DREYFUS LIFETIME PORTFOLIOS INC, N-30D, 1995-12-11

DREYFUS LIFETIME PORTFOLIOS INC
N-30D, 1995-12-11

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LETTER TO SHAREHOLDERS

Dear Shareholder:
The letter that follows is the first annual report of Dreyfus
LifeTime Portfolios, Inc., a mutual fund that began operations in March
of this year. It is a pleasure to introduce the Portfolios' manager,
Steven A. Falci, to those who have invested in this mutual fund.
Steve Falci is a portfolio manager for our corporate affiliate,
Mellon Equity Associates, which is the Portfolios' sub-investment
adviser. He has broad experience in portfolio management, asset
allocation and the application of quantitative techniques to create
investment solutions.
Prior to joining Mellon Equity Associates in April 1994, Steve was
the Managing Director--Pension Investments at NYNEX Corporation where he
oversaw the internally managed assets of the NYNEX Pension Fund and
NYNEX Foundation. He was responsible for equity and fixed income
portfolio management and trading, investment strategy and the generation
of new portfolio applications.
Steve is a chartered financial analyst and is a member of the
Association for Investment Management and Research. He received an
MBA in finance and a B.S. in economics, both from New York University.
Sincerely,

[Stephen E. Canter signature logo]

Stephen E. Canter
Chief Investment Officer
The Dreyfus Corporation

October 18, 1995
New York, N.Y.

LETTER TO SHAREHOLDERS

Dear Shareholder:
Dreyfus LifeTime Portfolios, Inc. commenced operations on March 31
of this year. The Fund is composed of three separate portfolios, each
specifically designed for investors at particular points in the savings
cycle. Each portfolio follows an asset allocation strategy that
involves an ongoing comparison of the relative value of stocks and bonds
across different markets.

ECONOMIC ENVIRONMENT
For most of the past twelve months, the U.S. economy expanded in
spite of a restrictive monetary policy pursued by the Federal Reserve
Board until early last summer. In July of this year the Fed switched
gears and lowered its short-term interest rates by a minimal amount.
This action was taken because the American economy had started to slow
down and the central bank wanted to make sure that the slowdown would
not turn into a full-fledged recession.
The most recent economic statistics do indeed indicate that the Fed
has successfully reduced the rate of economic expansion, which in turn
has warded off threats of a recurrence of price or wage inflation.
Thanks to low interest rates, the construction industry continues to
look vigorous. However, retail sales and industrial production have
cooled off. Gross Domestic Product continues to grow, but at a reduced
rate. Unemployment remains steady at somewhat below six percent.
However, job growth according to the latest statistics has diminished
its pace.
Many economists now are wondering whether this pause in economic
growth is a prelude to something more serious, or is simply a pause
before faster growth is resumed.
On the global scene, economic growth is slowing due to the long
lagged effects of the dynamic interest rate rise in 1994. Our analysis
is that, while short bursts of faster growth may temporarily occur,
current monetary and fiscal trends portend more below-average growth in
1996, with 1997 likely to see a more sustained economic and earnings
growth phase if the liquidity background improves further. European
economic activity is slowing and Japan remains in need of a major
stimulus program to accelerate growth in 1996.

MARKET ENVIRONMENT
As we see it, the financial markets have a continued positive
background as increased monetary liquidity and lower interest rates
should occur in the current slow-growth, low-inflation environment. The
corollary of this for equity investments is that the risk of some 1996
earnings disappointments has increased. Therefore, stock selection and
company focus must be made very carefully.
A case in point is the sell-off in late September and early October
of high technology stocks, after they had reached unprecedented high
prices and record price/earnings ratios. To be sure, this has uncovered
a number of situations where these stocks are now much more attractively
priced. However, the lesson has been underscored that earnings and
prospects for future earnings are decisive in stock price fluctuations.

PORTFOLIO OVERVIEW
The Income Portfolio is designed for the investor with a short
investment horizon. It is designed to be the least risky of the three
Portfolios. The majority of assets are allocated to bonds and cash with
a stock component of about 25% of Portfolio assets included to combat
inflation. We maintain constant allocations to each asset class in this
Portfolio and manage each asset class passively, using an index-based
approach.
The Growth and Income Portfolio is designed for the investor with an
intermediate investment horizon and is the most moderate of the
Portfolios. A modest portion of assets are allocated to international
investments, with stocks and bonds equally weighted both domestically
and internationally. We can move somewhat from baseline weights for the
mix of international versus domestic assets and for the mix of domestic
stocks versus domestic bonds. To make these decisions, we use
proprietary asset allocation models developed by the Portfolios' sub-
investment advisor, Mellon Equity Associates. Except for domestic
stocks, all asset classes are passively managed.
The Growth Portfolio is designed for the investor with a longer
investment horizon and has the highest risk of the three portfolios. A
larger portion of assets, as compared to the Growth and Income
Portfolio, are allocated to international investments with stocks
dominating the allocation for both international and domestic assets.
The allocation can vary significantly from baseline weights and the
asset allocation decisions are also implemented using Mellon Equity's
disciplined asset allocation process. Like the Growth and Income
Portfolio, all asset classes are passively managed with the exception of
domestic stocks.
For each Portfolio, Mellon Equity establishes an asset allocation
baseline that describes target levels or relative weights for the
Portfolio's asset classes. For each Portfolio, Mellon Equity then
establishes active allocation ranges. One deals with relative weighting
(compared to the Portfolio baseline) as between international and
domestic assets; the other involves weightings for domestic assets as
between common stock and fixed-income assets.
To implement the first stage of allocation in the Growth Portfolio
and the Growth and Income Portfolio, we evaluate risk and return
characteristics of capital markets around the world and their
correlation across countries, including expected movements in currency
markets.
In the second stage of allocation in domestic markets, we evaluate
risk and return characteristics of the domestic equity and fixed-income
markets. We do this by comparing the valuation of equity and fixed-
income assets relative to their current market prices and long-term
values in the context of the current economic environment. Using this
analysis, we arrive at appropriate relative weightings among domestic
securities.
Mellon Equity maintains a continuous watch on these relative asset
class weights, making changes when required, subject to our assessment
of current economic conditions and investment opportunities.
In selecting securities for each Portfolio, we attempt to
approximate the investment characteristics of designated benchmark
indices, while seeking to exceed the returns of the benchmark.
In its active investment process, Mellon Equity concentrates on
fundamental factors such as relative price/earnings ratios, relative
book-to-price ratios, earnings growth rates and momentum, and consensus
earnings expectations and changes in that consensus. Using this
information, we value and rank stocks based on our belief of expected
performance relative to the asset class benchmark.

PORTFOLIO RETURNS
As previously noted, Dreyfus LifeTime Portfolios began operations
March 31, 1995. The fiscal year ended September 30, 1995. We are
pleased to report the following results for that period of six calendar
months.
The Income Portfolio provided total returns in line with its
benchmark. (See graph on a later page.) Investor Class shares of the
Income Portfolio returned 8.08% for the reporting period, and Class R
shares 8.24%.*
The Growth and Income Portfolio and the Growth Portfolio both
achieved strong total returns.
The Growth and Income Portfolio's Investor Class and Class R shares
achieved total returns of 14.32% and 14.48%, respectively; the Growth
Portfolio's Investor Class and Class R shares achieved total returns of
18.56% and 18.72%, respectively.*
The strong performance by these latter two Portfolios was generated
by our asset allocation decisions and successful stock selection in the
domestic equity component. Both Portfolios assumed their maximum stock
positions in early May as long maturity bond rates fell below 7%. This
decision enhanced returns, because stocks outperformed bonds over the
subsequent months. The performance in domestic stocks was attributable
to stock selection across the broad market sectors, rather than to
superior performance of any particular sector of the portfolio such as
technology.
At present, the Growth and Income Portfolio and the Growth Portfolio
remain at their maximum stock weights reflecting the relative
attractiveness of stocks to bonds as indicated by our proprietary
evaluation techniques.
It is a pleasure to count you among the investors in Dreyfus
LifeTime Portfolios. We look forward to a continuing and rewarding
relationship.
Sincerely,

[Steven A. Falci signature logo]

Steven A. Falci
Portfolio Manager

October 18, 1995
New York, N.Y.

*Total return includes reinvestment of dividends and any capital gains
paid.

DREYFUS LIFETIME PORTFOLIOS, INC., Income Portfolio SEPTEMBER 30, 1995

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE INVESTOR
CLASS SHARES AND CLASS R SHARES OF DREYFUS LIFETIME PORTFOLIOS, INC.--
INCOME PORTFOLIO WITH THE LEHMAN BROTHERS INTERMEDIATE
GOVERNMENT / CORPORATE BOND INDEX AND A CUSTOMIZED BLENDED INDEX

[SEE EXHIBIT A]

*Source: Lehman Brothers
**Source: Lehman Brothers, Lipper Analytical Services, Inc.,
and The Wall Street Journal

ACTUAL AGGREGATE TOTAL RETURNS

INVESTOR CLASS SHARES CLASS R SHARES
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <S> <C>
From Inception (3/31/95) to September 30, 1995 8.08% From Inception (3/31/95) to September 30, 1995 8.24%
</TABLE>

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the
Investor Class shares and Class R shares of the Income Portfolio on
3/31/95 (Inception Date) to a $10,000 investment made in the Lehman
Brothers Intermediate Government/Corporate Bond Index on that date as
well as to a Customized Blended Index reflecting the Portfolio's asset
allocation baseline percentages ("Baseline") which are described below
and in the Fund's prospectus. All dividends and capital gain
distributions are reinvested.

