<PAGE>
Dreyfus
LifeTime
Portfolios, Inc.
Annual Report
September 30, 1997
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
- --------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
It is a pleasure to inform you that Dreyfus LifeTime Portfolios, Inc.
delivered rewarding performance for the fiscal year ended September 30, 1997.
Two of the three portfolios--Growth and Growth and Income--provided higher
returns than their baseline blended indexes.
The following table summarizes the performance for the year ended September
30, 1997:
<TABLE>
<CAPTION>
Lehman Brothers
Standard & Poor's 500 Intermediate
Customized Composite Stock Government/Corporate
Portfolio Portfolio Blended Index Price Index Bond Index
(Class) Total Return* Total Return** Total Return* Total Return*
- --------- ------------- -------------- --------------------- --------------------
<S> <C> <C> <C> <C>
Growth
Investor Shares 34.32% 30.99% 40.43% 8.19%
Restricted Shares 34.70%
Growth and Income
Investor Shares 25.85% 22.99%
Restricted Shares 25.22%
Income
Investor Shares 13.19% 15.15%
Restricted Shares 13.50%
</TABLE>
ECONOMIC REVIEW
A major surprise this year has been that the rate of inflation has continued
to moderate. This has occurred despite a tightening labor market and consecutive
quarters of strong economic growth. Moreover, overall corporate profits have
continued to surprise on the upside. Slowing inflation has kept short-term
interest rates steady and it has pulled long-term interest rates lower in recent
months. Although the Federal Reserve Board (the "Fed") has held a bias toward
tightening for more than a year, slowing inflation has kept the Fed in a
wait-and-see mode since it last raised short-term rates in March.
Virtually all measures of price inflation--consumer prices, producer prices
and industrial commodity prices--have been subdued this year. Factors
suppressing inflation have been the strong dollar that has reduced prices in
import-competing industries, lower oil prices and economic problems overseas.
Additionally, the downtrend in health care inflation has continued to help pull
core inflation lower. Yet the labor market remains quite tight: the unemployment
rate has held below 5% since the spring and wage inflation in some sectors has
been steadily accelerating.
The economy has grown by a nearly 4% rate since the summer of 1996. Consumer
spending has been strong, fueled by rising real incomes and reduced job
insecurity. A broad-based rebound in capital spending has developed this year
following a brief slowdown over the winter. Exports have been rising at
double-digit rates. Even housing activity has remained at high levels, although
this sector has not strengthened significantly further. The strength in domestic
demand has fueled rapid import growth that, in turn, should help mitigate some
of the economic weakness overseas. Corporate profits have continued to trend
higher in this setting.
In effect, lower inflation with no change in the Federal funds rate policy
implies a higher real Fed funds rate, after adjusting for price changes. That
acts as a light brake on inflation. Whether stronger brake pressure will be
required is not yet determined by the monetary authorities.
<PAGE>
MARKET OVERVIEW
Through thick and thin, the equity markets continued advancing for the
12-month period that ended September 30, 1997. The upward path was not a
straight line. There was a major interruption in March, when the Fed raised
short-term interest rates as a precautionary step. Another retreat occurred in
August, when a few corporations signaled disappointing profits and fears of
inflation were briefly renewed. On balance, however, the fiscal year ended with
stock price barometers considerably higher than a year earlier.
Without counting income, the Dow Jones Industrial Average gained 35.1% for
the year ended September 30, 1997, the Standard & Poor's 500 rose 37.8%, the
Nasdaq Composite 37.4% and the Russell 2000 Small Stock Index advanced by
31.42%.
Early in the 12-month period, the large capitalization stocks led the parade.
However, as the months went by and stocks continued climbing, investors began to
question the high price/earnings multiples of many of the largest corporations.
During the summer, small cap issues--long out of favor--started to pick up
strength. As the autumn season began, small caps were the stocks of choice for
many investors.
The economic background for the equity markets remained favorable for
virtually the entire period under review. Many commentators described it as a
"Goldilocks economy"--not too hot and not too cold. Even corporate profits, in
spite of the extremely competitive environment, were--on balance--a plus factor.
To be sure, volatility was an outstanding characteristic of the markets
during this period. Swings of 1% or more in major stock averages during a single
day were not uncommon. However, on balance, upside volatility prevailed over
downside volatility during the year.
One factor in the equation was the new tax law passed by Congress during the
summer, which cut capital gains taxes for assets held more than 18 months.
Undoubtedly, this contributed to some selling in August and September. Yet, as
the market averages show, there apparently was enough strength in the market to
more than offset the selling.
At today's high price levels, unexpected developments can bring sharp
reactions. For the future, much depends on whether the economy can maintain its
"Goldilocks" condition, and not bring on another dose of anti-inflation actions
from the monetary authorities.
Cautionary comments, such as those from Fed Chairman Alan Greenspan in early
October, have to be factored into market calculations.
PORTFOLIO FOCUS
As you know, the Dreyfus LifeTime Portfolios provide the opportunity to
invest in three distinct multiple asset class portfolios that are specifically
designed for investors with differing time horizons and tolerance for risk.
The Growth Portfolio is designed for the investor with the highest risk
tolerance and/or the longest time horizon. This Portfolio has the highest
baseline allocation to the equity markets, with the ability to shift
considerably from that structure in line with Mellon Equity's disciplined asset
allocation process. The Growth Portfolio was at its maximum equity position for
the better part of the last year, and benefited from the dramatic outperformance
of equities relative to bonds. After this strong increase in stock prices, we
moved the Portfolio first to a neutral equity allocation in late June, and then
to an overweight position in bonds in early August. As of the end of September,
the Portfolio remained overweight to bonds,
<PAGE>
with approximately 30% of the portfolio in fixed income securities versus the
benchmark allocation of 17%. The domestic equity allocation consisted of 45% in
large capitalization stocks (versus neutral allocation of 54%) and 12% in small
capitalization stocks (versus neutral allocation of 13.6%). The international
equity allocation ended the period in line with its baseline allocation.
The Growth and Income Portfolio is designed for an investor with a moderate
tolerance for risk and/or an intermediate time horizon. Like the Growth
Portfolio, it remained at its maximum equity position for most of the last year,
and also benefited from the outperformance of equities relative to fixed income.
The Growth and Income Portfolio also made a move to its neutral equity
allocation in June and then began overweighting bonds in early August. At the
end of September, bonds made up 60% of the portfolio compared to a neutral
allocation of 45%. Domestic equities were underweighted relative to their
neutral position, large capitalization equities were approximately 28% (versus a
36% neutral allocation) of the Portfolio and small capitalization stocks were
7.5% (versus a 9% neutral allocation) of the Portfolio. The international equity
allocation was in line with its benchmark allocation.
The Income Portfolio is designed for the most conservative investor. Its
asset allocation is bond dominated, and does not vary from its long-term
targets. The bond and stock components are both passively managed.
The large capitalization equity component of both the Growth and Growth and
Income Portfolios are actively managed using Mellon Equity's quantitative equity
discipline. Sector allocations mirror those of the S&P 500, with portfolio
performance relative to the benchmark dependent on stock selection. During the
last year, the large capitalization equity portfolio outperformed the S&P 500.
Stocks that contributed to this outperformance included Compaq Computer, Reading
& Bates, Caterpillar, Fort James, and Bear Stearns Cos.
We appreciate your investment in Dreyfus LifeTime Portfolios, Inc., and
will continue to exert our best efforts on your behalf.
Sincerely,
/s/ Steven A. Falci
Steven A. Falci
Portfolio Manager
October 17, 1997
New York, NY
<PAGE>
* Total return includes reinvestment of dividends and any capital gains paid.
** For the GROWTH PORTFOLIO, 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 percentage 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 Standard &
Poor's 500 Composite Stock Price Index ("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 S&P 500
Index is a widely accepted, unmanaged index of overall stock market
performance. The Russell 2000 Small Stock Index is an unmanaged index and
is composed of the smallest companies in the Russell 3000 Index. The
Russell 3000 Index is composed of 3,000 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 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 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.
For the GROWTH AND INCOME PORTFOLIO, 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%; and Foreign
Bonds -- 5%. The Customized Blended Index combines returns from the S&P 500
Index, the Russell 2000 Index, the EAFE Index, the Lehman Index and the
J.P. Morgan Global Index and is weighted to the aforementioned Baseline
percentages. The indices are described above.
For the INCOME PORTFOLIO 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 S&P 500 Index
(described above) and the 90-day Treasury Bill rate, as it changes from
time to time, and is weighted to the aforementioned Baseline percentages.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth & Income Portfolio September 30, 1997
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE INVESTOR SHARES AND
RESTRICTED 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
$19,976
Standard & Poor's 500
Composite Stock Price
Index*
$16,521
Dreyfus LifeTime Portfolios-
Growth and Income
Portfolio (Investor Shares)
$16,366
Dreyfus LifeTime Portfolios-
Growth and Income
Portfolio (Restricted Shares)
$15,520
Customized Blended
Index**
* Source: Lipper Analytical Services, Inc.
** Source: Lipper Analytical Services, Inc., Lehman Brothers, Morgan Stanley &
Co. Incorporated and J.P. Morgan & Co. Incorporated
Average Annual Total Returns
- --------------------------------------------------------------------------------
Investor Shares* Restricted Shares*
- ---------------------------------- ------------------------------
Period Ended 9/30/97 Period Ended 9/30/97
- -------------------- --------------------
1 Year 25.85% 1 Year 25.22%
From Inception (3/31/95) 22.14 From Inception (3/31/95) 21.68
- -----------------
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in each of the Investor
shares and Restricted 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.
