(reg.tm)
(reg.tm)
DREYFUS LIFETIME PORTFOLIOS, INC.
200 Park Avenue
New York, NY 10166
INVESTMENT ADVISER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
SUB-INVESTMENT ADVISER
Mellon Equity
500 Grant Street
Pittsburgh, PA 15258
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. DRPSA993
LifeTime
Portfolios, Inc.
Semi-Annual
Report
March 31, 1999
<PAGE>
YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC.
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semiannual report for Dreyfus Lifetime
Portfolios, Inc., covering the six-month fiscal period ended March 31, 1999.
The following table summarizes performance for the six months, together with
the total return for a customized blended index reflecting the composition of
each portfolio, plus other relevant indicators:
<TABLE>
Standard & Poor's 500 Lehman Brothers 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 20.76% 19.29% 27.32% .11%
Restricted Shares 20.91%
Growth and Income
- ------------
Investor Shares 13.06% 12.16%
Restricted Shares 13.16%
Income
- -----
Investor Shares 5.13% 6.44%
Restricted Shares 5.27%
Economic Review
</TABLE>
The economy in the period ended March 31, 1999 had several persistent themes.
These included weakness in the world economy, strength in the U.S. economy,
pervasive disinflation and multiple rounds of central bank easing, which lowered
interest rates in many parts of the world.
Weakness in the world economy started in Asia with economic and financial
stresses throughout most of the continent. While China was able to generate
economic expansion by government spending, economic declines occurred in most of
the rest of Asia. The most severe phase of these crises occurred when Asian
currencies dropped and short-term interest rates rose there as well. Then Latin
America began to weaken, particularly Brazil. Tentative signs of a bottoming in
Asia had emerged by the end of your fund's fiscal period; however, Brazil had
not yet turned the corner.
Europe was full of optimism about the benefits of currency unification into
the Euro as of year-end 1998. The reality was that economic growth in Europe
began the last year at a modest pace and showed signs of stagnation in early
1999. Even so, the new European central bank postponed the reduction in interest
rates at the beginning of 1999, probably because of a desire to build
anti-inflationary credibility. The bank finally eased in April of this year.
The U.S. economy proved to be a superperformer during the period, growing at
an above-trend rate despite the economic weakness overseas. A major reason for
this was that the negative effects of foreign economic weakness on the
traditional industrial sector were offset by positive effects elsewhere in the
economy. Low inflation and low interest rates stimulated the housing and
consumer sectors, while the technology sector continued to expand.
<PAGE>
The Federal Reserve eased monetary policy three times beginning on September
30, 1998, lowering the federal funds rate from 5.50% to 4.75%. This was not
because of any shortfall in U.S. economic growth. Rather, it was a response to a
financial crisis linked to the Russian default and the financial problems of a
major hedge fund. Despite widespread fears, the U.S. economy never did slow.
Long-term interest rates declined into early October, when fears of financial
crisis, deflation and possible economic recession were at their greatest.
However, those rates then drifted higher as the financial stresses eased and the
feared economic slowdown did not materialize.
Market Overview
The six months ended March 31, 1999 encompassed markedly different market
phases. A broad stock market decline was well established by the beginning of
October 1998. The market reached a low on October 8, 1998 and then began a
sustained recovery.
Three key trends influenced stock market behavior during the fiscal half-year.
First, there were the moves by the Federal Reserve to ease interest rates.
Second, weakness in emerging-country economies and stresses in the financial
system contributed to both persistently weak commodity prices and a drop in
long-term Treasury bond yields to multidecade lows near the beginning of the
fiscal half-year period. Third, expectations for economic growth plunged in
September and October 1998 in response to a serious financial crisis. Yet by the
end of March 1999, all three of these negative factors had abated, changes that
were not lost on the equity markets.
The erosion of expectations about corporate profit growth has contributed to
an outperformance by a small group of supercap growth stocks. The U.S. economy
has been led by strong growth in several new industries, including
communications and portions of the technology sector, notably the Internet.
Investors displayed more confidence in the prospect for strong, persistent
earnings growth for a small group of growth stocks than for the broad market.
Value stocks, which often have greater cyclical sensitivity to earnings
fluctuations, lagged behind growth stocks.
The six months ended March 31, 1999 were characterized by very different
performance by the various market sectors. Supercap growth stocks did best,
followed by large-cap stocks in general, with midcap and small-cap stocks
lagging behind. Significantly, the Dow Jones Industrials broke through 10,000
while indexes for smaller stocks lagged well behind. The strongest stocks in
many stock price indexes were either Internet stocks or indirect beneficiaries
of the Internet boom. Thus, for most stock market indexes, the average
non-Internet stock underperformed the overall index.
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 tolerances for risk.
<PAGE>
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. In September of 1998, the Growth Portfolio moved to a
neutral allocation to equity after benefiting from an underweight during the
stock market correction in July and August. In mid-October, after two Fed rate
cuts, the Growth Portfolio overweighted equities through early December. After
the rise in equity prices over this period, the Growth Portfolio again moved
back to a neutral equity allocation. As stocks continued to rally, the portfolio
moved to a minimum equity allocation in January and February. As of the end of
March, the portfolio remained underweight to domestic equity and overweight to
fixed income: 31% of the portfolio was in fixed income securities versus the
benchmark allocation of 17%. The domestic equity allocation consisted of 46% in
large capitalization stocks (versus neutral allocation of 54%) and 11% in small
capitalization stocks (versus neutral allocation of 13.6%). The international
equity allocation ended the period at 10% versus its baseline allocation of 12%.
The Growth and Income Portfolio is designed for an investor with a moderate
tolerance for risk and/or intermediate time horizon. Like the Growth Portfolio,
the Growth and Income Portfolio moved to a neutral allocation to equities in
September. It also overweighted equities in mid-October, returning to a neutral
allocation in December after benefiting from the rally in stocks. The equity
allocation was reduced in January and February, ending the quarter underweight
to equities and overweight to fixed income. At the end of March, bonds were
64.4% of the portfolio compared to a neutral allocation of 45%. Domestic equity
allocation consisted of 24% in large capitalization stocks (versus 36% neutral
allocation) and small capitalization stocks were 6% (versus 9% neutral
allocation) of the portfolio. The international equity allocation was in line
with its benchmark allocation of 5%.
Asset Class Exposure as of March 31, 1999
Growth Portfolio Growth & Income Portfolio
Cash 1.3% 1.4%
Domestic Large Cap Equity 46.3% 23.6%
Domestic Small Cap Equity 10.9% 5.5%
Fixed Income 31.3% 64.3%
International Equity 10.2% 5.2%
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 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
past six months, the large capitalization equity component for both the Growth
Portfolio and Growth and Income Portfolio outperformed the S&P 500 due to the
portfolio' s strong performance in the fourth quarter of 1998. Stocks that
contributed positively to performance included America Online, Chase Manhattan,
Sun Microsystems, EMC, and Amgen, while Warner-Lambert, Fleet Financial Group,
and FPL Group detracted from performance.
<PAGE>
We appreciate your investment in Dreyfus Lifetime Portfolios, Inc. and will
continue to exert our efforts on your behalf.
Sincerely,
[Steven A. Falci signature logo]
Steven A. Falci
Portfolio Manager
April 27, 1999
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 Growth 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 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 (both 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>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC., INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS MARCH 31, 1999 (UNAUDITED)
