LETTER TO SHAREHOLDERS
Dear Shareholder:
During the Fund's latest semi-annual fiscal period, Dreyfus Growth
Opportunity Fund continued the themes that were outlined in the annual report
letter of last March.
At that time we thought it was likely the securities markets would be
impacted from substantial incremental demands on the world's resources of
select commodities and capital. Such incremental demand would be the result
of continuing growth of the developed economies of Europe, Japan and the
U.S., and the continued rapid expansion of the emerging economies of Asia,
Latin America, and portions of Eastern Europe. All combined, we believe the
potential magnitude of this incremental demand could constitute a
once-in-a-generation event. The Fund's portfolio is structured to benefit
from such a phenomenon.
As a result of implementing this strategy, relative to the S&P 500, the
Fund is heavily overweighted in energy and basic industry stocks, and
moderately overweighted in capital goods issues. In contrast, the Fund is
significantly underweighted in consumer durables, consumer nondurables and
financials.
For the period under review, the weightings turned out to be at variance
with the short-term market trends. Accordingly, for the period March 1
through August 31, 1994, Dreyfus Growth Opportunity Fund had a negative total
return of -4.13%, but for the latest three months June 1 through August 31,
1994, the total return was on the positive side at 1.26%.* These figures
compare with a six-month total return of 3.26% for the Standard & Poor's 500
Composite Stock Price Index and a three-month total return of 4.88% for the
same yardstick.**
The Fund was held back by an increase in its cash position from 11.9% six
months ago to 29.7% at the end of the fiscal half-year. This handicapped the
Fund's participation in the late summer rally enjoyed by the general stock
market. This high cash position reflects our belief that the market does not
offer compelling value at current price levels.
Our long-term focus for the Fund continues to emphasize industries that
we believe are poised to benefit from a continuing growth in global GNP and
improving standards of living. As a consequence, the Fund has significant
positions in aluminum, forest products, chemicals, oil and capital goods. In
addition, the Fund has positions in select technology and pharmaceutical
stocks. These sectors on which we are placing special emphasis account for
about 50% of the approximately 70% of the Fund that is invested in equities.
In our opinion, the stock market is currently at an inflection point,
trying to decide if consumer growth issues will now replace industrial
cyclical stocks for market leadership. It is our view that the earnings are
the ultimate propellant of market leadership and that the portfolio is
structured for superior longer-term earnings and performance.
Sincerely,
(Ernest Wiggins Signature Logo)
Ernest Wiggins
Portfolio Manager
September 14, 1994
New York, N.Y.
* Total return represents the change during the period in a
hypothetical account with dividends reinvested.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the
reinvestment of income dividends and, where applicable, capital gain
distributions. The Standard & Poor's 500 Composite Stock Price Index is a
widely accepted unmanaged index of stock market performance.
<TABLE>
<CAPTION>
DREYFUS GROWTH OPPORTUNITY FUND, INC.
ASSET ALLOCATION AS OF AUGUST 31, 1994
(Exhibit A)
FIVE LARGEST SECTORS
AS OF FEBRUARY 28, 1994 AS OF AUGUST 31, 1994
<S> <C> <C> <C>
HEALTH CARE................... 20.1% ENERGY........................ 18.7%
ENERGY........................ 13.6 HEALTH CARE................... 11.0
TECHNOLOGY.................... 8.8 PRODUCER MANUFACTURING........ 10.4
PRODUCER MANUFACTURING........ 7.0 PROCESS INDUSTRIES............ 9.2
PROCESS INDUSTRIES............ 7.0 TECHNOLOGY.................... 6.7
</TABLE>
<TABLE>
TEN LARGEST EQUITY HOLDINGS AS OF AUGUST 31, 1994
<S> <C> <C>
SCHLUMBERGER................................................... 3.6%
INTERNATIONAL PAPER............................................ 3.4
ALUMINUM CO. OF AMERICA........................................ 3.2
TEXACO......................................................... 3.0
SCHERING-PLOUGH................................................ 2.7
WMX TECHNOLOGIES............................................... 2.6
COOPER INDUSTRIES.............................................. 2.5
TIME WARNER.................................................... 2.4
GENERAL ELECTRIC............................................... 2.4
du Pont (EL) de NEMOURS......................................... 2.3
</TABLE>
ALL PERCENTAGES SHOWN ABOVE ARE BASED ON TOTAL NET ASSETS.
<TABLE>
DREYFUS GROWTH OPPORTUNITY FUND, INC.