Components of the Customized Blended Index are reallocated annually. 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. 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 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 indicies reflect account charges,
fees or other expenses. Further information relating to the Portfolio's
performance, including expense reimbursements, if applicable, is contained in
the Financial Highlights section of the Prospectus and elsewhere in this
report.
*Effective August 30, 1997, the Portfolio's Institutional shares were
redesignated as Investor shares and Retail shares were redesignated as
Restricted shares.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Income Portfolio September 30, 1997
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE INVESTOR SHARES AND
RESTRICTED SHARES OF DREYFUS LIFETIME PORTFOLIOS, INC.-INCOME PORTFOLIO WITH
THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX AND A
CUSTOMIZED BLENDED INDEX
$13,615
Customized Blended
Index**
$13,183
Dreyfus LifeTime Portfolios-
Income Portfolio
(Restricted Shares)
$13,099
Dreyfus LifeTime Portfolios-
Income Portfolio
Investor Shares)
$12,140
Lehman Brothers
Intermediate
Government/Corporate
Bond Index*
* Source: Lehman Brothers
** Source: Lehman Brothers, Lipper Analytical Services, Inc., and The Wall
Street Journal
Average Annual Total Returns
- --------------------------------------------------------------------------------
Investor Shares* Restricted Shares*
- ---------------------------------- ------------------------------
Period Ended 9/30/97 Period Ended 9/30/97
- -------------------- --------------------
1 Year 13.19% 1 Year 13.50%
From Inception (3/31/95) 11.36 From Inception (3/31/95) 11.64
- ------------------
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in each of the Investor
shares and Restricted 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. Components
of the Customized Blended Index are reallocated annually.
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. 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
indicies reflect account charges, fees or other expenses. Further information
relating to the Portfolio's performance, including expense reimbursements, if
applicable, is contained in the Financial Highlights section of the Prospectus
and elsewhere in this report.
*Effective August 30, 1997, the Portfolio's Institutional shares were
redesignated as Investor shares and Retail shares were redesignated as
Restricted shares.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth Portfolio September 30, 1997
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE INVESTOR SHARES AND
RESTRICTED SHARES OF DREYFUS LIFETIME PORTFOLIOS, INC.-GROWTH PORTFOLIO WITH
THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX AND A CUSTOMIZED BLENDED
INDEX
$19,976
Standard & Poor's 500
Composite Stock Price
Index*
$19,146
Dreyfus LifeTime Portfolios-
Growth Portfolio
(Restricted Shares)
$19,043
Dreyfus LifeTime Portfolios-
Growth Portfolio
(Investor Shares)
$17,551
Customized Blended
Index**
* Source: Lipper Analytical Services, Inc.
** Source: Lipper Analytical Services, Inc., Lehman Brothers, Morgan Stanley &
Co. Incorporated and J.P. Morgan & Co. Incorporated
Average Annual Total Returns
- --------------------------------------------------------------------------------
Investor Shares* Restricted Shares*
- ---------------------------------- ------------------------------
Period Ended 9/30/97 Period Ended 9/30/97
- -------------------- --------------------
1 Year 34.32% 1 Year 34.70%
From Inception (3/31/95) 29.26 From Inception (3/31/95) 29.53
- ------------------
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in each of the Investor
shares and Restricted 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. Components of the
Customized Blended Index are reallocated annually. 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. 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 European and Pacific Basin countries and includes net dividends
reinvested. The Lehman Brothers 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 indicies reflect account charges,
fees or other expenses. Further information relating to the Portfolio's
performance, including expense reimbursements, if applicable, is contained in
the Financial Highlights section of the Prospectus and elsewhere in this
report.
*Effective August 30, 1997, the Portfolio's Institutional shares were
redesignated as Investor shares and Retail shares were redesignated as
Restricted shares.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Income Portfolio
- -------------------------------------------------------------------------
Statement of Investments September 30, 1997
<TABLE>
<CAPTION>
Principal
Bonds and Notes--65.5% Amount Value
- ------------------------------------------------------------------------------- --------------- --------------
<S> <C> <C>
Financial--3.1% Sears, Roebuck & Co., Bonds,
7%, 6/15/2007.............................. $ 1,000,000 $ 1,018,647
-----------
Telecommunication--3.0% Southern New England, Bonds,
6.5%, 2/15/2002............................ 1,000,000 1,006,457
-----------
U.S. Government Securities--59.4% U.S. Treasury Bonds;
10.75%, 8/15/2005.......................... 600,000 769,781
-----------
U.S. Treasury Notes:
5.875%, 4/30/1998.......................... 1,000,000 1,002,188
5.875%, 8/15/1998.......................... 1,000,000 1,001,719
5.125%, 11/30/1998......................... 1,000,000 993,594
8.875%, 2/15/1999.......................... 1,000,000 1,040,625
6%, 8/15/1999.............................. 1,000,000 1,003,125
7.5%, 10/31/1999........................... 1,000,000 1,032,188
6.375%, 1/15/2000.......................... 1,000,000 1,012,187
8.75%, 8/15/2000........................... 1,300,000 1,397,500
5.25%, 1/31/2001........................... 1,200,000 1,177,125
7.75%, 2/15/2001........................... 1,700,000 1,794,031
8%, 5/15/2001.............................. 150,000 159,750
7.875%, 8/15/2001.......................... 1,000,000 1,065,000
7.5%, 11/15/2001........................... 1,335,000 1,407,591
6.375%, 8/15/2002.......................... 400,000 406,250
6.25%, 2/15/2003........................... 700,000 707,109
5.875%, 2/15/2004.......................... 780,000 772,200
7.875%, 11/15/2004......................... 610,000 671,191
7.5%, 2/15/2005............................ 1,450,000 1,566,453
6.5%, 5/15/2005............................ 325,000 332,109
6.875%, 5/15/2006.......................... 200,000 209,250
-----------
18,751,185
-----------
TOTAL BONDS AND NOTES
(cost $21,593,557)...................... $21,546,070
-----------
-----------
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Income Portfolio
- --------------------------------------------------------------------------------
Statement of Investments September 30, 1997
<TABLE>
<CAPTION>
Principal
Short-Term Investments--33.7% Amount Value
- -------------------------------------------------------------------------------- ---------------- -------------
<S> <C> <C>
U.S. Treasury Bills: 5.06%, 10/16/1997............................. $ 2,321,000 $ 2,316,613
5.06%, 10/23/1997............................. 4,118,000 4,106,676
5.10%, 11/13/1997............................. (a) 275,000 273,405
4.95%, 12/11/1997............................. 623,000 616,982
4.92%, 12/18/1997............................. 3,788,000 3,749,438
-----------
TOTAL SHORT-TERM INVESTMENTS
(cost $11,059,258)......................... $11,063,114
-----------
-----------
TOTAL INVESTMENTS (cost $32,652,815)........................................... 99.2% $32,609,184
------ -----------
------ -----------
CASH AND RECEIVABLES (NET)..................................................... .8% $ 254,511
------ -----------
------ -----------
NET ASSETS..................................................................... 100.0% $32,863,695
------ -----------
------ -----------
<FN>
Notes 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, 1997
<TABLE>
<CAPTION>
Market Value Unrealized
Covered Appreciation
Financial Futures Purchased: Contracts by Contracts Expiration at 9/30/97
- ---------------------------- ----------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Standard & Poor's 500............................ 16 $7,636,000 December '97 $124,640
--------
--------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth and Income Portfolio
- --------------------------------------------------------------------------
Statement of Investments September 30, 1997
<TABLE>
<CAPTION>
Common Stocks--25.8% Shares Value
- ------------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Basic Industries--1.2% Dow Chemical.................................. 2,600 $ 235,788
duPont (E.I.) de Nemours & Co................. 10,500 646,406
Fort James.................................... 9,500 435,219
International Paper........................... 2,600 143,163
Morton International.......................... 4,600 163,300
Owens-Illinois................................ (a) 3,800 128,962
Potash........................................ 2,600 204,100
Praxair....................................... 3,800 194,513
-----------
2,151,451
-----------
Capital Spending--6.3% 3COM.......................................... (a) 2,200 112,750
Altera........................................ (a) 2,500 128,125
American Power Conversion..................... (a) 5,400 151,875
Avnet......................................... 1,700 108,056
Caterpillar................................... 12,400 668,825
Ceridian...................................... (a) 3,700 136,900
Cisco Systems................................. (a) 10,600 774,462
Cognizant..................................... 3,700 150,775
Compaq Computer............................... (a) 10,100 754,975
Cummins Engine................................ 2,100 163,931
Deere & Co.................................... 7,200 387,000
General Dynamics.............................. 2,100 182,962
General Electric.............................. 12,300 837,169
HealthCare COMPARE............................ (a) 2,700 172,463
Hewlett-Packard............................... 4,600 319,988
Ingersoll-Rand................................ 4,700 202,394
Intel......................................... 10,100 932,356
International Business Machines............... 5,800 614,437
Lexmark International Group, Cl. A............ (a) 4,200 138,600
Lucent Technologies........................... 6,700 545,212
Micron Technology............................. (a) 4,400 152,625
Microsoft..................................... (a) 10,200 1,349,588
Northrop Grumman.............................. 1,000 121,375
Oracle........................................ (a) 9,900 360,731
Parker-Hannifin............................... 8,650 389,250
Raychem....................................... 1,400 118,300
Sun Microsystems.............................. (a) 2,100 98,306
Tellabs....................................... (a) 8,700 448,050
Thiokol....................................... 1,300 111,800
United Technologies........................... 3,300 267,300
USA Waste Service............................. (a) 2,400 95,700
-----------
10,996,280
-----------
Consumer Cyclical--3.2% Brunswick..................................... 3,900 137,475
Chrysler...................................... 7,900 290,819
Dayton Hudson................................. 7,700 461,519
Dillard's, Cl. A.............................. 2,400 105,150
Federated Department Stores................... (a) 11,100 478,688
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth and Income Portfolio
- ------------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Consumer Cyclical (continued) Ford Motor.................................... 8,600 $ 389,150
Gannett....................................... 1,100 118,731
Gap........................................... 6,300 315,394
General Motors................................ 7,600 508,725
Goodyear Tire & Rubber........................ 1,200 82,500
