<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC.
Letter to Shareholders
Dear Shareholder:
Dreyfus LifeTime Portfolios, Inc. marked the completion of its latest
semi-annual reporting period, March 31, 1998. During those six months, as a
matter of prudence, we chose to be overweighted in fixed income securities.
Because of the unusual strength shown by equities in the early months of
1998, the Portfolios containing equities underperformed their benchmark
indexes.
The following table summarizes the performance for the six months ended
March 31, 1998:
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 9.57% 12.30% 17.21% 3.73%
Restricted Shares 9.66%
Growth and Income
Investor Shares 7.16% 9.27%
Restricted Shares 7.25%
Income
Investor Shares 5.91% 6.65%
Restricted Shares 6.05%
Economic Review
</TABLE>
A shift to a slower economy may have started this spring, ending nearly
two years of above-trend real growth. Slowing economic growth in the late
phase of this business cycle is not accompanied by accelerating price
inflation; rather it is accompanied by rising cost pressures. This hot and
cold mix in the economy has kept Federal Reserve Board (the "Fed") policy in
neutral in recent months, with equal concern over rising wage inflation and
slowing growth. In turn, stable short-term rates have thwarted the market's
attempts to reduce long-term rates. Meanwhile, a slowing economy without
pricing power threatened to curb corporate revenue growth this year. Rising
costs already have begun to squeeze corporate profit margins in some sectors.
The industrial sector is leading the economic slowdown, as evidenced by
weak orders for exports and capital goods and cutbacks in automobile
production. Manufacturers are bearing the brunt of Asia's economic turmoil,
the strong dollar, and pricing constraints due to import competition. The
household sector, which benefits from these factors, has enjoyed strong
purchasing power that has fueled a boom in housing demand and consumer
spending. This mix has kept the labor market quite tight, exerting upward
pressure on wages, especially in the service economy.
The Federal Reserve Board abandoned its bias towards tighter monetary
policy earlier this year. However, by keeping short-term interest rates
stable, the Fed has effectively created a floor for longer-term rates. Demand
for U.S. Treasury bonds has periodically increased this year as investors
sought refuge in higher quality instruments. And the shift to a Federal
budget surplus has curtailed the new supply of bonds. The Fed's neutral
stance has had the effect of forcing a higher range of interest rates than
the market might otherwise bear.
As for corporate profits, a very mixed picture has begun to emerge. The
risk to this year's overall profit growth, and hence to the total economy, is
that slower economic growth may coexist for some time with rising cost
pressures.
Market Overview
The stock market continued to exhibit impressive strength in recent
months, after bouncing back from the "Asian flu" attack of last fall.
To be sure, the rising tide of stock market prices did not lift all boats
equally. Yet the market's recovery was particularly impressive when one
considers how much ground was retraced from the 1997 lows to the most recent
highs. The swing from low to high measured 50% for the S&P 500 Index, 39% for
the DJIA, 53% for the Nasdaq Composite and 43% for the Russell 2000.
It should also be noted that the performance of the averages through
March 30, 1998 did not take into account the further advances of the market
in the first few days of April.
The Fed, in addition to holding its monetary policy steady through March,
may also have encouraged the market bulls when Fed Chairman Alan Greenspan,
on April 2, 1998, told a gathering of newspaper editors that stock prices had
been going up on the basis of a "continuous upward revision" in expected
future corporate earnings. That was quite a contrast from Mr. Greenspan's
attitude in December 1996, when he complained of "irrational exuberance" in
the stock market.
How stock prices will behave in the coming months depends to a great
extent on the outlook for corporate profits. There are no guarantees that the
continuous upward revision referred to by the Fed Chairman will, in fact,
continue. First-quarter reports for some corporations, particularly some
technology companies, have been disappointing. In the Far East, while the
crisis in Southeast Asia appears to have eased, Japan is still in deep
difficulties. This is forcing downward revision of expectations by some
American global companies that have large stakes in the Far East. A great
deal is riding on whether second-quarter profits for major corporations will
be weaker than the first-quarter returns.
Offsetting that, to some extent, is the continuing wave of spectacular
corporate mergers, as exemplified by the impending combination of Travelers
Group and Citicorp announced in early April. It wasn't lost on stock market
followers that the value of the proposed merger increased from $70 billion to
$83 billion on the day of the merger announcement, due to a jump in the
prices of both stocks. Similar appreciation, though on a smaller scale, has
occurred in other mergers this past year and seems likely to continue in the
months ahead.
Stock prices have been unusually sensitive both to good and to bad news
in recent months. There is no sign that this volatility will subside in the
near future. Yet investors' money continues to flow into the market at a pace
likely to continue for the foreseeable future.
Portfolio Focus
As you know, the Dreyfus LifeTime Portfolios provide the opportunity to
invest in three distinct 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 the structure in line with Mellon Equity's disciplined
asset allocation process. The Growth Portfolio was at its minimum equity
position for the last six months. While bonds kept pace with equities through
January 30, the dramatic increase in equities in February and March outpaced
bonds considerably, leading to the portfolio's underperformance relative to
its baseline allocation for the last six months. Nevertheless, the
performance measured over longer periods remained strong. As of the end of
March, the portfolio was overweight to bonds, with approximately 33% 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 11.2% in small capitalization
stocks (versus neutral allocation of 13.6%). The international equity
allocation ended the period at 11.9% versus its baseline allocation of 12%.
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 minimum equity position for the last six
months, and also underperformed its baseline allocation due to February's and
March's strong increase in stock prices. At the end of March, bonds made up
58.9% of the portfolio compared to a neutral allocation of 45%. Domestic
equities were underweight relative to their neutral position; small
capitalization equities were 7.3% (versus 9% neutral allocation) of the
Portfolio. The international equity allocation was in line with its benchmark
allocation of 5%.
The Income Portfolio is designed for the more conservative investor. Its
asset allocation is bond-dominated and does not vary from its long-term
targets. The bond and stock components of this portfolio are both passively
managed.
The large capitalization equity components of both the Growth and the
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 past six months, the large capitalization equity
portfolio performed in line with the S&P 500. Stocks that contributed
positively to performance included Schering-Plough, Ameritech, and TJX while
Adaptec, Compaq Computer, and Cummins Engine detracted from performance.
We appreciate your investment in Dreyfus LifeTime Portfolios, Inc., and
will continue to exert our best efforts on your behalf.
Sincerely,
[Steven A. Falci signature logo]
Steven A. Falci
Portfolio Manager
April 17, 1998
New York, N.Y.
* 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 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 Stock
s - 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.
