N-Q 1 lp1035.htm FORM N-Q lp1035.htm - Generated by SEC Publisher for SEC Filing

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811-2192

 

 

 

The Dreyfus 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)

 

 

 

 

 

John Pak, 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:

8/31/14

 

             

 

 


 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
The Dreyfus Third Century Fund, Inc.
August 31, 2014 (Unaudited)

Common Stocks--98.8%  Shares   Value ($) 
Banks--2.0%       
Comerica  111,950   5,635,563 
KeyCorp  89,250   1,214,692 
      6,850,255 
Capital Goods--10.2%       
3M  20,000   2,880,000 
Boeing  13,100   1,661,080 
Caterpillar  31,250   3,408,437 
Fluor  47,150   3,483,913 
General Electric  89,050   2,313,519 
Ingersoll-Rand  25,350   1,526,070 
Jacobs Engineering Group  24,600 a  1,326,186 
Lockheed Martin  19,800   3,445,200 
Masco  137,550   3,228,298 
Pall  10,000   843,700 
Parker Hannifin  34,700   4,007,850 
Precision Castparts  6,250   1,525,375 
Rockwell Automation  7,200   839,592 
Snap-on  32,250   4,029,638 
      34,518,858 
Commercial & Professional Services--.5%       
Pitney Bowes  61,300   1,658,778 
Consumer Durables & Apparel--.4%       
Michael Kors Holdings  18,550 a  1,486,226 
Consumer Services--2.0%       
Marriott International, Cl. A  96,100   6,669,340 
Diversified Financials--3.1%       
American Express  55,850   5,001,367 
Franklin Resources  15,000   847,800 
T. Rowe Price Group  55,700   4,511,422 
      10,360,589 

 


 

Energy--11.4%       
Baker Hughes  48,950   3,384,403 
ConocoPhillips  79,700   6,473,234 
Denbury Resources  216,400   3,726,408 
Devon Energy  52,000   3,921,840 
EOG Resources  16,250   1,785,550 
EQT  18,150   1,797,939 
Hess  35,400   3,578,940 
Marathon Petroleum  37,800   3,440,178 
National Oilwell Varco  41,200   3,560,916 
Phillips 66  23,500   2,044,970 
Schlumberger  15,950   1,748,758 
Spectra Energy  69,050   2,876,623 
      38,339,759 
Food & Staples Retailing--.9%       
Kroger  17,700   902,346 
Whole Foods Market  55,000   2,152,700 
      3,055,046 
Food, Beverage & Tobacco--4.4%       
Coca-Cola Enterprises  91,550   4,374,259 
Hershey  49,300   4,507,006 
Mondelez International, Cl. A  89,900   3,253,481 
PepsiCo  28,450   2,631,341 
      14,766,087 
Health Care Equipment & Services--4.2%       
AmerisourceBergen  43,850   3,393,551 
Becton Dickinson & Co.  31,500   3,690,855 
Cardinal Health  34,800   2,564,760 
Cigna  18,150   1,716,990 
Edwards Lifesciences  8,600 a  853,636 
Patterson  48,250   1,943,028 
      14,162,820 
Household & Personal Products--1.8%       
Clorox  35,400 b  3,136,440 
Kimberly-Clark  14,700   1,587,600 
Procter & Gamble  14,150   1,176,007 
      5,900,047 

 


 

Insurance--2.1%       
ACE  12,700   1,350,391 
Marsh & McLennan  37,600   1,996,560 
Principal Financial Group  35,400   1,921,866 
Travelers  18,750   1,775,813 
      7,044,630 
Materials--7.1%       
Alcoa  143,900   2,390,179 
Avery Dennison  64,150   3,087,539 
Ball  93,250   5,977,325 
Dow Chemical  32,300   1,729,665 
Ecolab  14,450   1,659,149 
International Flavors & Fragrances  53,750   5,460,462 
Sigma-Aldrich  34,250   3,562,000 
      23,866,319 
Media--4.3%       
DIRECTV  19,300 a  1,668,485 
Discovery Communications, Cl. A  17,400 a  760,728 
Discovery Communications, Cl. C  17,400 a  747,678 
Scripps Networks Interactive, Cl. A  60,300   4,806,513 
Time Warner  22,900   1,763,987 
Time Warner Cable  20,500   3,032,565 
Walt Disney  19,400   1,743,672 
      14,523,628 
Pharmaceuticals, Biotech & Life Sciences--11.4%       
Agilent Technologies  98,100   5,607,396 
Allergan  13,150   2,152,392 
AstraZeneca, ADR  32,725   2,487,427 
Biogen Idec  10,950 a  3,756,288 
Bristol-Myers Squibb  16,900   855,985 
Eli Lilly & Co.  50,050   3,181,178 
Gilead Sciences  70,500 a  7,584,390 
Merck & Co.  90,200   5,421,922 
Novartis, ADR  7,575   680,538 
PerkinElmer  18,100   811,785 
Waters  40,650 a  4,204,430 

 


 

