July 27, 1998
THE DREYFUS THIRD CENTURY
FUND, INC.
SUPPLEMENT TO PROSPECTUS
DATED OCTOBER 1, 1997
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES AND REPLACES ANY
CONTRARY INFORMATION CONTAINED IN THE TENTH PARAGRAPH IN THE SECTION OF THE
FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF THE FUND."
Effective July 30, 1998, Jeffrey F. Friedman will become interim portfolio
manager for the Fund with respect to its areas of social concern. Mr. Friedman
will serve in that capacity until a new portfolio manager is named. Mr. Friedman
is an analyst for Dreyfus concentrating on international securities for both the
equity and fixed income areas and on corporate private placements. He rejoined
Dreyfus in 1991, having initially been employed by Dreyfus from 1971 to 1990.
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EFFECTIVE JANUARY 1, 1998, THE FOLLOWING INFORMATION SUPPLEMENTS AND
SUPERSEDES ANY CONTRARY INFORMATION CONTAINED IN THE PROSPECTUS UNDER THE
CAPTION "HOW TO BUY SHARES."
The minimum initial investment is $750 for Dreyfus-sponsored Keogh Plans,
IRAs (including regular IRAs, spousal IRAs for a non-working spouse, Roth IRAs,
SEP-IRAs and rollover IRAs) and 403(b)(7) Plans with only one participant and
$500 for Dreyfus-sponsored Education IRAs, with no minimum on subsequent
purchases.
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EFFECTIVE JANUARY 15, 1998, THE FOLLOWING POLICIES WILL BE IN EFFECT FOR THE
FUND:
ADDITIONAL INFORMATION ABOUT PURCHASES, EXCHANGES AND REDEMPTIONS. The Fund
is intended to be a long-term investment vehicle and is not designed to provide
investors with a means of speculation on short-term market movements. A pattern
of frequent purchases and exchanges can be disruptive to efficient portfolio
management and, consequently, can be detrimental to the Fund's performance and
its shareholders. Accordingly, if the Fund' s management determines that an
investor is engaged in excessive trading, the Fund, with or without prior
notice, may temporarily or permanently terminate the availability of Fund
exchanges, or reject in whole or part any purchase or exchange request, with
respect to such investor' s account. Such investors also may be barred from
purchasing other funds in the Dreyfus Family of Funds. Generally, an investor
who makes more than four exchanges out of the Fund during any calendar year (for
calendar year 1998, beginning on January 15th) or who makes exchanges that
appear to coincide with an active market-timing strategy may be deemed to be
engaged in excessive trading. Accounts under common ownership or control will be
considered as one account for purposes of determining a pattern of excessive
trading. In addition, the Fund may refuse or restrict purchase or exchange
requests by any person or group if, in the judgment of the Fund's management,
the Fund would be unable to invest the money effectively in accordance with its
investment objective and policies or could otherwise be adversely affected or if
the Fund receives or anticipates receiving simultaneous orders that may
significantly affect the Fund (e.g., amounts equal to 1% or more of the Fund's
total assets). If an
(CONTINUED ON REVERSE SIDE)
exchange request is refused, the Fund will take no other action with respect to
the shares until it receives further instructions from the investor. The Fund
may delay forwarding redemption proceeds for up to seven days if the investor
redeeming shares is engaged in excessive trading or if the amount of the
redemption request otherwise would be disruptive to efficient portfolio
management or would adversely affect the Fund. The Fund's policy on excessive
trading applies to investors who invest in the Fund directly or through
financial intermediaries, but does not apply to the Dreyfus Auto-Exchange
Privilege, to any automatic investment or withdrawal privilege described herein,
or to participants in employer-sponsored retirement plans.
During times of drastic economic or market conditions, the Fund may suspend
the Exchange Privilege temporarily without notice and treat exchange requests
based on their separate components -- redemption orders with a simultaneous
request to purchase the other fund's shares. In such a case, the redemption
request would be processed at the Fund's next determined net asset value but the
purchase order would be effective only at the net asset value next determined
after the fund being purchased receives the proceeds of the redemption, which
may result in the purchase being delayed.
035s0798