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC., Income Portfolio
Statement of Investments March 31, 1998 (Unaudited)
Principal
Bonds and Notes-66.7% Amount Value
____________ ____________
<S> <C> <C>
Financial-10.6% American Express Credit Account Master Trust,
Asset Backed Ctfs., Ser. 1997-1, Cl. A,
6.40%, 4/15/2005..................... $ 1,000,000 $ 995,770
Citibank Credit Card Master Trust,
Asset Backed Ctfs., Ser. 1998-1, Cl. A,
5.75%, 1/15/2003..................... 1,000,000 1,016,880
Sears, Roebuck & Co., Bonds,
7%, 6/15/2007........................ 1,000,000 1,035,332
Southern New England, Bonds,
6.50%, 2/15/2002..................... 1,000,000 1,015,571
____________
4,063,553
____________
Industrial-9.4% Allied-Signal, Notes,
6.20%, 2/01/2008..................... 500,000 496,721
Campbell Soup, Bonds,
6.50%, 12/01/2002.................... 1,000,000 1,008,275
duPont (E.I.) de Nemours & Co., Deb.,
6.50%, 9/01/2002..................... 1,000,000 1,017,156
Mobil, Deb.,
8.375%, 2/12/2001.................... 1,000,000 1,064,782
____________
3,586,934
____________
U.S. Government Securities-46.7% U.S. Treasury Notes:
5.875%, 8/15/1998.................... 1,000,000 1,001,530
5.125%, 11/30/1998................... 1,000,000 997,820
8.875%, 2/15/1999.................... 1,000,000 1,027,990
6.75%, 6/30/1999..................... 1,000,000 1,014,030
6%, 8/15/1999........................ 1,000,000 1,005,380
6.375%, 1/15/2000.................... 1,300,000 1,316,549
5.25%, 1/31/2001..................... 1,200,000 1,188,096
7.75%, 2/15/2001..................... 1,400,000 1,477,168
8%, 5/15/2001........................ 1,000,000 1,066,290
7.50%, 11/15/2001.................... 835,000 884,323
6.625%, 3/31/2002.................... 350,000 361,557
6.25%, 6/30/2002..................... 580,000 592,035
6.375%, 8/15/2002.................... 1,150,000 1,180,452
7.875%, 11/15/2004................... 660,000 737,418
7.50%, 2/15/2005..................... 1,450,000 1,595,681
6.50%, 5/15/2005..................... 1,725,000 1,800,607
6.875%, 5/15/2006.................... 200,000 214,418
7%, 7/15/2006........................ 385,000 416,066
____________
17,877,410
____________
TOTAL BONDS AND NOTES
(cost $25,517,693)................... $25,527,897
============
DREYFUS LIFETIME PORTFOLIOS, INC., Income Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Principal
Short-Term Investments-35.2% Amount Value
____________ ____________
U.S. Treasury Bills: 5.11%, 4/2/1998........................ (a) $ 2,011,000 $ 2,010,698
5%, 4/9/1998........................... 3,765,000 3,760,670
5.35%, 4/16/1998....................... 302,000 301,315
5.08%, 4/23/1998....................... 6,526,000 6,504,660
4.97%, 4/30/1998....................... 177,000 176,257
5.05%, 5/28/1998....................... 709,000 703,314
_____________
TOTAL SHORT-TERM INVESTMENTS
(cost $13,458,211)................... $13,456,914
============
TOTAL INVESTMENTS (cost $38,975,904)........................................ 101.9% $38,984,811
======= ==============
LIABILITIES, LESS CASH AND RECEIVABLES...................................... (1.9%) $ (725,861)
======= ==============
NET ASSETS.................................................................. 100.0% $38,258,950
======= ==============
Notes to Statement of Investments:
(a)Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
Statement of Financial Futures March 31, 1998 (Unaudited)
Market Value Unrealized
Covered Appreciation
Financial Futures Purchased: Contracts by Contracts Expiration at 3/31/98
_________________________ ________ ___________ _________ ____________
Standard & Poor's 500........................ 31 $8,606,375 June '98 $185,364
===========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
Statement of Investments March 31, 1998 (Unaudited)
Common Stocks-26.5% Shares Value
______________ ______________
<S> <C> <C> <C>
Basic Industries-1.0% Crown Cork & Seal...................... 3,600 $ 192,600
Dow Chemical........................... 2,600 252,850
duPont (E.I.) de Nemours & Co.......... 4,600 312,800
Fort James............................. 9,500 435,219
Millennium Chemicals................... 4,000 134,000
Morton International................... 4,600 150,938
PPG Industries......................... 4,300 292,131
Rohm & Haas............................ 1,800 185,962
USG.................................... (a) 1,800 97,537
______________
2,054,037
______________
Capital Spending-6.3% Adaptec................................ (a) 5,300 104,012
American Power Conversion.............. (a) 2,600 74,587
BMC Software........................... (a) 2,800 234,675
Caterpillar............................ 12,400 682,775
Cendant................................ (a) 5,286 209,458
Cisco Systems.......................... (a) 11,000 752,125
Compaq Computer........................ 20,200 522,675
Computer Associates International...... 13,050 753,638
Cummins Engine......................... 2,100 115,763
Deere & Co............................. 7,200 445,950
Eaton.................................. 3,900 371,231
Ericsson (LM) Telephone, Cl. B, A.D.R.. 3,400 161,713
First Health Group..................... (a) 2,700 146,475
General Dynamics....................... 2,100 180,863
General Electric....................... 6,100 525,744
Illinois Tool Works.................... 1,300 84,175
Ingersoll-Rand......................... 9,100 436,231
Intel.................................. 11,500 897,719
International Business Machines........ 5,400 560,925
Johnson Controls....................... 2,700 163,856
Lexmark International Group, Cl. A..... (a) 6,500 293,313
Microsoft.............................. (a) 14,600 1,306,700
Parker-Hannifin........................ 8,650 443,313
Pitney Bowes........................... 3,200 160,600
Republic Industries.................... (a) 10,800 278,775
Sun Microsystems....................... (a) 2,700 112,641
Tellabs................................ (a) 8,700 583,987
Thiokol................................ 2,500 120,781
Tyco International..................... 9,700 529,862
United Technologies.................... 6,100 563,106
Xerox.................................. 4,900 521,544
______________
12,339,212
______________
Consumer Cyclical-3.4% American Greetings, Cl. A.............. 3,100 142,600
Carnival, Cl. A........................ 2,900 202,275
Chrysler............................... 7,900 328,344
Dayton Hudson.......................... 5,600 492,800
Federated Department Stores............ (a) 11,100 575,119
DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Common Stocks (continued) Shares Value
______________ ______________
Consumer Cyclical (continued) Ford Motor............................. 8,600 $ 557,388
Gannett................................ 2,200 158,125
Gap.................................... 6,900 310,500
General Motors......................... 7,600 512,525
Goodyear Tire & Rubber................. 1,200 90,900
Miller (Herman)........................ 3,800 127,419
New York Times, Cl. A.................. 6,700 469,000
Philips Electronics, N.V............... (a) 4,600 337,813
Promus Hotel........................... (a) 2,100 100,275
Reynolds & Reynolds, Cl. A............. 4,200 91,875
Safeway................................ (a) 11,600 428,475
TJX.................................... 10,000 452,500
Tommy Hilfiger......................... (a) 2,400 144,150
Tribune................................ 2,300 162,150
V.F.................................... 4,600 241,787
Wal-Mart Stores........................ 13,500 685,969
______________
6,611,989
______________
Consumer Staples-2.8% Anheuser-Busch......................... 5,200 240,825
Avon Products.......................... 4,000 312,000
Campbell Soup.......................... 4,700 266,725
Coca-Cola.............................. 9,400 727,913
Dial................................... 8,500 203,469
General Mills.......................... 4,800 364,800
Heinz (H.J.)........................... 2,600 151,775
Interstate Bakeries.................... 3,200 103,400
Kellogg................................ 5,200 224,250
Kimberly-Clark......................... 9,200 461,150
Newell................................. 4,500 217,969
PepsiCo................................ 5,600 239,050
Philip Morris Cos...................... 16,500 687,844
Procter & Gamble....................... 6,400 540,000
Sara Lee............................... 5,800 357,425
Unilever, N.V.......................... 4,100 281,362
Vlasic Foods International............. (a) 470 12,014
______________
5,391,971
______________
Energy-2.2% Ashland................................ 3,500 198,187