Principal
Bonds and Notes--66.5% Amount Value
- -------------------------------------------------------
______________ ______________
<S> <C> <C>
Financial--12.5% American Express Credit Account Master Trust,
Asset Backed Ctfs., Ser. 1997-1, Cl. A,
6.40%, 4/15/2005 . . . . . . . . . . . . . . . . . $ 1,000,000 $ 1,023,945
BankAmerica, Senior Notes,
5.875%, 2/15/2009 . . . . . . . . . . . . . . . . 500,000 484,217
Bank One, Medium-Term Notes, Ser. A,
6%, 2/17/2009 . . . . . . . . . . . . . . . . . . 1,000,000 974,308
Citibank Credit Card Master Trust,
Asset Backed Ctfs., Ser. 1998-1, Cl. A,
5.75%, 1/15/2003 . . . . . . . . . . . . . . . . . 1,000,000 998,695
General Motors Acceptance Corp.,
Medium-Term Notes,
5.63%, 1/15/2003 . . . . . . . . . . . . . . . . . 800,000 792,650
Household Finance, Sr. Notes,
5.875%, 2/1/2009 . . . . . . . . . . . . . . . . . 500,000 480,475
Lehman Brothers Holdings, Notes,
6.625%, 4/1/2004 . . . . . . . . . . . . . . . . . 1,000,000 1,000,567
MCI Worldcom, Bonds,
6.40%, 8/15/2005 . . . . . . . . . . . . . . . . . 500,000 507,855
Merrill Lynch, Notes,
6%, 2/17/2009 . . . . . . . . . . . . . . . . . . 500,000 484,826
US Bank, Notes,
5.70%, 12/15/2008 . . . . . . . . . . . . . . . . 800,000 768,502
______________
7,516,040
______________
Industrial--6.8% duPont (E.I.) de Nemours & Co., Deb.,
6.50%, 9/1/2002 . . . . . . . . . . . . . . . . . 1,000,000 1,029,327
Mobil, Deb.,
8.375%, 2/12/2001 . . . . . . . . . . . . . . . . 1,000,000 1,048,233
Monsanto, Notes,
5.375%, 12/1/2001 . . . . . . . . . . . . . . . . 500,000 (a) 495,931
Nordstrom, Sr. Notes,
5.625%, 1/15/2009 . . . . . . . . . . . . . . . . 600,000 576,477
Norwest, Medium-Term Notes, Ser. H,
6.75%, 10/1/2006 . . . . . . . . . . . . . . . . . 400,000 414,086
Penney (JC), Notes,
7.25%, 4/1/2002 . . . . . . . . . . . . . . . . . 500,000 510,737
______________
4,074,791
______________
Utilities--5.0% AT&T, Notes,
5.625%, 3/15/2004 . . . . . . . . . . . . . . . . 1,000,000 996,354
National Rural Utilities, Notes,
5.50%, 1/15/2005 . . . . . . . . . . . . . . . . . 1,000,000 981,081
Southern New England, Bonds,
6.50%, 2/15/2002 . . . . . . . . . . . . . . . . . 1,000,000 1,019,982
______________
2,997,417
______________
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Bonds and Notes (continued) Amount Value
- -------------------------------------------------------
______________ ______________
U.S. Government &
Agencies--42.2% Federal Farm Credit Bank, Notes,
5.84%, 6/8/2005 . . . . . . . . . . . . . . . . . $ 1,000,000 $ 1,002,614
Federal Home Loan Mortgage Corp., Notes,
5%, 2/15/2001 . . . . . . . . . . . . . . . . . . 1,000,000 995,671
Federal National Mortgage Association,
Medium-Term Notes, Ser. B,
5.10%, 9/25/2000 . . . . . . . . . . . . . . . . . 1,000,000 999,420
Federal National Mortgage Association, Notes,
5.25%, 1/15/2003 . . . . . . . . . . . . . . . . . 1,400,000 1,390,344
U.S. Treasury Notes:
5.875%, 2/15/2000 . . . . . . . . . . . . . . . . 850,000 857,174
6.875%, 3/31/2000 . . . . . . . . . . . . . . . . 2,000,000 2,038,360
5.875%, 6/30/2000 . . . . . . . . . . . . . . . . 1,500,000 1,516,635
5.625%, 11/30/2000 . . . . . . . . . . . . . . . . 300,000 302,982
7.75%, 2/15/2001 . . . . . . . . . . . . . . . . . 1,400,000 1,468,502
6.375%, 3/31/2001 . . . . . . . . . . . . . . . . 1,300,000 1,333,813
8%, 5/15/2001 . . . . . . . . . . . . . . . . . . 1,000,000 1,059,590
7.875%, 8/15/2001 . . . . . . . . . . . . . . . . 650,000 690,866
7.50%, 11/15/2001 . . . . . . . . . . . . . . . . 835,000 883,939
6.625%, 4/30/2002 . . . . . . . . . . . . . . . . 800,000 834,320
6.375%, 8/15/2002 . . . . . . . . . . . . . . . . 2,050,000 2,126,752
5.75%, 10/31/2002 . . . . . . . . . . . . . . . . 1,000,000 1,019,340
5.625%, 12/31/2002 . . . . . . . . . . . . . . . . 400,000 406,092
5.50%, 5/31/2003 . . . . . . . . . . . . . . . . . 900,000 910,260
5.375%, 6/30/2003 . . . . . . . . . . . . . . . . 600,000 604,128
5.75%, 8/15/2003 . . . . . . . . . . . . . . . . . 1,000,000 1,021,210
7.25%, 8/15/2004 . . . . . . . . . . . . . . . . . 620,000 677,369
7.875%, 11/15/2004 . . . . . . . . . . . . . . . . 260,000 292,292
6.875%, 5/15/2006 . . . . . . . . . . . . . . . . 350,000 380,156
7%, 7/15/2006 . . . . . . . . . . . . . . . . . . 585,000 640,358
5.625%, 5/15/2008 . . . . . . . . . . . . . . . . 1,900,000 1,934,447
______________
25,386,634
______________
TOTAL BONDS AND NOTES
(cost $40,268,355) . . . . . . . . . . . . . . . . $39,974,882
______________
Short-Term Investments--32.6%
- -------------------------------------------------------
U.S. Treasury Bills: 4.27%, 4/15/1999 . . . . . . . . . . . . . . . . . . . $ 1,503,000 (b) $ 1,500,159
4.44%, 4/22/1999 . . . . . . . . . . . . . . . . . . . 9,273,000 9,246,980
4.34%, 4/29/1999 . . . . . . . . . . . . . . . . . . . 1,226,000 1,221,632
4.39%, 5/6/1999 . . . . . . . . . . . . . . . . . . . 252,000 250,902
4.40%, 5/13/1999 . . . . . . . . . . . . . . . . . . . 429,000 426,761
4.42%, 5/20/1999 . . . . . . . . . . . . . . . . . . . 211,000 209,722
4.47%, 5/27/1999 . . . . . . . . . . . . . . . . . . . 232,000 230,383
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Short-Term Investments (continued) Amount Value
- -------------------------------------------------------
______________ ______________
U.S. Treasury Bills (continued) 4.41%, 6/10/1999 . . . . . . . . . . . . . . . . . . . $ 3,877,000 $ 3,843,968
4.38%, 6/17/1999 . . . . . . . . . . . . . . . . . . . 561,000 555,732
4.38%, 6/24/1999 . . . . . . . . . . . . . . . . . . . 2,092,000 2,070,766
______________
TOTAL SHORT-TERM INVESTMENTS
(cost $19,559,316) . . . . . . . . . . . . . . . . $19,557,005
______________
TOTAL INVESTMENTS (cost $59,827,671) . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.1% $59,531,887
_______ ______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9% $ 567,359
_______ ______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $60,099,246
_______ ______________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. This security may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At March 31, 1999,
this security amounted to $495,931, or .8% of net assets.
(b) Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
</TABLE>
<TABLE>
STATEMENT OF FINANCIAL FUTURES MARCH 31, 1999 (UNAUDITED)
Market Value Unrealized
Covered Depreciation
Financial Futures Purchased: Contracts by Contracts Expiration at 3/31/99
_________________________ ________ ___________ _________ ____________
<S> <C> <C> <C> <C>
Standard & Poor's 500. . . . . . . . . . . . . . . . . . 40 $12,933,000 June '99 $ (2,320)
___________
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH AND INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS MARCH 31, 1999 (UNAUDITED)
Common Stocks--23.1% Shares Value
- -------------------------------------------------------
______________ ______________
<S> <C> <C>
Basic Industries--.6% Centex . . . . . . . . . . . . . . . . . . . . . . . . 4,200 $ 140,175
Dow Chemical . . . . . . . . . . . . . . . . . . . . . 3,400 316,837
Georgia-Pacific Group . . . . . . . . . . . . . . . . 4,200 311,850
PPG Industries . . . . . . . . . . . . . . . . . . . . 7,500 384,375
USG . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 113,025
Union Carbide . . . . . . . . . . . . . . . . . . . . 800 36,150
_____________
1,302,412
_____________
Capital Spending--5.8% America Online . . . . . . . . . . . . . . . . . . . . 5,800 (a) 846,800
Applied Materials . . . . . . . . . . . . . . . . . . 2,400 (a) 148,050
BMC Software . . . . . . . . . . . . . . . . . . . . . 6,500 (a) 240,906
Boeing . . . . . . . . . . . . . . . . . . . . . . . . 6,900 235,462
Cisco Systems . . . . . . . . . . . . . . . . . . . . 7,200 (a) 788,850
Compuware . . . . . . . . . . . . . . . . . . . . . . 7,000 (a) 167,125
Dell Computer . . . . . . . . . . . . . . . . . . . . 18,600 (a) 760,275
EMC . . . . . . . . . . . . . . . . . . . . . . . . . 6,100 (a) 779,275
General Dynamics . . . . . . . . . . . . . . . . . . . 5,300 340,525
Hewlett-Packard . . . . . . . . . . . . . . . . . . . 6,400 434,000
Ingersoll-Rand . . . . . . . . . . . . . . . . . . . . 7,600 377,150
Intel . . . . . . . . . . . . . . . . . . . . . . . . 11,800 1,405,675
International Business Machines . . . . . . . . . . . 3,100 549,475
Lexmark International Group, Cl. A . . . . . . . . . . 4,600 (a) 514,050
Lucent Technologies . . . . . . . . . . . . . . . . . 7,700 829,675
Microsoft . . . . . . . . . . . . . . . . . . . . . . 26,200 (a) 2,348,175
Oracle . . . . . . . . . . . . . . . . . . . . . . . . 18,750 (a) 494,531
Sun Microsystems . . . . . . . . . . . . . . . . . . . 1,100 (a) 137,431
Sundstrand . . . . . . . . . . . . . . . . . . . . . . 900 62,550