The Income Portfolio allocates your money among domestic bonds and
stocks and money market instruments. The Portfolio's performance shown
in the line graph takes into account all applicable fees and expenses.
The Lehman Brothers Intermediate Government/Corporate Bond Index is a
widely accepted index of bond market performance which does not take
into account charges, fees and other expenses. The Lehman Brothers
Intermediate Government/Corporate Bond Index ("Lehman Index") was
selected because (1) government and corporate bonds represent the
highest Baseline percentage of the Portfolio and (2) the fixed-income
portion of the Portfolio is invested to represent the Lehman Index. The
Customized Blended Index has been prepared by the Fund for purposes of
more accurate comparison to the Portfolio's overall portfolio
composition. We have combined the performance of unmanaged indices
reflecting the Baseline percentages set forth in the Prospectus, but in
greater detail than the broader prospectus Baseline percentages:
Bonds--67.5%; Stocks--22.5%; and Treasury Bills--10%. The Customized Blended
Index combines returns from the Lehman Index, the Standard & Poor's 500
Composite Stock Price Index ("S&P 500 Index") and the 90-day Treasury
Bill rate, as it changes from time to time, and is weighted to the
aforementioned Baseline percentages. The Lehman Index is a widely
accepted, unmanaged index of Government and Corporate bond market
performance composed of U.S. Government, Treasury and agency securities,
fixed-income securities and nonconvertible investment grade corporate
debt, with an average maturity of 1-10 years. The S&P 500 Index is a
widely accepted, unmanaged index of overall stock market performance.
None of the foregoing indices reflect account charges, fees or other
expenses. Further information relating to the Portfolio's performance,
including expense reimbursements, if applicable, is contained in the
Condensed Financial Information section of the Prospectus and elsewhere
in this Report.

DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
SEPTEMBER 30,1995

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE INVESTOR
CLASS SHARES AND CLASS R SHARES OF DREYFUS LIFETIME PORTFOLIOS, INC.--
GROWTH AND INCOME PORTFOLIO WITH THE STANDARD & POOR'S 500 COMPOSITE
STOCK PRICE INDEX AND A CUSTOMIZED BLENDED INDEX

[SEE EXHIBIT B]

*Source: Lipper Analytical Services, Inc.
**Source: Lipper Analytical Services, Inc., Lehman Brothers, Morgan
Stanley & Co. Incorporated and J.P. Morgan & Co. Incorporated

ACTUAL AGGREGATE TOTAL RETURNS

INVESTOR CLASS SHARES CLASS R SHARES
- --------------------------------------------------------- --------------------------------------------------------
<S> <C> <S> <C>
From Inception (3/31/95) to September 30, 1995 14.32% From Inception (3/31/95) to September 30, 1995 14.48%
</TABLE>

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the
Investor Class shares and Class R shares of the Growth and Income
Portfolio on 3/31/95 (Inception Date) to a $10,000 investment made in
the Standard & Poor's 500 Composite Stock Price Index ("S&P 500 Index")
on that date as well as to a Customized Blended Index reflecting the
Portfolio's asset allocation baseline percentages ("Baseline") which are
described below and in the Fund's prospectus. All dividends and capital
gain distributions are reinvested.

The Growth and Income Portfolio allocates your money among domestic and
foreign stocks and bonds. The Portfolio's performance shown in the line
graph takes into account all applicable fees and expenses. The S&P 500
Index is a widely accepted, unmanaged index of overall stock market
performance which does not take into account charges, fees and other
expenses. The S&P 500 Index was selected because (1) domestic common
stocks represent a significant portion of the Baseline and (2) the
majority of the stock portion of the Portfolio is invested in stocks
included in the S&P 500 Index. Because the Portfolio has significant
fixed-income holdings, though, it can underperform an equity-only index.
The Customized Blended Index has been prepared by the Fund for purposes
of more accurate comparison to the Portfolio's overall portfolio
composition. We have combined the performance of unmanaged indices
reflecting the Baseline percentages set forth in the Prospectus, but in
greater detail than the broader prospectus Baseline percentages:
Domestic Large Company Stocks-36%; Domestic Small Company Stocks-9%;
Foreign Stocks-5%; Domestic Bonds-45%; Foreign Bonds-5%. The Customized
Blended Index combines returns from the S&P 500 Index, the Russell 2000
Index, the Morgan Stanley Capital International Europe, Australasia, Far
East (Free) Index-Hedged, $U.S. ("EAFE Index"), the Lehman Brothers
Intermediate Government/Corporate Bond Index ("Lehman Index") and the
J.P. Morgan Non-U.S. Government Bond Index-Hedged ("J.P. Morgan Global
Index"), and is weighted to the aforementioned Baseline percentages.
The Russell 2000 Index is an unmanaged index and is composed of the
2,000 smallest companies in the Russell 3000 Index. The Russell 3000
Index is composed of the largest U.S. companies by market
capitalization. The EAFE Index, which is the property of Morgan Stanley
& Co. Incorporated, is an unmanaged index composed of a sample of
companies representative of the market structure of 16 European and
Pacific Basin countries and includes net dividends reinvested. The
Lehman Index is a widely accepted, unmanaged index of Government and
Corporate bond market performance composed of U.S. Government, Treasury
and agency securities, fixed-income securities and nonconvertible
investment grade corporate debt, with an average maturity of 1-10 years.
The J.P. Morgan Global Index is an index Portfolio that measures returns
on bonds from 12 world markets, hedged into U.S. dollars. This index
does not include a U.S. bonds component. None of the foregoing indices
reflect account charges, fees or other expenses. Further information
relating to the Portfolio's performance, including expense
reimbursements, if applicable, is contained in the Condensed Financial
Information section of the Prospectus and elsewhere in this Report.

DREYFUS LIFETIME PORTFOLIOS, INC., Growth Portfolio SEPTEMBER 30, 1995

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE INVESTOR
CLASS SHARES AND CLASS R SHARES OF DREYFUS LIFETIME PORTFOLIOS, INC.--
GROWTH PORTFOLIO WITH THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE
INDEX AND A CUSTOMIZED BLENDED INDEX

[SEE EXHIBIT C]

*Source: Lipper Analytical Services, Inc.
**Source: Lipper Analytical Services, Inc., Lehman Brothers, Morgan
Stanley & Co. Incorporated and J.P. Morgan & Co. Incorporated

ACTUAL AGGREGATE TOTAL RETURNS

INVESTOR CLASS SHARES CLASS R SHARES
- -------------------------------------------------------- --------------------------------------------------------
<S> <C> <S> <C>
From Inception (3/31/95) to September 30, 1995 18.56% From Inception (3/31/95) to September 30, 1995 18.72%
</TABLE>

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the
Investor Class shares and Class R shares of the Growth Portfolio on
3/31/95 (Inception Date) to a $10,000 investment made in the Standard &
Poor's 500 Composite Stock Price Index ("S&P 500 Index") on that date as
well as to a Customized Blended Index reflecting the Portfolio's asset
allocation baseline percentages ("Baseline") which are described below
and in the Fund's prospectus. All dividends and capital gain
distributions are reinvested.

The Growth Portfolio allocates your money among domestic and foreign
stocks and bonds. The Portfolio's performance shown in the line graph
takes into account all applicable fees and expenses. The S&P 500 Index
is a widely accepted, unmanaged index of overall stock market
performance which does not take into account charges, fees and other
expenses. The S&P 500 Index was selected because (1) domestic common
stocks represent the highest Baseline percentage of the Portfolio's
assets and (2) the majority of the stock portion of the Portfolio is
invested in stocks included in the S&P 500 Index. The Customized
Blended Index has been prepared by the Fund for purposes of more
accurate comparison to the Portfolio's overall portfolio composition.
We have combined the performance of unmanaged indices reflecting the
Baseline percentages set forth in the Prospectus, but in greater detail
than the broader prospectus Baseline percentages: Domestic Large
Company Stocks-54.4%; Domestic Small Company Stocks-13.6%; Foreign
Stocks-12.0%; Domestic Bonds-17.0%; and Foreign Bonds-3.0%. The
Customized Blended Index combines returns from the S&P 500 Index, the
Russell 2000 Index, the Morgan Stanley Capital International Europe,
Australasia, Far East (Free) Index-Hedged,$U.S. ("EAFE Index"), the
Lehman Brothers Intermediate Government/Corporate Bond Index ("Lehman
Index") and the J.P. Morgan Non-U.S. Government Bond Index-Hedged ("J.P.
Morgan Global Index") and is weighted to the aforementioned Baseline
percentages. The Russell 2000 Index is an unmanaged index and is
composed of the 2,000 smallest companies in the Russell 3000 Index. The
Russell 3000 Index is composed of the largest U.S. companies by market
capitalization. The EAFE Index, which is the property of Morgan Stanley
& Co. Incorporated, is an unmanaged index composed of a sample of
companies representative of the market structure of 16 European and
Pacific Basin countries and includes net dividends reinvested. The
Lehman Index is a widely accepted, unmanaged index of Government and
Corporate bond market performance composed of U.S. Government, Treasury
and agency securities, fixed-income securities and nonconvertible
investment grade corporate debt, with an average maturity of 1-10 years.
The J.P. Morgan Global Index is an index Portfolio that measures returns
on bonds from 12 world markets, hedged into U.S. dollars. This index
does not include a U.S. bonds component. None of the foregoing indices
reflect account charges, fees or other expenses. Further information
relating to the Portfolio's performance, including expense
reimbursements, if applicable, is contained in the Condensed Financial
Information section of the Prospectus and elsewhere in this Report.