HFS........................................... (a) 2,200 163,763
King World Productions........................ 2,900 125,425
Magna International, Cl. A.................... 1,500 103,688
Maytag........................................ 3,400 116,025
MGM Grand..................................... (a) 2,600 112,937
New York Times, Cl. A......................... 6,700 351,750
Payless ShoeSource............................ (a) 1,100 65,656
Philips Electronics, N.V...................... 1,400 117,600
Safeway....................................... (a) 8,100 440,437
Sears, Roebuck & Co........................... 6,100 347,319
TJX........................................... 10,000 305,625
Tommy Hilfiger................................ (a) 2,400 119,850
V.F........................................... 2,300 213,037
-----------
5,471,263
-----------
Consumer Staples--2.6% Avon Products................................. 4,000 248,000
Campbell Soup................................. 4,700 230,300
Coca-Cola..................................... 14,500 883,594
Corning....................................... 7,200 340,200
Dean Foods.................................... 700 32,375
Dole Food..................................... 700 31,631
Lauder (Estee)................................ 2,000 92,500
General Mills................................. 5,000 344,688
Heinz (H.J.).................................. 2,600 120,087
Newell........................................ 4,500 180,000
PepsiCo....................................... 5,600 227,150
Philip Morris Cos............................. 16,500 685,781
Procter & Gamble.............................. 6,400 442,000
Quaker Oats................................... 7,400 372,775
Unilever, N.V. (New York Shares).............. 1,500 318,937
-----------
4,550,018
-----------
Energy--2.6% Atlantic Richfield............................ 5,000 427,188
Burlington Resources.......................... 4,100 210,381
Chevron....................................... 9,000 748,688
Coastal....................................... 3,100 189,875
Diamond Offshore Drilling..................... 4,400 242,825
Exxon......................................... 13,400 858,438
Nicor......................................... 1,500 56,250
Phillips Petroleum............................ 7,000 361,375
Reading & Bates............................... (a) 5,300 220,281
Royal Dutch Petroleum, A.D.R.................. 6,600 366,300
Texaco........................................ 4,000 245,750
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth and Income Portfolio
- -----------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Energy (continued) Union Pacific Resources Group................. 5,400 $ 141,412
USX-Marathon Group............................ 7,900 293,781
Williams Cos.................................. 3,900 182,569
-----------
4,545,113
-----------
Health Care--2.8% Abbott Laboratories........................... 11,400 728,888
Amgen......................................... (a) 7,400 354,738
Becton, Dickinson & Co........................ 2,700 129,263
Bristol-Myers Squibb.......................... 4,300 355,825
HEALTHSOUTH................................... (a) 13,600 362,950
Johnson & Johnson............................. 14,100 812,512
Merck & Co.................................... 9,000 899,438
Oxford Health Plans........................... (a) 4,000 299,500
Schering-Plough............................... 12,900 664,350
Wellpoint Health Networks..................... (a) 2,700 156,431
-----------
4,763,895
-----------
Interest Sensitive--4.3% Ahmanson (H.F.) & Co.......................... 5,000 284,063
Allstate...................................... 4,600 369,725
AMBAC......................................... 5,700 231,919
American National Insurance................... 700 70,700
BankAmerica................................... 11,500 843,094
Bankers Trust New York........................ 4,600 563,500
Bear Stearns Cos.............................. 8,400 369,600
Chase Manhattan............................... 2,500 295,000
CIGNA......................................... 1,100 204,875
Citicorp...................................... 2,100 281,269
Comerica...................................... 3,000 236,813
Conseco....................................... 6,600 322,162
EXEL.......................................... 7,400 440,762
Federal National Mortgage Association......... 8,000 376,000
First Chicago NBD............................. 7,200 541,800
Green Tree Financial.......................... 4,900 230,300
MGIC Investment............................... 4,100 234,981
Norwest....................................... 5,300 324,625
Republic New York............................. 1,400 159,075
SLM Holding................................... 3,300 509,850
SouthTrust.................................... 2,000 98,500
Travelers Group............................... 5,800 395,850
-----------
7,384,463
-----------
Mining and Metals--.3% Phelps Dodge.................................. 1,600 124,200
Reynolds Metals............................... 2,100 148,706
USX-U.S. Steel................................ 5,200 180,700
-----------
453,606
-----------
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth and Income Portfolio
- ----------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Transportation--.4% CSX........................................... 7,500 $ 438,750
Delta Air Lines............................... 2,000 188,375
-----------
627,125
-----------
Utilities--2.1% Ameritech..................................... 12,400 824,600
AT&T.......................................... 4,400 194,975
BellSouth..................................... 10,900 504,125
Consolidated Edison........................... 7,300 248,200
DQE........................................... 3,600 121,500
Entergy....................................... 8,300 216,318
PacifiCorp.................................... 8,400 187,950
Pinnacle West Capital......................... 5,200 174,850
SBC Communications............................ 12,700 779,462
Southern...................................... 4,300 97,018
Vodafone Group, A.D.R......................... 5,800 311,750
-----------
3,660,748
-----------
TOTAL COMMON STOCKS
(cost $35,549,435)......................... $44,603,962
-----------
-----------
Principal
Bonds and Notes--59.0% Amount
- ------------------------------------------------------------------------------- ---------------
Finance--4.6% American General, Notes,
7.75%, 4/1/2005............................ $ 500,000 $ 529,661
Associated N.A., Sr. Notes,
6%, 6/15/2000.............................. 1,000,000 995,355
Avco Financial, Sr. Notes,
5.50%, 5/1/1998............................ 330,000 329,524
BankAmerica, Sub. Notes,
7.875%, 12/1/2002.......................... 1,000,000 1,060,228
Citicorp, Sub. Notes,
6.60%, 8/1/2000............................ 1,000,000 1,010,729
NBD Bancorp, Sub. Notes,
7.125%, 5/15/2007.......................... 2,000,000 2,043,510
Sears, Roebuck & Co., Bonds,
7%, 6/15/2007.............................. 2,000,000 2,037,294
-----------
8,006,301
-----------
Industrial--4.8% American Home Products, Notes,
7.70%, 2/15/2000........................... 1,000,000 1,030,403
duPont (E.I.) deNemours & Co., Deb.,
8.50%, 2/15/2003........................... 250,000 265,680
Norfolk Southern, Notes,
6.70%, 5/1/2000............................ 2,000,000 2,025,598
Oracle, Sr. Notes,
6.72%, 2/15/2004........................... 2,000,000 2,010,472
Penney (J.C.), Deb.:
9.05%, 3/1/2001............................ 1,000,000 1,083,032
6.95%, 4/1/2000............................ 800,000 815,415
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth and Income Portfolio
- -------------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Principal
Bonds and Notes (continued) Amount Value
- ------------------------------------------------------------------------------ ---------------- -------------
<S> <C> <C>
Industrial (continued) Philip Morris, Notes,
7.625%, 5/15/2002.......................... $ 1,000,000 $ 1,037,880
------------
8,268,480
------------
Transportation--1.3% CSX, Deb.,
7.45%, 5/1/2007............................ (b) 2,200,000 2,297,415
------------
U.S. Government &
Agencies--48.3% Federal National Mortgage Association,
8.50%, 2/1/2005............................ 500,000 525,113
Tennessee Valley Authority,
6.375%, 6/15/2005.......................... 1,950,000 1,959,764
U.S. Treasury Notes:
5.125%, 11/30/1998......................... 1,630,000 1,619,558
5.875%,1/31/1999........................... 4,200,000 4,207,219
8.875%, 2/15/1999.......................... 4,200,000 4,370,625
6.375%, 5/15/1999.......................... 4,900,000 4,944,406
6%, 6/30/1999.............................. 4,800,000 4,818,000
6.875%, 8/31/1999.......................... 6,200,000 6,318,188
7.125%, 9/30/1999.......................... 2,000,000 2,049,688
7.875%, 11/15/1999......................... 2,000,000 2,080,625
7.75%, 1/31/2000........................... 1,000,000 1,040,781
6.25%, 5/15/2000........................... 4,100,000 4,150,610
8.75%, 8/15/2000........................... 1,150,000 1,236,250
6.375%, 8/31/2000.......................... 4,900,000 4,946,703
5.75%, 10/31/2000.......................... 1,400,000 1,394,094
5.625%, 11/30/2000......................... 1,100,000 1,091,062
5.25%, 1/31/2001........................... 4,400,000 4,316,125
6.375%, 3/31/2001.......................... 2,700,000 2,736,281
8%, 5/15/2001.............................. 1,450,000 1,544,250
6.625%, 7/31/2001.......................... 1,000,000 1,022,500
6.50%, 8/31/2001........................... 1,000,000 1,018,438
7.50%, 11/15/2001.......................... 1,000,000 1,054,375
6.125%, 12/31/2001......................... 6,500,000 6,532,500
6.25%, 6/30/2002........................... 4,800,000 4,847,250
6.25%, 2/15/2003........................... 1,000,000 1,010,156
5.75%, 8/15/2003........................... 3,330,000 3,280,570
7.875%, 11/15/2004......................... 1,660,000 1,826,519
7.50%, 2/15/2005........................... 1,000,000 1,080,312
6.50%, 8/15/2005........................... 4,050,000 4,139,227
7%, 7/15/2006.............................. 2,000,000 2,109,688
6.50%, 10/15/2006.......................... 500,000 510,938
------------
83,781,815
------------
TOTAL BONDS AND NOTES
(cost $101,512,791)........................ $102,354,011
------------
------------
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth and Income Portfolio
- ------------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Principal
Short-Term Investments (continued) Amount Value
- ----------------------------------------------------------------------------- ---------------- -------------
<S> <C> <C>
U.S. Treasury Bills: 5.04%, 10/16/1997............................. (c) $ 1,904,000 $ 1,900,402
5%, 11/28/1997................................ 531,000 526,784
4.95%, 12/11/1997............................. 3,660,000 3,624,644
4.92%, 12/18/1997............................. 18,677,000 18,486,868
4.90%, 12/26/1997............................. 122,000 120,564
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $24,649,446)......................... $ 24,659,262
------------
------------
TOTAL INVESTMENTS (cost $161,711,672).......................................... 99.0% $171,617,235
------ ------------
------ ------------
CASH AND RECEIVABLES (NET)..................................................... 1.0% $ 1,771,153
------ ------------
------ ------------
NET ASSETS..................................................................... 100.0% $173,388,388
------ ------------
------ ------------
<FN>
Notes to Statement of Investments:
- -------------------------------------------------------------------------------
(a) Non-income producing.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933. This security may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At September 30, 1997, this
security amounted to $2,297,415 or approximately 1.3% of net assets.