Atlantic Richfield..................... 8,200 644,725
Chevron................................ 4,400 353,375
Coastal................................ 3,100 201,888
Columbia Energy Group.................. 1,900 147,725
Diamond Offshore Drilling.............. 4,400 199,650
Exxon.................................. 14,600 987,325
Phillips Petroleum..................... 8,900 444,444
R&B Falcon............................. (a) 6,254 185,275
Sun Company............................ 6,300 257,512
Texaco................................. 10,300 620,575
______________
4,240,681
______________
DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Common Stocks (continued) Shares Value
______________ ______________
Health Care-3.1% Abbott Laboratories.................... 11,400 $ 858,562
Amgen.................................. (a) 7,400 450,475
Biomet................................. (a) 4,700 141,000
Bristol-Myers Squibb................... 9,400 980,537
Elan, A.D.S............................ (a) 3,500 226,187
Health Management Association.......... (a) 6,300 180,337
HEALTHSOUTH............................ (a) 13,600 381,650
Johnson & Johnson...................... 8,100 593,831
Merck & Co............................. 7,200 924,300
Schering-Plough........................ 12,900 1,053,769
Wellpoint Health Networks.............. (a) 2,700 182,250
______________
5,972,898
______________
Interest Sensitive-4.6% Allstate............................... 5,700 524,044
AMBAC.................................. 5,700 333,094
BankAmerica............................ 4,200 347,025
Bankers Trust New York................. 2,700 324,844
Bear Stearns Cos....................... 8,400 431,550
Chase Manhattan........................ 5,900 795,763
CIGNA.................................. 1,100 225,500
Comerica............................... 4,300 454,994
Conseco................................ 6,600 373,725
EXEL................................... 7,400 573,500
Federal Home Loan Mortgage............. 3,100 147,056
Federal National Mortgage Association.. 6,200 392,150
First Chicago NBD...................... 3,800 334,875
First of America Bank.................. 1,600 138,400
First Union............................ 8,800 499,400
Golden West Financial.................. 2,700 258,694
MGIC Investment........................ 4,100 269,319
NationsBank............................ 12,000 875,250
Republic New York...................... 2,000 266,750
SLM Holding............................ 11,550 503,869
SouthTrust............................. 3,000 125,625
SunAmerica............................. 7,500 359,062
Travelers Group........................ 8,700 522,000
______________
9,076,489
______________
Mining and Metals-.2% Aluminum Co. of America................ 3,400 233,962
USX-U.S. Steel......................... 5,200 196,300
______________
430,262
______________
Transportation-.3% AMR ................................... (a) 2,300 329,331
Delta Air Lines........................ 2,000 236,500
______________
565,831
______________
DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Common Stocks (continued) Shares Value
______________ ______________
Utilities-2.6% Airtouch Communications................ (a) 11,100 $ 543,206
Ameritech.............................. 20,400 1,008,525
AT&T................................... 20,300 1,332,187
BellSouth.............................. 10,900 736,431
Consolidated Edison.................... 7,300 341,275
DQE.................................... 3,600 134,100
FirstEnergy............................ 6,300 194,119
FPL Group.............................. 6,400 411,200
Pinnacle West Capital.................. 6,800 302,175
WorldCom............................... (a) 3,600 155,025
______________
5,158,243
______________
TOTAL COMMON STOCKS
(cost $38,803,095)............. $ 51,841,613
==============
Principal
Bonds and Notes-59.0% Amount
______________
Finance-7.3% American Express Credit Account Master Trust,
Asset Backed Ctfs., Series 1997-1, Cl. A,
6.40%, 4/15/2005............... $ 3,000,000 $ 3,050,640
American General, Notes,
7.75%, 4/1/2005................ 500,000 537,111
Associated N.A., Sr. Notes,
6%, 6/15/2000.................. 1,000,000 999,798
BankAmerica, Sub. Notes,
7.875%, 12/1/2002.............. 1,000,000 1,066,492
Citibank Credit Card Master Trust,
Asset Backed Ctfs., Series 1998-1, Cl. A,
5.75%, 1/15/2003................ 3,500,000 3,485,195
Citicorp, Sub. Notes,
6.60%, 8/1/2000................ 1,000,000 1,009,088
NBD Bancorp, Sub. Notes,
7.125%, 5/15/2007.............. 2,000,000 2,081,916
Sears, Roebuck & Co., Bonds,
7%, 6/15/2007.................. 2,000,000 2,070,664
______________
14,300,904
______________
Industrial-7.8% American Home Products, Notes,
7.70%, 2/15/2000............... 1,000,000 1,030,068
Amoco,
6.25%, 10/15/2004.............. 2,000,000 2,018,620
Campbell Soup, Bonds,
6.15%, 12/1/2002............... 4,000,000 4,033,100
duPont (E.I.) de Nemours & Co., Deb.:
6.50%, 9/1/2002................ 3,000,000 3,051,468
8.50%, 2/15/2003............... 250,000 265,631
Penney (J.C.), Deb.:
6.95%, 4/1/2000................ 800,000 811,985
9.05%, 3/1/2001................ 1,000,000 1,073,801
DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Principal
Bonds and Notes (continued) Amount Value
______________ ______________
Industrial (continued) Philip Morris, Notes,
7.625%, 5/15/2002.............. $ 1,000,000 $ 1,043,504
Norfolk Southern, Notes,
6.70%, 5/1/2000................ 2,000,000 2,026,638
______________
15,354,815
______________
Transportation-1.2% CSX, Deb.,
7.45%, 5/1/2007................ (b) 2,200,000 2,337,311
______________
U.S. Government &
Agencies-42.7% Federal National Mortgage Association, Deb.,
8.50%, 2/1/2005................ 500,000 523,090
Federal National Mortgage Association, Med. Term Notes,
5.73%, 10/14/1999.............. 3,000,000 3,000,300
Tennessee Valley Authority,
6.375%, 6/15/2005.............. 1,950,000 2,006,938
U.S. Treasury Notes:
8.875%, 2/15/1999.............. 4,200,000 4,317,558
6.375%, 5/15/1999.............. 4,900,000 4,941,356
6%, 6/30/1999.................. 4,800,000 4,825,104
6.875%, 8/31/1999.............. 3,200,000 3,255,872
7.125%, 9/30/1999.............. 2,000,000 2,043,480
7.875%, 11/15/1999............. 2,000,000 2,070,040
7.75%, 1/31/2000............... 2,250,000 2,332,912
6.375%, 5/15/2000.............. 4,100,000 4,162,361
8.75%, 8/15/2000............... 1,150,000 1,229,028
6.25%, 8/31/2000............... 4,900,000 4,963,014
5.75%, 10/31/2000.............. 1,400,000 1,403,892
5.625%, 11/30/2000............. 1,100,000 1,099,758
5.25%, 1/31/2001............... 4,400,000 4,356,352
6.375%, 3/31/2001.............. 1,700,000 1,733,082
8%, 5/15/2001.................. 4,300,000 4,585,047
6.125%, 12/31/2001............. 4,500,000 4,566,240
7.50%, 5/15/2002............... 1,850,000 1,972,007
5.50%, 2/28/2003............... 5,000,000 4,967,900
5.75%, 8/15/2003............... 1,930,000 1,936,022
7.25%, 5/15/2004............... 2,000,000 2,159,180
7.875%, 11/15/2004............. 1,660,000 1,854,718
7.50%, 2/15/2005............... 2,550,000 2,806,199
6.50%, 8/15/2005............... 4,050,000 4,232,493
7%, 7/15/2006.................. 2,000,000 2,161,380
6.50%, 10/15/2006.............. 500,000 524,665
6.25%, 2/15/2007............... 3,400,000 3,516,518
______________
83,546,506
______________
TOTAL BONDS AND NOTES
(cost $114,510,212)..................... $115,539,536
==============
DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Principal
Short-Term Investments-16.1% Amount Value
______________ ______________
U.S.Treasury Bills: 5.11%, 4/2/1998.............................. $ 5,027,000 $ 5,026,246
5.05%, 4/9/1998.............................. 182,000 181,791
4.98%, 4/16/1998............................. 249,000 248,435
5.03%, 4/23/1998............................. 18,632,000 18,571,073
4.96%, 4/30/1998............................(c) 6,029,000 6,003,678
5.04%, 5/28/1998............................. 1,484,000 1,472,098
______________
TOTAL SHORT-TERM INVESTMENTS
(cost $31,508,294)................... $ 31,503,321
==============
TOTAL INVESTMENTS (cost $184,821,601)....................................... 101.6% $198,884,470
======= ==============
LIABILITIES, LESS CASH AND RECEIVABLES...................................... (1.6%) $ (3,107,622)
======= ==============
NET ASSETS.................................................................. 100.0% $195,776,848
======= ==============
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 March 31, 1998,
this security amounted to $2,337,311 or approximately 1.2% of net assets.