DREYFUS LIFETIME PORTFOLIOS, INC., Income Portfolio
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995

PRINCIPAL
BONDS AND NOTES--66.5% AMOUNT VALUE
--------- -----
<S> <C> <C>
U.S. GOVERNMENT SECURITIES: U.S. Treasury Bonds:
11 5/8%, 11/15/2004................... $ 600,000 $ 820,969
U.S. Treasury Notes:
7 1/2%, 1/31/1997..................... 2,945,000 3,008,041
5 5/8%, 1/31/1998..................... 3,000,000 2,982,189
5 1/8%, 11/30/1998.................... 250,000 244,141
7 1/8%, 9/30/1999..................... 1,000,000 1,039,375
8 3/4%, 8/15/2000..................... 700,000 779,078
8%, 5/15/2001......................... 1,000,000 1,090,781
7 1/2%, 11/15/2001.................... 180,000 192,740
7 1/2%, 2/15/2005..................... 600,000 653,156
-----------
9,989,501
===========
TOTAL BONDS AND NOTES
(cost $10,577,780).................... $10,810,470
===========

SHORT-TERM INVESTMENTS--31.9%
U.S. TREASURY BILLS: 5.38%, 10/5/1995...................... 41,000 $ 40,971
5.33%, 10/12/1995..................... 40,000 39,931
5.34%, 10/19/1995..................... 161,000 160,554
5.40%, 11/2/1995...................... 75,000 74,636
5.41%, 11/16/1995..................(a) 2,448,000 2,431,035
5.27%, 11/30/1995..................... 50,000 49,554
5.30%, 12/7/1995...................... 2,415,000 2,390,705
-----------
TOTAL SHORT-TERM INVESTMENTS
(cost $5,187,909)......................................................... $ 5,187,386
===========
TOTAL INVESTMENTS
(cost $15,765,689)........................................................ 98.4% $15,997,856
====== ===========

CASH AND RECEIVABLES (NET).................................................... 1.6% $ 264,679
====== ===========

NET ASSETS.................................................................... 100.0% $16,262,535
====== ===========

NOTE TO STATEMENT OF INVESTMENTS;
(a) Partially held by the custodian in a segregated account as collateral for open futures positions.
</TABLE>

STATEMENT OF FINANCIAL FUTURES SEPTEMBER 30, 1995

Financial Futures Purchased; MARKET VALUE UNREALIZED
NUMBER OF COVERED APPRECIATION
CONTRACTS BY CONTRACTS EXPIRATION AT 9/30/95
--------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Standard & Poor's 500................ 13 $3,823,300 December '95 $160,420
========

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
STATEMENT OF INVESTMENTS
SEPTEMBER 30, 1995
COMMON STOCKS--46.0% SHARES VALUE
------ -----
<S> <C> <C>
BASIC INDUSTRIES--2.5% Cabot..................................... 200 $ 10,625
Champion International.................... 1,400 75,425
Dow Chemical.............................. 700 52,150
duPont (E.I.) de Nemours.................. 300 20,625
Eastman Chemical.......................... 1,200 76,800
Federal Paper Board....................... 400 15,350
International Paper....................... 1,200 50,400
Lyondell Petrochemical.................... 1,000 25,875
PPG Industries............................ 500 23,250
Temple-Inland............................. 300 15,975
Union Carbide............................. 1,100 43,725
Wellman................................... 700 17,150
Weyerhaeuser.............................. 600 27,375
------------
454,725
------------
CAPITAL SPENDING--10.1% Advanced Micro Devices.................(a) 800 23,300
Applied Materials......................(a) 300 30,675
Arrow Electronics......................(a) 400 21,750
Avnet..................................... 700 36,138
Cabletron Systems......................(a) 800 52,700
Case...................................... 800 29,400
Caterpillar............................... 500 28,438
Ceridian...............................(a) 1,300 57,688
cisco Systems..........................(a) 900 62,100
Computer Associates International......... 1,350 57,038
Cummins Engine............................ 700 26,950
Deere & Co................................ 200 16,275
Eaton..................................... 1,600 84,800
General Electric.......................... 2,400 153,000
HBO & Co.................................. 800 50,000
Harnischfeger Industries.................. 300 10,012
HealthCare COMPARE.....................(a) 1,300 50,375
Hewlett-Packard........................... 600 50,025
Illinois Tool Works....................... 600 35,325
Intel..................................... 1,300 78,162
International Business Machines........... 1,500 141,563
Lockheed Martin........................... 1,200 80,550
Manpower.................................. 400 11,600
McDonnell Douglas......................... 400 33,100
Microsoft..............................(a) 700 63,350
Omnicom Group............................. 300 19,537
Oracle.................................(a) 1,100 42,212
Raytheon.................................. 1,200 102,000
Rockwell International.................... 1,100 51,975
Sun Microsystems.......................(a) 800 50,400
TRW....................................... 1,100 81,812
Teradyne...............................(a) 400 14,400
Texas Instruments......................... 1,500 119,812
3Com...................................(a) 600 27,300
------------
1,793,762
------------
CONSUMER CYCLICAL--5.9% American Greetings, Cl. A................. 900 $ 27,450
Capital Cities/ABC........................ 500 58,813
Chrysler.................................. 1,300 68,900
Circuit City Stores....................... 2,300 72,738
Eckerd.................................(a) 500 20,000
Ford Motor................................ 2,200 68,475
General Motors............................ 400 18,750
Goodyear Tire & Rubber.................... 600 23,625
Harley-Davidson........................... 500 12,188
King World Productions.................(a) 900 32,962
Magna International, Cl. A................ 400 18,050
Mattel.................................... 800 23,500
McDonald's................................ 1,600 61,200
Mirage Resorts.........................(a) 1,200 39,450
NIKE, Cl. B............................... 400 44,450
New York Times, Cl. A..................... 800 21,900
Philips Electronics, N.V.................. 1,200 58,500
Reynolds & Reynolds, Cl. A................ 900 30,937
Rite Aid.................................. 1,600 44,800
Safeway................................(a) 1,600 66,800
Sears, Roebuck & Co....................... 2,200 81,125
Tandy..................................... 1,400 85,050
V.F....................................... 600 30,600
Walgreen.................................. 1,700 47,600
------------
1,057,863
------------
CONSUMER STAPLES--6.0% Archer Daniels Midland.................... 2,310 35,516
CPC International......................... 900 59,400
Coca-Cola................................. 2,700 186,300
ConAgra................................... 1,500 59,438
Eastman Kodak............................. 700 41,475
Gillette.................................. 1,700 80,963
Heinz (H.J.).............................. 600 27,450
IBP....................................... 700 37,363
Johnson & Johnson......................... 2,300 170,487
Newell.................................... 900 22,275
PepsiCo................................... 1,400 71,400
Philip Morris Cos......................... 1,600 133,600
Procter & Gamble.......................... 600 46,200
Sara Lee.................................. 1,000 29,750
Unilever, N.V. (New York Shares).......... 400 52,000
Whitman................................... 1,200 24,750
------------
1,078,367
------------
ENERGY--4.4% Amoco..................................... 1,300 83,363
Atlantic Richfield........................ 400 42,950
Coastal................................... 500 16,812
Exxon..................................... 2,700 195,075
Mobil..................................... 1,200 119,550
Panhandle Eastern......................... 1,500 40,875
Phillips Petroleum........................ 800 26,000
Royal Dutch Petroleum (New York Shares)... 1,300 159,575
Smith International....................(a) 1,000 17,375
Tidewater................................. 1,000 28,125
Williams Cos.............................. 1,500 58,500
------------
788,200
------------
HEALTH CARE--4.2% Abbott Laboratories....................... 1,400 59,675
Amgen..................................(a) 1,200 59,850
Baxter International...................... 1,700 69,913
Becton, Dickinson & Co.................... 1,000 62,875
Boston Scientific......................(a) 500 21,312
Bristol-Myers Squibb...................... 600 43,725
Columbia/HCA Healthcare................... 1,200 58,350
Merck & Co................................ 2,700 151,200
Pfizer.................................... 1,500 80,062
Schering-Plough........................... 2,600 133,900
------------
740,862
------------
INTEREST SENSITIVE--6.0% Allstate.................................. 2,839 100,430
American National Insurance............... 300 17,475
Bank of New York.......................... 500 23,250
BankAmerica............................... 1,400 83,825
Bear Stearns Cos.......................... 1,700 36,550
CIGNA..................................... 900 93,712
Chemical Banking.......................... 1,500 91,313
Citicorp.................................. 1,700 120,275
Dean Witter, Discover & Co................ 1,300 73,125
EXEL Limited.............................. 1,100 63,938
First Chicago............................. 900 61,762
First USA................................. 1,100 59,675
Loews..................................... 200 29,100
NationsBank............................... 1,800 121,050
Providian................................. 100 4,150
Signet Banking............................ 900 23,625
Standard Federal Bancorporation........... 400 15,600
Travelers Group........................... 600 31,875
USLIFE.................................... 600 17,550
------------
1,068,280
------------
MINING AND METALS--.7% ASARCO.................................... 1,100 34,650
Alcan Aluminium........................... 700 22,663
Inland Steel Industries................... 1,000 22,750
Phelps Dodge.............................. 500 31,312
Reynolds Metals........................... 300 17,325
------------
128,700
------------
TRANSPORTATION--.7% AMR....................................(a) 200 14,425
CSX....................................... 400 33,650
Conrail................................... 500 34,375
Delta Air Lines........................... 300 20,775
Illinois Central, Ser. A.................. 700 27,387
------------
130,612
------------
UTILITIES--5.5% ALLTEL.................................... 700 20,913
Ameritech................................. 3,100 161,588
BellSouth................................. 2,100 153,563
Consolidated Edison....................... 2,200 66,825
DQE....................................... 1,150 30,475
Entergy................................... 2,900 75,762
General Public Utilities.................. 2,000 62,250
MCI Communications........................ 4,100 106,856
NYNEX..................................... 1,300 62,075
PECO Energy............................... 2,100 60,112
SBC Communications........................ 1,500 82,500
Sprint.................................... 2,400 84,000
WorldCom...............................(a) 300 9,637
------------
976,556
------------
TOTAL COMMON STOCKS
(cost $7,071,303) $ 8,217,927
============

