, accumulated net unrealized appreciation on investments was $112,257,801, consisting of $119,152,263 gross unrealized appreciation and $6,894,462 gross unrealized depreciation. At November 30, 2003, 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 Fund NOTES For More Information The Dreyfus Premier Third Century Fund, Inc. 200 Park Avenue New York, NY 10166 Manager The Dreyfus Corporation 200 Park Avenue New York, NY 10166 Custodian Mellon Bank, N.A. One Mellon Bank Center Pittsburgh, PA 15258 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. 200 Park Avenue New York, NY 10166 Distributor Dreyfus Service Corporation 200 Park Avenue New York, NY 10166 To obtain information: BY TELEPHONE Call your financial representative or 1-800-554-4611 BY MAIL Write to: The Dreyfus Premier Family of Funds 144 Glenn Curtiss Boulevard Uniondale, NY 11556-0144 A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling the telephone number listed above, or by visiting the SEC's website at http://www.sec.gov Printed on recycled paper. 50% post-consumer Process chlorine free. Vegetable-based ink. Printed in U.S.A. (c) 2004 Dreyfus Service Corporation 035SA1103 ITEM 2. CODE OF ETHICS. Not applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. (b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 10. EXHIBITS. (a)(1) Not applicable. (a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. THE DREYFUS PREMIER THIRD CENTURY FUND, INC. By: /s/ Stephen E. Canter Stephen E. Canter President Date: January 23, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ Stephen E. Canter Stephen E. Canter Chief Executive Officer Date: January 23, 2004 By: /s/ James Windels James Windels Chief Financial Officer Date: January 23, 2004 EXHIBIT INDEX (a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT) (b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT) EX-99.CERT 3 sec302.txt CERTIFICATION REQUIRED BY RULE 30A-2 [EX-99.CERT] Exhibit (a)(2) SECTION 302 CERTIFICATIONS I, Stephen E. Canter, certify that: 1. I have reviewed this report on Form N-CSR of THE DREYFUS PREMIER THIRD CENTURY FUND, INC.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ Stephen E. Canter Stephen E. Canter Chief Executive Officer Date: January 23, 2004 SECTION 302 CERTIFICATIONS I, James Windels, certify that: 1. I have reviewed this report on Form N-CSR of THE DREYFUS PREMIER THIRD CENTURY FUND, INC.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ James Windels James Windels Chief Financial Officer Date: January 23, 2004 EX-99.906 4 sec906.txt CERTIFICATION REQUIRED BY SECTION 906 [EX-99.906CERT] Exhibit (b) SECTION 906 CERTIFICATIONS In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. By: /s/ Stephen E. Canter Stephen E. Canter Chief Executive Officer Date: January 23, 2004 By: /s/ James Windels James Windels Chief Financial Officer Date: January 23, 2004 THIS CERTIFICATE IS FURNISHED PURSUANT TO THE REQUIREMENTS OF FORM N-CSR AND SHALL NOT BE DEEMED "FILED" FOR PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, OR OTHERWISE SUBJECT TO THE LIABILITY OF THAT SECTION, AND SHALL NOT BE DEEMED TO BE INCORPORATED BY REFERENCE INTO ANY FILING UNDER THE SECURITIES ACT OF 1933 OR THE EXCHANGE ACT OF 1934. -----END PRIVACY-ENHANCED MESSAGE-----