(c) Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
</TABLE>
<TABLE>
<CAPTION>
Statement of Financial Futures March 31, 1998 (Unaudited)
Unrealized
Market Value Appreciation
Covered (Depreciation)
Financial Futures Purchased: Contracts by Contracts Expiration at 3/31/98
_________________________ ________ ___________ _________ ____________
<S> <C> <C> <C> <C>
All Ordinaries............................... 8 $ 371,831 June '98 $ 4,769
CAC 40....................................... 11 1,377,911 June '98 119,038
Deutsche Akteinindex......................... 6 1,674,264 June '98 74,635
Financial Times.............................. 30 2,953,332 June '98 45,098
Hang Seng.................................... 12 894,418 April '98 42,201
Nikkei 300................................... 146 2,793,079 June '98 (7,903)
Russell 2000................................. 57 13,879,500 June '98 375,630
Standard & Poor's 500........................ 9 2,498,625 June '98 53,815
_________
$707,283
=========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC., Growth Portfolio
Statement of Investments March 31, 1998 (Unaudited)
Common Stocks-47.0% Shares Value
____________ ____________
<S> <C> <C> <C>
Basic Industries-1.9% Crown Cork & Seal...................... 1,900 $ 101,650
Dow Chemical........................... 1,400 136,150
duPont (E.I.) de Nemours & Co.......... 2,500 170,000
Fort James............................. 5,100 233,644
Millennium Chemicals................... 2,100 70,350
Morton International................... 2,500 82,031
PPG Industries......................... 2,300 156,256
Rohm & Haas............................ 1,000 103,313
USG.................................... (a) 900 48,769
______________
1,102,163
______________
Capital Spending-11.2% Adaptec................................ (a) 2,800 54,950
American Power Conversion.............. (a) 1,400 40,162
BMC Software........................... (a) 1,500 125,719
Caterpillar............................ 6,600 363,413
Cendant................................ (a) 2,883 114,239
Cisco Systems.......................... (a) 5,800 396,575
Compaq Computer........................ 10,800 279,450
Computer Associates International...... 6,900 398,475
Cummins Engine......................... 1,100 60,637
Deere & Co............................. 3,800 235,362
Eaton.................................. 2,100 199,894
Ericsson (LM) Telephone, Cl. B, A.D.R.. 1,800 85,612
First Health Group..................... (a) 1,400 75,950
General Dynamics....................... 1,100 94,737
General Electric....................... 3,300 284,419
Illinois Tool Works.................... 700 45,325
Ingersoll-Rand......................... 4,800 230,100
Intel.................................. 6,100 476,181
International Business Machines........ 2,900 301,237
Johnson Controls....................... 1,400 84,963
Lexmark International Group, Cl. A..... (a) 3,500 157,937
Microsoft.............................. (a) 7,800 698,100
Parker-Hannifin........................ 4,600 235,750
Pitney Bowes........................... 1,700 85,319
Republic Industries.................... (a) 5,700 147,131
Sun Microsystems....................... (a) 1,400 58,406
Tellabs................................ (a) 4,600 308,775
Thiokol................................ 1,300 62,806
Tyco International..................... 5,200 284,050
United Technologies.................... 3,300 304,631
Xerox.................................. 2,600 276,737
______________
6,567,042
______________
Consumer Cyclical-6.0% American Greetings, Cl. A.............. 1,700 78,200
Carnival, Cl. A........................ 1,600 111,600
Chrysler............................... 4,200 174,562
DREYFUS LIFETIME PORTFOLIOS, INC., Growth Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Consumer Cyclical (continued) Dayton Hudson.......................... 3,000 $ 264,000
Federated Department Stores............ (a) 5,900 305,694
Ford Motor............................. 4,600 298,137
Gannett................................ 1,200 86,250
Gap.................................... 3,750 168,750
General Motors......................... 4,100 276,494
Goodyear Tire & Rubber................. 600 45,450
Miller (Herman)........................ 2,000 67,063
New York Times, Cl. A.................. 3,600 252,000
Philips Electronics, N.V............... (a) 2,400 176,250
Promus Hotel........................... (a) 1,100 52,525
Reynolds & Reynolds, Cl. A............. 2,300 50,312
Safeway................................ (a) 6,200 229,012
TJX.................................... 5,300 239,825
Tommy Hilfiger......................... (a) 1,300 78,081
Tribune................................ 1,200 84,600
V.F.................................... 2,400 126,150
Wal-Mart Stores........................ 7,200 365,850
______________
3,530,805
______________
Consumer Staples-4.9% Anheuser-Busch......................... 2,800 129,675
Avon Products.......................... 2,100 163,800
Campbell Soup.......................... 2,500 141,875
Coca-Cola.............................. 5,000 387,187
Dial................................... 4,500 107,719
General Mills.......................... 2,500 190,000
Heinz (H.J.)........................... 1,400 81,725
Interstate Bakeries.................... 1,800 58,163
Kellogg................................ 2,800 120,750
Kimberly-Clark......................... 4,900 245,613
Newell................................. 2,400 116,250
PepsiCo................................ 3,000 128,063
Philip Morris Cos...................... 8,800 366,850
Procter & Gamble....................... 3,400 286,875
Sara Lee............................... 3,100 191,037
Unilever, N.V.......................... 2,200 150,975
Vlasic Foods International............. (a) 250 6,391
______________
2,872,948
______________
Energy-3.8% Ashland................................ 1,900 107,587
Atlantic Richfield..................... 4,300 338,087
Chevron................................ 2,300 184,719
Coastal................................ 1,700 110,712
Columbia Energy Group.................. 1,000 77,750
Diamond Offshore Drilling.............. 2,400 108,900
Exxon.................................. 7,800 527,475
DREYFUS LIFETIME PORTFOLIOS, INC., Growth Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Energy (continued) Phillips Petroleum..................... 4,700 $ 234,706
R&B Falcon............................. (a) 3,304 97,881