PRINCIPAL
BONDS AND NOTES--32.1% AMOUNT
---------

U.S. GOVERNMENT SECURITIES: U.S. Treasury Bonds;
11.63%, 11/15/2004.................... $ 500,000 $ 684,141
------------

U.S. Treasury Notes:
7.50%, 1/31/1997...................... 1,715,000 1,751,711
5.63%, 1/31/1998...................... 1,350,000 1,341,985
5.13%, 11/30/1998..................... 350,000 341,797
7.13%, 9/30/1999...................... 500,000 519,688
8.75%, 8/15/2000...................... 300,000 333,891
8%, 5/15/2001......................... 300,000 327,234
7.50%, 11/15/2001..................... 100,000 107,078
5.75%, 8/15/2003...................... 325,000 316,062
------------
5,039,446
============

TOTAL BONDS AND NOTES
(cost $5,598,232)..................... $ 5,723,587
============

PRINCIPAL
SHORT-TERM INVESTMENTS--20.8% AMOUNT VALUE
--------- -----
U.S. TREASURY BILLS: 5.34%, 10/5/1995.......................(b) $ 71,000 $ 70,950
5.33%, 10/12/1995......................(b) 209,000 208,638
5.37%, 11/2/1995.......................(b) 180,000 179,127
5.41%, 11/16/1995......................(b) 709,000 704,087
5.25%, 12/7/1995.......................(b) 2,584,000 2,558,005
------------

TOTAL SHORT-TERM INVESTMENTS
(cost $3,721,591) $ 3,720,807
============
TOTAL INVESTMENTS (cost $16,391,126) 98.9% $ 17,662,321
====== ============
CASH AND RECEIVABLES (NET) 1.1% $ 188,069
====== ============
NET ASSETS 100.0% $ 17,850,390
====== ============

NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account as
collateral for open futures positions.
</TABLE>

STATEMENT OF FINANCIAL FUTURES SEPTEMBER 30, 1995

UNREALIZED
MARKET VALUE APPRECIATION/
NUMBER OF COVERED (DEPRECIATION)
FINANCIAL FUTURES PURCHASED: CONTRACTS BY CONTRACTS EXPIRATION AT 9/30/95
--------- ------------ ---------- --------------
<S> <C> <C> <C> <C>
Deutsche Aktienindex...................... 1 $ 150,112 December '95 $ (3,039)
Financial Times 100....................... 2 272,618 December '95 (471)
Hang Seng................................. 1 62,572 December '95 (1,054)
Nikkei 300................................ 13 355,610 December '95 799
Russell 2000.............................. 13 2,025,400 December '95 22,070
Standard & Poor's 500..................... 2 588,200 December '95 16,355
----------
$ 34,660
==========

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC., Growth Portfolio
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995

COMMON STOCKS--71.6% SHARES VALUE
------ -----
<S> <C> <C>
BASIC INDUSTRIES--4.1% Cabot..................................... 400 $ 21,250
Champion International.................... 2,600 140,075
Dow Chemical.............................. 1,400 104,300
duPont (E.I.) de Nemours.................. 2,000 137,500
Eastman Chemical.......................... 2,500 160,000
Federal Paper Board....................... 800 30,700
International Paper....................... 2,600 109,200
Lyondell Petrochemical.................... 2,000 51,750
PPG Industries............................ 1,000 46,500
Temple-Inland............................. 600 31,950
Union Carbide............................. 1,600 63,600
Wellman................................... 1,100 26,950
Weyerhaeuser.............................. 1,200 54,750
------------
978,525
------------
CAPITAL SPENDING--15.5% Advanced Micro Devices.................(a) 1,700 49,513
Applied Materials......................(a) 600 61,350
Arrow Electronics......................(a) 800 43,500
Avnet..................................... 1,400 72,275
Cabletron Systems......................(a) 1,700 111,988
Case...................................... 1,600 58,800
Caterpillar............................... 1,100 62,563
Ceridian...............................(a) 2,700 119,813
cisco Systems..........................(a) 1,800 124,200
Computer Associates International......... 2,850 120,412
Cummins Engine............................ 1,300 50,050
Deere & Co................................ 500 40,687
Eaton..................................... 3,300 174,900
General Electric.......................... 4,600 293,250
HBO & Co.................................. 1,700 106,250
Harnischfeger Industries.................. 800 26,700
HealthCare COMPARE.....................(a) 2,700 104,625
Hewlett-Packard........................... 1,200 100,050
Illinois Tool Works....................... 1,200 70,650
Intel..................................... 2,700 162,337
International Business Machines........... 3,200 302,000
Lockheed Martin........................... 2,600 174,525
Manpower.................................. 900 26,100
McDonnell Douglas......................... 900 74,475
Microsoft..............................(a) 1,300 117,650
Omnicom Group............................. 600 39,075
Oracle.................................(a) 2,300 88,262
Raytheon.................................. 2,400 204,000
Rockwell International.................... 2,300 108,675
Sun Microsystems.......................(a) 1,800 113,400
TRW....................................... 2,200 163,625
Teradyne...............................(a) 1,000 36,000
Texas Instruments......................... 3,000 239,625
3Com...................................(a) 1,400 63,700
------------
3,705,025
------------
CONSUMER CYCLICAL--9.3% American Greetings, Cl. A................. 1,900 $ 57,950
Capital Cities/ABC........................ 1,200 141,150
Chrysler.................................. 2,500 132,500
Circuit City Stores....................... 4,800 151,800
Eckerd.................................(a) 900 36,000
Ford Motor................................ 4,500 140,063
General Motors............................ 800 37,500
Goodyear Tire & Rubber.................... 1,300 51,188
Harley-Davidson........................... 1,700 41,438
King World Productions.................(a) 1,900 69,588
Magna International, Cl. A................ 900 40,612
Mattel.................................... 1,700 49,937
McDonald's................................ 3,400 130,050
Mirage Resorts.........................(a) 2,400 78,900
NIKE, Cl. B............................... 800 88,900
New York Times, Cl. A..................... 1,700 46,537
Philips Electronics, N.V.................. 2,200 107,250
Reynolds & Reynolds, Cl. A................ 1,900 65,312
Rite Aid.................................. 3,200 89,600
Safeway................................(a) 3,300 137,775
Sears, Roebuck & Co....................... 4,600 169,625
Tandy..................................... 3,000 182,250
V.F....................................... 1,300 66,300
Walgreen.................................. 3,600 100,800
------------
2,213,025
------------
CONSUMER STAPLES--9.4% Archer Daniels Midland.................... 4,900 75,338
CPC International......................... 1,900 125,400
Coca-Cola................................. 5,600 386,400
ConAgra................................... 3,000 118,875
Eastman Kodak............................. 1,400 82,950
Gillette.................................. 3,600 171,450
Heinz (H.J.).............................. 1,300 59,475
IBP....................................... 1,500 80,062
Johnson & Johnson......................... 4,800 355,800
Newell.................................... 2,000 49,500
PepsiCo................................... 2,700 137,700
Philip Morris Cos......................... 3,400 283,900
Procter & Gamble.......................... 1,200 92,400
Sara Lee.................................. 2,100 62,475
Unilever, N.V. (New York Shares).......... 800 104,000
Whitman................................... 2,400 49,500
------------
2,235,225
------------