Tellabs . . . . . . . . . . . . . . . . . . . . . . . 6,500 (a) 635,375
Tyco International . . . . . . . . . . . . . . . . . . 5,000 358,750
_____________
12,454,105
_____________
Consumer Cyclical--3.2% Federal-Mogul . . . . . . . . . . . . . . . . . . . . 2,900 124,700
Federated Department Stores . . . . . . . . . . . . . 4,500 (a) 180,562
Ford Motor . . . . . . . . . . . . . . . . . . . . . . 13,800 783,150
Fox Entertainment Group, Cl. A . . . . . . . . . . . . 6,600 179,025
Gannett . . . . . . . . . . . . . . . . . . . . . . . 4,000 252,000
Gap . . . . . . . . . . . . . . . . . . . . . . . . . 8,400 565,425
General Motors . . . . . . . . . . . . . . . . . . . . 2,800 243,250
Infinity Broadcasting, Cl. A . . . . . . . . . . . . . 6,000 154,500
K mart . . . . . . . . . . . . . . . . . . . . . . . . 9,800 (a) 164,762
Koninklijke Philips Electronics N.V. (New York Shares) . . 2,600 214,337
Mattel . . . . . . . . . . . . . . . . . . . . . . . . 8,200 203,975
Safeway . . . . . . . . . . . . . . . . . . . . . . . 9,400 (a) 482,337
Staples . . . . . . . . . . . . . . . . . . . . . . . 7,500 (a) 246,563
TJX Cos . . . . . . . . . . . . . . . . . . . . . . . 16,100 547,400
Time Warner . . . . . . . . . . . . . . . . . . . . . 3,800 270,038
Tommy Hilfiger . . . . . . . . . . . . . . . . . . . . 2,900 (a) 199,737
Tribune . . . . . . . . . . . . . . . . . . . . . . . 2,600 170,138
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH AND INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Common Stocks (continued) Shares Value
- -------------------------------------------------------
______________ ______________
Consumer Cyclical (continued) Viacom, Cl. B . . . . . . . . . . . . . . . . . . . . 7,000 (a) $ 587,56
Wal-Mart Stores . . . . . . . . . . . . . . . . . . . 15,000 1,382,813
_____________
6,952,275
_____________
Consumer Staples--2.0% Anheuser-Busch Cos . . . . . . . . . . . . . . . . . . 2,500 190,469
Coca-Cola . . . . . . . . . . . . . . . . . . . . . . 9,300 570,787
Eastman Kodak . . . . . . . . . . . . . . . . . . . . 5,100 325,763
IBP . . . . . . . . . . . . . . . . . . . . . . . . . 11,100 206,738
Kimberly-Clark . . . . . . . . . . . . . . . . . . . . 6,800 325,975
Philip Morris Cos . . . . . . . . . . . . . . . . . . 17,500 615,781
Procter & Gamble . . . . . . . . . . . . . . . . . . . 9,100 891,231
Ralston-Purina Group . . . . . . . . . . . . . . . . . 10,200 272,212
Sara Lee . . . . . . . . . . . . . . . . . . . . . . . 13,700 339,075
Unilever, N.V . . . . . . . . . . . . . . . . . . . . 7,300 484,994
_____________
4,223,025
_____________
Energy--1.4% Ashland . . . . . . . . . . . . . . . . . . . . . . . 2,900 118,719
Coastal . . . . . . . . . . . . . . . . . . . . . . . 8,100 267,300
Diamond Offshore Drilling . . . . . . . . . . . . . . 3,600 113,850
El Paso Energy . . . . . . . . . . . . . . . . . . . . 5,100 166,706
Exxon . . . . . . . . . . . . . . . . . . . . . . . . 16,200 1,143,112
Phillips Petroleum . . . . . . . . . . . . . . . . . . 7,200 340,200
Sunoco . . . . . . . . . . . . . . . . . . . . . . . . 5,100 183,919
Texaco . . . . . . . . . . . . . . . . . . . . . . . . 8,700 493,725
Tosco . . . . . . . . . . . . . . . . . . . . . . . . 2,600 64,513
UtiliCorp United . . . . . . . . . . . . . . . . . . . 6,150 139,912
_____________
3,031,956
_____________
Health Care--2.8% Abbott Laboratories . . . . . . . . . . . . . . . . . 18,400 861,350
Amgen . . . . . . . . . . . . . . . . . . . . . . . . 12,000 (a) 898,500
Biomet . . . . . . . . . . . . . . . . . . . . . . . . 5,200 218,075
Bristol-Myers Squibb . . . . . . . . . . . . . . . . . 13,600 874,650
Johnson & Johnson . . . . . . . . . . . . . . . . . . 10,200 955,613
Lilly (Eli) . . . . . . . . . . . . . . . . . . . . . 5,000 424,375
Schering-Plough . . . . . . . . . . . . . . . . . . . 15,900 879,469
Warner-Lambert . . . . . . . . . . . . . . . . . . . . 9,500 628,781
Wellpoint Health Networks . . . . . . . . . . . . . . 3,500 (a) 265,344
_____________
6,006,157
_____________
Interest Sensitive--4.5% Allstate . . . . . . . . . . . . . . . . . . . . . . . 14,400 533,700
Ambac Financial Group . . . . . . . . . . . . . . . . 4,600 248,400
American Express . . . . . . . . . . . . . . . . . . . 4,500 528,750
Bank of New York . . . . . . . . . . . . . . . . . . . 6,500 233,594
Bank One . . . . . . . . . . . . . . . . . . . . . . . 9,600 528,600
BankAmerica . . . . . . . . . . . . . . . . . . . . . 6,600 466,125
BankBoston . . . . . . . . . . . . . . . . . . . . . . 5,400 233,887
Chase Manhattan . . . . . . . . . . . . . . . . . . . 12,300 1,000,144
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH AND INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Common Stocks (continued) Shares Value
- -------------------------------------------------------
______________ ______________
Interest Sensitive (continued) Citigroup . . . . . . . . . . . . . . . . . . . . . . 2,800 $ 178,850
Comerica . . . . . . . . . . . . . . . . . . . . . . . 6,200 387,113
Edwards (A.G.) . . . . . . . . . . . . . . . . . . . . 3,100 101,331
Federal National Mortgage Association . . . . . . . . 8,200 567,850
Fleet Financial Group . . . . . . . . . . . . . . . . 11,500 432,688
General Electric . . . . . . . . . . . . . . . . . . . 9,700 1,073,062
Golden West Financial . . . . . . . . . . . . . . . . 2,000 191,000
Jefferson-Pilot . . . . . . . . . . . . . . . . . . . 2,500 169,375
MBNA . . . . . . . . . . . . . . . . . . . . . . . . . 7,300 174,288
MGIC Investment . . . . . . . . . . . . . . . . . . . 3,400 119,212
Merrill Lynch . . . . . . . . . . . . . . . . . . . . 3,900 344,906
Morgan Stanley Dean Witter & Co . . . . . . . . . . . 4,800 479,700
PNC Bank . . . . . . . . . . . . . . . . . . . . . . . 3,200 177,800
SLM Holding . . . . . . . . . . . . . . . . . . . . . 9,300 388,275
SunTrust Banks . . . . . . . . . . . . . . . . . . . . 4,700 292,575
Transamerica . . . . . . . . . . . . . . . . . . . . . 2,800 198,800
UnionBanCal . . . . . . . . . . . . . . . . . . . . . 3,700 126,031
XL Capital, Cl. A . . . . . . . . . . . . . . . . . . 6,000 364,500
_____________
9,540,556
_____________
Mining & Metals--.1% Alcoa . . . . . . . . . . . . . . . . . . . . . . . . 5,200 214,175
USX-U.S. Steel Group . . . . . . . . . . . . . . . . . 4,200 98,700
_____________
312,875
_____________
Transportation--.3% Burlington Northern Santa Fe . . . . . . . . . . . . . 7,900 259,713
Delta Air Lines . . . . . . . . . . . . . . . . . . . 3,900 271,050
_____________
530,763
_____________
Utilities--2.4% AT&T . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 399,062
AirTouch Communications . . . . . . . . . . . . . . . 8,000 (a) 773,000
Ameren . . . . . . . . . . . . . . . . . . . . . . . . 4,800 173,700
Ameritech . . . . . . . . . . . . . . . . . . . . . . 16,500 954,938
BellSouth . . . . . . . . . . . . . . . . . . . . . . 17,600 705,100
Consolidated Edison . . . . . . . . . . . . . . . . . 5,900 267,344
FPL Group . . . . . . . . . . . . . . . . . . . . . . 6,600 351,450
MCI WorldCom . . . . . . . . . . . . . . . . . . . . . 14,400 (a) 1,275,300
Pinnacle West Capital . . . . . . . . . . . . . . . . 4,700 170,963
_____________
5,070,857
_____________
TOTAL COMMON STOCKS
(cost $33,378,946) . . . . . . . . . . . . . . . . $ 49,424,981
_____________
Principal
Bonds and Notes--64.4% Amount
- ------------------------------------------------------------------------------------------
______________
Finance--11.2% American Express Credit Account Master Trust,
Asset Backed Ctfs., Ser. 1997-1, Cl. A,
6.40%, 4/15/2005 . . . . . . . . . . . . . . . . . $ 3,000,000 $3,071,835
American General, Notes,
7.75%, 4/1/2005 . . . . . . . . . . . . . . . . . 500,000 534,859
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH AND INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Bonds and Notes (continued) Amount Value
- -------------------------------------------------------
______________ ______________
Finance (continued) Associates N.A., Sr. Notes:
6%, 6/15/2000 . . . . . . . . . . . . . . . . . . $ 1,000,000 $ 1,005,969
6.25%, 11/1/2008 . . . . . . . . . . . . . . . . . 1,500,000 1,497,585
Bank One, Sub. Notes,
6%, 2/17/2009 . . . . . . . . . . . . . . . . . . 2,000,000 1,948,616
BankAmerica:
Sub. Notes,
7.875%, 12/1/2002 . . . . . . . . . . . . . . . 1,000,000 1,063,380
Sr. Notes,
5.875%, 2/15/2009 . . . . . . . . . . . . . . . 2,500,000 2,421,082
Citibank Credit Card Master Trust,
Asset Backed Ctfs., Ser. 1998-1, Cl. A,
5.75%, 1/15/2003 . . . . . . . . . . . . . . . 3,500,000 3,495,433
Citigroup, Sr. Notes,
6.60%, 8/1/2000 . . . . . . . . . . . . . . . . . 1,000,000 1,012,878
General Motors Acceptance Corp., Medium-Term Notes,
5.63%, 1/15/2003 . . . . . . . . . . . . . . . . . 1,500,000 1,486,218
Lehman Brothers Holdings, Notes,
6.625%, 4/1/2004 . . . . . . . . . . . . . . . . . 2,000,000 2,001,134
Merrill Lynch, Notes,