Sun Company............................ 3,300 134,887
Texaco................................. 5,500 331,375
______________
2,254,079
______________
Health Care-5.4% Abbott Laboratories ................... 6,000 451,875
Amgen.................................. (a) 3,900 237,413
Biomet................................. (a) 2,500 75,000
Bristol-Myers Squibb................... 5,000 521,563
Elan, A.D.S............................ (a) 1,900 122,787
Health Management Association.......... (a) 3,300 94,463
HEALTHSOUTH............................ (a) 7,200 202,050
Johnson & Johnson...................... 4,300 315,244
Merck & Co............................. 3,800 487,825
Schering-Plough........................ 6,900 563,644
Wellpoint Health Networks.............. (a) 1,400 94,500
______________
3,166,364
______________
Interest Sensitive-8.2% Allstate............................... 3,000 275,813
AMBAC.................................. 3,100 181,156
BankAmerica............................ 2,200 181,775
Bankers Trust New York................. 1,400 168,438
Bear Stearns Cos....................... 4,500 231,188
Chase Manhattan........................ 3,100 418,113
CIGNA.................................. 600 123,000
Comerica............................... 2,300 243,369
Conseco................................ 3,500 198,187
EXEL................................... 3,900 302,250
Federal Home Loan Mortgage............. 1,700 80,644
Federal National Mortgage Association.. 3,300 208,725
First Chicago NBD...................... 2,000 176,250
First of America Bank.................. 800 69,200
First Union............................ 4,700 266,725
Golden West Financial.................. 1,400 134,138
MGIC Investment........................ 2,200 144,513
NationsBank............................ 6,400 466,800
Republic New York...................... 1,000 133,375
SLM Holding............................ 5,950 259,569
SouthTrust............................. 1,500 62,813
SunAmerica............................. 4,000 191,500
Travelers Group........................ 4,650 279,000
______________
4,796,541
______________
Mining and Metals-.4% Aluminum Co. of America................ 1,800 123,862
USX-U.S. Steel......................... 2,800 105,700
______________
229,562
______________
DREYFUS LIFETIME PORTFOLIOS, INC., Growth Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Transportation-.5% AMR.................................... (a) 1,200 $ 171,825
Delta Air Lines........................ 1,100 130,075
______________
301,900
______________
Utilities-4.7% Airtouch Communications................ (a) 5,900 288,731
Ameritech.............................. 10,800 533,925
AT&T................................... 10,800 708,750
BellSouth.............................. 5,800 391,862
Consolidated Edison.................... 3,900 182,325
DQE.................................... 1,900 70,775
FirstEnergy............................ 3,400 104,763
FPL Group.............................. 3,400 218,450
Pinnacle West Capital.................. 3,600 159,975
WorldCom............................... (a) 1,900 81,819
______________
2,741,375
______________
TOTAL COMMON STOCKS
(cost $20,072,423)............. $27,562,779
==============
Principal
Bonds and Notes-29.8% Amount
______________
U.S. Treasury Notes: 6.375%, 5/15/1999...................... $ 700,000 $ 705,908
6%, 6/30/1999.......................... 1,650,000 1,658,630
6.75%, 4/30/2000....................... 500,000 511,010
6.375%, 5/15/2000...................... 1,550,000 1,573,575
6.25%, 8/31/2000....................... 1,700,000 1,721,862
6.375%, 3/31/2001...................... 1,100,000 1,121,406
6.25%, 4/30/2001....................... 500,000 508,340
7.50%, 11/15/2001...................... 500,000 529,535
6.125%, 12/31/2001..................... 850,000 862,512
7.50%, 5/15/2002....................... 550,000 586,273
6.25%, 6/30/2002....................... 1,650,000 1,684,238
6.375%, 8/15/2002...................... 950,000 975,156
5.75%, 8/15/2003....................... 1,220,000 1,223,806
7.25%, 5/15/2004....................... 1,500,000 1,619,385
6.50%, 8/15/2005....................... 450,000 470,277
7%, 7/15/2006.......................... 1,570,000 1,696,683
______________
TOTAL BONDS AND NOTES
(cost $17,277,495)............. $17,448,596
==============
Short-Term Investments-37.5%
U.S.Treasury Bills: 5.10%, 4/2/1998........................ $ 2,491,000 $ 2,490,626
5.05%, 4/9/1998........................ 336,000 335,614
5.35%, 4/16/1998....................... 81,000 80,816
5.09%, 4/23/1998....................... 17,680,000 17,622,186
DREYFUS LIFETIME PORTFOLIOS, INC., Growth Portfolio
Statement of Investments (continued) March 31, 1998 (Unaudited)
Principal
Short-Term Investments (continued) Amount Value
____________ ____________
U.S.Treasury Bills (continued) 5.01%, 4/30/1998....................... $ 91,000 $ 90,618
5.04%, 5/28/1998....................... (b) 1,396,000 1,384,804
______________
TOTAL SHORT-TERM INVESTMENTS
(cost $22,007,570)............. $22,004,664
==============
TOTAL INVESTMENTS (cost $59,357,488)........................................ 114.3% $67,016,039
======= ==============
LIABILITIES, LESS CASH AND RECEIVABLES...................................... (14.3%) $ (8,406,233)
======= ==============
NET ASSETS.................................................................. 100.0% $58,609,806
======= ==============
Notes to Statement of Investments:
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
</TABLE>
<TABLE>
<CAPTION>
Statement of Financial Futures March 31, 1998 (Unaudited)
Unrealized
Market Value Appreciation
Number Covered (Depreciation)
Financial Futures Purchased: Contracts by Contracts Expiration at 3/31/98
_________________________ ________ ___________ _________ ____________
<S> <C> <C> <C> <C>
All Ordinaries............................... 4 $ 185,915 June '98 $ 2,385
CAC 40....................................... 5 626,323 June '98 54,108
Deutsche Akteinindex......................... 4 1,116,176 June '98 49,756
Financial Times.............................. 23 2,264,222 June '98 34,675
Hang Seng.................................... 7 521,744 April '98 24,617
Nikkei 300................................... 85 1,626,104 June '98 (4,450)
Russell 2000................................. 25 6,087,500 June '98 164,750
______________
$325,841
==============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC.
