July 1, 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.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
Effective July 15, 1996, each Portfolio's Class R shares will be
redesignated as "Retail shares" and the Retail shares will be offered to any
investor. Also effective July 15, 1996, each Portfolio's Investor Class
shares will be redesignated as "Institutional shares" and the Institutional
shares will be offered only to clients of banks, securities brokers or
dealers and other financial institutions (collectively, "Service Agents")
that have entered into a Selling Agreement with the Fund's distributor and
omnibus accounts held by institutions that provide sub-accounting or
recordkeeping services to their clients. You should consult your Service
Agent to determine which class of shares will be offered by the Service
Agent. Unless the Fund is otherwise instructed, new purchases or exchanges by
existing shareholders will be in the same class of shares that the
shareholder then holds.
THE INFORMATION IN ITEMS I-VII BELOW WILL BECOME EFFECTIVE ON JULY
15, 1996.
I. THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN
THE FIRST SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE SECTION IN THE
FUND'S PROSPECTUS ENTITLED "SHAREHOLDER SERVICES - FUND EXCHANGES."
You may purchase, in exchange for shares of a Class of a Portfolio,
shares of certain other eligible funds managed or administered by Dreyfus, to
the extent such shares are offered for sale in your state of residence.
II. THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN THE
LAST SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE FUND'S PROSPECTUS IN
THE SECTION ENTITLED "SHAREHOLDER SERVICES - FUND EXCHANGES."
With respect to shares held by Retirement Plans, exchanges may be
made only between a shareholder's Retirement Plan Account in one fund and
such shareholder's Retirement Plan Account in another fund.
III. THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN
THE FIRST SENTENCE IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED
"SHAREHOLDER SERVICES - DREYFUS AUTO-EXCHANGE PRIVILEGE."
Dreyfus Auto-Exchange Privilege enables you to invest regularly (on
a semi-monthly, monthly, quarterly or annual basis), in exchange for shares
of a Portfolio, in shares of certain other eligible funds in the Dreyfus
Family of Funds of which you are currently an investor.
IV. THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN
THE SECOND SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE FUND'S PROSPECTUS
IN THE SECTION ENTITLED "SHAREHOLDER SERVICES - DREYFUS AUTO-EXCHANGE
PRIVILEGE."
With respect to shares held by Retirement Plans, exchanges pursuant
to Dreyfus Auto-Exchange Privilege may be made only between a shareholder's
Retirement Plan Account in one fund and such shareholder's Retirement Plan
Account in another fund.
V. THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION
IN THE FIRST SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE FUND'S
PROSPECTUS IN THE SECTION ENTITLED "SHAREHOLDER SERVICES - DREYFUS STEP
PROGRAM."
Dreyfus Step-Program enables a shareholder to purchase shares of a
Class without regard to the Fund's minimum initial investment requirements
through Dreyfus-AUTOMATIC Asset BuilderRegistration Mark, Dreyfus Government
Direct Deposit Privilege or Dreyfus Payroll Savings Plan.
VI. THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN
THE FIRST SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE SECTION IN THE
FUND'S PROSPECTUS ENTITLED "SHAREHOLDER SERVICES - DREYFUS DIVIDEND OPTIONS."
Dreyfus Dividend Sweep enables you to invest automatically
dividends or dividends and capital gain distributions, if any, paid by the
Fund in shares of certain other eligible funds in the Dreyfus Family of Funds
of which you are an investor.
VII. THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
Shares of a Class may be purchased or redeemed through Dreyfus
TELETRANSFER Privilege.
DRP/s070196