ENERGY--7.0% Amoco..................................... 2,800 179,550
Atlantic Richfield........................ 900 96,638
Coastal................................... 800 26,900
Exxon..................................... 5,700 411,825
Mobil..................................... 2,600 259,025
Panhandle Eastern......................... 3,100 84,475
Phillips Petroleum........................ 1,700 55,250
Royal Dutch Petroleum (New York Shares)... 2,700 331,425
Smith International....................(a) 2,100 36,487
Tidewater................................. 2,100 59,062
Williams Cos.............................. 3,000 117,000
------------
1,657,637
------------

HEALTH CARE--6.3% Abbott Laboratories....................... 3,600 153,450
Amgen..................................(a) 2,600 129,675
Baxter International...................... 3,400 139,825
Becton, Dickinson & Co.................... 1,800 113,175
Boston Scientific......................(a) 1,100 46,888
Bristol-Myers Squibb...................... 1,200 87,450
Columbia/HCA Healthcare................... 2,400 116,700
Merck & Co................................ 5,600 313,600
Pfizer.................................... 3,100 165,462
Schering-Plough........................... 4,700 242,050
------------
1,508,275
------------

INTEREST SENSITIVE--9.3% Allstate.................................. 5,964 210,976
American National Insurance............... 700 40,775
Bank of New York.......................... 1,000 46,500
BankAmerica............................... 2,900 173,638
Bear Stearns Cos.......................... 3,500 75,250
CIGNA..................................... 1,800 187,425
Chemical Banking.......................... 3,200 194,800
Citicorp.................................. 3,500 247,625
Dean Witter, Discover & Co................ 2,400 135,000
EXEL Limited.............................. 2,300 133,688
First Chicago............................. 1,900 130,388
First USA................................. 2,300 124,775
Loews..................................... 300 43,650
NationsBank............................... 3,800 255,550
Providian................................. 300 12,450
Signet Banking............................ 1,800 47,250
Standard Federal Bancorporation........... 900 35,100
Travelers Group........................... 1,300 69,062
USLIFE.................................... 1,500 43,875
------------
2,207,777
------------
MINING & METALS--1.1% ASARCO.................................... 2,300 72,450
Alcan Aluminium........................... 1,400 45,325
Inland Steel Industries................... 2,200 50,050
Phelps Dodge.............................. 1,000 62,625
Reynolds Metals........................... 600 34,650
------------
265,100
------------
TRANSPORTATION--1.1% AMR....................................(a) 400 $ 28,850
CSX....................................... 900 75,712
Conrail................................... 1,000 68,750
Delta Air Lines........................... 600 41,550
Illinois Central, Ser. A.................. 1,400 54,775
------------
269,637
------------
UTILITIES--8.5% ALLTEL.................................... 1,400 41,825
Ameritech................................. 6,500 338,813
BellSouth................................. 4,400 321,750
Consolidated Edison....................... 4,600 139,725
DQE....................................... 2,350 62,275
Entergy................................... 6,100 159,363
General Public Utilities.................. 4,100 127,613
MCI Communications........................ 8,700 226,743
NYNEX..................................... 2,400 114,600
PECO Energy............................... 4,400 125,950
SBC Communications........................ 3,200 176,000
Sprint.................................... 5,000 175,000
WorldCom...............................(a) 700 22,487
------------
2,032,144
------------
TOTAL COMMON STOCKS
(cost $14,751,836).................... $ 17,072,370
============

PRINCIPAL
SHORT-TERM INVESTMENTS--28.2% AMOUNT VALUE
--------- -----
U.S. TREASURY BILLS: 5.34%, 10/5/1995.......................(b) $ 191,000 $ 190,864
5.36%, 10/19/1995......................(b) 114,000 113,684
5.40%, 10/26/1995......................(b) 105,000 104,613
5.37%, 11/2/1995.......................(b) 1,803,000 1,794,255
5.16%, 11/9/1995.......................(b) 121,000 120,289
5.32%, 11/16/1995......................(b) 1,196,000 1,187,712
5.28%, 12/7/1995.......................(b) 3,237,000 3,204,436
-----------
TOTAL SHORT-TERM INVESTMENTS
(cost $6,716,972)..................... $ 6,715,853
===========
TOTAL INVESTMENTS (cost $21,468,808).......................................... 99.8% $23,788,223
====== ===========
CASH AND RECEIVABLES (NET).................................................... .2% $ 48,781
====== ===========
NET ASSETS.................................................................... 100.0% $23,837,004
====== ===========

NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account as
collateral for open futures positions.
</TABLE>

STATEMENT OF FINANCIAL FUTURES SEPTEMBER 30, 1995

UNREALIZED
MARKET VALUE APPRECIATION/
NUMBER OF COVERED (DEPRECIATION)
FINANCIAL FUTURES PURCHASED: CONTRACTS BY CONTRACTS EXPIRATION AT 9/30/95
--------- ------------ ---------- --------------
<S> <C> <C> <C> <C>
CAC 40 Index.............................. 2 $ 141,110 December '95 $(9,396)
Deutsche Aktienindex...................... 2 300,223 December '95 (6,078)
Financial Times 100....................... 4 545,790 December '95 360
Hang Seng................................. 3 187,716 December '95 (3,208)
Nikkei 300................................ 38 1,034,983 December '95 (2,533)
Russell 2000.............................. 27 4,206,600 December '95 42,830
-------
$21,975
=======

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995

INCOME GROWTH AND INCOME GR0WTH
PORTFOLIO PORTFOLIO PORTFOLIO
--------- ----------------- ---------
<S> <C> <C> <C>
ASSETS:
Investments in securities, at value
[cost--Note 4(b)]--see statement.............. $15,997,856 $17,662,321 $23,788,223
Cash.............................................. 82,413 8,380 30,078
Dividends and interest receivable................. 181,653 114,194 33,066
Receivable for futures variation margin........... -- 6,508 19,590
Prepaid expenses--Note 2(g)....................... 57,859 95,341 59,599
----------- ----------- -----------
16,319,781 17,886,744 23,930,556
----------- ----------- -----------
LIABILITIES:
Due to The Dreyfus Corporation.................... 10,683 6,439 11,489
Due to Distributor................................ 1,662 1,757 2,429
Payable for investment securities purchased....... -- 9,612 19,748
Payable for futures variation margin.............. 6,500 -- --
Accrued expenses and other liabilities............ 38,401 18,546 59,886
----------- ----------- -----------
57,246 36,354 93,552
----------- ----------- -----------
NET ASSETS............................................ $16,262,535 $17,850,390 $23,837,004
=========== =========== ===========
REPRESENTED BY:
Paid-in capital................................... $15,041,856 $15,666,553 $20,103,205
Accumulated undistributed investment income-net... 474,272 332,653 318,027
Accumulated undistributed net realized gain
on investments................................ 353,820 545,329 1,074,382
Accumulated net unrealized appreciation on
investments and foreign currency
transactions [including $160,420, $34,660
and $21,975 net unrealized appreciation on
financial futures for the Income Portfolio,
Growth and Income Portfolio and Growth
Portfolio, respectively]--Note 4(b)........... 392,587 1,305,855 2,341,390
----------- ----------- -----------
NET ASSETS at value................................... $16,262,535 $17,850,390 $23,837,004
=========== =========== ===========
Shares of Common Stock outstanding:
Class R Shares
(50 million shares of $.001 par value
shares authorized)............................ 601,975 646,297 801,860
=========== =========== ===========
Investor Class Shares
(50 million shares of $.001 par value
shares authorized)............................ 601,320 601,948 805,586
=========== =========== ===========
NET ASSET VALUE per share:
Class R Shares
($8,140,844 / 601,975 shares)................. $13.52
======
($9,247,876 / 646,297 shares)................. $14.31
======
($11,898,401 / 801,860 shares)................ $14.84
======
Investor Class Shares
($8,121,691 / 601,320 shares)................. $13.51
======
($8,602,514 / 601,948 shares)................. $14.29
======
($11,938,603 / 805,586 shares)................ $14.82
======

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
STATEMENT OF OPERATIONS
FROM MARCH 31, 1995 (COMMENCEMENT OF OPERATIONS) TO SEPTEMBER 30, 1995

