June 13, 1996
DREYFUS LIFETIME PORTFOLIOS, INC.
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 15, 1996
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF THE
FUND-CUSTODIAN AND TRANSFER AND DIVIDEND DISBURSING AGENT."
Mellon Bank, N.A., located at One Mellon Bank Center, Pittsburgh,
Pennsylvania 15258, serves as the Fund's Custodian.
Each Portfolio is classified as a diversified investment company.
Accordingly, the information contained under the caption "Description of the
Fund -- Investment Considerations and Risks -- Non-Diversified Status" is
deleted.
DRP/s0601396