Statement of Assets and Liabilities March 31, 1998 (Unaudited)
Income Growth and Income Growth
Portfolio Portfolio Portfolio
____________ _____________ ____________
<S> <C> <C> <C>
ASSETS:
Investments in securities-See Statement of Investments
[cost-Note 5(b)]...................................... $38,984,811 $198,884,470 $67,016,039
Cash.................................................... 18,806 60,125 228,520
Receivable for investment securities sold............... 1,400,570 - 2,609,034
Receivable for shares of Common Stock subscribed........ - - 4,000
Dividends and interest receivable....................... 345,021 1,854,415 302,291
Receivable for futures variation margin-Note 5(a)....... 38,492 435,865 251,377
Prepaid expenses........................................ 40,339 51,213 33,807
____________ _____________ ____________
40,828,039 201,286,088 70,445,068
____________ _____________ ____________
LIABILITIES:
Due to The Dreyfus Corporation and affiliates........... 20,339 129,926 49,386
Due to Distributor...................................... 2,424 743 1,890
Payable for investment securities purchased............. 2,525,486 4,998,913 552,625
Payable for shares of Common Stock redeemed............. - 353,695 11,218,652
Accrued expenses........................................ 20,840 25,963 12,709
____________ _____________ ____________
2,569,089 5,509,240 11,835,262
____________ _____________ ____________
NET ASSETS ............................................... $38,258,950 $195,776,848 $58,609,806
============ ============= ============
REPRESENTED BY:
Paid-in capital......................................... $36,721,251 $174,900,420 $47,717,624
Accumulated undistributed investment income-net......... 430,885 1,823,818 390,606
Accumulated net realized gain (loss) on investments, forward currency
exchange contracts and foreign currency transactions.. 912,543 4,282,459 2,517,183
Accumulated net unrealized appreciation (depreciation) on
investments and foreign currency transactions
(including $185,364, $707,283 and $325,842
net unrealized appreciation on financial futures for
the Income Portfolio, the Growth and Income Portfolio and
the Growth Portfolio, respectively)-Note 5(b)......... 194,271 14,770,151 7,984,393
____________ _____________ ____________
NET ASSETS ............................................... $38,258,950 $195,776,848 $58,609,806
============ ============= ============
NET ASSET VALUE PER SHARE
Income Growth and Income Growth
Portfolio Portfolio Portfolio
____________ _____________ ____________
Restricted Class Shares
____________________
Net Assets.............................................. $26,783,556 $192,156,093 $55,069,610
Shares Outstanding...................................... 2,000,487 11,565,879 3,260,337
NET ASSET VALUE PER SHARE................................... $13.39 $16.61 $16.89
======= ======= =======
Investor Class Shares
___________________
Net Assets.............................................. $11,475,394 $ 3,620,755 $ 3,540,196
Shares Outstanding...................................... 858,798 209,504 209,011
NET ASSET VALUE PER SHARE................................... $13.36 $17.28 $16.94
======= ======= =======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC.
Statement of Operations Six Months Ended March 31, 1998 (Unaudited)
Income Growth and Income Growth
Portfolio Portfolio Portfolio
___________ ____________ ___________
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest.............................................. $1,070,040 $ 4,123,471 $ 942,977
Cash dividends (net of $1,664 and $881 foreign taxes withheld
at source for the Growth and Income Portfolio and the
Growth Portfolio, respectively)................... - 357,589 190,222
___________ ____________ ___________
Total Income.................................... 1,070,040 4,481,060 1,133,199
___________ ____________ ___________
Expenses-Note 2(d):
Management fee-Note 4(a).............................. $ 103,986 $ 670,305 $ 217,442
Shareholder servicing costs-Note 4(b)................. 15,966 7,453 15,019
Auditing fees......................................... 23,069 20,175 11,887
Registration fees..................................... 15,875 24,731 17,356
Prospectus and shareholders' reports.................. 3,258 5,050 2,203
Custodian fees-Note 4(b).............................. 2,739 14,137 9,589
Directors' fees and expenses-Note 4(c)................ 1,614 7,346 2,610
Legal fees............................................ 1,432 14,253 4,668
Loan commitment fees-Note 3........................... 90 479 159
Miscellaneous......................................... 6,873 11,186 3,066
___________ ____________ ___________
Total Expenses.................................. 174,902 775,115 283,999
___________ ____________ ___________
INVESTMENT INCOME-NET....................................... 895,138 3,705,945 849,200
___________ ____________ ___________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 5:
Net realized gain (loss) on investments................. $ 37,710 $ 3,519,675 $2,010,945
Net realized gain (loss) on forward currency exchange contracts
Short transactions.................................... - 6,817 5,422
Net realized gain (loss) on financial futures........... 1,006,344 1,447,830 904,374
___________ ____________ ___________
Net Realized Gain (Loss)........................ 1,044,054 4,974,322 2,920,741
___________ ____________ ___________
Net unrealized appreciation (depreciation) on investments
(including $60,724, $70,317 and ($19,808) net unrealized
appreciation (depreciation) on financial futures for the Income
Portfolio, the Growth and Income Portfolio and the Growth
Portfolio, respectively).............................. 113,262 4,227,622 1,902,515
___________ ____________ ___________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...... 1,157,316 9,201,944 4,823,256
___________ ____________ ___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $2,052,454 $12,907,889 $5,672,456
=========== ============ ===========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC., Income Portfolio
Statement of Changes in Net Assets
Six Months Ended
March 31, 1998 Year Ended
(Unaudited) September 30, 1997*
_________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income-net.......................................... $ 895,138 $ 1,577,563
Net realized gain (loss) on investments........................ 1,044,054 1,684,862
Net unrealized appreciation (depreciation) on investments...... 113,262 203,272
____________ ____________
Net Increase (Decrease) in Net Assets Resulting from Operations 2,052,454 3,465,697
____________ ____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Restricted Class shares...................................... (1,195,123) (683,757)
Investor Class shares........................................ (503,416) (402,914)
Net realized gain on investments:
Restricted Class shares...................................... (1,162,380) (452,331)
Investor Class shares........................................ (510,607) (279,441)
____________ ____________
Total Dividends.......................................... (3,371,526) (1,818,443)
____________ ____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares...................................... 7,310,393 14,554,251
Investor Class shares........................................ 949,414 285,941
Dividends reinvested:
Restricted Class shares...................................... 2,347,119 1,128,662
Investor Class shares........................................ 1,013,674 682,355
Cost of shares redeemed:
Restricted Class shares...................................... (4,679,026) (7,019,957)
Investor Class shares........................................ (227,247) (4,952)
____________ ____________
Increase (Decrease) in Net Assets from Capital
Stock Transactions....................................... 6,714,327 9,626,300
____________ ____________
Total Increase (Decrease) in Net Assets................ 5,395,255 11,273,554
NET ASSETS:
Beginning of Period............................................ 32,863,695 21,590,141
____________ ____________
End of Period.................................................. $38,258,950 $32,863,695
____________ ____________
UNDISTRIBUTED INVESTMENT INCOME-NET................................ $ 430,885 $ 1,234,286
____________ ____________
CAPITAL SHARE TRANSACTIONS:
Restricted Class Shares Shares Shares*
____________________ ____________ ____________
Shares sold.................................................... 546,282 1,084,972
Shares issued for dividends reinvested......................... 182,513 88,731
Shares redeemed................................................ (346,888) (515,657)
____________ ____________
Net Increase (Decrease) in Shares Outstanding............ 381,907 658,046
============ ============
Investor Class Shares
__________________
Shares sold.................................................... 72,863 20,560
Shares issued for dividends reinvested......................... 78,947 53,686
Shares redeemed................................................ (16,765) (353)
____________ ____________
Net Increase (Decrease) in Shares Outstanding............ 135,045 73,893
============ ============
* Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC., Growth and Income Portfolio