(c) Partially held by the custodian in a segregated account as collateral for
open futures positions.
</TABLE>
Statement of Financial Futures September 30, 1997
<TABLE>
<CAPTION>
Unrealized
Market Value Appreciation
Covered (Depreciation)
Financial Futures Purchased: Contracts by Contracts Expiration at 9/30/97
- ---------------------------- ----------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
CAC 40........................................... 7 $ 700,185 December '97 $ 18,092
Deutsche Akteinindex............................. 6 1,393,654 December '97 34,164
Financial Times.................................. 12 2,536,789 December '97 148,638
Hang Seng........................................ 9 874,693 October '97 (696)
Nikkei 300....................................... 121 2,787,286 December '97 (66,278)
Russell 2000..................................... 57 13,025,925 December '97 436,905
Standard & Poor's 500............................ 6 2,863,500 December '97 66,141
--------
$636,966
--------
--------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth Portfolio
- ----------------------------------------------------------------------------
Statement of Investments September 30, 1997
<TABLE>
<CAPTION>
Common Stocks--42.7% Shares Value
- ------------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Basic Industries--2.1% Dow Chemical.................................. 1,400 $ 126,963
duPont (E.I.) de Nemours & Co. ............... 5,600 344,750
Fort James.................................... 5,100 233,644
International Paper........................... 1,400 77,088
Morton International.......................... 2,500 88,750
Owens-Illinois................................ (a) 2,000 67,875
Potash........................................ 1,400 109,900
Praxair....................................... 2,000 102,375
-----------
1,151,345
-----------
Capital Spending--10.5% 3COM.......................................... (a) 1,200 61,500
Altera........................................ (a) 1,400 71,750
American Power Conversion..................... (a) 2,900 81,563
Avnet......................................... 900 57,206
Caterpillar................................... 6,600 355,988
Ceridian...................................... (a) 2,000 74,000
Cisco Systems................................. (a) 5,600 409,150
Cognizant..................................... 2,000 81,500
Compaq Computer............................... (a) 5,400 403,650
Cummins Engine................................ 1,100 85,869
Deere & Co.................................... 3,800 204,250
General Dynamics.............................. 1,100 95,838
General Electric.............................. 6,600 449,213
HealthCare COMPARE............................ (a) 1,400 89,425
Hewlett-Packard............................... 2,400 166,950
Ingersoll-Rand................................ 2,500 107,656
Intel......................................... 5,400 498,488
International Business Machines............... 3,100 328,406
Lexmark International Group, Cl. A............ (a) 2,200 72,600
Lucent Technologies........................... 3,500 284,813
Micron Technology............................. (a) 2,300 79,781
Microsoft..................................... (a) 5,400 714,487
Northrop Grumman.............................. 500 60,687
Oracle........................................ (a) 5,300 193,119
Parker-Hannifin............................... 4,600 207,000
Raychem....................................... 800 67,600
Sun Microsystems.............................. (a) 1,100 51,494
Tellabs....................................... (a) 4,600 236,900
Thiokol....................................... 700 60,200
United Technologies........................... 1,800 145,800
USA Waste Service............................. (a) 1,300 51,837
-----------
5,848,720
-----------
Consumer Cyclical--5.2% Brunswick..................................... 2,100 74,025
Chrysler...................................... 4,200 154,612
Dayton Hudson................................. 4,100 245,744
Dillard's, Cl. A.............................. 1,300 56,956
Federated Department Stores................... (a) 5,900 254,437
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth Portfolio
- --------------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Consumer Cyclical (continued) Ford Motor.................................... 4,600 $ 208,150
Gannett....................................... 600 64,762
Gap........................................... 3,300 165,206
General Motors................................ 4,100 274,444
Goodyear Tire & Rubber........................ 600 41,250
HFS........................................... (a) 1,200 89,325
King World Productions........................ 1,500 64,875
Magna International, Cl. A.................... 800 55,300
Maytag........................................ 1,800 61,425
MGM Grand..................................... (a) 1,400 60,812
New York Times, Cl. A......................... 3,600 189,000
Payless ShoeSource............................ (a) 600 35,812
Philips Electronics, N.V...................... 800 67,200
Safeway....................................... (a) 4,300 233,812
Sears, Roebuck & Co........................... 3,200 182,200
TJX........................................... 5,300 161,981
Tommy Hilfiger................................ (a) 1,300 64,919
V.F........................................... 1,200 111,150
-----------
2,917,397
-----------
Consumer Staples--4.4% Avon Products................................. 2,100 130,200
Campbell Soup................................. 2,500 122,500
Coca-Cola..................................... 7,700 469,219
Corning....................................... 3,800 179,550
Dean Foods.................................... 400 18,500
Dole Food..................................... 400 18,075
Lauder (Estee)................................ 1,000 46,250
General Mills................................. 2,700 186,131
Heinz (H.J.).................................. 1,400 64,663
Newell........................................ 2,400 96,000
PepsiCo....................................... 3,000 121,688
Philip Morris Cos............................. 8,800 365,750
Procter & Gamble.............................. 3,400 234,813
Quaker Oats................................... 3,900 196,462
Unilever, N.V. (New York Shares).............. 800 170,100
-----------
2,419,901
-----------
Energy--4.4% Atlantic Richfield............................ 2,600 222,137
Burlington Resources.......................... 2,200 112,888
Chevron....................................... 4,800 399,300
Coastal....................................... 1,700 104,125
Diamond Offshore Drilling..................... 2,400 132,450
Exxon......................................... 7,100 454,844
Nicor......................................... 800 30,000
Phillips Petroleum............................ 3,700 191,013
Reading & Bates............................... (a) 2,800 116,375
Royal Dutch Petroleum, A.D.R.................. 3,500 194,250
Texaco........................................ 2,200 135,163
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth Portfolio
- -----------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Energy (continued) Union Pacific Resources Group................. 2,900 $ 75,944
USX-Marathon Group............................ 4,200 156,188
Williams Cos.................................. 2,100 98,306
-----------
2,422,983
-----------
Health Care--4.5% Abbott Laboratories........................... 6,000 383,625
Amgen......................................... (a) 3,900 186,956
Becton, Dickinson & Co........................ 1,400 67,025
Bristol-Myers Squibb.......................... 2,300 190,325
HEALTHSOUTH................................... (a) 7,200 192,150
Johnson & Johnson............................. 7,500 432,187
Merck & Co.................................... 4,800 479,700
Oxford Health Plans........................... (a) 2,100 157,237
Schering-Plough............................... 6,900 355,350
Wellpoint Health Networks..................... (a) 1,400 81,112
-----------
2,525,667
-----------
Interest Sensitive--7.0% Ahmanson (H.F.) & Co.......................... 2,600 147,713
Allstate...................................... 2,500 200,938
AMBAC......................................... 3,100 126,131
American National Insurance................... 400 40,400
BankAmerica................................... 6,100 447,206
Bankers Trust New York........................ 2,400 294,000
Bear Stearns Cos.............................. 4,500 198,000
Chase Manhattan............................... 1,300 153,400
CIGNA......................................... 600 111,750
Citicorp...................................... 1,100 147,331
Comerica...................................... 1,600 126,300
Conseco....................................... 3,500 170,844
EXEL.......................................... 3,900 232,294
Federal National Mortgage Association......... 4,300 202,100
First Chicago NBD............................. 3,800 285,950
Green Tree Financial.......................... 2,600 122,200
MGIC Investment............................... 2,200 126,088
Norwest....................................... 2,800 171,500
Republic New York............................. 700 79,537
SLM Holding................................... 1,700 262,650
SouthTrust.................................... 1,000 49,250
Travelers Group............................... 3,100 211,575
-----------
3,907,157
-----------
Mining And Metals--.5% Phelps Dodge.................................. 900 69,862
Reynolds Metals............................... 1,200 84,975
USX-U.S. Steel................................ 2,800 97,300
-----------
252,137
-----------
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth Portfolio
- -------------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Transportation--.6% CSX........................................... 4,000 $ 234,000
Delta Air Lines............................... 1,100 103,606
-----------
337,606
-----------
Utilities--3.5% Ameritech..................................... 6,600 438,900
AT&T.......................................... 2,300 101,919
BellSouth..................................... 5,800 268,250
Consolidated Edison........................... 3,900 132,600
DQE........................................... 1,900 64,125
Entergy....................................... 4,400 114,675
PacifiCorp.................................... 4,500 100,687
Pinnacle West Capital......................... 2,800 94,150
SBC Communications............................ 6,700 411,212
Southern...................................... 2,300 51,894
Vodafone Group, A.D.R......................... 3,100 166,625
-----------
1,945,037
-----------
TOTAL COMMON STOCKS
(cost $18,104,546)......................... $23,727,950
-----------
-----------
Principal
Bonds and Notes--31.0% Amount
- ------------------------------------------------------------------------------- -------------
U.S. Treasury Notes: 5.875%,1/31/1999.............................. $ 1,103,000 $ 1,104,896
6.375%, 5/15/1999............................. 1,700,000 1,715,406
6%, 6/30/1999................................. 1,650,000 1,656,187
