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 | |||||
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The Dreyfus Third Century Fund, Inc. |
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(Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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(Address of principal executive offices) (Zip code) |
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John Pak, Esq. 200 Park Avenue New York, New York 10166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6000 | |||||
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Date of fiscal year end:
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5/31 |
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Date of reporting period: |
2/28/14 |
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STATEMENT OF INVESTMENTS | |||
The Dreyfus Third Century Fund, Inc. | |||
February 28, 2014 (Unaudited) | |||
Common Stocks--98.5% | Shares | Value ($) | |
Automobiles & Components--.6% | |||
Thor Industries | 32,850 | 1,839,928 | |
Banks--3.1% | |||
Comerica | 111,700 | 5,381,706 | |
KeyCorp | 198,450 | 2,613,586 | |
Regions Financial | 153,050 | 1,628,452 | |
9,623,744 | |||
Capital Goods--8.3% | |||
3M | 19,800 | 2,667,654 | |
Allegion | 8,366 | 454,692 | |
Fluor | 47,000 | 3,651,430 | |
General Electric | 88,250 | 2,247,727 | |
Ingersoll-Rand | 25,100 | 1,534,614 | |
Jacobs Engineering Group | 24,400 | a | 1,479,860 |
Lockheed Martin | 9,900 | 1,606,770 | |
Masco | 136,300 | 3,182,605 | |
Parker Hannifin | 47,400 | 5,714,070 | |
Snap-on | 32,150 | 3,606,265 | |
26,145,687 | |||
Commercial & Professional Services--.6% | |||
Tyco International | 46,850 | 1,976,133 | |
Consumer Durables & Apparel--1.5% | |||
Hasbro | 51,200 | 2,824,192 | |
Michael Kors Holdings | 18,400 | a | 1,803,752 |
4,627,944 | |||
Consumer Services--2.1% | |||
Marriott International, Cl. A | 120,900 | 6,556,407 | |
Diversified Financials--4.6% | |||
American Express | 70,400 | 6,426,112 | |
State Street | 21,000 | 1,379,070 | |
T. Rowe Price Group | 35,850 | 2,909,945 | |
Waddell & Reed Financial, Cl. A | 54,450 | 3,795,165 | |
14,510,292 |
Energy--9.6% | |||
Bristow Group | 27,000 | 2,095,200 | |
ConocoPhillips | 79,450 | 5,283,425 | |
Denbury Resources | 215,600 | 3,527,216 | |
Devon Energy | 51,800 | 3,336,956 | |
EQT | 18,000 | 1,841,220 | |
Hess | 43,400 | 3,473,302 | |
Marathon Petroleum | 37,450 | 3,145,800 | |
Phillips 66 | 23,300 | 1,744,238 | |
Pioneer Natural Resources | 8,400 | 1,689,912 | |
Spectra Energy | 108,750 | 4,054,200 | |
30,191,469 | |||
Food & Staples Retailing--2.0% | |||
Kroger | 53,550 | 2,245,887 | |
Whole Foods Market | 75,500 | 4,080,775 | |
6,326,662 | |||
Food, Beverage & Tobacco--3.7% | |||
Coca-Cola Enterprises | 91,200 | 4,293,696 | |
Hershey | 49,250 | 5,211,635 | |
PepsiCo | 28,200 | 2,257,974 | |
11,763,305 | |||
Health Care Equipment & Services--4.5% | |||
AmerisourceBergen | 54,050 | 3,667,292 | |
Becton Dickinson & Co. | 31,200 | 3,594,864 | |
Edwards Lifesciences | 41,250 | a | 2,877,600 |
Laboratory Corp. of America | |||
Holdings | 14,350 | a | 1,342,299 |
Patterson | 68,500 | 2,819,460 | |
14,301,515 | |||
Household & Personal Products--.8% | |||
Clorox | 16,850 | 1,470,668 | |
Procter & Gamble | 14,000 | 1,101,240 | |
2,571,908 | |||
Insurance--1.8% | |||
Marsh & McLennan | 52,900 | 2,547,664 | |
Principal Financial Group | 35,100 | 1,591,785 | |
Travelers | 18,600 | 1,559,424 | |
5,698,873 |
Materials--6.3% | |||
Alcoa | 142,600 | 1,674,124 | |
Avery Dennison | 63,950 | 3,185,989 | |
Ball | 93,000 | 5,167,080 | |
Ecolab | 14,300 | 1,540,825 | |
International Flavors & Fragrances | 53,650 | 5,031,833 | |
Sigma-Aldrich | 33,950 | 3,205,220 | |
19,805,071 | |||
Media--3.9% | |||
Discovery Communications, Cl. A | 55,250 | a | 4,603,430 |
Scripps Networks Interactive, Cl. | |||
A | 60,150 | 4,886,586 | |
Time Warner Cable | 20,300 | 2,849,105 | |
12,339,121 | |||
Pharmaceuticals, Biotech & Life Sciences--9.2% | |||
Agilent Technologies | 97,700 | 5,562,061 | |
Allergan | 13,050 | 1,657,350 | |
AstraZeneca, ADR | 32,725 | 2,217,446 | |
Biogen Idec | 10,950 | a | 3,730,446 |
Bristol-Myers Squibb | 16,750 | 900,647 | |
Eli Lilly & Co. | 49,600 | 2,956,656 | |
Gilead Sciences | 20,700 | a | 1,713,753 |
Merck & Co. | 61,550 | 3,507,735 | |
Novartis, ADR | 26,525 | 2,206,350 | |
Waters | 40,500 | a | 4,511,700 |
28,964,144 | |||
Retailing--4.3% | |||
Bed Bath & Beyond | 13,650 | a | 925,743 |
Gap | 148,000 | 6,475,000 | |
Nordstrom | 28,950 | 1,779,846 | |
O'Reilly Automotive | 8,850 | a | 1,335,023 |
PetSmart | 20,000 | 1,341,200 | |
The TJX Companies | 26,700 | 1,640,982 | |
13,497,794 | |||
Semiconductors & Semiconductor Equipment--3.7% | |||
Applied Materials | 340,150 | 6,449,244 | |
Intel | 147,600 | 3,654,576 | |
Lam Research | 29,300 | a | 1,515,689 |
11,619,509 | |||
Software & Services--11.7% | |||
Accenture, Cl. A | 21,200 | 1,767,020 | |
CA | 79,250 | 2,654,875 | |
Google, Cl. A | 1,400 | a | 1,701,910 |
International Business Machines | 32,200 | 5,962,474 | |