Statement of Changes in Net Assets (continued)
Six Months Ended
March 31, 1998 Year Ended
(Unaudited) September 30, 1997*
_________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income-net.......................................... $ 3,705,945 $ 5,236,005
Net realized gain (loss) on investments........................ 4,974,322 21,316,664
Net unrealized appreciation (depreciation) on investments...... 4,227,622 8,099,227
______________ ______________
Net Increase (Decrease) in Net Assets Resulting from
Operations......................................... 12,907,889 34,651,896
______________ ______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Restricted Class shares...................................... (5,849,219) (2,784,722)
Investor Class shares........................................ (32,948) -
Net realized gain on investments:
Restricted Class shares...................................... (21,725,669) (2,498,058)
Investor Class shares........................................ (126,391) (2,967)
______________ ______________
Total Dividends.......................................... (27,734,227) (5,285,747)
______________ ______________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares...................................... 66,859,108 70,834,047
Investor Class shares........................................ 3,208,899 576,089
Dividends reinvested:
Restricted Class shares...................................... 27,548,776 5,281,509
Investor Class shares........................................ 136,621 2,791
Cost of shares redeemed:
Restricted Class shares...................................... (60,092,150) (57,422,338)
Investor Class shares........................................ (446,456) (86,232)
______________ ______________
Increase (Decrease) in Net Assets from Capital Stock
Transactions....................................... 37,214,798 19,185,866
______________ ______________
Total Increase (Decrease) in Net Assets................ 22,388,460 48,552,015
NET ASSETS:
Beginning of Period............................................ 173,388,388 124,836,373
______________ ______________
End of Period.................................................. $195,776,848 $173,388,388
============== ==============
UNDISTRIBUTED INVESTMENT INCOME-NET................................ $ 1,823,818 $ 4,000,039
______________ ______________
CAPITAL SHARE TRANSACTIONS
Restricted Class Shares Shares Shares*
____________________ ______________ ______________
Shares sold.................................................... 4,120,760 4,256,585
Shares issued for dividends reinvested......................... 1,762,558 345,875
Shares redeemed................................................ (3,688,538) (3,358,250)
______________ ______________
Net Increase (Decrease) in Shares Outstanding............ 2,194,780 1,244,210
============== ==============
Investor Class Shares
__________________
Shares sold.................................................... 191,767 30,519
Shares issued for dividends reinvested......................... 8,397 177
Shares redeemed................................................ (26,505) (5,235)
______________ ______________
Net Increase (Decrease) in Shares Outstanding............ 173,659 25,461
============== ==============
* Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC., Growth Portfolio
Statement of Changes in Net Assets (continued)
Six Months Ended
March 31, 1998 Year Ended
(Unaudited) September 30, 1997*
________________ _________________
<S> <C> <C>
OPERATIONS:
Investment income-net.......................................... $ 849,200 $ 1,204,683
Net realized gain (loss) on investments........................ 2,920,741 11,600,750
Net unrealized appreciation (depreciation) on investments...... 1,902,515 1,930,461
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from
Operations....................................... 5,672,456 14,735,894
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Restricted Class shares...................................... (1,250,907) (560,123)
Investor Class shares........................................ (138,716) (222,676)
Net realized gain on investments:
Restricted Class shares...................................... (10,416,640) (2,126,569)
Investor Class shares........................................ (1,381,133) (978,027)
_____________ _____________
Total Dividends.......................................... (13,187,396) (3,887,395)
_____________ _____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares...................................... 19,917,092 26,560,356
Investor Class shares........................................ 2,337,044 753,257
Dividends reinvested:
Restricted Class shares...................................... 11,662,737 2,685,803
Investor Class shares........................................ 1,519,851 1,200,579
Cost of shares redeemed:
Restricted Class shares...................................... (16,729,669) (18,995,072)
Investor Class shares........................................ (8,204,494) (10,031,917)
_____________ _____________
Increase (Decrease) in Net Assets from Capital Stock
Transactions............................................. 10,502,561 2,173,006
_____________ _____________
Total Increase (Decrease) in Net Assets................ 2,987,621 13,021,505
NET ASSETS:
Beginning of Period............................................ 55,622,185 42,600,680
_____________ _____________
End of Period.................................................. $58,609,806 $55,622,185
============= =============
Undistributed investment income-net................................ $ 390,606 $ 931,029
_____________ _____________
CAPITAL SHARE TRANSACTIONS:
Restricted Class Shares Shares Shares*
____________________ _____________ _____________
Shares sold.................................................... 1,187,639 1,467,413
Shares issued for dividends reinvested......................... 755,358 168,919
Shares redeemed................................................ (971,064) (1,044,750)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding............ 971,933 591,582
============= =============
Investor Class Shares
__________________
Shares sold.................................................... 147,289 38,429
Shares issued for dividends reinvested......................... 98,055 75,413
Shares redeemed................................................ (458,782) (563,616)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding............ (213,438) (449,774)
============= =============
* Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares and Institutional shares were redesignated as Investor Class
shares.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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.
Restricted Class Shares Investor Class Shares
________________________________________ _______________________________________
Six Months Six Months
Ended Ended
March 31, 1998 Year Ended September 30, March 31, 1998 Year Ended September 30,
___________________________ __________________________
PER SHARE DATA: (Unaudited) 1997(1) 1996(2) 1995(3) (Unaudited) 1997(1) 1996(2) 1995(3)
__________ _______ _______ ______ __________ _______ ______ ______
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period................ $14.04 $13.42 $13.52 $12.50 $14.01 $13.39 $13.51 $12.50
______ ______ ______ ______ ______ ______ ______ ______
Investment Operations:
Investment income-net... .35 .71 .64 .40 .33 .72 .73 .39
Net realized and unrealized gain
(loss) on
investments............. .44 .99 .31 .62 .43 .95 .18 .62
______ ______ ______ ______ ______ ______ ______ ______
Total from Investment Operations .79 1.70 .95 1.02 .76 1.67 .91 1.01
______ ______ ______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment
income-net............ (.73) (.65) (.62) - (.70) (.62) (.60) -
Dividends from net realized gain
on investments........ (.71) (.43) (.43) - (.71) (.43) (.43) -
______ ______ ______ ______ ______ ______ ______ ______
Total Distributions..... (1.44) (1.08) (1.05) - (1.41) (1.05) (1.03) -
______ ______ ______ ______ ______ ______ ______ ______
Net asset value, end
of period............ $13.39 $14.04 $13.42 $13.52 $13.36 $14.01 $13.39 $13.51
====== ====== ====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN..... 6.05%(4) 13.50% 7.30% 8.24%(4) 5.91%(4) 13.19% 7.07%
8.08%(4) RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............ .47%(4) .68% .60% .30%(4) .59%(4) .97% .85% .43%(4)
Ratio of net investment income to
average net assets.... 2.61%(4) 5.87% 5.75% 3.08%(4) 2.49%(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.................... 41.09%(4) 72.08% 32.95% 5.66%(4) 41.09%(4) 72.08% 32.95% 5.66%(4)
Average commission rate paid(5) $.0000 $.0200 - - $.0000 $.0200 - -
Net Assets, end of period
(000's Omitted)....... $26,784 $22,727 $12,889 $8,141 $11,475 $10,136 $8,701 $8,122
(1) Effective August 7, 1997, Retail shares were designated 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 31, 1995, the Portfolio is required to
disclose its average commission rate paid per share for
purchases and sales of investment securities.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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.