6.75%, 4/30/2000.............................. 1,000,000 1,020,781
6.375%, 5/15/2000............................. 1,700,000 1,720,985
6.25%, 8/31/2000.............................. 1,700,000 1,716,203
6.375%, 3/31/2001............................. 1,100,000 1,114,781
6.125%, 12/31/2001............................ 850,000 854,250
6.25%, 6/30/2002.............................. 1,650,000 1,666,242
6.375%, 8/15/2002............................. 350,000 355,469
5.75%, 8/15/2003.............................. 1,220,000 1,201,891
6.50%, 8/15/2005.............................. 1,450,000 1,481,945
7%, 7/15/2006................................. 1,570,000 1,656,105
-----------
TOTAL BONDS AND NOTES
(cost $17,156,235)......................... $17,265,141
-----------
-----------
Short-Term Investments--24.9%
- -------------------------------------------------------------------------------
U.S. Treasury Bills: 5.05%, 10/16/1997............................. $ 1,644,000 $ 1,640,893
5.06%, 10/23/1997............................. (b) 9,269,000 9,243,511
4.99%, 11/13/1997............................. 360,000 357,912
4.91%, 11/28/1997............................. 137,000 135,912
4.98%, 12/4/1997.............................. 715,000 708,765
</TABLE>
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth Portfolio
- ------------------------------------------------------------------------------
Statement of Investments (continued) September 30, 1997
<TABLE>
<CAPTION>
Principal
Short-Term Investments (continued) Amount Value
- ----------------------------------------------------------------------------- ---------------- -------------
<S> <C> <C>
U.S. Treasury Bills (continued) 4.95%, 12/11/1997............................. $ 1,523,000 $ 1,508,288
4.87%, 12/18/1997............................. 149,000 147,483
4.87%, 12/26/1997............................. 127,000 125,505
-----------
TOTAL SHORT-TERM INVESTMENTS
(cost $13,864,351)......................... $13,868,269
-----------
-----------
TOTAL INVESTMENTS (cost $49,125,132)........................................... 98.6% $54,861,360
------ -----------
------ -----------
CASH AND RECEIVABLES (NET)..................................................... 1.4% $ 760,825
------ -----------
------ -----------
NET ASSETS..................................................................... 100.0% $55,622,185
------ -----------
------ -----------
<FN>
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, 1997
<TABLE>
<CAPTION>
Unrealized
Market Value Appreciation
Covered (Depreciation)
Financial Futures Purchased: Contracts by Contracts Expiration at 9/30/97
- ---------------------------- ----------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
CAC 40........................................... 5 $ 500,114 December '97 $ 12,905
Deutsche Akteinindex............................. 4 929,073 December '97 22,746
Financial Times.................................. 9 1,902,452 December '97 111,338
Hang Seng........................................ 7 680,329 October '97 (529)
Nikkei 300....................................... 85 1,957,719 December '97 (46,850)
Russell 2000..................................... 29 6,627,225 December '97 220,760
Standard & Poor's 500............................ 2 954,500 December '97 25,280
--------
$345,650
--------
--------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
- --------------------------------------------------------------------------
Statement of Assets and Liabilities September 30, 1997
<TABLE>
<CAPTION>
Income Growth and Income Growth
Portfolio Portfolio Portfolio
------------ ----------------- -------------
<S> <C> <C> <C>
ASSETS:
Investments in securities--See Statement of Investments
[cost--Note 5(b)]......................................... $32,609,184 $171,617,235 $54,861,360
Cash........................................................ 9,455 248,038 198,812
Dividends and interest receivable........................... 301,573 1,586,046 276,252
Receivable for futures variation margin--Note 5(a).......... -- 296,181 326,011
Prepaid expenses............................................ 40,250 53,924 24,306
----------- ------------ -----------
32,960,462 173,801,424 55,686,741
----------- ------------ -----------
LIABILITIES:
Due to The Dreyfus Corporation and affiliates............... 13,855 111,264 37,944
Due to Distributor.......................................... 2,085 139 1,763
Payable for futures variation margin--Note 5(a)............. 58,000 -- --
Payable for shares of Common Stock redeemed................. -- 277,343 --
Accrued expenses............................................ 22,827 24,290 24,849
----------- ------------ -----------
96,767 413,036 64,556
----------- ------------ -----------
NET ASSETS .................................................. $32,863,695 $173,388,388 $55,622,185
----------- ------------ -----------
----------- ------------ -----------
REPRESENTED BY:
Paid-in capital............................................. $30,006,924 $137,685,622 $37,215,063
Accumulated undistributed investment income--net............ 1,234,286 4,000,039 931,029
Accumulated net realized gain (loss) on investments,
forward currency exchange contracts and foreign
currency transactions.................................... 1,541,476 21,160,198 11,394,215
Accumulated net unrealized appreciation (depreciation) on
investments and foreign currency transactions
(including $124,640, $636,966 and $345,650 net unrealized
appreciation on financial futures for the Income Portfolio,
the Growth and Income Portfolio and the Growth Portfolio,
respectively)--Note 5(b)................................. 81,009 10,542,529 6,081,878
----------- ------------ -----------
NET ASSETS .................................................. $32,863,695 $173,388,388 $55,622,185
----------- ------------ -----------
<CAPTION> ----------- ------------ -----------
NET ASSET VALUE PER SHARE
-------------------------
Income Growth and Income Growth
Portfolio Portfolio Portfolio
------------ ----------------- -------------
<S> <C> <C> <C>
Restricted Class Shares
- --------------------
Net Assets.................................................. $22,727,410 $172,705,383 $46,960,100
Shares Outstanding.......................................... 1,618,580 9,371,099 2,288,404
NET ASSET VALUE PER SHARE...................................... $14.04 $18.43 $20.52
------ ------ ------
------ ------ ------
Investor Class Shares
- ---------------------
Net Assets.................................................. $10,136,285 $ 683,005 $ 8,662,085
Shares Outstanding.......................................... 723,753 35,845 422,449
NET ASSET VALUE PER SHARE...................................... $14.01 $19.05 $20.50
------ ------ ------
------ ------ ------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
- ---------------------------------------------------------------
Statement of Operations Year Ended September 30, 1997
<TABLE>
<CAPTION>
Income Growth and Income Growth
Portfolio Portfolio Portfolio
------------ ----------------- -------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest................................................. $ 1,723,405 $ 5,300,909 $ 1,134,187
Cash dividends (net of $8,641 and $4,367 foreign taxes
withheld at source for the Growth and Income Portfolio
and the Growth Portfolio, respectively)............... 68,250 1,097,739 535,220
----------- ----------- -----------
Total Income........................................ 1,791,655 6,398,648 1,669,407
----------- ----------- -----------
Expenses--Note 2(d):
Management fee--Note 4(a)................................ $ 164,651 $ 1,114,168 $ 392,656
Shareholder servicing costs--Note 4(b)................... 16,723 735 28,889
Registration fees........................................ 33,837 36,748 44,091
Auditing fees............................................ 12,971 13,326 19,793
Custodian fees--Note 4(b)................................ 5,057 33,411 26,286
Prospectus and shareholders' reports..................... 3,553 1,767 3,442
Directors' fees and expenses--Note 4(c).................. 3,041 14,778 5,158
Legal fees............................................... 1,754 12,178 48,600
Loan commitment fees--Note 3............................. 252 1,340 544
Miscellaneous............................................ 12,084 23,005 11,000
----------- ----------- -----------
Total Expenses...................................... 253,923 1,251,456 580,459
Less--reduction in management fee due to
undertakings--Note 4(a)............................... 39,831 88,813 115,735
----------- ----------- -----------
Net Expenses........................................ 214,092 1,162,643 464,724
----------- ----------- -----------
INVESTMENT INCOME--NET......................................... 1,577,563 5,236,005 1,204,683
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 5:
Net realized gain (loss) on investments..................... $ 12,157 $16,100,630 $ 8,770,480
Net realized gain (loss) on forward currency exchange
contracts
Short Transactions....................................... -- 7,418 5,051
Net realized gain (loss) on financial futures............... 1,672,705 5,208,616 2,825,219
----------- ----------- -----------
Net Realized Gain (Loss)............................ 1,684,862 21,316,664 11,600,750
----------- ----------- -----------
Net unrealized appreciation (depreciation) on investments
(including $107,980, $462,190 and $146,990 net unrealized
appreciation on financial futures for the Income Portfolio,
the Growth and Income Portfolio and the Growth Portfolio,
respectively)............................................ 203,272 8,099,227 1,930,461
----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS......... 1,888,134 29,415,891 13,531,211
----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........... $ 3,465,697 $34,651,896 $14,735,894
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Income Portfolio
- ----------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
September 30, 1997(1) September 30, 1996(2)
--------------------- ---------------------
<S> <C> <C>
OPERATIONS:
Investment income--net.............................................. $ 1,577,563 $ 1,003,717
Net realized gain (loss) on investments............................. 1,684,862 752,242
Net unrealized appreciation (depreciation) on investments........... 203,272 (514,850)
----------- -----------
Net Increase (Decrease) in Net Assets Resulting from Operations 3,465,697 1,241,109
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Restricted Class shares.......................................... (683,757) (373,549)
Investor Class shares............................................ (402,914) (360,792)
Net realized gain on investments:
Restricted Class shares.......................................... (452,331) (259,074)
Investor Class shares............................................ (279,441) (258,568)
----------- -----------
Total Dividends............................................... (1,818,443) (1,251,983)
----------- -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares.......................................... 14,554,251 10,745,770
Proceeds from acquisition of Dreyfus Asset Allocation Fund, Inc.