6%, 2/17/2009 . . . . . . . . . . . . . . . . . . 1,500,000 1,454,478
US Bank, Notes,
5.70%, 12/15/2008 . . . . . . . . . . . . . . . . 1,500,000 1,440,941
Wells Fargo, Sr. Notes,
6.75%, 10/1/2006 . . . . . . . . . . . . . . . . . 1,500,000 1,552,822
_____________
23,987,230
_____________
Industrial--6.6% BP Amoco, Notes,
6.25%, 10/15/2004 . . . . . . . . . . . . . . . . 2,000,000 2,055,870
duPont (E.I.) de Nemours & Co., Notes,
6.50%, 9/1/2002 . . . . . . . . . . . . . . . . . 3,000,000 3,087,981
Monsanto , Notes,
5.375%, 12/1/2001 . . . . . . . . . . . . . . . . 1,500,000 (b) 1,487,793
Nordstrom, Sr. Notes,
5.625%, 1/15/2009 . . . . . . . . . . . . . . . . 2,000,000 1,921,590
Norfolk Southern, Notes,
6.70%, 5/1/2000 . . . . . . . . . . . . . . . . . 2,000,000 2,022,448
Penney (J.C.):
Deb.,
9.05%, 3/1/2001 . . . . . . . . . . . . . . . . 1,000,000 1,049,947
Notes,
7.25%, 4/1/2002 . . . . . . . . . . . . . . . . 1,500,000 1,532,212
Philip Morris , Notes,
7.625%, 5/15/2002 . . . . . . . . . . . . . . . . 1,000,000 1,048,908
_____________
14,206,749
_____________
Utilities--2.8% AT&T, Notes,
5.625%, 3/15/2004 . . . . . . . . . . . . . . . . 3,000,000 2,989,062
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH AND INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Bonds and Notes (continued) Amount Value
- -------------------------------------------------------
______________ ______________
Utilities (continued) MCI WorldCom, Sr. Notes,
6.40%, 8/15/2005 . . . . . . . . . . . . . . . . . $ 1,500,000 $ 1,523,567
National Rural Utilities, Notes,
5.50%, 1/15/2005 . . . . . . . . . . . . . . . . . 1,500,000 1,471,621
_____________
5,984,250
_____________
U.S. Government &
Agencies--43.8% Federal Home Loan Bank, Bonds:
5.50%, 7/14/2000 . . . . . . . . . . . . . . . . . 1,300,000 1,305,473
4.875%, 1/26/2001 . . . . . . . . . . . . . . . . 1,250,000 1,244,012
5.625%, 3/19/2001 . . . . . . . . . . . . . . . . 1,300,000 1,309,685
5.125%, 9/15/2003 . . . . . . . . . . . . . . . . 650,000 639,957
Federal Home Loan Mortgage Corp., Notes:
5%, 2/15/2001 . . . . . . . . . . . . . . . . . . 2,300,000 2,290,043
4.75%, 12/14/2001 . . . . . . . . . . . . . . . . 1,350,000 1,332,423
5.75%, 7/15/2003 . . . . . . . . . . . . . . . . . 800,000 806,864
5.125%, 10/15/2008 . . . . . . . . . . . . . . . . 200,000 189,368
5.75%, 3/15/2009 . . . . . . . . . . . . . . . . . 2,000,000 1,985,000
Federal National Mortgage Association:
Medium-Term Notes, Ser. B,
5.10%, 9/25/2000 . . . . . . . . . . . . . . . 1,500,000 1,499,130
Notes:
5.625%, 3/15/2001 . . . . . . . . . . . . . . . 1,600,000 1,613,328
5.25%, 1/15/2003 . . . . . . . . . . . . . . . 1,300,000 1,291,034
8.50%, 2/1/2005 . . . . . . . . . . . . . . . . 500,000 512,195
5.75%, 6/15/2005 . . . . . . . . . . . . . . . 400,000 401,795
Tennessee Valley Authority, Notes,
6.375%, 6/15/2005 . . . . . . . . . . . . . . . . 1,950,000 2,002,736
U.S. Treasury Notes:
5.50%, 5/31/2000 . . . . . . . . . . . . . . . . . 1,050,000 1,056,846
5.875%, 6/30/2000 . . . . . . . . . . . . . . . . 1,900,000 1,921,071
6.125%, 7/31/2000 . . . . . . . . . . . . . . . . 1,250,000 1,268,788
5.125%, 8/31/2000 . . . . . . . . . . . . . . . . 1,300,000 1,302,652
6.125%, 9/30/2000 . . . . . . . . . . . . . . . . 3,000,000 3,048,510
5.75%, 10/31/2000 . . . . . . . . . . . . . . . . 2,450,000 2,477,832
5.75%, 11/15/2000 . . . . . . . . . . . . . . . . 1,250,000 1,264,537
5.625%, 11/30/2000 . . . . . . . . . . . . . . . . 3,500,000 3,534,790
5.25%, 1/31/2001 . . . . . . . . . . . . . . . . . 3,400,000 3,415,640
5.375%, 2/15/2001 . . . . . . . . . . . . . . . . 1,750,000 1,761,813
8%, 5/15/2001 . . . . . . . . . . . . . . . . . . 4,300,000 4,556,237
6.625%, 6/30/2001 . . . . . . . . . . . . . . . . 1,900,000 1,963,878
6.25%, 10/31/2001 . . . . . . . . . . . . . . . . 1,600,000 1,645,808
7.50%, 11/15/2001 . . . . . . . . . . . . . . . . 1,150,000 1,217,402
6.125%, 12/31/2001 . . . . . . . . . . . . . . . . 3,500,000 3,593,275
6.625%, 4/30/2002 . . . . . . . . . . . . . . . . 4,530,000 4,724,337
7.50%, 5/15/2002 . . . . . . . . . . . . . . . . . 3,200,000 3,414,976
6.375%, 8/15/2002 . . . . . . . . . . . . . . . . 1,650,000 1,711,776
5.875%, 9/30/2002 . . . . . . . . . . . . . . . . 1,400,000 1,432,102
5.75%, 10/31/2002 . . . . . . . . . . . . . . . . 1,300,000 1,325,142
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH AND INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Bonds and Notes (continued) Amount Value
- -------------------------------------------------------
______________ ______________
U.S. Government &
Agencies (continued) 5.625%, 12/31/2002 . . . . . . . . . . . . . . . . $ 1,500,000 $ 1,522,845
5.50%, 1/31/2003 . . . . . . . . . . . . . . . . . 680,000 687,657
6.25%, 2/15/2003 . . . . . . . . . . . . . . . . . 1,300,000 1,348,178
5.50%, 5/31/2003 . . . . . . . . . . . . . . . . . 1,700,000 1,719,380
5.75%, 8/15/2003 . . . . . . . . . . . . . . . . . 2,080,000 2,124,117
5.875%, 2/15/2004 . . . . . . . . . . . . . . . . 1,300,000 1,339,520
7.25%, 8/15/2004 . . . . . . . . . . . . . . . . . 1,800,000 1,966,554
7.875%, 11/15/2004 . . . . . . . . . . . . . . . . 5,000,000 5,621,000
7.50%, 2/15/2005 . . . . . . . . . . . . . . . . . 1,400,000 1,553,636
6.50%, 8/15/2005 . . . . . . . . . . . . . . . . . 1,350,000 1,433,579
6.875%, 5/15/2006 . . . . . . . . . . . . . . . . 1,650,000 1,792,164
7%, 7/15/2006 . . . . . . . . . . . . . . . . . . 4,100,000 4,487,983
6.25%, 2/15/2007 . . . . . . . . . . . . . . . . . 1,300,000 1,369,173
5.50%, 2/15/2008 . . . . . . . . . . . . . . . . . 1,300,000 1,315,379
5.625%, 5/15/2008 . . . . . . . . . . . . . . . . 500,000 509,065
_____________
93,850,685
_____________
TOTAL BONDS AND NOTES
(cost $138,739,956) . . . . . . . . . . . . . . . $138,028,914
_____________
Short-Term Investments--11.7%
- -------------------------------------------------------
U.S. Treasury Bills: 4.66%, 4/22/1999 . . . . . . . . . . . . . . . . . . . $ 1,278,000 $ 1,274,414
4.36%, 5/6/1999 . . . . . . . . . . . . . . . . . . . 123,000 122,464
4.40%, 5/13/1999 . . . . . . . . . . . . . . . . . . . 544,000 541,160
4.46%, 5/20/1999 . . . . . . . . . . . . . . . . . . . 16,040,000 (c) 15,942,846
4.47%, 5/27/1999 . . . . . . . . . . . . . . . . . . . 126,000 125,122
4.37%, 6/10/1999 . . . . . . . . . . . . . . . . . . . 5,195,000 5,150,739
4.40%, 6/17/1999 . . . . . . . . . . . . . . . . . . . 525,000 520,070
4.37%, 6/24/1999 . . . . . . . . . . . . . . . . . . . 1,517,000 1,501,603
_____________
TOTAL SHORT-TERM INVESTMENTS
(cost $25,178,363) . . . . . . . . . . . . . . . . $ 25,178,418
_____________
TOTAL INVESTMENTS (cost $197,297,265). . . . . . . . . . . . . . . . . . . . . . . . . . . 99.2% $212,632,313
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8% $ 1,658,710
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $214,291,023
_______ _____________
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, 1999, this security
amounted to $1,487,793, or approximately .7% of net assets.
(c) Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH AND INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF FINANCIAL FUTURES MARCH 31, 1999 (UNAUDITED)
Unrealized
Market Value Appreciation
Covered (Depreciation)
Financial Futures Purchased: Contracts by Contracts Expiration at 3/31/99
_________________________ ________ ___________ _________ ____________
<S> <C> <C> <C> <C>
Australian All Ordinaries. . . . . . . . . . . . . . . . 8 $ 377,599 June '99 $ (1,524)
CAC 40 . . . . . . . . . . . . . . . . . . . . . . . . . 37 1,673,210 June '99 (14,525)
Deutsche Akteinindex . . . . . . . . . . . . . . . . . . 14 1,855,098 June '99 6,324
Financial Times. . . . . . . . . . . . . . . . . . . . . 31 3,167,086 June '99 4,332
Hang Seng. . . . . . . . . . . . . . . . . . . . . . . . 6 421,816 April '99 19,937
Nikkei 300 . . . . . . . . . . . . . . . . . . . . . . . 137 2,855,646 June '99 242,069
Russell 2,000. . . . . . . . . . . . . . . . . . . . . . 60 11,955,000 June '99 (150,600)
Standard & Poor's 500. . . . . . . . . . . . . . . . . . 6 1,939,950 June '99 (22,648)
_________
$ 83,365
_________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS MARCH 31, 1999 (UNAUDITED)
Common Stocks--46.3% Shares Value
- -------------------------------------------------------
______________ ______________
<C> <C> <C>
Basic Industries--1.2% Centex . . . . . . . . . . . . . . . . . . . . . . . . 2,300 $ 76,763
Dow Chemical . . . . . . . . . . . . . . . . . . . . . 2,400 223,650
Georgia-Pacific Group . . . . . . . . . . . . . . . . 3,000 222,750
PPG Industries . . . . . . . . . . . . . . . . . . . . 5,500 281,875
USG . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 82,200
Union Carbide . . . . . . . . . . . . . . . . . . . . 600 27,112
______________
914,350
______________
Capital Spending--11.7% America Online . . . . . . . . . . . . . . . . . . . . 4,200 (a) 613,200