Restricted Class Shares Investor Class Shares
________________________________________ _______________________________________
Six Months Six Months
Ended Ended
March 31, 1998 Year Ended September 30, March 31, 1998 Year Ended September 30,
___________________________ __________________________
PER SHARE DATA: (Unaudited) 1997(1) 1996(2) 1995(3) (Unaudited) 1997(1) 1996(2) 1995(3)
__________ _______ _______ ______ __________ _______ ______ ______
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period................ $18.43 $15.34 $14.31 $12.50 $19.05 $15.43 $14.29 $12.50
______ ______ ______ ______ ______ ______ ______ ______
Investment Operations:
Investment income-net... .36 .58 .33 .27 .97(4) .57(4) .90(4) .27
Net realized and unrealized gain
(loss) on
investments........... .79 3.16 1.60 1.54 .21 3.36 1.12 1.52
______ ______ ______ ______ ______ ______ ______ ______
Total from Investment Operations 1.15 3.74 1.93 1.81 1.18 3.93 2.02 1.79
______ ______ ______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment
income-net............ (.63) (.34) (.42) - (.61) - (.40) -
Dividends from net realized gain
on investments........ (2.34) (.31) (.48) - (2.34) (.31) (.48) -
______ ______ ______ ______ ______ ______ ______ ______
Total Distributions..... (2.97) (.65) (.90) - (2.95) (.31) (.88) -
______ ______ ______ ______ ______ ______ ______ ______
Net asset value, end
of period............ $16.61 $18.43 $15.34 $14.31 $17.28 $19.05 $15.43 $14.29
====== ====== ====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN..... 7.25%(5) 25.22% 14.17% 14.48%(5) 7.16%(5) 25.85% 14.84%
14.32%(5) RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............ .43%(5) .78% .75% .38%(5) .55%(5) 1.00% 1.00% .51%(5)
Ratio of net investment income to
average net assets.... 2.07%(5) 3.52% 3.60% 2.10%(5) 1.98%(5) 3.85% 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.................. 29.56%(5) 107.85% 122.52% 33.55%(5) 29.56%(5) 107.85% 122.52%
33.55%(5) Average commission rate
paid(6)................. $.0564 $.0453 $.0480 - $.0564 $.0453 $.0480 -
Net Assets, end of period
(000's Omitted)....... $192,156 $172,705 $124,677 $9,248 $3,621 $683 $160 $8,602
(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.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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.
Restricted Class Shares Investor Class Shares
________________________________________ _______________________________________
Six Months Six Months
Ended Ended
March 31, 1998 Year Ended September 30, March 31, 1998 Year Ended September 30,
___________________________ __________________________
PER SHARE DATA: (Unaudited) 1997(1) 1996(2) 1995(3) (Unaudited) 1997(1) 1996(2) 1995(3)
__________ _______ _______ ______ __________ _______ ______ ______
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period................ $20.52 $16.59 $14.84 $12.50 $20.50 $16.58 $14.82 $12.50
______ ______ ______ ______ ______ ______ ______ ______
Investment Operations:
Investment income-net... .30 .41 .28 .21 .93 .62 .32 .19
Net realized and unrealized gain
(loss) on
investments............ 1.20 4.94 2.48 2.13 .55 4.68 2.42 2.13
______ ______ ______ ______ ______ ______ ______ ______
Total from Investment
Operations.............. 1.50 5.35 2.76 2.34 1.48 5.30 2.74 2.32
______ ______ ______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment
income-net............ (.55) (.30) (.31) - (.46) (.26) (.28) -
Dividends from net realized gain
on investments........ (4.58) (1.12) (.70) - (4.58) (1.12) (.70) -
______ ______ ______ ______ ______ ______ ______ ______
Total Distributions..... (5.13) (1.42) (1.01) - (5.04) (1.38) (.98) -
______ ______ ______ ______ ______ ______ ______ ______
Net asset value, end
of period............. $16.89 $20.52 $16.59 $14.84 $16.94 $20.50 $16.58 $14.82
====== ====== ====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN..... 9.66%(4) 34.70% 19.73% 18.72%(4) 9.57%(4) 34.32% 19.58% 18.56%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............ .47%(4) .83% .75% .38%(4) .59%(4) 1.06% 1.00% .51%(4)
Ratio of net investment income to
average net assets.... 1.48%(4) 2.38% 2.38% 1.51%(4) 1.36%(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.................. 36.21%(4) 118.49% 77.83% 52.86%(4) 36.21%(4) 118.49% 77.83% 52.86%(4)
Average commission rate
paid(5)............... $.0564 $.0497 $.0519 - $.0564 $.0497 $.0519 -
Net Assets, end of period
(000's Omitted)....... $55,070 $46,960 $28,143 $11,898 $3,540 $8,662 $14,458 $11,939
(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.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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 March 31, 1998, APT Holdings Corporation, an indirect subsidiary of
Mellon Bank Corporation, held the following shares:
Income Portfolio
___________
<S> <C> <C> <C>
Investor Class.... 778,818 Restricted Class..... 783,071
</TABLE>
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. 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 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.
DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 and 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. During the
period ended March 31, 1998, 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
<TABLE>
<CAPTION>
DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Portfolio and .75 of 1% of the Growth and Income Portfolio and the Growth
Portfolio.
Pursuant to a Sub-Investment Advisory Agreement between the Manager and
Mellon Equity, the Manager has agreed to pay Mellon Equity a monthly
sub-advisory fee for each Portfolio, computed at the following annual rates:
Annual Fee as a Percentage of
Total Fund Net Assets Average Daily Net Assets of each Portfolio
________________________ _____________________________________
<S> <C> <C>
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 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 (a securities dealer, financial
institution, or other industry professional) in respect of these services.
The Distributor determines the amounts to be paid to Service Agents.
During the period ended March 31, 1998, each Portfolio was charged the
following pursuant to the Shareholder Services Plan:
Income Portfolio.............. $13,285 Growth Portfolio............. $10,140
Growth and Income Portfolio..... 2,592
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 March 31, 1998, each Portfolio was charged
the following pursuant to the transfer agency agreement:
Income Portfolio............... $1,461 Growth Portfolio.............. $2,688
Growth and Income Portfolio..... 1,598
The Fund compensates Mellon under a custody agreement to provide
custodial services for each Portfolio. During the period ended March 31,
1998, each Portfolio was charged the following pursuant to the custody
agreement:
Income Portfolio............... $2,739 Growth Portfolio.............. $9,589
Growth and Income Portfolio.... 14,137
DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 March 31,
1998:
Purchases Sales
______________ ______________
Income Portfolio........................................ $ 13,216,397 $ 9,390,611
Growth and Income Portfolio............................. 57,706,854 45,022,585
Growth Portfolio........................................ 15,288,579 15,214,824
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 March 31,
1998, 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. 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 March 31, 1998 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 March 31, 1998:
Gross Gross
Appreciation (Depreciation) Net
___________ __________ __________
Income Portfolio........... $ 307,146 $ (112,875) $ 194,271
Growth and Income Portfolio 15,317,401 (547,250) 14,770,151
Growth Portfolio........... 8,143,503 (159,110) 7,984,393
DREYFUS LIFETIME PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
At March 31, 1998, 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 March 31, 1998 was as
follows:
Income Portfolio......... $ 38,975,904 Growth Portfolio......... $59,357,488
Growth and Income Portfolio 184,821,601
</TABLE>
Registration Mark
[Dreyfus lion "d" logo]
DREYFUS LIFETIME PORTFOLIOS, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
Mellon Bank, N.A.
One MellonBank Center
Pittsburgh, PA 15258
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. DRPSA983
Registration Mark
[Dreyfus logo]
LifeTime
Portfolios, Inc.
Semi-Annual
Report
March 31, 1998