Dreyfus Income Portfolio...................................... -- 2,175,198
Investor Class shares............................................ 285,941 8,402,990
Dividends reinvested:
Restricted Class shares.......................................... 1,128,662 632,623
Investor Class shares............................................ 682,355 619,360
Cost of shares redeemed:
Restricted Class shares.......................................... (7,019,957) (8,836,511)
Investor Class shares............................................ (4,952) (8,400,950)
----------- -----------
Increase (Decrease) in Net Assets from Capital
Stock Transactions.......................................... 9,626,300 5,338,480
----------- -----------
Total Increase (Decrease) in Net Assets.................... 11,273,554 5,327,606
NET ASSETS:
Beginning of Period................................................. 21,590,141 16,262,535
----------- -----------
End of Period....................................................... $32,863,695 $21,590,141
----------- -----------
----------- -----------
Undistributed investment income--net.................................... $ 1,234,286 $ 743,394
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Restricted Class Shares Shares(1) Shares(2)
- ----------------------- ----------- -----------
Shares sold......................................................... 1,084,972 784,543
Shares issued in connection with acquisition of Dreyfus Asset
Allocation Fund, Inc.
Dreyfus Income Portfolio......................................... -- 163,672
Shares issued for dividends reinvested.............................. 88,731 49,308
Shares redeemed..................................................... (515,657) (638,964)
----------- -----------
Net Increase (Decrease) in Shares Outstanding................. 658,046 358,559
----------- -----------
----------- -----------
Investor Class Shares
- ---------------------
Shares sold......................................................... 20,560 607,155
Shares issued for dividends reinvested.............................. 53,686 48,312
Shares redeemed..................................................... (353) (606,927)
----------- -----------
Net Increase (Decrease) in Shares Outstanding................. 73,893 48,540
----------- -----------
----------- -----------
<FN>
- ---------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail
shares and Investor Class shares were redesignated as Institutional shares.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth and Income Portfolio
- ------------------------------------------------------------------------
Statement of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Year Ended Year Ended
September 30, 1997(1) September 30, 1996(2)
--------------------- ---------------------
<S> <C> <C>
OPERATIONS:
Investment income--net.............................................. $ 5,236,005 $ 1,729,996
Net realized gain (loss) on investments............................. 21,316,664 2,394,043
Net unrealized appreciation (depreciation) on investments........... 8,099,227 1,137,447
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations 34,651,896 5,261,486
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Restricted Class shares.......................................... (2,784,722) (272,975)
Investor Class shares............................................ -- (240,918)
Net realized gain on investments:
Restricted Class shares.......................................... (2,498,058) (308,722)
Investor Class shares............................................ (2,967) (286,091)
------------ ------------
Total Dividends............................................... (5,285,747) (1,108,706)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares.......................................... 70,834,047 157,954,660
Investor Class shares............................................ 576,089 9,277,898
Dividends reinvested:
Restricted Class shares.......................................... 5,281,509 581,166
Investor Class shares............................................ 2,791 527,010
Cost of shares redeemed:
Restricted Class shares.......................................... (57,422,338) (46,831,889)
Investor Class shares............................................ (86,232) (18,675,642)
------------ ------------
Increase (Decrease) in Net Assets from Capital Stock Transactions 19,185,866 102,833,203
------------ ------------
Total Increase (Decrease) in Net Assets.................... 48,552,015 106,985,983
NET ASSETS:
Beginning of Period................................................. 124,836,373 17,850,390
------------ ------------
End of Period....................................................... $173,388,388 $124,836,373
------------ ------------
------------ ------------
Undistributed investment income--net.................................... $ 4,000,039 $ 1,548,756
------------ ------------
CAPITAL SHARE TRANSACTIONS--Note 6:
Restricted Class Shares Shares(1) Shares(2)
- ----------------------- ------------ ------------
Shares sold......................................................... 4,256,585 10,597,594
Shares issued for dividends reinvested.............................. 345,875 42,205
Shares redeemed..................................................... (3,358,250) (3,159,207)
------------ ------------
Net Increase (Decrease) in Shares Outstanding................. 1,244,210 7,480,592
------------ ------------
Investor Class Shares ------------ ------------
- ---------------------
Shares sold......................................................... 30,519 629,738
Shares issued for dividends reinvested.............................. 177 38,272
Shares redeemed..................................................... (5,235) (1,259,574)
------------ ------------
Net Increase (Decrease) in Shares Outstanding................. 25,461 (591,564)
------------ ------------
------------ ------------
<FN>
- -----------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail
shares and Investor Class shares were redesignated as Institutional shares.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth Portfolio
- --------------------------------------------------------------------------
Statement of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Year Ended Year Ended
September 30, 1997(1) September 30, 1996(2)
--------------------- ---------------------
<S> <C> <C>
OPERATIONS:
Investment income--net.............................................. $ 1,204,683 $ 666,900
Net realized gain (loss) on investments............................. 11,600,750 2,955,254
Net unrealized appreciation (depreciation) on investments........... 1,930,461 1,810,027
----------- -----------
Net Increase (Decrease) in Net Assets Resulting from Operations 14,735,894 5,432,181
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Restricted Class shares.......................................... (560,123) (249,191)
Investor Class shares............................................ (222,676) (226,359)
Net realized gain on investments:
Restricted Class shares.......................................... (2,126,569) (562,690)
Investor Class shares............................................ (978,027) (565,898)
----------- -----------
Total Dividends............................................... (3,887,395) (1,604,138)
----------- -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares.......................................... 26,560,356 23,280,910
Proceeds from acquisition of Dreyfus Asset Allocation Fund, Inc.
Dreyfus Growth Portfolio...................................... -- 2,803,938
Investor Class shares............................................ 753,257 12,713,945
Dividends reinvested:
Restricted Class shares.......................................... 2,685,803 811,742
Investor Class shares............................................ 1,200,579 792,257
Cost of shares redeemed:
Restricted Class shares.......................................... (18,995,072) (12,912,596)
Investor Class shares............................................ (10,031,917) (12,554,563)
----------- -----------
Increase (Decrease) in Net Assets from Capital Stock Transactions 2,173,006 14,935,633
----------- -----------
Total Increase (Decrease) in Net Assets.................... 13,021,505 18,763,676
NET ASSETS:
Beginning of Period................................................. 42,600,680 23,837,004
----------- -----------
End of Period....................................................... $55,622,185 $42,600,680
----------- -----------
----------- -----------
Undistributed investment income--net.................................... $ 931,029 $ 509,145
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Restricted Class Shares Shares(1) Shares(2)
- ----------------------- ------------ -----------
Shares sold......................................................... 1,467,413 1,500,411
Shares issued in connection with acquisition of Dreyfus Asset Allocation Fund, Inc.
Dreyfus Growth Portfolio......................................... -- 175,795
Shares issued for dividends reinvested.............................. 168,919 57,044
Shares redeemed..................................................... (1,044,750) (838,288)
----------- -----------
Net Increase (Decrease) in Shares Outstanding................. 591,582 894,962
----------- -----------
----------- -----------
Investor Class Shares
- ---------------------
Shares sold......................................................... 38,429 828,585
Shares issued for dividends reinvested.............................. 75,413 55,675
Shares redeemed..................................................... (563,616) (817,623)
----------- -----------
Net Increase (Decrease) in Shares Outstanding................. (449,774) 66,637
----------- -----------
----------- -----------
<FN>
- ----------------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail
shares and Investor Class shares were redesignated as Institutional shares.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Income Portfolio
- --------------------------------------------------------------------------------
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 period indicated. This information has been
derived from the Portfolios' financial statements.