Applied Materials . . . . . . . . . . . . . . . . . . 1,700 (a) 104,869
BMC Software . . . . . . . . . . . . . . . . . . . . . 3,600 (a) 133,425
Boeing . . . . . . . . . . . . . . . . . . . . . . . . 5,000 170,625
Cisco Systems . . . . . . . . . . . . . . . . . . . . 5,200 (a) 569,725
Compuware . . . . . . . . . . . . . . . . . . . . . . 5,000 (a) 119,375
Dell Computer . . . . . . . . . . . . . . . . . . . . 13,400 (a) 547,725
EMC . . . . . . . . . . . . . . . . . . . . . . . . . 4,400 (a) 562,100
General Dynamics . . . . . . . . . . . . . . . . . . . 3,800 244,150
Hewlett-Packard . . . . . . . . . . . . . . . . . . . 4,600 311,937
Ingersoll-Rand . . . . . . . . . . . . . . . . . . . . 5,500 272,938
Intel . . . . . . . . . . . . . . . . . . . . . . . . 8,500 1,012,563
International Business Machines . . . . . . . . . . . 2,300 407,675
Lexmark International Group, Cl. A . . . . . . . . . . 3,300 (a) 368,775
Lucent Technologies . . . . . . . . . . . . . . . . . 5,600 603,400
Microsoft . . . . . . . . . . . . . . . . . . . . . . 19,000 (a) 1,702,875
Oracle . . . . . . . . . . . . . . . . . . . . . . . . 13,500 (a) 356,062
Sun Microsystems . . . . . . . . . . . . . . . . . . . 800 (a) 99,950
Sundstrand . . . . . . . . . . . . . . . . . . . . . . 600 41,700
Tellabs . . . . . . . . . . . . . . . . . . . . . . . 4,600 (a) 449,650
Tyco International . . . . . . . . . . . . . . . . . . 3,600 258,300
______________
8,951,019
______________
Consumer Cyclical--6.6% Federal-Mogul . . . . . . . . . . . . . . . . . . . . 2,100 90,300
Federated Department Stores . . . . . . . . . . . . . 3,300 (a) 132,412
Ford Motor . . . . . . . . . . . . . . . . . . . . . . 10,600 601,550
Fox Entertainment Group, Cl. A . . . . . . . . . . . . 4,700 127,487
Gannett . . . . . . . . . . . . . . . . . . . . . . . 2,900 182,700
Gap . . . . . . . . . . . . . . . . . . . . . . . . . 6,100 410,606
General Motors . . . . . . . . . . . . . . . . . . . . 2,000 173,750
Infinity Broadcasting, Cl. A . . . . . . . . . . . . . 4,300 110,725
K mart . . . . . . . . . . . . . . . . . . . . . . . . 7,100 (a) 119,369
Koninklijke Philips Electronics N.V. (New York Shares) . . 1,900 156,631
Mattel . . . . . . . . . . . . . . . . . . . . . . . . 5,900 146,762
Safeway . . . . . . . . . . . . . . . . . . . . . . . 6,800 (a) 348,925
Staples . . . . . . . . . . . . . . . . . . . . . . . 5,500 (a) 180,813
TJX Cos. . . . . . . . . . . . . . . . . . . . . . . . 11,700 397,800
Time Warner . . . . . . . . . . . . . . . . . . . . . 2,800 198,975
Tommy Hilfiger . . . . . . . . . . . . . . . . . . . . 2,100 (a) 144,638
Tribune . . . . . . . . . . . . . . . . . . . . . . . 1,400 91,613
Viacom, Cl. B . . . . . . . . . . . . . . . . . . . . 5,100 (a) 428,081
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Common Stocks (continued) Shares Value
- -------------------------------------------------------
______________ ______________
Consumer Cyclical (continued) Wal-Mart Stores . . . . . . . . . . . . . . . . . . . 10,800 $ 995,625
______________
5,038,762
______________
Consumer Staples--3.8% Anheuser-Busch Cos. . . . . . . . . . . . . . . . . . 1,800 137,138
Coca-Cola . . . . . . . . . . . . . . . . . . . . . . 6,700 411,213
Eastman Kodak . . . . . . . . . . . . . . . . . . . . 3,700 236,337
IBP . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 111,750
Kimberly-Clark . . . . . . . . . . . . . . . . . . . . 4,900 234,894
Philip Morris Cos. . . . . . . . . . . . . . . . . . . 9,600 337,800
Procter & Gamble . . . . . . . . . . . . . . . . . . . 6,600 646,387
Ralston-Purina Group . . . . . . . . . . . . . . . . . 7,400 197,487
Sara Lee . . . . . . . . . . . . . . . . . . . . . . . 9,900 245,025
Unilever, N.V. . . . . . . . . . . . . . . . . . . . . 5,300 352,119
______________
2,910,150
______________
Energy--2.8% Ashland . . . . . . . . . . . . . . . . . . . . . . . 2,100 85,969
Coastal . . . . . . . . . . . . . . . . . . . . . . . 5,800 191,400
Diamond Offshore Drilling . . . . . . . . . . . . . . 2,600 82,225
El Paso Energy . . . . . . . . . . . . . . . . . . . . 3,700 120,944
Exxon . . . . . . . . . . . . . . . . . . . . . . . . 11,700 825,581
Phillips Petroleum . . . . . . . . . . . . . . . . . . 5,200 245,700
Sunoco . . . . . . . . . . . . . . . . . . . . . . . . 3,700 133,431
Texaco . . . . . . . . . . . . . . . . . . . . . . . . 6,300 357,525
Tosco . . . . . . . . . . . . . . . . . . . . . . . . 1,900 47,144
UtiliCorp United . . . . . . . . . . . . . . . . . . . 4,500 102,375
______________
2,192,294
______________
Health Care--5.7% Abbott Laboratories . . . . . . . . . . . . . . . . . 13,300 622,606
Amgen . . . . . . . . . . . . . . . . . . . . . . . . 8,600 (a) 643,925
Biomet . . . . . . . . . . . . . . . . . . . . . . . . 3,800 159,362
Bristol-Myers Squibb . . . . . . . . . . . . . . . . . 10,000 643,125
Johnson & Johnson . . . . . . . . . . . . . . . . . . 7,400 693,288
Lilly (Eli) . . . . . . . . . . . . . . . . . . . . . 3,700 314,037
Schering-Plough . . . . . . . . . . . . . . . . . . . 11,500 636,094
Warner-Lambert . . . . . . . . . . . . . . . . . . . . 6,900 456,694
Wellpoint Health Networks . . . . . . . . . . . . . . 2,500 (a) 189,531
______________
4,358,662
______________
Interest Sensitive--8.9% Allstate . . . . . . . . . . . . . . . . . . . . . . . 10,400 385,450
Ambac Financial Group . . . . . . . . . . . . . . . . 3,300 178,200
American Express . . . . . . . . . . . . . . . . . . . 3,200 376,000
Bank of New York . . . . . . . . . . . . . . . . . . . 4,700 168,906
Bank One . . . . . . . . . . . . . . . . . . . . . . . 7,000 385,438
BankAmerica . . . . . . . . . . . . . . . . . . . . . 4,800 339,000
BankBoston . . . . . . . . . . . . . . . . . . . . . . 3,900 168,919
Chase Manhattan . . . . . . . . . . . . . . . . . . . 8,900 723,681
Citigroup . . . . . . . . . . . . . . . . . . . . . . 2,000 127,750
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Common Stocks (continued) Shares Value
- -------------------------------------------------------
______________ ______________
Interest Sensitive (continued) Comerica . . . . . . . . . . . . . . . . . . . . . . . 4,500 $ 280,969
Edwards (A.G.) . . . . . . . . . . . . . . . . . . . . 2,200 71,913
Federal National Mortgage Association . . . . . . . . 6,000 415,500
Fleet Financial Group . . . . . . . . . . . . . . . . 8,400 316,050
General Electric . . . . . . . . . . . . . . . . . . . 7,000 774,375
Golden West Financial . . . . . . . . . . . . . . . . 1,500 143,250
Jefferson-Pilot . . . . . . . . . . . . . . . . . . . 1,800 121,950
MBNA . . . . . . . . . . . . . . . . . . . . . . . . . 5,300 126,537
MGIC Investment . . . . . . . . . . . . . . . . . . . 2,400 84,150
Merrill Lynch . . . . . . . . . . . . . . . . . . . . 2,800 247,625
Morgan Stanley Dean Witter & Co. . . . . . . . . . . . 3,500 349,781
PNC Bank . . . . . . . . . . . . . . . . . . . . . . . 2,400 133,350
SLM Holding . . . . . . . . . . . . . . . . . . . . . 6,700 279,725
SunTrust Banks . . . . . . . . . . . . . . . . . . . . 3,400 211,650
Transamerica . . . . . . . . . . . . . . . . . . . . . 1,500 106,500
UnionBanCal . . . . . . . . . . . . . . . . . . . . . 2,700 91,969
XL Capital, Cl. A . . . . . . . . . . . . . . . . . . 4,300 261,225
______________
6,869,863
______________
Mining & Metals--.3% Alcoa . . . . . . . . . . . . . . . . . . . . . . . . 3,800 156,512
USX-U.S. Steel Group . . . . . . . . . . . . . . . . . 3,000 70,500
______________
227,012
______________
Transportation--.5% Burlington Northern Santa Fe . . . . . . . . . . . . . 5,700 187,388
Delta Air Lines . . . . . . . . . . . . . . . . . . . 2,800 194,600
______________
381,988
______________
Utilities--4.8% AT&T . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 287,325
AirTouch Communications . . . . . . . . . . . . . . . 5,800 (a) 560,425
Ameren . . . . . . . . . . . . . . . . . . . . . . . . 3,500 126,656
Ameritech . . . . . . . . . . . . . . . . . . . . . . 12,000 694,500
BellSouth . . . . . . . . . . . . . . . . . . . . . . 12,700 508,794
Consolidated Edison . . . . . . . . . . . . . . . . . 4,300 194,844
FPL Group . . . . . . . . . . . . . . . . . . . . . . 4,800 255,600
MCI WorldCom . . . . . . . . . . . . . . . . . . . . . 10,400 (a) 921,050
Pinnacle West Capital . . . . . . . . . . . . . . . . 3,400 123,675
______________
3,672,869
______________
TOTAL COMMON STOCKS
(cost $ 24,832,617) . . . . . . . . . . . . . . . $35,516,969
______________
Principal
Bonds and Notes--31.3% Amount
- ------------------------------------------------------- ______________
U.S. Treasury Notes: 5.50%, 5/31/2000 . . . . . . . . . . . . . . . . . . . $ 200,000 $ 201,304
5.875%, 6/30/2000 . . . . . . . . . . . . . . . . . . 140,000 141,553
6.125%, 7/31/2000 . . . . . . . . . . . . . . . . . . 750,000 761,272
5.125%, 8/31/2000 . . . . . . . . . . . . . . . . . . 450,000 450,918