INCOME GROWTH AND INCOME GR0WTH
PORTFOLIO PORTFOLIO PORTFOLIO
--------- ----------------- ---------
<S> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest...................................... $ 531,783 $ 314,676 $ 231,188
Cash dividends (net of $1,565 and $2,987
foreign taxes withheld at source for
the Growth and Income Portfolio and
the Growth Portfolio, respectively)....... -- 90,530 184,266
----------- ----------- -----------
TOTAL INCOME ......................... 531,783 405,206 415,454
----------- ----------- -----------
EXPENSES--Note 2(d):
Management fee--Note 3(a)..................... $ 47,599 $ 61,635 $ 82,882
Legal fees.................................... 12,908 13,195 16,735
Distribution fees
(Investor Class shares)--Note 3(b)........ 9,913 10,185 13,812
Organization expenses--Note 2(g).............. 7,641 8,968 7,642
Registration fees............................. 5,187 8,545 7,306
Auditing fees................................. 4,083 4,083 4,333
Director's fees and expenses--Note 3(c)....... 3,400 3,252 4,022
Shareholder servicing costs................... 3,049 4,804 4,056
Shareholders' reports......................... 2,667 2,871 2,871
Custodian fees................................ 1,405 8,061 9,385
Miscellaneous................................. 816 829 829
----------- ----------- -----------
98,668 126,428 153,873
Less--reduction in management fee due to
undertakings--Note 3(a)................... 41,157 53,875 56,446
----------- ----------- -----------
TOTAL EXPENSES........................ 57,511 72,553 97,427
----------- ----------- -----------
INVESTMENT INCOME--NET................ 474,272 332,653 318,027
----------- ----------- -----------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 4(a)....... $ 5,000 $ 197,726 $ 396,526
Net realized gain on financial futures
(including foreign currency
transactions)--Note 4(a);
Long Transactions................................. 348,820 347,603 677,856
----------- ----------- -----------
NET REALIZED GAIN................................. 353,820 545,329 1,074,382
----------- ----------- -----------
Net unrealized appreciation on investments
(including foreign currency transactions)
(including $160,420, $34,660 and $21,975
net unrealized appreciation on financial
futures for the Income Portfolio, the Growth
and Income Portfolio and the Growth
Portfolio, respectively)...................... 392,587 1,305,855 2,341,390
----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS................... 746,407 1,851,184 3,415,772
----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.. $ 1,220,679 $ 2,183,837 $ 3,733,799
=========== =========== ===========

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
STATEMENT OF CHANGES IN NET ASSETS
FROM MARCH 31, 1995 (COMMENCEMENT OF OPERATIONS) TO SEPTEMBER 30, 1995
INCOME
PORTFOLIO
---------
<S> <C>
OPERATIONS:
Investment income--net.............................................. $ 474,272
Net realized gain on investments.................................... 353,820
Net unrealized appreciation on investments for the period........... 392,587
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........... 1,220,679
-----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class R shares.................................................. 7,508,845
Investor Class shares........................................... 7,504,669
Cost of shares redeemed;
Investor Class shares........................................... (4,658)
-----------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS...... 15,008,856
-----------
TOTAL INCREASE IN NET ASSETS............................ 16,229,535
===========
NET ASSETS:
Beginning of period--Note 1......................................... 33,000
-----------
End of period (including undistributed investment income-net of
$474,272 on September 30, 1995)................................. $16,262,535
===========

</TABLE>

SHARES
----------------------------
CLASS R INVESTOR CLASS
------- --------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold......................................................... 600,655 600,353
Shares redeemed..................................................... -- (353)
------- -------
NET INCREASE IN SHARES OUTSTANDING.............................. 600,655 600,000
======= =======

See notes to financial statements.

</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
FROM MARCH 31, 1995 (COMMENCEMENT OF OPERATIONS) TO SEPTEMBER 30, 1995
GROWTH AND INCOME
PORTFOLIO
-----------------
<S> <C>
OPERATIONS:
Investment income--net.............................................. $ 332,653
Net realized gain on investments.................................... 545,329
Net unrealized appreciation on investments for the period........... 1,305,855
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 2,183,837
-----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class R shares.................................................. 8,144,735
Investor Class shares........................................... 7,509,353
Cost of shares redeemed:
Class R shares.................................................. (20,620)
Investor Class shares........................................... (915)
-----------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS...... 15,632,553
-----------
TOTAL INCREASE IN NET ASSETS............................ 17,816,390
NET ASSETS:
Beginning of period--Note 1......................................... 34,000
-----------
End of period (including undistributed investment income-net of
$332,653 on September 30, 1995)..................................... $17,850,390
===========
</TABLE>

SHARES
----------------------------
CLASS R INVESTOR CLASS
------- --------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold......................................................... 646,375 600,654
Shares redeemed..................................................... (1,438) (66)
------- -------
NET INCREASE IN SHARES OUTSTANDING.............................. 644,937 600,588
======= =======

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
FROM MARCH 31, 1995 (COMMENCEMENT OF OPERATIONS) TO SEPTEMBER 30, 1995
GROWTH
PORTFOLIO
---------
<S> <C>
OPERATIONS:
Investment income--net.............................................. $ 318,027
Net realized gain on investments.................................... 1,074,382
Net unrealized appreciation on investments for the period........... 2,341,390
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 3,733,799
-----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class R shares.................................................. 10,007,843
Investor Class shares........................................... 10,067,618
Cost of shares redeemed;
Investor Class shares........................................... (5,256)
-----------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS...... 20,070,205
-----------
TOTAL INCREASE IN NET ASSETS............................ 23,804,004
NET ASSETS:
Beginning of period--Note 1......................................... 33,000
-----------
End of period (including undistributed investment income-net of
$318,027 on September 30, 1995)................................. $23,837,004
-----------
</TABLE>

SHARES
----------------------------
CLASS R INVESTOR CLASS
------- --------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold......................................................... 800,540 804,636
Shares redeemed..................................................... -- (370)
------- -------
NET INCREASE IN SHARES OUTSTANDING.............................. 800,540 804,266
======= =======

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each series for the period March 31,
1995 (commencement of operations) to September 30, 1995. This information has
been derived from the Portfolios' financial statements.

INCOME PORTFOLIO
---------------------------------------
CLASS R SHARES INVESTOR CLASS SHARES
-------------- ---------------------
<S> <C> <C>
PER SHARE DATA:

Net asset value, beginning of period................................ $12.50 $12.50
------ ------

INVESTMENT OPERATIONS:

Investment income--net.............................................. .40 .39

Net realized and unrealized gain on investments..................... .62 .62
------ ------
TOTAL FROM INVESTMENT OPERATIONS................................ 1.02 1.01
------ ------

Net asset value, end of period...................................... $13.52 $13.51
====== ======

TOTAL INVESTMENT RETURN*................................................ 8.24% 8.08%

RATIOS/SUPPLEMENTAL DATA:

Ratio of operating expenses to average net assets*.................. .30% .43%

Ratio of net investment income to average net assets*............... 3.08% 2.95%

Decrease reflected in above expense ratios due to undertaking
by the Manager*................................................. .26% .26%

Portfolio Turnover Rate*............................................ 5.66% 5.66%
Net Assets, end of period (000's Omitted)........................... $8,141 $8,122

- -----------------
* Not annualized.

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)

GROWTH AND INCOME PORTFOLIO
---------------------------------------
CLASS R SHARES INVESTOR CLASS SHARES
-------------- ---------------------
<S> <C> <C>
PER SHARE DATA:

Net asset value, beginning of period................................ $12.50 $12.50
------ ------

INVESTMENT OPERATIONS:

Investment income--net.............................................. .27 .27
Net realized and unrealized gain on investments..................... 1.54 1.52
------ ------
TOTAL FROM INVESTMENT OPERATIONS................................ 1.81 1.79
------ ------

Net asset value, end of period...................................... $14.31 $14.29
====== ======

TOTAL INVESTMENT RETURN*................................................ 14.48% 14.32%

RATIOS/SUPPLEMENTAL DATA:

Ratio of operating expenses to average net assets*.................. .38% .51%

Ratio of net investment income to average net assets*............... 2.10% 1.98%

Decrease reflected in above expense ratios due to undertaking
by the Manager*................................................. .33% .33%

Portfolio Turnover Rate*............................................ 33.55% 33.55%
Net Assets, end of period (000's Omitted)........................... $9,248 $8,602

- -----------------
* Not annualized.

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)

GROWTH PORTFOLIO
---------------------------------------
CLASS R SHARES INVESTOR CLASS SHARES
-------------- ---------------------
<S> <C> <C>
PER SHARE DATA:

Net asset value, beginning of period................................ $12.50 $12.50
------ ------

INVESTMENT OPERATIONS:

Investment income--net.............................................. .21 .19

Net realized and unrealized gain on investments..................... 2.13 2.13
------ ------
TOTAL FROM INVESTMENT OPERATIONS................................ 2.34 2.32
------ ------

Net asset value, end of period...................................... $14.84 $14.82
====== ------

TOTAL INVESTMENT RETURN*................................................ 18.72% 18.56%

RATIOS/SUPPLEMENTAL DATA:

Ratio of operating expenses to average net assets*.................. .38% .51%

Ratio of net investment income to average net assets*............... 1.51% 1.39%

Decrease reflected in above expense ratios due to undertaking
by the Manager*................................................. .26% .26%

Portfolio Turnover Rate*............................................ 52.86% 52.86%
Net Assets, end of period (000's Omitted)........................... $11,898 $11,939

- ---------------
* Not annualized.

