July 12, 1996
DREYFUS LIFETIME PORTFOLIOS, INC.
Supplement to Prospectus
Dated January 15, 1996
The following information supplements and supersedes any
contrary information contained in the Fund's Prospectus.
As a result of the modifications to the Fund's share class
eligibility, which will become effective as of July 15, 1996, as described
in the supplement to the Fund's Prospectus dated July 1, 1996, and because
there currently is no other distinction between the Fund's share classes
except that Investor Class/ Institutional shares, but not Class R/Retail
shares, are subject to a .25% Shareholder Services Plan fee, Institutional
class shareholders will be eligible to exchange their Institutional shares
for Retail shares on a one-time basis on or about August 23, 1996, in
accordance with the terms provided to such shareholders by the Fund.
Institutional class shareholders should consult their tax advisors as to
whether they would incur a recognizable gain or loss for purposes of
computing their federal, state or local income tax in connection with such
an exchange. The Fund does not intend to treat the exchange as a
transaction resulting in recognizable gain or loss for federal income tax
purposes. Institutional class shareholders should contact their Agent, as
applicable, to determine what services, if any, will be provided to them
following an exchange to Retail shares. The Fund makes no recommendation
about whether a particular holder of Institutional shares should make an
exchange, but urges each holder to make his or her own decision taking the
foregoing facts into account.
