December 15, 1999

                 THE DREYFUS PREMIER THIRD CENTURY FUND, INC.

                           SUPPLEMENT TO PROSPECTUS

                             DATED AUGUST 31, 1999

      Effective  December  31,  1999,  the following information supplements and
supersedes  any  contrary  information  contained  in the sections of the Fund's
Prospectus  entitled "Your Investment - Account Policies" and "Your Investment -
Services for Fund Investors."

      Right  of Accumulation: lets you add the value of any shares in this fund,
any  other  Dreyfus  Premier fund, or any other fund that is advised by Founders
Asset  Management  LLC  ("Founders"), an affiliate of Dreyfus, sold with a sales
load  (that  you  already  own)  to  the  amount of your next Class A or Class T
investment for purposes of calculating the sales charge.

      Dreyfus  Dividend  Sweep:  for automatically reinvesting the dividends and
distributions   from   the   fund   into   another   Dreyfus   fund  or  certain
Founders-advised funds (not available for IRAs).

      Dreyfus  Auto-Exchange  Privilege:  for  making regular exchanges from the
fund into another Dreyfus fund or certain Founders-advised funds.

Exchange Privilege: you can exchange shares worth $500 or more (no minimum
for  retirement  accounts)  from  one  class  of the fund into the same class of
another  Dreyfus  Premier  fund or Founders-advised fund.  You can also exchange
Class  T  shares  into  Class  A  shares of certain Dreyfus Premier fixed-income
funds.

                                                                       035s1299







                                                         December 15, 1999

                  THE DREYFUS PREMIER THIRD CENTURY FUND, INC.

               SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION

                              DATED AUGUST 31, 1999

      EFFECTIVE  DECEMBER 31, 1999,  THE FOLLOWING  INFORMATION  SUPERSEDES  AND
REPLACES THE FIRST SENTENCE OF THE FIRST  PARAGRAPH  CONTAINED IN THE SECTION OF
THE  FUND'S   STATEMENT  OF  ADDITIONAL   INFORMATION   ENTITLED   "PURCHASE  OF
SHARES--RIGHT OF ACCUMULATION - CLASS A AND CLASS T SHARES."

      Reduced sales loads apply to any purchase of Class A and T shares,  shares
of other  funds in the  Dreyfus  Premier  Family of Funds  which are sold with a
sales load,  shares of certain other funds advised by Dreyfus or Founders  Asset
Management  LLC  ("Founders"),  an affiliate  of Dreyfus,  which are sold with a
sales  load  and  shares  acquired  by  a  previous   exchange  of  such  shares
(hereinafter   referred  to  as  "Eligible  Funds"),  by  you  and  any  related
"purchaser" as defined  above,  where the aggregate  investment,  including such
purchase, is $50,000 or more.

      EFFECTIVE  DECEMBER 31, 1999,  THE FOLLOWING  INFORMATION  SUPERSEDES  AND
REPLACES THE FIRST SENTENCE OF THE FIRST  PARAGRAPH  CONTAINED IN THE SECTION OF
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION ENTITLED "SHAREHOLDER SERVICES --
FUND EXCHANGES."

      You may purchase,  in exchange for shares of the Fund,  shares of the same
Class of another fund in the Dreyfus Premier Family of Funds, shares of the same
Class of certain funds advised by Founders,  or shares of certain other funds in
the Dreyfus  Family of Funds,  and,  with respect to Class T shares of the Fund,
Class A shares of certain Dreyfus Premier fixed-income funds, to the extent such
shares are offered for sale in your state of residence.

      EFFECTIVE  DECEMBER 31, 1999,  THE FOLLOWING  INFORMATION  SUPERSEDES  AND
REPLACES THE FIRST SENTENCE OF THE FIRST  PARAGRAPH  CONTAINED IN THE SECTION OF
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION ENTITLED "SHAREHOLDER SERVICES --
DREYFUS AUTO-EXCHANGE PRIVILEGE."

      Dreyfus   Auto-Exchange   Privilege   permits  you  to   purchase   (on  a
semi-monthly, monthly, quarterly or annual basis), in exchange for shares of the
Fund,  shares of the same Class of another fund in the Dreyfus Premier Family of
Funds, shares of the same Class of certain funds advised by Founders,  or shares
of certain  other funds in the Dreyfus  Family of Funds,  and,  with  respect to
Class  T  shares  of the  Fund,  Class  A  shares  of  certain  Dreyfus  Premier
fixed-income funds, of which you are a shareholder.

      EFFECTIVE  DECEMBER 31, 1999,  THE FOLLOWING  INFORMATION  SUPERSEDES  AND
REPLACES THE FIRST SENTENCE OF THE FIRST  PARAGRAPH  CONTAINED IN THE SECTION OF
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION ENTITLED "SHAREHOLDER SERVICES --
DIVIDEND OPTIONS."

      Dreyfus Dividend Sweep allows you to invest  automatically  your dividends
or dividends and capital gain distributions,  if any, from the Fund in shares of
the same Class of another fund in the Dreyfus Premier Family of Funds, shares of
the same Class of certain funds advised by Founders,  or shares of certain other
funds in the Dreyfus Family of Funds, and, with respect to Class T shares of the
Fund, in Class A shares of certain Dreyfus Premier  fixed-income funds, of which
you are a shareholder.

      EFFECTIVE  DECEMBER 31, 1999, THE FOLLOWING  INFORMATION  SUPPLEMENTS  AND
SHOULD BE READ IN  CONJUNCTION  WITH THE  SECTION  OF THE  FUND'S  STATEMENT  OF
ADDITIONAL INFORMATION ENTITLED "PURCHASE OF SHARES - CLASS T SHARES."

      Class T shares  are  offered  at net asset  value  without a sales load to
employees  participating in qualified or non-qualified employee benefit plans or
other programs where (i) the employers or affiliated employers  maintaining such
plans or programs have a minimum of 250 employees  eligible for participation in
such plans or programs or (ii) such plan's or program's aggregate  investment in
the Dreyfus Family of Funds, the Dreyfus Premier Family of Funds,  certain funds
advised by Founders or certain other products made available by the  Distributor
to such plans or programs exceeds $1,000,000 ("Eligible Benefit Plans"). Class T
shares also may be purchased  (including by exchange) at net asset value without
a sales load for Dreyfus-sponsored IRA "Rollover Accounts" with the distribution
proceeds from a qualified retirement plan or a Dreyfus-sponsored 403(b)(7) plan,
provided,  at the time of such distribution,  such qualified  retirement plan or
Dreyfus-sponsored 403(b)(7) plan (a) met the requirements of an Eligible Benefit
Plan and all or a portion of such plan's  assets  were  invested in funds in the
Dreyfus  Premier  Family of Funds,  the Dreyfus  Family of Funds,  certain funds
advised by Founders or certain other products made available by the  Distributor
to such plans, or (b) invested all of its assets in funds in the Dreyfus Premier
Family of Funds,  certain  funds in the Dreyfus  Family of Funds,  certain funds
advised by Founders or certain other products made available by the  Distributor
to such plans.