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Bonds and Notes (continued) Amount Value
- -------------------------------------------------------
______________ ______________
U.S. Treasury Notes (continued) 6.25%, 8/31/2000 . . . . . . . . . . . . . . . . . . . $ 500,000 $ 508,530
6.125%, 9/30/2000 . . . . . . . . . . . . . . . . . . 640,000 650,349
5.75%, 10/31/2000 . . . . . . . . . . . . . . . . . . 350,000 353,976
5.75%, 11/15/2000 . . . . . . . . . . . . . . . . . . 400,000 404,652
5.625%, 11/30/2000 . . . . . . . . . . . . . . . . . . 140,000 141,392
5.50%, 12/31/2000 . . . . . . . . . . . . . . . . . . 450,000 453,757
5.25%, 1/31/2001 . . . . . . . . . . . . . . . . . . . 140,000 140,644
7.75%, 2/15/2001 . . . . . . . . . . . . . . . . . . . 425,000 445,795
6.375%, 3/31/2001 . . . . . . . . . . . . . . . . . . 500,000 513,005
6.25%, 4/30/2001 . . . . . . . . . . . . . . . . . . . 1,050,000 1,075,567
6.625%, 6/30/2001 . . . . . . . . . . . . . . . . . . 140,000 144,707
7.875%, 8/15/2001 . . . . . . . . . . . . . . . . . . 280,000 297,604
6.25%, 10/31/2001 . . . . . . . . . . . . . . . . . . 500,000 514,315
7.50%, 11/15/2001 . . . . . . . . . . . . . . . . . . 460,000 486,961
5.875%, 11/30/2001 . . . . . . . . . . . . . . . . . . 490,000 499,800
6.125%, 12/31/2001 . . . . . . . . . . . . . . . . . . 565,000 580,057
6.625%, 4/30/2002 . . . . . . . . . . . . . . . . . . 1,000,000 1,042,900
7.50%, 5/15/2002 . . . . . . . . . . . . . . . . . . . 475,000 506,910
6.375%, 8/15/2002 . . . . . . . . . . . . . . . . . . 925,000 959,632
5.875%, 9/30/2002 . . . . . . . . . . . . . . . . . . 480,000 491,006
5.75%, 10/31/2002 . . . . . . . . . . . . . . . . . . 90,000 91,741
5.625%, 12/31/2002 . . . . . . . . . . . . . . . . . . 550,000 558,377
5.50%, 1/31/2003 . . . . . . . . . . . . . . . . . . . 230,000 232,590
6.25%, 2/15/2003 . . . . . . . . . . . . . . . . . . . 910,000 943,725
5.50%, 2/28/2003 . . . . . . . . . . . . . . . . . . . 1,000,000 1,011,150
5.50%, 3/31/2003 . . . . . . . . . . . . . . . . . . . 1,000,000 1,011,410
5.50%, 5/31/2003 . . . . . . . . . . . . . . . . . . . 250,000 252,850
5.375%, 6/30/2003 . . . . . . . . . . . . . . . . . . 280,000 281,926
5.25%, 8/15/2003 . . . . . . . . . . . . . . . . . . . 250,000 250,660
5.75%, 8/15/2003 . . . . . . . . . . . . . . . . . . . 310,000 316,575
5.875%, 2/15/2004 . . . . . . . . . . . . . . . . . . 90,000 92,736
7.25%, 5/15/2004 . . . . . . . . . . . . . . . . . . . 800,000 872,096
7.25%, 8/15/2004 . . . . . . . . . . . . . . . . . . . 290,000 316,834
7.875%, 11/15/2004 . . . . . . . . . . . . . . . . . . 760,000 854,392
7.50%, 2/15/2005 . . . . . . . . . . . . . . . . . . . 100,000 110,974
6.50%, 5/15/2005 . . . . . . . . . . . . . . . . . . . 365,000 387,028
6.50%, 8/15/2005 . . . . . . . . . . . . . . . . . . . 100,000 106,191
5.625%, 2/15/2006 . . . . . . . . . . . . . . . . . . 400,000 406,280
6.875%, 5/15/2006 . . . . . . . . . . . . . . . . . . 570,000 619,111
7%, 7/15/2006 . . . . . . . . . . . . . . . . . . . . 550,000 602,046
6.25%, 2/15/2007 . . . . . . . . . . . . . . . . . . . 390,000 410,752
6.625%, 5/15/2007 . . . . . . . . . . . . . . . . . . 450,000 485,514
6.125%, 8/15/2007 . . . . . . . . . . . . . . . . . . 820,000 859,007
5.50%, 2/15/2008 . . . . . . . . . . . . . . . . . . . 490,000 495,797
5.625%, 5/15/2008 . . . . . . . . . . . . . . . . . . 650,000 661,784
______________
TOTAL BONDS AND NOTES
(cost $24,277,576) . . . . . . . . . . . . . . . . $23,998,152
______________
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Short-Term Investments--21.7% Amount Value
- -------------------------------------------------------
______________ ______________
U.S. Treasury Bills: 4.22%, 4/22/1999 . . . . . . . . . . . . . . . . . . . $ 5,990,000 $ 5,973,192
4.36%, 4/29/1999 . . . . . . . . . . . . . . . . . . . 505,000 503,201
4.40%, 5/13/1999 . . . . . . . . . . . . . . . . . . . 212,000 210,893
4.46%, 5/20/1999 . . . . . . . . . . . . . . . . . . . 1,768,000 (b) 1,757,291
4.47%, 5/27/1999 . . . . . . . . . . . . . . . . . . . 161,000 159,878
4.38%, 6/10/1999 . . . . . . . . . . . . . . . . . . . 6,842,000 6,783,706
4.41%, 6/17/1999 . . . . . . . . . . . . . . . . . . . 403,000 399,216
4.37%, 6/24/1999 . . . . . . . . . . . . . . . . . . . 843,000 834,444
______________
TOTAL SHORT-TERM INVESTMENTS
(cost $16,623,973) . . . . . . . . . . . . . . . . $16,621,821
______________
TOTAL INVESTMENTS (cost $65,734,166) . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.3% $76,136,942
_______ ______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7% $ 531,340
_______ ______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $76,668,282
_______ ______________
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>
STATEMENT OF FINANCIAL FUTURES MARCH 31, 1999 (UNAUDITED)
Unrealized
Market Value Appreciation/
Covered (Depreciation)
Financial Futures Purchased: Contracts by Contracts Expiration at 3/31/99
_________________________ ________ ___________ _________ ____________
<S> <C> <C> <C> <C>
Australian All Ordinaries. . . . . . . . . . . . . . . . 5 $ 236,000 June '99 $ (953)
CAC 40 . . . . . . . . . . . . . . . . . . . . . . . . . 26 1,175,769 June '99 (10,206)
Deutsche Akteinindex . . . . . . . . . . . . . . . . . . 10 1,325,076 June '99 4,436
Financial Times. . . . . . . . . . . . . . . . . . . . . 23 2,349,658 June '99 (7,711)
Hang Seng. . . . . . . . . . . . . . . . . . . . . . . . 4 281,211 April '99 13,291
Nikkei 300 . . . . . . . . . . . . . . . . . . . . . . . 88 1,834,283 June '99 155,490
Russell 2,000. . . . . . . . . . . . . . . . . . . . . . 42 8,368,500 June '99 (105,420)
Standard & Poor's 500. . . . . . . . . . . . . . . . . . 2 646,650 June '99 (116)
_________
$ 48,811
_________
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC.
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1999 (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)] . . . . . . . . . . . . . . . . . . . . . . . . $59,531,887 $212,632,313 $76,136,942
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,636 -- 73,308
Receivable for investment securities sold . . . . . . . . . . . . . . -- 2,173,413 647,556
Dividends and interest receivable . . . . . . . . . . . . . . . . . . 580,417 2,073,985 365,751
Receivable for futures variation margin--Note 5(a) . . . . . . . . . -- 221,497 158,432
Receivable for shares of Common Stock subscribed . . . . . . . . . . 155,934 -- 5,000
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 29,555 35,888 33,798
____________ _____________ ____________
60,379,429 217,137,096 77,420,787
____________ _____________ ____________
LIABILITIES:
Due to The Dreyfus Corporation and affiliates . . . . . . . . . . . . 31,194 148,864 57,096
Due to Distributor . . . . . . . . . . . . . . . . . . . . . . . . . 2,828 1,259 1,133
Cash overdraft due to Custodian . . . . . . . . . . . . . . . . . . . -- 295,433 --
Payable for investment securities purchased . . . . . . . . . . . . . -- 2,370,680 674,165
Payable for futures variation margin--Note 5(a) . . . . . . . . . . . 224,000 -- --
Payable for shares of Common Stock redeemed . . . . . . . . . . . . . -- -- -- --
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 22,161 29,837 20,111
____________ _____________ ____________
280,183 2,846,073 752,505
____________ _____________ ____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,099,246 $214,291,023 $76,668,282
____________ _____________ ____________
REPRESENTED BY:
Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,877,938 $182,542,390 $61,026,873
Accumulated undistributed investment income--net . . . . . . . . . . 629,689 1,820,284 365,120
Accumulated net realized gain (loss) on investments and
forward currency exchange contracts . . . . . . . . . . . . . . . 1,889,723 14,509,936 4,824,702
Accumulated net unrealized appreciation (depreciation) on
investments [including ($2,320), $83,365 and $48,811
net unrealized appreciation (depreciation) on financial futures for
the Income Portfolio, the Growth and Income Portfolio and
the Growth Portfolio, respectively]--Note 5(b) . . . . . . . . . (298,104) 15,418,413 10,451,587
____________ _____________ ____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,099,246 $214,291,023 $76,668,282
____________ _____________ ____________
NET ASSET VALUE PER SHARE
--------------------
Income Growth and Income Growth
Portfolio Portfolio Portfolio
____________ _____________ ____________
Restricted Class Shares
____________________
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $45,524,579 $207,921,197 $71,132,296
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . 3,371,080 11,878,113 3,946,841
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . . . $13.50 $17.50 $18.02
_______ _______ _______
Investor Class Shares
__________________
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14,574,667 $6,369,826 $5,535,986