See notes to financial statements.
</TABLE>

DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS

NOTE 1--GENERAL:
Dreyfus LifeTime Portfolios, Inc. (the "Fund"), formerly Dreyfus
Retirement Portfolios, Inc., was incorporated on July 15, 1993 and
operates as a series company currently offering three portfolios: the
Income Portfolio, the Growth and Income Portfolio and the Growth
Portfolio. The Fund accounts separately for the assets, liabilities and
operations of each Portfolio. The Fund had no operations until March 31,
1995 (when operations commenced for all Portfolios) other than matters
relating to its organization and registration as a diversified open-end
management investment company under the Investment Company Act of 1940
("Act") and the Securities Act of 1933 and the sale and issuance of
2,640 shares of Common Stock ("Initial Shares") of the Income Portfolio
and the Growth Portfolio, and 2,720 shares of Common Stock of the Growth
and Income Portfolio to MBC Investments Corporation. The Dreyfus
Corporation ("Manager") serves as each Portfolio's investment adviser.
The Manager is a direct subsidiary of Mellon Bank, N.A. Mellon Equity
Associates ("Mellon Equity") serves as each Portfolios' sub-investment
adviser. Premier Mutual Fund Services, Inc. (the "Distributor") acts as
the distributor of the Fund's shares. The Distributor, located at One
Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of
FDI Holdings, Inc., the parent company of which is Boston Institutional
Group, Inc.
As of September 30, 1995, Allomon Corporation, a subsidiary of
Mellon Bank Investments Corporation, which in turn is a subsidiary of
Mellon Bank, held the following shares:

Income Portfolio 1,200,000 Growth Portfolio 1,600,000
Growth and Income Portfolio 1,200,000

Each Portfolio offers both Investor Class shares and Class R shares.
Investor Class shares are offered to any investor and Class R shares are
offered only to institutional investors. Other differences between the
two classes include the services offered to and the expenses borne by
each class.

NOTE 2--SIGNIFICANT ACCOUNTING POLICIES:
(A) PORTFOLIO VALUATION: Each Portfolios' investments in securities
(including options and financial futures) are valued at the last sales
price on the securities exchange on which such securities are primarily
traded or at the last sales price on the national securities market.
Securities not listed on an exchange or the national securities market,
or securities for which there were no transactions, are valued at the
average of the most recent bid and asked prices. Bid price is used when
no asked price is available. Investments denominated in foreign
currencies are translated to U.S. dollars at the prevailing rates of
exchange.
Most debt securities (excluding short-term investments) are valued
each business day by an independent pricing service ("Service") approved
by the Board of Directors. Debt securities for which quoted bid prices
are readily available and are representative of the bid side of the
market in the judgment of the Service are valued at the mean between the
quoted bid prices (as obtained by the Service from dealers in such
securities) and asked prices (as calculated by the Service based upon
its evaluation of the market for such securities). Other debt securities
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of securities of
comparable quality, coupon, maturity and type; indications as to values
from dealers; and general market conditions.
DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS
(continued)
(B) FOREIGN CURRENCY TRANSACTIONS: The Fund does not isolate that
portion of the results of operations resulting from changes in foreign
exchange rates on investments from the fluctuations arising from changes
in market prices of securities held. Such fluctuations are included with
the net realized and unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, and
currency gains and losses realized on securities transactions. the
difference between the amounts of dividends, interest and foreign
withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains and losses arise from changes in the value of
assets and liabilities other than investments in securities at fiscal
year end, resulting from changes in exchange rates. Such gains and
losses are included with net realized and unrealized gain and loss on
investments.
(C) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss
from securities transactions are recorded on the identified cost basis.
Dividend income is recognized on the ex-dividend date and interest
income, including, where applicable, amortization of discount on
investments, is recognized on the accrual basis.
(D) EXPENSES: Expenses directly attributable to each Portfolio are
charged to that Portfolio's operations; expenses which are applicable to
all series are allocated among them on a pro rata basis.
(E) DIVIDENDS TO SHAREHOLDERS: Dividends payable to shareholders are
recorded by each Portfolio on the ex-dividend date. Dividends from
investment income-net and dividends from net realized capital gain, with
respect to each Portfolio, are normally declared and paid annually, but
each Portfolio may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue Code. To the
extent that a net realized capital gain of a Portfolio can be offset by
a capital loss carryover, if any, of that Portfolio, such gain will not
be distributed.
(F) FEDERAL INCOME TAXES: It is the policy of the Fund to qualify as
a regulated investment company, if such qualification is in the best
interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of
taxable income sufficient to relieve it from substantially all Federal
income and excise taxes. For Federal income tax purposes, each Portfolio
is treated as a single entity for the purpose of determining such
qualification.
(G) OTHER: Organization expenses paid by the Portfolio are included
in prepaid expenses and are being amortized to operations from the date
operations commenced over the period during which it is expected that a
benefit will be realized, not to exceed five years. At September 30,
1995, the unamortized balance of such expenses of each of the respective
Portfolio's amounted to the following:

Income Portfolio $57,858 Growth Portfolio $57,858
Growth and Income Portfolio 67,900

DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS
(continued)
NOTE 3--MANAGEMENT FEE, SUB-INVESTMENT ADVISORY FEE AND OTHER
TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the
Manager, the management fee is computed on the average daily value of
each Portfolio's net assets and is payable monthly at the following
annual rates: 60 of 1% of the Income Portfolio, and 75 of 1% of the
Growth and Income Portfolio and the Growth Portfolio. The Agreement
provides that if in any full fiscal year the aggregate expenses of any
Portfolio, exclusive of taxes, brokerage, interest on borrowings (which,
in the view of Stroock & Stroock & Lavan, counsel to the Fund, also
contemplates dividends accrued on securities sold short) and
extraordinary expenses, exceed the expense limitation of any state
having jurisdiction over the Fund, that Portfolio may deduct from
payments to be made to the Manager, or the Manager will bear the amount
of such excess to the extent required by state law. The most stringent
state expense limitation applicable to each Portfolio presently requires
reimbursement of expenses in any full fiscal year that such expenses
(excluding 12b-1 Service Plan and certain expenses as described above)
exceed 2 1/2% of the first $30 million, 2% of the next $70 million and 1
1/2% of the excess over $100 million of the average value of that
Portfolio's net assets in accordance with California "blue sky"
regulations. The Manager has undertaken with respect to the Income
Portfolio from March 31, 1995 through December 31, 1995, or until such
time as the net assets of the Portfolio exceed $500 million, regardless
of whether they remain at that level, to reduce to the management fee
paid by, or reimburse such excess expenses of the Portfolio, to the
extent that the Portfolios' aggregate annual expenses (excluding 12b-1
Service Plan and certain expenses as described above) exceed an annual
rate of 60 of 1% of the average daily value of the Portfolios' net
assets. With respect to the Growth and Income Portfolio and the Growth
Portfolio, the Manager has undertaken from March 31, 1995 through
December 31, 1995, or until such time as the net assets of the
Portfolios' exceed $500 million, regardless of whether they remain at
that level, to reduce the management fee paid by, or reimburse such
excess expenses of the Portfolio, to the extent that the Portfolio's
aggregate annual expenses (excluding 12b-1 Service Plan and certain
expenses as described above) exceed an annual rate of 75 of 1% of the
average daily value of the Portfolio's net assets.
The expense reimbursements, pursuant to the undertakings amounted to
the following for the period ended September 30, 1995:

Income Portfolio $41,157 Growth Portfolio $56,446
Growth and Income Portfolio 53,875

The undertakings may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than
the amount required pursuant to the agreement.
DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS
(continued)
Pursuant to a Sub-Investment Advisory Agreement between the Manager
and Mellon Equity, the Manager has agreed to pay Mellon Equity a monthly
sub-advisory fee for each Portfolio, computed at the following annual
rates:
Annual Fee as a Percentage of
Total Fund Net Assets Average Daily Net Assets of each Portfolio
- --------------------- ------------------------------------------
0 to $600 million. .35 of 1%
$600 up to $1.2 billion .25 of 1%
$1.2 up to $1.8 billion .20 of 1%
In excess of $1.8 billion .15 of 1%

(B) Under the Service Plan (the "Plan") with respect to the Investor
Class shares only, adopted pursuant to Rule 12b-1 under the Act, the
Fund (a) reimburses the Distributor for payments to certain Service
Agents for distributing each Portfolio's Investor Class shares and
servicing Investor Class shareholder accounts ("Servicing") and (b) pays
the Manager, Dreyfus Service Corporation, a wholly-owned subsidiary of
the Manager, and any affiliate of either of them (collectively,
"Dreyfus") for advertising and marketing relating to each Portfolio's
Investor Class shares and for Servicing, at an aggregate annual rate of
.25 of 1% of the value of each Portfolio's average daily net assets of
Investor Class shares. Each of the Distributor and Dreyfus may pay one
or more Service Agents a fee in respect of Investor Class shares owned
by shareholders with whom the Service Agent has a Servicing relationship
or for whom the Service Agent is the dealer or holder of record. Each of
the Distributor and Dreyfus determines the amounts, if any, to be paid
to Service Agents under the Plan and the basis on which such payments
are made. The fees payable under the Plan are payable without regard to
actual expenses incurred. The Plan also separately provides for each
Portfolio to bear the costs of preparing, printing and distributing
certain of the Fund's prospectuses and statements of additional
information and costs associated with implementing and operating the
Plan, not to exceed the greater of $100,000 or .005 of 1% of each
Portfolio's average daily net assets of Investor Class shares for any
full fiscal year.
During the period ended September 30, 1995, the following was
charged to each Portfolio pursuant to the Plan:

