The Dreyfus Third Century Fund, Inc. |
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Summary Prospectus October 1, 2011 |
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Class Ticker A DTCAX |
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus and other information about the fund, including the statement of additional information and most recent reports to shareholders, online at www.dreyfus.com/funddocuments. You can also get this information at no cost by calling 1-800-DREYFUS or by sending an e-mail request to info@dreyfus.com. The fund's prospectus and statement of additional information, dated October 1, 2011 and May 1, 2011, respectively (each as amended or supplemented), are incorporated by reference into this summary prospectus.
The fund seeks to provide capital growth, with current income as a secondary goal by investing in stocks that meet certain financial as well as social criteria.
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 8 of the Prospectus and in the How to Buy Shares section on page II-1 of the fund's Statement of Additional Information. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year.
Shareholder Fees (fees paid directly from your investment) |
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Class A |
Class B |
Class C |
Class I |
Class Z |
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Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
5.75 |
none |
none |
none |
none |
|
Maximum contingent deferred sales charge (load) (as a percentage of lower of purchase or sale price) |
none |
4.00 |
1.00 |
none |
none |
|
Annual Fund Operating Expenses (expenses that you pay each year as percentage of the value of your investment) |
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Class A |
Class B |
Class C |
Class I |
Class Z |
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Management fees |
.75 |
.75 |
.75 |
.75 |
.75 |
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Distribution (12b-1) fees |
none |
.75 |
.75 |
none |
none |
|
Other expenses (including shareholder services fees) |
.64 |
.93 |
.50 |
.14 |
.28 |
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Total annual fund operating expenses |
1.39 |
2.43 |
2.00 |
.89 |
1.03 |
Example
The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
1 Year |
3 Years |
5 Years |
10 Years |
|
Class A |
$708 |
$990 |
$1,292 |
$2,148 |
Class B |
$646 |
$1,058 |
$1,496 |
$2,271 |
Class C |
$303 |
$627 |
$1,078 |
$2,327 |
Class I |
$91 |
$284 |
$493 |
$1,096 |
Class Z |
$105 |
$328 |
$569 |
$1,259 |
You would pay the following expenses if you did not redeem your shares:
1 Year |
3 Years |
5 Years |
10 Years |
|
Class A |
$708 |
$990 |
$1,292 |
$2,148 |
Class B |
$246 |
$758 |
$1,296 |
$2,271 |
Class C |
$203 |
$627 |
$1,078 |
$2,327 |
Class I |
$91 |
$284 |
$493 |
$1,096 |
Class Z |
$105 |
$328 |
$569 |
$1,259 |
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 50.46% of the average value of its portfolio.
The fund invests primarily in the common stocks of companies that fund management determines meet traditional standards and conduct their business in a manner that contributes to the enhancement of the quality of life in America. The portfolio manager employs a computer model to identify and rank stocks based on characteristics such as value, growth and financial profile. Through fundamental analysis, the most attractive, higher ranked securities then are evaluated by industry or sector according to the fund's social criteria, which encompass: the protection/improvement of the environment, the proper use of natural resources, occupational health and safety, consumer protection and product purity, and equal employment opportunity. Next, the eligible companies are analyzed for purchase by industry or sector and investments are made in those companies management considers to be the most attractive. The fund normally focuses on large-cap growth stocks, but may invest in value-oriented, mid-cap and small-cap stocks. Portfolio securities no longer meeting the fund's social criteria will be sold as soon as reasonably possible.
An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
· Risks of stock investing. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry.
· Social investment risk. A socially responsible investment criteria may limit the number of investment opportunities available to the fund, and as a result, at times the fund may produce more modest gains than funds that are not subject to such special investment considerations.
The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class Z shares from year to year. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is no guarantee of future results. Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown. More recent performance information may be available at www.dreyfus.com.
The Dreyfus Third Century Fund, Inc. Summary |
2 |
Year-by-Year Total Returns as of 12/31 each year (%) Class Z |
|
Best
Quarter Worst Quarter |
The year-to-date total return of the fund's Class Z shares as of June 30, 2011 was 6.53%.
After-tax performance is shown only for Class Z shares. After tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Average Annual Total Returns (as of 12/31/10) |
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1 Year |
5 Years |
10 Years |
|
Class Z returns before taxes |
14.49 |
3.29 |
-1.34 |
Class Z returns after taxes on distributions |
14.40 |
3.22 |
-1.40 |
Class Z returns after taxes on distributions and sale of fund shares |
9.55 |
2.81 |
-1.14 |
Class A returns before taxes |
7.66 |
1.81 |
-2.15 |
Class B returns before taxes |
8.91 |
1.66 |
-2.04 |
Class C returns before taxes |
12.33 |
2.25 |
-2.32 |
Class I returns before taxes |
14.73 |
3.53 |
-1.24 |
S&P 500 Comp
Stock Price Index |
15.08 |
2.29 |
1.42 |
The fund's investment adviser is The Dreyfus Corporation. Jocelin A. Reed, CFA has served as a primary portfolio manager of the fund since December 2005. Ms. Reed is an employee of The Dreyfus Corporation and a director and senior portfolio manager of Mellon Capital Management Corporation, an affiliate of The Dreyfus Corporation.
In general, the fund's minimum initial investment is $1,000 and the minimum subsequent investment is $100. You may sell your shares on any business day by calling 1-800-DREYFUS or by visiting www.dreyfus.com. You may also mail your request to sell shares to The Dreyfus Family of Funds, P.O. Box 55268, Boston, MA 02205-5268.
The fund's distributions are taxable as ordinary income or capital gains, except when your investment is through an IRA, 401(k) plan or other tax-advantaged investment plan.
If you purchase shares through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.
The Dreyfus Third Century Fund, Inc. Summary |
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The Dreyfus Third Century Fund, Inc. Summary |
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