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . 1,080,348 349,055 305,765
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . . . $13.49 $18.25 $18.11
_______ _______ _______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC.
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1999 (UNAUDITED)
Income Growth and Income Growth
Portfolio Portfolio Portfolio
____________ _____________ ____________
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,470,626 $ 3,780,701 $ 772,768
Cash dividends (net of $1,592 and $315 foreign taxes withheld
at source for the Growth and Income Portfolio and the
Growth Portfolio, respectively) . . . . . . . . . . . . . . . -- 444,517 226,939
____________ _____________ ____________
Total Income . . . . . . . . . . . . . . . . . . . . . . . . 1,470,626 4,225,218 999,707
____________ _____________ ____________
Expenses--Note 2(d):
Investment advisory fee--Note 4(a) . . . . . . . . . . . . . . . $ 158,886 $ 774,016 $ 260,628
Shareholder servicing costs--Note 4(b) . . . . . . . . . . . . . 16,004 12,090 9,970
Auditing fees . . . . . . . . . . . . . . . . . . . . . . . . . . 14,321 34,867 28,341
Registration fees . . . . . . . . . . . . . . . . . . . . . . . . 13,544 15,954 19,918
Prospectus and shareholders' reports . . . . . . . . . . . . . . 5,414 7,983 6,325
Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,713 9,967 4,247
Custodian fees--Note 4(b) . . . . . . . . . . . . . . . . . . . . 4,143 21,770 19,718
Directors' fees and expenses--Note 4(c) . . . . . . . . . . . . . 2,074 7,369 2,602
Loan commitment fees--Note 3 . . . . . . . . . . . . . . . . . . 104 437 136
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . 6,776 11,046 4,498
____________ _____________ ____________
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . 225,979 895,499 356,383
____________ _____________ ____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . 1,244,647 3,329,719 643,324
_____________ _____________ _____________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 5:
Net realized gain (loss) on investments . . . . . . . . . . . . . . . $ 354,430 $12,825,422 $ 3,656,805
Net realized gain (loss) on forward currency exchange contracts . . . -- 7,059 5,122
Net realized gain (loss) on financial futures . . . . . . . . . . . . 2,432,089 3,122,696 1,811,016
____________ _____________ ____________
Net Realized Gain (Loss) . . . . . . . . . . . . . . . . . . 2,786,519 15,955,177 5,472,943
____________ _____________ ____________
Net unrealized appreciation (depreciation) on investments
[including $122,247, $600,656 and $409,699 net unrealized
appreciation on financial futures for the Income
Portfolio, the Growth and Income Portfolio and the Growth
Portfolio, respectively] . . . . . . . . . . . . . . . . . . . . (1,334,659) 5,748,436 6,625,627
____________ _____________ ____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . 1,451,860 21,703,613 12,098,570
____________ _____________ ____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . $ 2,696,507 $25,033,332 $12,741,894
____________ _____________ ____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC., INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
March 31, 1999 Year Ended
(Unaudited) September 30, 1998
_______________ _______________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,244,647 $ 2,045,142
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . 2,786,519 366,825
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . (1,334,659) 955,546
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . 2,696,507 3,367,513
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (1,893,485) (1,195,123)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (342,650) (503,416)
Net realized gain on investments:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (946,742) (1,162,380)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (185,368) (510,607)
_____________ _____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,368,245) (3,371,526)
_____________ _____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . 18,210,955 26,320,416
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . 7,628,499 1,337,588
Dividends reinvested:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . 2,836,547 2,347,119
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . 522,995 1,013,674
Cost of shares redeemed:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (15,466,749) (10,884,363)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (5,405,528) (549,851)
_____________ _____________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . 8,326,719 19,584,583
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . 7,654,981 19,580,570
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,444,265 32,863,695
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,099,246 $52,444,265
_____________ _____________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . $ 629,689 $ 1,621,177
_____________ _____________
CAPITAL SHARE TRANSACTIONS:
Restricted Class Shares Shares Shares*
__________________ _____________ _____________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,328,943 1,946,584
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . 213,596 182,513
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,116,924) (802,212)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . 425,615 1,326,885
_____________ _____________
Investor Class Shares
__________________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564,978 101,421
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . 39,382 78,947
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (387,597) (40,536)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . 216,763 139,832
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH AND INCOME PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Six Months Ended
March 31, 1999 Year Ended
(Unaudited) September 30, 1998
_______________ _______________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,329,719 $ 7,596,661
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . 15,955,177 4,470,025
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . 5,748,436 (872,552)
______________ ______________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . 25,033,332 11,194,134
______________ ______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (7,141,044) (5,849,219)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (145,634) (32,948)
Net realized gain on investments:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (5,112,081) (21,725,669)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (111,323) (126,391)
______________ ______________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,510,082) (27,734,227)
______________ ______________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . 26,442,944 90,798,976
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . 1,936,056 3,980,556
Dividends reinvested:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . 12,251,329 27,548,779
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . 256,461 136,621
Cost of shares redeemed:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (29,403,186) (88,118,244)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (89,301) (821,513)
______________ ______________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . 11,394,303 33,525,175
______________ ______________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . 23,917,553 16,985,082
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,373,470 173,388,388
______________ ______________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $214,291,023 $190,373,470
______________ ______________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . $ 1,820,284 $ 5,777,243
______________ ______________
CAPITAL SHARE TRANSACTIONS:
Restricted Class Shares Shares Shares
______________ ______________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,502,305 5,567,273
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . 728,812 1,762,559
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,674,073) (5,379,862)
______________ ______________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . 557,044 1,949,970
______________ ______________
Investor Class Shares
__________________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,850 236,425
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . 14,621 8,397
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,874) (48,209)
______________ ______________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . 116,597 196,613
______________ ______________
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
DREYFUS LIFETIME PORTFOLIOS, INC., GROWTH PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Six Months Ended
March 31, 1999 Year Ended
(Unaudited) September 30, 1998
_______________ _______________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 643,324 $ 1,681,377
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . 5,472,943 2,498,256
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . 6,625,627 (2,255,918)
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . 12,741,894 1,923,715
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (1,457,071) (1,250,906)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (73,161) (138,717)
Net realized gain on investments:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (2,589,945) (10,416,640)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (152,993) (1,381,134)
_____________ _____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,273,170) (13,187,397)
_____________ _____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . 31,430,734 31,959,042
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . 1,603,276 2,944,441
Dividends reinvested:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . 3,995,453 11,662,994
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . 225,768 1,519,851
Cost of shares redeemed:
Restricted Class shares . . . . . . . . . . . . . . . . . . . . . . . . . (28,669,342) (23,893,043)
Investor Class shares . . . . . . . . . . . . . . . . . . . . . . . . . . (563,321) (8,374,798)
_____________ _____________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . 8,022,568 15,818,487
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . 16,491,292 4,554,805
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,176,990 55,622,185
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $76,668,282 $60,176,990
_____________ _____________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . $ 365,120 $ 1,252,028
_____________ _____________
CAPITAL SHARE TRANSACTIONS:
Restricted Class Shares Shares Shares
_____________ _____________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,768,343 1,910,064
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . 237,966 755,375
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,609,988) (1,403,323)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . 396,321 1,262,116
_____________ _____________
Investor Class Shares
__________________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,354 183,691
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . 13,375 98,055
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (33,144) (469,015)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . 70,585 (187,269)
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
<TABLE>
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 Portfolio's financial statements.
Restricted Class Shares
__________________________________________________________________
Six Months Ended
March 31, 1999 Year Ended September 30,
_______________________________________________
PER SHARE DATA: (Unaudited) 1998 1997(1) 1996(2) 1995(3)
_____________ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . $13.78 $14.04 $13.42 $13.52 $12.50
_______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .35 .61 .71 .64 .40
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . .36 .57 .99 .31 .62
_______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . . .71 1.18 1.70 .95 1.02
_______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . (.66) (.73) (.65) (.62) ----
Dividends from net realized gain on investments . (.33) (.71) (.43) (.43) ----
_______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . (.99) (1.44) (1.08) (1.05) ----
_______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . $13.50 $13.78 $14.04 $13.42 $13.52
_______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 5.27%(4) 9.14% 13.50% 7.30% 8.24%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . .40%(4) .88% .68% .60% .30%(4)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . 2.37%(4) 5.15% 5.87% 5.75% 3.08%(4)
Decrease reflected in above expense ratios
due to undertakings by Dreyfus . . . . . . . . ---- ---- .14% .61% .26%(4)
Portfolio Turnover Rate . . . . . . . . . . . . . . 84.61%(4) 64.58% 72.08% 32.95% 5.66%(4)
Net Assets, end of period (000's Omitted) . . . $45,524 $40,582 $22,727 $12,889 $8,141
- ------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail shares.
(3) From March 31, 1995 (commencement of operations) to September 30, 1995.
(4) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC., 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 Portfolio's financial statements.
Investor Class Shares
__________________________________________________________________
Six Months Ended
March 31, 1999 Year Ended September 30,
_______________________________________________
PER SHARE DATA: (Unaudited) 1998 1997(1) 1996(2) 1995(3)
_____________ ______ ______ ______ ______
Net asset value, beginning of period . . . . . . $13.74 $14.01 $13.39 $13.51 $12.50
_______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .39 .65 .72 .73 .39
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . .30 .49 .95 .18 .62
_______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . . .69 1.14 1.67 .91 1.01
_______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . (.61) (.70) (.62) (.60) ----
Dividends from net realized gain on investments . (.33) (.71) (.43) (.43) ----
_______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . (.94) (1.41) (1.05) (1.03) ----
_______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . $13.49 $13.74 $14.01 $13.39 $13.51
_______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 5.13%(4) 8.92% 13.19% 7.07% 8.08%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . .53%(4) 1.13% .97% .85% .43%(4)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . 2.25%(4) 4.92% 5.52% 5.50% 2.95%(4)
Decrease reflected in above expense ratios
due to undertakings by Dreyfus . . . . . . . . ---- ---- .15% .61% .26%(4)
Portfolio Turnover Rate . . . . . . . . . . . . . . 84.61%(4) 64.58% 72.08% 32.95% 5.66%(4)
Net Assets, end of period (000's Omitted) . . . $14,575 $11,862 $10,136 $8,701 $8,122
- ------------
(1) Effective August 7, 1997, Institutional shares were redesignated as Investor
Class shares.
(2) Effective July 15, 1996, Investor Class shares were redesignated as
Institutional shares.
(3) From March 31, 1995 (commencement of operations) to September 30, 1995.
(4) Not annualized.
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 Portfolio's financial statements.
Restricted Class Shares
__________________________________________________________________
Six Months Ended
March 31, 1999 Year Ended September 30,
_______________________________________________
PER SHARE DATA: (Unaudited) 1998 1997(1) 1996(2) 1995(3)
_____________ ______ ______ ______ ______
Net asset value, beginning of period . . . . . . $16.46 $18.43 $15.34 $14.31 $12.50
_______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .28 .70 .58 .33 .27
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . 1.84 .30 3.16 1.60 1.54
_______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . . 2.12 1.00 3.74 1.93 1.81
_______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . (.63) (.63) (.34) (.42) ----
Dividends from net realized gain on investments . (.45) (2.34) (.31) (.48) ----
_______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . (1.08) (2.97) (.65) (.90) ----
_______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . $17.50 $16.46 $18.43 $15.34 $14.31
_______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 13.16%(4) 6.28% 25.22% 14.17% 14.48%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . .43%(4) .84% .78% .75% .38%(4)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . 1.61%(4) 4.06% 3.52% 3.60% 2.10%(4)
Decrease reflected in above expense ratios
due to undertakings by Dreyfus . . . . . . . . ---- ---- .06% .39% .33%(4)
Portfolio Turnover Rate . . . . . . . . . . . . . . 86.03%(4) 76.78% 107.85% 122.52% 33.55%(4)
Net Assets, end of period (000's Omitted) . . . $207,921 $186,397 $172,705 $124,677 $9,248
- ------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail shares.