Zoetis  50,100   1,775,544 
      38,519,275 
Retailing--2.3%       
Bed Bath & Beyond  13,800 a,b  886,788 
Gap  110,350   5,092,652 
The TJX Companies  26,950   1,606,490 
      7,585,930 
Semiconductors & Semiconductor Equipment--2.6%       
Applied Materials  158,200   3,655,211 
Intel  88,400   3,086,928 
Lam Research  29,250   2,103,367 
      8,845,506 
Software & Services--12.1%       
Accenture, Cl. A  21,400   1,734,684 
CA  130,950   3,698,028 
Cognizant Technology Solutions,       
Cl. A  18,200 a  832,286 
Google, Cl. A  1,400 a  815,304 
Google, Cl. C  1,400 a  800,240 
International Business Machines  32,300   6,211,290 
Intuit  55,250   4,595,695 
Microsoft  177,800   8,077,454 
Oracle  131,325   5,453,927 
Symantec  55,000   1,335,400 
Teradata  77,850 a  3,555,410 
Xerox  273,600   3,778,416 
      40,888,134 
Technology Hardware & Equipment--10.9%       
Apple  117,575   12,051,437 
Cisco Systems  159,525   3,986,530 
Corning  40,300   840,658 
EMC  118,375   3,495,614 
Hewlett-Packard  115,550   4,390,900 
Jabil Circuit  47,200   1,018,576 
Motorola Solutions  62,950   3,739,230 
QUALCOMM  41,700   3,173,370 
Seagate Technology  35,200   2,202,816 

 


 

TE Connectivity  30,450   1,908,606 
      36,807,737 
Telecommunication Services--1.4%       
AT&T  40,200   1,405,392 
Verizon Communications  65,400   3,258,228 
      4,663,620 
Transportation--3.0%       
Norfolk Southern  20,400   2,182,800 
Southwest Airlines  184,400   5,902,644 
Union Pacific  19,050   2,005,394 
      10,090,838 
Utilities--.7%       
AGL Resources  15,400   820,974 
NextEra Energy  16,800   1,653,960 
      2,474,934 
Total Common Stocks       
(cost $243,770,724)      333,078,356 
 
Other Investment--.7%       
Registered Investment Company;       
Dreyfus Institutional Preferred       
Plus Money Market Fund       
(cost $2,299,578)  2,299,578 c  2,299,578 
 
Investment of Cash Collateral for       
Securities Loaned--.1%       
Registered Investment Company;       
Dreyfus Institutional Cash       
Advantage Fund       
(cost $456,211)  456,211 c  456,211 
 
Total Investments (cost $246,526,513)  99.6 %  335,834,145 
Cash and Receivables (Net)  .4 %  1,180,421 
Net Assets  100.0 %  337,014,566 

 

ADR - American Depository Receipts

a  Non-income producing security. 

 


 

b Security, or portion thereof, on loan. At August 31, 2014, the value of the fund's securities on loan was $1,324,553 and the 
value of the collateral held by the fund was $1,352,620, consisting of cash collateral of $456,211 and U.S. Government & 
Agency securities valued at $896,409. 
c Investment in affiliated money market mutual fund. 

 

At August 31, 2014, net unrealized appreciation on investments was $89,307,632 of which $89,795,234 related to appreciated investment securities and $487,602 related to depreciated investment securities. At August 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Portfolio Summary (Unaudited) †  Value (%) 
Software & Services  12.1 
Energy  11.4 
Pharmaceuticals, Biotech & Life Sciences  11.4 
Technology Hardware & Equipment  10.9 
Capital Goods  10.2 
Materials  7.1 
Food, Beverage & Tobacco  4.4 
Media  4.3 
Health Care Equipment & Services  4.2 
Diversified Financials  3.1 
Transportation  3.0 
Semiconductors & Semiconductor Equipment  2.6 
Retailing  2.3 
Insurance  2.1 
Banks  2.0 
Consumer Services  2.0 
Household & Personal Products  1.8 
Telecommunication Services  1.4 
Food & Staples Retailing  .9 
Money Market Investments  .8 
Utilities  .7 
Commercial & Professional Services  .5 
Consumer Durables & Apparel  .4 
  99.6 

 

  Based on net assets. 

 


 

The following is a summary of the inputs used as of August 31, 2014 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted Quoted  Significant  Unobservable   
Assets ($)  Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Equity Securities - Domestic Common Stocks+  328,424,165  -  -  328,424,165 
Equity Securities - Foreign Common Stocks+  4,654,191  -  -  4,654,191 
Mutual Funds  2,755,789  -  -  2,755,789 

 

+ See Statement of Investments for additional detailed categorizations. 

 


 

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:


 

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales 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, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the fund's Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.

Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral


 

of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund and credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.


 

 

Item 2.             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-Q 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-Q 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 quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.             Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 


 

 

FORM N-Q

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 Third Century Fund, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    October 23, 2014

 

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/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    October 23, 2014

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    October 23, 2014

 

EXHIBIT INDEX

(a)        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)