<TABLE>
<CAPTION>
Restricted Class Shares Investor Class Shares
------------------------------- -------------------------------
Year Ended September 30, Year Ended September 30,
------------------------------- -------------------------------
PER SHARE DATA: 1997(1) 1996(2) 1995(3) 1997(1) 1996(2) 1995(3)
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.42 $13.52 $12.50 $13.39 $13.51 $12.50
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net............... .71 .64 .40 .72 .73 .39
Net realized and unrealized gain (loss)
on investments................... .99 .31 .62 .95 .18 .62
------ ------ ------ ------ ------ ------
Total from Investment Operations.... 1.70 .95 1.02 1.67 .91 1.01
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net (.65) (.62) -- (.62) (.60) --
Dividends from net realized gain on
investments...................... (.43) (.43) -- (.43) (.43) --
------ ------ ------ ------ ------ ------
Total Distributions................. (1.08) (1.05) -- (1.05) (1.03) --
------ ------ ------ ------ ------ ------
Net asset value, end of period...... $14.04 $13.42 $13.52 $14.01 $13.39 $13.51
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN................ 13.50% 7.30% 8.24%(4) 13.19% 7.07% 8.08%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .68% .60% .30%(4) .97% .85% .43%(4)
Ratio of net investment income
to average net assets............ 5.87% 5.75% 3.08%(4) 5.52% 5.50% 2.95%(4)
Decrease reflected in above expense
ratios due to undertakings
by the Manager................... .14% .61% .26%(4) .15% .61% .26%(4)
Portfolio Turnover Rate............. 72.08% 32.95% 5.66%(4) 72.08% 32.95% 5.66%(4)
Average commission rate paid(5)..... $.0200 -- -- $.0200 -- --
Net Assets, end of period
(000's Omitted)................... $22,727 $12,889 $8,141 $10,136 $8,701 $8,122
<FN>
- ----------------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail
shares and Investor Class shares were redesignated as Institutional shares.
(3) From March 31, 1995 (commencement of operations) to September 30, 1995.
(4) Not annualized.
(5) For fiscal years beginning October 1, 1995, the Portfolio is required
to disclose its average commission rate paid per share for purchases
and sales of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth and Income Portfolio
- ---------------------------------------------------------------------------
Financial Highlights (continued)
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 period indicated. This information has been
derived from the Portfolios' financial statements.
<TABLE>
<CAPTION>
Restricted Class Shares Investor Class Shares
------------------------------- -------------------------------
Year Ended September 30, Year Ended September 30,
------------------------------- -------------------------------
PER SHARE DATA: 1997(1) 1996(2) 1995(3) 1997(1) 1996(2) 1995(3)
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $15.34 $14.31 $12.50 $15.43 $14.29 $12.50
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net............... .58 .33 .27 .57(4) .90(4) .27
Net realized and unrealized gain (loss)
on investments................... 3.16 1.60 1.54 3.36 1.12 1.52
------ ------ ------ ------ ------ ------
Total from Investment Operations.... 3.74 1.93 1.81 3.93 2.02 1.79
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net (.34) (.42) -- -- (.40) --
Dividends from net realized gain on
investments...................... (.31) (.48) -- (.31) (.48) --
------ ------ ------ ------ ------ ------
Total Distributions................. (.65) (.90) -- (.31) (.88) --
------ ------ ------ ------ ------ ------
Net asset value, end of period...... $18.43 $15.34 $14.31 $19.05 $15.43 $14.29
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN................ 25.22% 14.17% 14.48%(5) 25.85% 14.84% 14.32%(5)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .78% .75% .38%(5) 1.00% 1.00% .51%(5)
Ratio of net investment income
to average net assets............ 3.52% 3.60% 2.10%(5) 3.58% 3.35% 1.98%(5)
Decrease reflected in above expense
ratios due to undertakings
by the Manager................... .06% .39% .33%(5) .05% .39% .33%(5)
Portfolio Turnover Rate............. 107.85% 122.52% 33.55%(5) 107.85% 122.52% 33.55%(5)
Average commission rate paid(6)..... $.0453 $.0480 -- $.0453 $.0480 --
Net Assets, end of period
(000's Omitted)................... $172,705 $124,677 $9,248 $683 $160 $8,602
<FN>
- ----------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail
shares and Investor Class shares were redesignated as Institutional shares.
(3) From March 31, 1995 (commencement of operations) to September 30, 1995.
(4) Based on average shares outstanding.
(5) Not annualized.
(6) For fiscal years beginning October 1, 1995, the Portfolio is required to
disclose its average commission rate paid per share for purchases and
sales of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc., Growth Portfolio
- -----------------------------------------------------------------------------
Financial Highlights (continued)
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 period indicated. This information has been
derived from the Portfolios' financial statements.
<TABLE>
<CAPTION>
Restricted Class Shares Investor Class Shares
------------------------------- -------------------------------
Year Ended September 30, Year Ended September 30,
------------------------------- -------------------------------
PER SHARE DATA: 1997(1) 1996(2) 1995(3) 1997(1) 1996(2) 1995(3)
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $16.59 $14.84 $12.50 $16.58 $14.82 $12.50
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net............... .41 .28 .21 .62 .32 .19
Net realized and unrealized gain (loss)
on investments................... 4.94 2.48 2.13 4.68 2.42 2.13
------ ------ ------ ------ ------ ------
Total from Investment Operations.... 5.35 2.76 2.34 5.30 2.74 2.32
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net (.30) (.31) -- (.26) (.28) --
Dividends from net realized gain on
investments...................... (1.12) (.70) -- (1.12) (.70) --
------ ------ ------ ------ ------ ------
Total Distributions................. (1.42) (1.01) -- (1.38) (.98) --
------ ------ ------ ------ ------ ------
Net asset value, end of period...... $20.52 $16.59 $14.84 $20.50 $16.58 $14.82
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN................ 34.70% 19.73% 18.72%(4) 34.32% 19.58% 18.56%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .83% .75% .38%(4) 1.06% 1.00% .51%(4)
Ratio of net investment income
to average net assets............ 2.38% 2.38% 1.51%(4) 2.05% 2.08% 1.39%(4)
Decrease reflected in above expense
ratios due to undertakings
by the Manager................... .20% .53% .26%(4) .27% .53% .26%(4)
Portfolio Turnover Rate............. 118.49% 77.83% 52.86%(4) 118.49% 77.83% 52.86%(4)
Average commission rate paid(5)..... $.0497 $.0519 -- $.0497 $.0519 --
Net Assets, end of period
(000's Omitted)................... $46,960 $28,143 $11,898 $8,662 $14,458 $11,939
<FN>
- --------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail
shares and Investor Class shares were redesignated as Institutional shares.
(3) From March 31, 1995 (commencement of operations) to September 30, 1995.
(4) Not annualized.
(5) For fiscal years beginning October 1, 1995, the Portfolio is required to
disclose its average commission rate paid per share for purchases and
sales of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--General:
Dreyfus LifeTime Portfolios, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended, ("Act") as a diversified open-end
management investment company and operates as a series company currently
offering three Portfolios: the Income Portfolio, the primary investment
objective of which is to maximize current income and the secondary investment
objective of which is capital appreciation, the Growth and Income Portfolio, the
investment objective of which is to maximize total return, consisting of capital
appreciation and current income and the Growth Portfolio, the investment
objective of which is capital appreciation. The Fund accounts separately for the
assets, liabilities and operations of each series. The Dreyfus Corporation
("Manager") serves as each Portfolio's investment adviser. The Manager is a
direct subsidiary of Mellon Bank, N.A. ("Mellon"), which is a wholly-owned
subsidiary of Mellon Bank Corporation. Mellon Equity Associates ("Mellon
Equity"), an indirect wholly-owned subsidiary of Mellon Bank Corporation, serves
as each Portfolio's sub-investment adviser.
As of September 30, 1997, APT Holdings Corporation, an indirect subsidiary of
Mellon Bank Corporation, held the following shares:
Income Portfolio Growth Portfolio
---------------- ----------------
Investor Class..... 701,756 Investor Class..... 367,209
Restricted Class... 704,216 Restricted Class... 371,176
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor of
the Fund's shares. The Fund is authorized to issue 50 million shares of $.001
par value Common Stock in each of the following classes of shares: Restricted
and Investor. Effective August 7, 1997, each Portfolio's Retail shares were
redesignated as Restricted Class shares and each Portfolio's Institutional
shares were redesignated as Investor Class shares. Investor Class shares are
offered to any investor and Restricted Class shares are offered only to clients
of certain banks, securities brokers or dealers and other financial institutions
(collectively, Service Agents) that have entered into selling agreements with
the Distributor. Other differences between the two classes include the services
offered to and the expenses borne by each class.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
NOTE 2--Significant Accounting Policies:
(A) PORTFOLIO VALUATION: 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. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of the Board of Directors. 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.
<PAGE>
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 the 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, currency gains or losses
realized on securities transactions, the difference between the amount 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, resulting from
changes in exchange rates. Such gains and losses are included with net realized
and unrealized gain or 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 continue 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.
NOTE 3--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. For the period ended September
30, 1997, the Fund did not borrow under the Facility.