(3) From March 31, 1995 (commencement of operations) to September 30, 1995.
(4) Not annualized.
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 Portfolio's financial statements.
Investor Class Shares
__________________________________________________________________
Six Months Ended
March 31, 1999 Year Ended September 30,
_______________________________________________
PER SHARE DATA: (Unaudited) 1998 1997(1) 1996(2) 1995(3)
_____________ ______ ______ ______ ______
Net asset value, beginning of period . . . . . . $17.10 $19.05 $15.43 $14.29 $12.50
_______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .05 .72(4) .57(4) .90(4) .27
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . 2.14 .28 3.36 1.12 1.52
_______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . . 2.19 1.00 3.93 2.02 1.79
_______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . (.59) (.61) ---- (.40) ----
Dividends from net realized gain on investments . (.45) (2.34) (.31) (.48) ----
_______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . (1.04) (2.95) (.31) (.88) ----
_______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . $18.25 $17.10 $19.05 $15.43 $14.29
_______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 13.06%(5) 6.04% 25.85% 14.84% 14.32%(5)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . .57%(5) 1.08% 1.00% 1.00% .51%(5)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . 1.50%(5) 3.81% 3.58% 3.35% 1.98%(5)
Decrease reflected in above expense ratios
due to undertakings by Dreyfus . . . . . . . . ---- ---- .05% .39% .33%(5)
Portfolio Turnover Rate . . . . . . . . . . . . . . 86.03%(5) 76.78% 107.85% 122.52% 33.55%(5)
Net Assets, end of period (000's Omitted) . . . $6,370 $3,976 $683 $160 $8,602
- ------------
(1) Effective August 7, 1997, Institutional shares were redesignated as Investor
Class shares.
(2) Effective July 15, 1996, 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 at each month end.
(5) Not annualized.
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 Portfolio's financial statements.
Restricted Class Shares
__________________________________________________________________
Six Months Ended
March 31, 1999 Year Ended September 30,
_______________________________________________
PER SHARE DATA: (Unaudited) 1998 1997(1) 1996(2) 1995(3)
_____________ ______ ______ ______ ______
Net asset value, beginning of period . . . . . . $15.89 $20.52 $16.59 $14.84 $12.50
_______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .16 .52 .41 .28 .21
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . 3.08 (.02) 4.94 2.48 2.13
_______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . . 3.24 .50 5.35 2.76 2.34
_______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . (.40) (.55) (.30) (.31) ----
Dividends from net realized gain on investments . (.71) (4.58) (1.12) (.70) ----
_______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . (1.11) (5.13) (1.42) (1.01) ----
_______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . $18.02 $15.89 $20.52 $16.59 $14.84
_______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 20.91%(4) 3.17% 34.70% 19.73% 18.72%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . .50%(4) .94% .83% .75% .38%(4)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . .93%(4) 2.84% 2.38% 2.38% 1.51%(4)
Decrease reflected in above expense ratios
due to undertakings by Dreyfus . . . . . . . . ---- ---- .20% .53% .26%(4)
Portfolio Turnover Rate . . . . . . . . . . . . . . 63.22%(4) 89.23% 118.49% 77.83% 52.86%(4)
Net Assets, end of period (000's Omitted) . . . $71,132 $56,431 $46,960 $28,143 $11,898
- ------------
(1) Effective August 7, 1997, Retail shares were redesignated as Restricted
Class shares.
(2) Effective July 15, 1996, Class R shares were redesignated as Retail shares.
(3) From March 31, 1995 (commencement of operations) to September 30, 1995.
(4) Not annualized.
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 Portfolio's financial statements.
Investor Class Shares
__________________________________________________________________
Six Months Ended
March 31, 1999 Year Ended September 30,
_______________________________________________
PER SHARE DATA: (Unaudited) 1998 1997(1) 1996(2) 1995(3)
_____________ ______ ______ ______ ______
Net asset value, beginning of period . . . . . . $15.93 $20.50 $16.58 $14.82 $12.50
_______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .48(4) .44(4) .62 .32 .19
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . 2.75 .03 4.68 2.42 2.13
_______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . . 3.23 .47 5.30 2.74 2.32
_______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . (.34) (.46) (.26) (.28) ----
Dividends from net realized gain on investments . (.71) (4.58) (1.12) (.70) ----
_______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . (1.05) (5.04) (1.38) (.98) ----
_______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . $18.11 $15.93 $20.50 $16.58 $14.82
_______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 20.76%(5) 2.97% 34.32% 19.58% 18.56%(5)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . .64%(5) 1.18% 1.06% 1.00% .51%(5)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . .81%(5) 2.65% 2.05% 2.08% 1.39%(5)
Decrease reflected in above expense ratios
due to undertakings by Dreyfus . . . . . . . . ---- ---- .27% .53% .26%(5)
Portfolio Turnover Rate . . . . . . . . . . . . . . 63.22%(5) 89.23% 118.49% 77.83% 52.86%(5)
Net Assets, end of period (000's Omitted) . . . $5,536 $3,746 $8,662 $14,458 $11,939
- ------------
(1) Effective August 7, 1997, Institutional shares were redesignated as Investor
Class shares.
(2) Effective July 15, 1996, 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 at each month end.
(5) Not annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
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 (the "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 portfolio. The Dreyfus Corporation
(" Dreyfus" ) serves as each Portfolio's investment adviser. Dreyfus 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, 1999, APT Holdings Corporation, an indirect subsidiary of
Mellon Bank Corporation, held the following shares:
Income Portfolio
___________
Investor Class . . . . . 451,249 Restricted Class . .. . .458,774
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.
Forward currency exchange contracts are valued at the forward rate.
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 (UNAUDITED) (CONTINUED)
(B) FOREIGN CURRENCY TRANSACTIONS: Each Portfolio 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 a Portfolio'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. Under the terms of the custody agreement, each Portfolio receives
net earnings credits based on available cash balances left on deposit. During
the period ended March 31, 1999, the Income Portfolio and the Growth and Income
Portfolio received net earnings credits of $2,215 and $9,261, respectively.
Income earned under this arrangement is included in interest income.
(D) EXPENSES: Expenses directly attributable to each Portfolio are charged to
that Portfolio' s operations; expenses which are applicable to all Portfolio's
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 of 1986, as amended (the "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 each Portfolio 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 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:
Each Portfolio 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, each Portfolio has agreed to pay commitment fees on its pro rata
portion of the Facility. Interest is charged to a Portfolio at rates based on
prevailing market rates in effect at the time of borrowings. During the period
ended March 31, 1999, no Portfolios borrowed under the Facility.
NOTE 4--INVESTMENT ADVISORY FEE, SUB-INVESTMENT ADVISORY FEE AND OTHER
TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to an Investment Advisory Agreement with Dreyfus, the investment
advisory 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.
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Pursuant to a Sub-Investment Advisory Agreement between Dreyfus and Mellon
Equity, Dreyfus 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 Portfolio Net AssetsAverage Daily Net Assets of each
Portfolio
________________________ ____________________________________
0 to $600 million .35 of 1%
$600 up to $1.2 billion .25 of 1%
$1.2 up to $1.8 billion .20 of 1%
In excess of $1.8 billion .15 of 1%
(B) Under the 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 each
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 March 31, 1999, each Portfolio's Investor Class was
charged the following pursuant to the Shareholder Services Plan:
Income Portfolio . . . . .. . . $12,897 Growth Portfolio . . .$5,327
Growth and Income Portfolio. . . . 6,052
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, 1999, each Portfolio was charged the following pursuant
to the transfer agency agreement:
Income Portfolio .. . . . . . . .$1,389 Growth Portfolio . . .$2,775
Growth and Income Portfolio . . . 2,038
Each Portfolio compensates Mellon under a custody agreement to provide
custodial services for each Portfolio. During the period ended March 31, 1999,
each Portfolio was charged the following pursuant to the custody agreement:
Income Portfolio . . . . . . . .$ 4,143 Growth Portfolio . . $19,718
Growth and Income Portfolio . . . .21,770
(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, 1999:
Purchases Sales
_______________ _______________
Income Portfolio . . . . . . . . . . $ 37,099,795 $ 30,087,748
Growth and Income Portfolio. . . . . 159,129,601 149,855,825
Growth Portfolio . . . . . . . . . . 38,543,280 32,359,073
<PAGE>
DREYFUS LIFETIME PORTFOLIOS, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Each Portfolio 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, a
Portfolio 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, a Portfolio 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. A Portfolio realizes a gain if the value of the contract
decreases between those dates. With respect to purchases of forward currency
exchange contracts, a Portfolio would incur a loss if the value of the contract
decreases between the date the forward contract is opened and date the forward
contract is closed. A Portfolio realizes a gain if the value of the contract
increases between those dates. Each Portfolio 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, 1999, there were no open forward currency exchange
contracts.
Each Portfolio may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. A Portfolio is exposed to
market risk as a result of changes in the value of the underlying financial
instruments. Investments in financial futures require a Portfolio 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, a Portfolio 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, 1999 are set forth in the Statements of Financial Futures.
(B) The following summarizes accumulated net unrealized appreciation
(depreciation) on investments and financial futures for each Portfolio at March
31, 1999:
<TABLE>
Gross Gross
Appreciation (Depreciation) Net
___________ __________ __________
<S> <C> <C> <C>
Income Portfolio . . . . . . . . . . . $ 78,856 $ (376,960) $ (298,104)
Growth and Income Portfolio . . . . . 17,458,556 (2,040,143) 15,418,413
Growth Portfolio . . . . . . . . . . . 11,417,815 (966,228) 10,451,587
At March 31, 1999, 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, 1999 was as follows:
Income Portfolio . . . $59,827,671 Growth Portfolio . . $65,734,166
Growth and Income Portfolio .197,297,265
<PAGE>
</TABLE>