Intuit | 55,050 | 4,302,158 | |
Microsoft | 216,800 | 8,305,608 | |
Oracle | 130,925 | 5,120,477 | |
Symantec | 192,700 | 4,139,196 | |
Xerox | 272,900 | 2,999,171 | |
36,952,889 | |||
Technology Hardware & Equipment--11.0% | |||
Apple | 16,725 | 8,801,364 | |
Cisco Systems | 222,875 | 4,858,675 | |
EMC | 172,175 | 4,540,255 | |
Hewlett-Packard | 115,200 | 3,442,176 | |
Jabil Circuit | 206,000 | 3,813,060 | |
Motorola Solutions | 62,650 | 4,147,430 | |
QUALCOMM | 21,300 | 1,603,677 | |
Seagate Technology | 34,900 | 1,821,431 | |
TE Connectivity | 30,150 | 1,766,187 | |
34,794,255 | |||
Telecommunication Services--1.9% | |||
AT&T | 85,350 | 2,725,225 | |
Verizon Communications | 64,800 | 3,083,184 | |
5,808,409 | |||
Transportation--2.4% | |||
Norfolk Southern | 20,200 | 1,856,582 | |
Southwest Airlines | 183,800 | 4,124,472 | |
Union Pacific | 9,450 | 1,704,591 | |
7,685,645 | |||
Utilities--.9% | |||
Pinnacle West Capital | 51,300 | 2,854,845 | |
Total Common Stocks | |||
(cost $230,106,222) | 310,455,549 | ||
Other Investment--1.4% |
Registered Investment Company; | |||
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | |||
(cost $4,307,625) | 4,307,625 | b | 4,307,625 |
Total Investments (cost $234,413,847) | 99.9 | % | 314,763,174 |
Cash and Receivables (Net) | .1 | % | 336,551 |
Net Assets | 100.0 | % | 315,099,725 |
ADR - American Depository Receipts |
a Non-income producing security.
b Investment in affiliated money market mutual fund.
At February 28, 2014, net unrealized appreciation on investments was $80,349,327 of which $81,709,221 related to appreciated
investment securities and $1,359,894 related to depreciated investment securities. At February 28, 2014, the cost of investments
for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 11.7 |
Technology Hardware & Equipment | 11.0 |
Energy | 9.6 |
Pharmaceuticals, Biotech & Life Sciences | 9.2 |
Capital Goods | 8.3 |
Materials | 6.3 |
Diversified Financials | 4.6 |
Health Care Equipment & Services | 4.5 |
Retailing | 4.3 |
Media | 3.9 |
Food, Beverage & Tobacco | 3.7 |
Semiconductors & Semiconductor Equipment | 3.7 |
Banks | 3.1 |
Transportation | 2.4 |
Consumer Services | 2.1 |
Food & Staples Retailing | 2.0 |
Telecommunication Services | 1.9 |
Insurance | 1.8 |
Consumer Durables & Apparel | 1.5 |
Money Market Investment | 1.4 |
Utilities | .9 |
Household & Personal Products | .8 |
Automobiles & Components | .6 |
Commercial & Professional Services | .6 |
99.9 |
† Based on net assets.
The following is a summary of the inputs used as of February 28, 2014 in valuing the fund's investments: | ||||
Level 3 - | ||||
Level 2 - Other | Significant | |||
Level 1 - Unadjusted | Significant | Unobservable | ||
Assets ($) | Quoted Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 304,228,001 | - | - | 304,228,001 |
Equity Securities - Foreign Common Stocks+ | 6,227,548 | - | - | 6,227,548 |
Mutual Funds | 4,307,625 | - | - | 4,307,625 |
+ 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
Board of Trustees. 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.
U.S. Treasury Bills are valued at the mean price between quoted bid
prices and asked prices by the Service. These securities are generally
categorized within Level 2 of the fair value hierarchy.
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 |
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Bradley J. Skapyak President
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Date: |
April 24, 2014 |
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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. |
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By: /s/ Bradley J. Skapyak |
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Bradley J. Skapyak President
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Date: |
April 24, 2014 |
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By: /s/ James Windels |
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James Windels Treasurer
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Date: |
April 24, 2014 |
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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)
SECTION 302 CERTIFICATION
I, Bradley J. Skapyak, certify that:
1. I have reviewed this report on Form N-Q of The Dreyfus 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 schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) 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
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
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/ Bradley J. Skapyak |
Bradley J. Skapyak |
President |
Date: April 24, 2014 |
SECTION 302 CERTIFICATION
I, James Windels, certify that:
1. I have reviewed this report on Form N-Q of The Dreyfus 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 schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) 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
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
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 |
Treasurer |
Date: April 24, 2014 |