Income Portfolio $ 9,913 Growth Portfolio $13,812
Growth and Income Portfolio 10,185

Effective October 1, 1995, the Plan has been terminated.
Effective October 2, 1995, the Fund has adopted a Shareholder
Services Plan. Under the Shareholder Services Plan, the Fund pays the
Distributor, at an annual rate of .25 of 1% of the value of the average
daily net assets of the Portfolio's Investor Class shares only for the
provision of certain services. The services provided may include
personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder
accounts. The Distributor may make payments to Service Agents in respect
of these services. The Distributor determines the amounts to be paid to
Service Agents.
(C) Each director who is not an "affiliated person" as defined in
the Act receives from the Fund an annual fee of $1,000 and an attendance
fee of $250 per meeting. The Chairman of the Board receives an
additional 25% of such compensation.
DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS
(continued)
NOTE 4--SECURITIES TRANSACTIONS:
(A) The following summarizes the aggregate amount of purchases and
sales of investment securities, excluding short-term securities, for the
period ended September 30, 1995:

PURCHASES SALES
----------- ----------
Income Portfolio................. $11,067,283 $ 511,484
Growth and Income Portfolio...... 16,235,527 3,771,966
Growth Portfolio................. 21,542,148 7,187,600

The Fund may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. The Fund is
exposed to market risk as a result of changes in the value of the
underlying financial instruments (see the Statements of Financial
Futures). Investments in financial futures require the Fund to "mark to
market" on a daily basis, which reflects the change in the market value
of the contract at the close of each day's trading. Typically, variation
margin payments are made or received to reflect daily unrealized gains
or losses. When the contracts are closed, the Fund recognizes a realized
gain or loss. These investments require initial margin deposits with a
custodian, which consist of cash or cash equivalents, up to
approximately 10% of the contract amount. The amount of these deposits
is determined by the exchange or Board of Trade on which the contract is
traded and is subject to change. Contracts open at September 30, 1995
and their related unrealized market appreciation (depreciation) are set
forth in the Statements of Financial Futures.
(B) The following summarizes accumulated net unrealized appreciation
on investments for each Portfolio at September 30, 1995:

Gross Gross
Appreciation (Depreciation) Net
------------ -------------- ----------
Income Portfolio............. $ 393,804 $ (1,217) $ 392,587
Growth and Income Portfolio.. 1,367,745 (61,890) 1,305,855
Growth Portfolio............. 2,495,195 (153,805) 2,341,390

At September 30, 1995, the cost of investments of each Portfolio for
Federal income tax purposes was substantially the same as the cost for
financial reporting purposes. The cost of investments for Portfolio
series for financial reporting purposes as of September 30, 1995 was as
follows:

Income Portfolio $15,765,689 Growth Portfolio $21,468,808
Growth and Income Portfolio 16,391,126

Dreyfus LifeTime Portfolios, Inc.
Report of Ernst & Young LLP, Independent Auditors

Shareholders and Board of Directors
Dreyfus LifeTime Portfolios, Inc.

We have audited the accompanying statement of assets and
liabilities, including the statements of investments and financial
futures, of Dreyfus LifeTime Portfolios, Inc., (comprised of the Income
Portfolio, the Growth and Income Portfolio and the Growth Portfolio) as
of September 30, 1995, and the related statements of operations and
changes in net assets and financial highlights for the period from March
31, 1995 (commencement of operations) to September 30, 1995. These
financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of September 30, 1995 by
correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the respective Portfolios constituting the
Dreyfus LifeTime Portfolios, Inc. at September 30, 1995, and the results
of their operations, the changes in their net assets and the financial
highlights for the period from March 31, 1995 to September 30, 1995, in
conformity with generally accepted accounting principles.

[Ernst & Young LLP signature logo]

New York, New York
November 8, 1995

[DREYFUS LION "d" LOGO]

Dreyfus LifeTime
Portfolios, Inc.
200 Park Avenue
New York, NY 10166

Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Custodian
The Bank of New York
90 Washington Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940

Further information is contained
in the Prospectus, which must
precede or accompany this report.

Printed in U.S.A. DRP/AR959

[DREYFUS logo]

LifeTime
Portfolios, Inc.
Annual Report

September 30, 1995

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE GROWTH AND
INCOME PORTFOLIO INVESTOR CLASS AND CLASS R OF DREYFUS LIFETIME
PORTFOLIOS, INC. WITH THE STANDARD & POOR'S 500 COMPOSITE STOCK INDEX
AND A CUSTOMIZED BLENDED INDEX

EXHIBIT A:
|---------------------------------------------------------------|
| | LIFETIME | | | |
| |GROWTH AND| LIFETIME | STANDARD | |
| | INCOME | GROWTH AND |& POOR'S 500 | |
| |PORTFOLIO | INCOME | COMPOSITE |CUSTOMIZED|
| |INVESTOR | PORTFOLIO | STOCK | BLENDED |
| PERIOD | CLASS | CLASS R |PRICE INDEX *| INDEX ** |
|--------|-----------------------------|-------------|----------|
|3/31/95 | 10,000 | 10,000 | 10,000 | 10,000 |
|4/30/95 | 10,208 | 10,208 | 10,294 | 10,204 |
|5/31/95 | 10,536 | 10,536 | 10,705 | 10,522 |
|6/30/95 | 10,728 | 10,736 | 10,953 | 10,678 |
|7/31/95 | 11,072 | 11,080 | 11,316 | 10,909 |
|8/31/95 | 11,160 | 11,176 | 11,345 | 11,003 |
|9/30/95 | 11,432 | 11,448 | 11,823 | 11,239 |
|---------------------------------------------------------------|

*Source: Lipper Analytical Services, Inc.
**Source: Lipper Analytical Services, Inc., Lehman Brothers,
Morgan Stanley & Co. Incorporated and J.P. Morgan & Co. Incorporated

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE INCOME
PORTFOLIO INVESTOR CLASS AND CLASS R OF DREYFUS LIFETIME PORTFOLIOS,
INC. WITH THE LEHMAN BROTHERS GOVERNMENT / CORPORATE INTERMEDIATE
BOND INDEX AND A CUSTOMIZED BLENDED INDEX

EXHIBIT A:
|------------------------------------------------------------------ |
| | | | | |
| | | |LEHMAN BROTHERS| |
| | LIFETIME | LIFETIME | GOVERNMENT/ | |
| | INCOME | INCOME | CORPORATE |CUSTOMIZED |
| PERIOD | PORTFOLIO | PORTFOLIO | INTERMEDIATE | BLENDED |
| |INVESTOR CLASS| CLASS R | BOND INDEX * | INDEX ** |
|---------|-----------------------------|---------------|---------- |
| 3/31/95 | 10,000 | 10,000 | 10,000 | 10,000 |
| 4/30/95 | 10,128 | 10,136 | 10,123 | 10,154 |
| 5/31/95 | 10,416 | 10,424 | 10,430 | 10,458 |
| 6/30/95 | 10,512 | 10,520 | 10,499 | 10,566 |
| 7/31/95 | 10,600 | 10,608 | 10,501 | 10,653 |
| 8/31/95 | 10,664 | 10,672 | 10,596 | 10,729 |
| 9/30/95 | 10,808 | 10,824 | 10,673 | 10,893 |
|------------------------------------------------------------------ |

*Source: Lehman Brothers
**Source: Lehman Brothers, Lipper Analytical Services, Inc.,
and The Wall Street Journal

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE GROWTH
PORTFOLIO INVESTOR CLASS AND CLASS R OF DREYFUS LIFETIME PORTFOLIOS,
INC. WITH THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX AND
A CUSTOMIZED BLENDED INDEX

EXHIBIT A:
|-------------------------------------------------------------------|
| | LIFETIME | LIFETIME | STANDARD | |
| | GROWTH | GROWTH | & POOR'S 500 |CUSTOMIZED|
|PERIOD | PORTFOLIO | PORTFOLIO |COMPOSITE STOCK | BLENDED |
| |INVESTOR CLASS| CLASS R | PRICE INDEX * | INDEX ** |
|-------|-------------------------------|----------------|----------|
|3/31/95| 10,000 | 10,000 | 10,000 | 10,000 |
|4/30/95| 10,256 | 10,256 | 10,294 | 10,251 |
|5/31/95| 10,600 | 10,600 | 10,705 | 10,559 |
|6/30/95| 10,864 | 10,872 | 10,953 | 10,751 |
|7/31/95| 11,384 | 11,392 | 11,316 | 11,126 |
|8/31/95| 11,480 | 11,488 | 11,345 | 11,228 |
|9/30/95| 11,856 | 11,872 | 11,823 | 11,541 |
|-------------------------------------------------------------------|

*Source: Lipper Analytical Services, Inc.
**Source: Lipper Analytical Services, Inc., Lehman Brothers, Morgan
Stanley & Co. Incorporated and J.P. Morgan & Co. Incorporated