NOTE 4--Management Fee, Sub-Investment Advisory Fee and Other Transactions
With Affiliates:
(A) Pursuant to a management agreement with the Manager, the management fee
is computed on the value of each Portfolio's average daily 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
Manager has undertaken with respect to the Income Portfolio from October 1, 1996
through March 31, 1997 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, exclusive of the Shareholder Services Plan fee, taxes,
brokerage, interest on borrowings, commitment fees
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
and extraordinary expenses, exceed an annual rate of .60 of 1% of the value of
the Portfolio's average daily net assets. With respect to the Growth and Income
Portfolio and the Growth Portfolio, the Manager has undertaken from October 1,
1996 through March 31, 1997 to reduce the management fee paid by, or reimburse
such excess expenses of each Portfolio, to the extent that each Portfolio's
aggregate annual expenses (exclusive of certain expenses as described above)
exceed an annual rate of .75 of 1% of the value of each Portfolio's average
daily net assets.
The reduction in management fee, pursuant to the undertakings amounted to the
following for the period ended September 30, 1997:
Income Portfolio............. $39,831 Growth Portfolio........... $115,735
Growth and Income Portfolio.. 88,813
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
Average Daily Net Assets of
Total Fund Net Assets 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 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 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.
During the period ended September 30, 1997, each Portfolio was charged the
following pursuant to the Shareholder Services Plan:
Income Portfolio........... $23,277 Growth Portfolio........ $33,001
Growth and Income Portfolio.. 568
Each Portfolio compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary
of the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for each Portfolio. During the
period ended September 30, 1997, each Portfolio was charged the following
pursuant to the transfer agency agreement:
Income Portfolio............. $1,750 Growth Portfolio........ $6,687
Growth and Income Portfolio.. 6,247
The Fund compensates Mellon under a custody agreement to provide custodial
services for each Portfolio. During the period ended September 30, 1997, each
Portfolio was charged the following pursuant to the custody agreement:
Income Portfolio............ $ 5,057 Growth Portfolio........ $26,286
Growth and Income Portfolio.. 33,411
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
(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.
NOTE 5--Securities Transactions:
(A) The following summarizes the aggregate amount of purchases and sales of
investment securities, excluding short-term securities, financial futures and
forward currency exchange contracts during the period ended September 30, 1997:
Purchases Sales
------------ ------------
Income Portfolio.................... $ 19,857,464 $ 12,837,297
Growth and Income Portfolio......... 154,361,581 130,714,524
Growth Portfolio.................... 42,056,369 40,511,150
The Fund enters into forward currency exchange contracts in order to hedge
its exposure to changes in foreign currency exchange rates on its foreign
portfolio holdings. When executing forward currency exchange contracts, the Fund
is obligated to buy or sell a foreign currency at a specified rate on a certain
date in the future. With respect to sales of forward currency exchange
contracts, the Fund would incur a loss if the value of the contract increases
between the date the forward contract is opened and the date the forward
contract is closed. The Fund realizes a gain if the value of the contract
decreases between those dates. With respect to purchases of forward currency
exchange contracts, the Fund would incur a loss if the value of the contract
decreases between the date the forward contract is opened and the date the
forward contract is closed. The Fund realizes a gain if the value of the
contract increases between those dates. The Fund is also exposed to credit risk
associated with counter party nonperformance on these forward currency exchange
contracts which is typically limited to the unrealized gain on each open
contract. At September 30, 1997, there were no open forward currency exchange
contracts.
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 received or made 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, 1997 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 and financial futures for each Portfolio at September 30, 1997:
Gross Gross
Appreciation (Depreciation) Net
------------ -------------- -----------
Income Portfolio.............. $ 234,933 $ (153,924) $ 81,009
Growth and Income Portfolio... 11,019,464 (476,935) 10,542,529
Growth Portfolio.............. 6,281,232 (199,354) 6,081,878
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
At September 30, 1997, 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 each Portfolio for financial
reporting purposes as of September 30, 1997 was as follows:
Income Portfolio............ $ 32,652,815 Growth Portfolio.... $49,125,132
Growth and Income Portfolio. 161,711,672
NOTE 6--Acquisition of Common Trust Assets:
On March 31, 1997, the Growth and Income Portfolio acquired a portion of the
assets of the MCM EB Funds, a trust advised by a subsidiary of Mellon. The
acquisition was accomplished by an exchange of 1,000,000 Class R shares of the
Fund's Capital Stock for cash, securities and assumption of liabilities of the
trust totaling $15,500,000 which is included in net proceeds from shares sold on
the Statement of Changes in Net Assets.
<PAGE>
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, 1997, and the
related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended, and
financial highlights for each of the years indicated therein. 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 audits.
We conducted our audits 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 and financial highlights. Our procedures included verification by
examination of securities held by the custodian as of September 30, 1997 and
confirmation of securities not held by the custodian by correspondence with
others. 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 audits provide 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, 1997, the results of their operations for the year then ended,
the changes in their net assets for each of the two years in the period then
ended, and the financial highlights for each of the indicated years, in
conformity with generally accepted accounting principles.
Ernst & Young LLP
New York, New York
November 12, 1997
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
- --------------------------------------------------------------------------------
Important Tax Information (Unaudited)
In accordance with Federal and State (where applicable) tax law, Dreyfus
LifeTime Portfolios, Inc. (Income Portfolio, Growth and Income Portfolio and
Growth Portfolio) hereby make the following designations of dividends and
distributions paid during the fiscal year ended September 30, 1997:
<TABLE>
<CAPTION>
Long-Term
Capital Gains Qualifying Interest From
Distribution Ordinary U.S. Government Payable
Per Share Dividends Obligations Date
------------- -------------- -------------- -------
<S> <C> <C> <C> <C>
Income Portfolio....................... $.230 Not Applicable 78.25% 12/17/96
Growth and Income Portfolio............ $.175 18.65% Not Applicable 12/17/96
Growth Portfolio....................... $.550 16.34% Not Applicable 12/17/96
</TABLE>
The percentage of qualifying ordinary dividends shown qualify for the
corporate dividends received deduction. Shareholders will receive notification
in January 1998 of the percentage applicable to the preparation of their 1997
income tax returns.
The percentage shown for Interest from U.S. Government Obligations represents
the percentage of the ordinary dividend attributable to interest income from
direct obligations of the United States. Such portion of the dividend is
currently exempt from taxation for individual income tax purposes in most
states, including New York, California and the District of Columbia.
<PAGE>
Dreyfus LifeTime Portfolios, Inc.
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. DRPAR979
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
INVESTOR SHARES AND RESTRICTED SHARES OF DREYFUS LIFETIME
PORTFOLIOS, INC.-GROWTH AND INCOME PORTFOLIO WITH THE THE
STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX AND A
CUSTOMIZED BLENDED INDEX
EXHIBIT A:
DREYFUS DREYFUS
LIFETIME LIFETIME
PORTFOLIOS- PORTFOLIOS- STANDARD
GROWTH GROWTH & POOR'S
AND AND 500
INCOME INCOME COMPOSITE
PORTFOLIO PORTFOLIO STOCK CUSTOMIZED
PERIOD (INVESTOR (RESTRICTED PRICE BLENDED
SHARES) SHARES) INDEX * INDEX **
3/31/95 10,000 10,000 10,000 10,000
9/30/95 11,432 11,448 11,823 11,241
9/30/96 13,128 13,070 14,226 12,619
9/30/97 16,521 16,366 19,976 15,520
*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
INVESTOR SHARES AND RESTRICTED SHARES OF DREYFUS LIFETIME
PORFOLIOS, INC.-INCOME PORTFOLIO WITH THE LEHMAN BROTHERS
INTERMEDIATE GOVERNMENT / CORPORATE BOND INDEX AND A
CUSTOMIZED BELNDED INDEX
EXHIBIT A:
DREYFUS DREYFUS LEHMAN
LIFETIME LIFETIME BROTHERS
PORTFOLIOS- PORTFOLIOS- INTERMEDIATE
INCOME INCOME GOVERNMENT/
PORTFOLIO PORTFOLIO CORPORATE CUSTOMIZED
(INVESTOR (RESTRICTED BOND BLENDED
PERIOD SHARES) SHARES) INDEX * INDEX **
3/31/95 10,000 10,000 10,000 10,000
9/30/95 10,808 10,824 10,673 10,893
9/30/96 11,573 11,615 11,221 11,824
9/30/97 13,099 13,183 12,140 13,615
*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
INVESTOR SHARES AND RESTRICTED SHARES OF DREYFUS LIFETIME
PORTFOLIOS, INC.-GROWTH PORTFOLIO WITH THE STANDARD &
POOR'S 500 COMPOSITE STOCK PRICE INDEX AND A
CUSTOMIZED BLENDED INDEX
EXHIBIT A:
DREYFUS DREYFUS STANDARD
LIFETIME LIFETIME & POOR'S
PORTFOLIOS- PORTFOLIOS- 500
GROWTH GROWTH COMPOSITE
PORTFOLIO PORTFOLIO STOCK CUSTOMIZED
PERIOD (INVESTOR (RESTRICTED PRICE BLENDED
SHARES) SHARES) INDEX * INDEX **
3/31/95 10,000 10,000 10,000 10,000
9/30/95 11,856 11,872 11,823 11,545
9/30/96 14,177 14,214 14,226 13,399
9/30/97 19,043 19,146 19,976 17,551
*Source: Lipper Analytical Services, Inc.
**Source: Lipper Analytical Services, Inc., Lehman Brothers, Morgan Stanley
& Co. Incorporated and J.P. Morgan & Co. Incorporated