STATEMENT OF INVESTMENTS AUGUST 31,1994 (UNAUDITED)
COMMON STOCKS-71.5% SHARES VALUE
----------- -----------
<S> <C> <C> <C>
CONSUMER SERVICES-4.1% Comcast, Cl. A................................. 277,000 $ 4,432,000
Comcast, Cl. A (non-voting).................... 23,000 368,000
Time Warner.................................... 250,000 9,531,250
Viacom, Cl. A.................................. 50,000(a) 1,893,750
-----------
16,225,000
-----------
ENERGY-18.7% Amerada Hess................................... 175,000 8,771,875
Anadarko Petroleum............................. 50,000 2,343,750
Arethusa (OFF-Shore)........................... 540,000(a) 5,805,000
Dual Drilling.................................. 208,000(a) 2,314,000
Louisiana Land & Exploration................... 150,000 6,468,750
Noble Drilling................................. 716,400(a) 4,925,250
Occidental Petroleum........................... 400,000 8,900,000
Rowan Cos...................................... 500,000(a) 3,687,500
Schlumberger................................... 250,000 14,250,000
Texaco......................................... 190,000 11,732,500
Western Atlas.................................. 100,000(a) 4,437,500
-----------
73,636,125
-----------
FINANCE-2.4% Chase Manhattan................................ 80,000 3,020,000
Citicorp....................................... 150,000 6,637,500
-----------
9,657,500
-----------
HEALTH CARE-11.0% Abbott Laboratories............................ 210,000 6,300,000
Columbia/ HCA Healthcare....................... 150,000 6,375,000
Genelabs Technologies.......................... 166,667(a,b) 393,751
Medical Care America........................... 150,000(a) 4,443,750
National Medical Enterprises................... 250,000 4,562,500
NovaCare....................................... 450,000(a) 7,031,250
OrNda Healthcorp............................... 250,000(a) 3,812,500
Schering-Plough................................ 150,000 10,481,250
-----------
43,400,001
-----------
INDUSTRIAL SERVICES-2.6% WMX Technologies............................... 345,000 10,350,000
-----------
NON-ENERGY MINERALS-3.2% Aluminum Co. of America........................ 150,000 12,600,000
-----------
PROCESS INDUSTRIES-9.2% duPont (EI) deNemours.......................... 150,000 9,075,000
Grace (W.R.)................................... 200,000 8,050,000
International Paper............................ 175,000 13,496,875
Temple-Inland.................................. 100,000 5,637,500
-----------
36,259,375
-----------
PRODUCER MANUFACTURING-10.4% Caterpillar.................................... 30,000 3,465,000
Cincinnati Milacron............................ 220,000 5,170,000
Cooper Industries.............................. 250,000 9,906,250
Dresser Industries............................. 200,000 4,025,000
General Electric............................... 190,000 9,452,500
TRINOVA........................................ 235,000 8,871,250
-----------
40,890,000
-----------
RAILROADS-2.0% Canadian Pacific............................... 450,000 7,931,250
-----------
TECHNOLOGY-6.7% Boeing......................................... 100,000 4,550,000
DSC Communications............................. 100,000(a) 2,862,500
Intel.......................................... 40,000 2,630,000
Microsoft...................................... 100,000(a) 5,812,500
DREYFUS GROWTH OPPORTUNITY FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31,1994 (UNAUDITED)
COMMON STOCKS (CONTINUED) SHARES VALUE
----------- -----------
TECHNOLOGY (CONTINUED) Motorola....................................... 50,000 2,700,000
NEXTEL Communications, Cl. A................... 50,000(a) 1,306,250
Tele-Communications, Cl. A..................... 300,000(a) 6,768,750
-----------
26,630,000
-----------
TRANSPORTATION-1.2% OMI............................................ 85,000(a) 563,125
Overseas Shipholding........................... 200,000 4,025,000
-----------
4,588,125
-----------
TOTAL COMMON STOCKS
(cost $278,393,812).......................... $282,167,376
===========
PREFERRED STOCKS-1.9%
NON-ENERGY MINERALS: Freeport McMoRan Copper & Gold, Ser. B,
Cum., 3.50% ................................. 129,900 $ 4,855,012
Freeport McMoRan Copper & Gold, Ser. D,
Cum. Conv., 4.125%........................... 120,000 2,520,000
-----------
TOTAL PREFERRED STOCKS
(cost $7,784,900)............................ $ 7,375,012
===========
PRINCIPAL
SHORT-TERM INVESTMENTS-29.7% AMOUNT
-----------
TIME DEPOSITS-6.6% Chemical Bank (London),
4 7/8%, 9/1/94............................... $16,000,000 $16,000,000
Republic National Bank of New York (London),
4.813%, 9/1/94............................... 10,000,000 10,000,000
-----------
26,000,000
-----------
U.S. GOVERNMENT AGENCIES-23.1% Federal Farm Credit Banks,
4.60%, 9/1/94................................ 28,000,000 28,000,000
Federal Home Loan Mortgage,
4.70%, 9/1/94................................ 63,000,000 63,000,000
-----------
91,000,000
-----------
TOTAL SHORT-TERM INVESTMENTS
(cost $ 117,000,000)......................... $117,000,000
===========
TOTAL INVESTMENTS (cost $403,178,712).................................. 103.1% $406,542,388
====== ===========
LIABILITIES, LESS CASH AND RECEIVABLES................................. (3.1%) $(12,048,232)
====== ===========
NET ASSETS............................................................. 100.0% $394,494,156
====== ===========
NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Security restricted as to public resale;
</TABLE>
<TABLE>
ACQUISITION PURCHASE PERCENTAGE OF
ISSUER DATE PRICE NET ASSETS VALUATION*
- ------ ------------ --------- -------------- ---------------
<S> <C> <C> <C> <C>
Genelabs Technologies 3/1/91 $9.00 .10% $2.363 per share
* The valuation of this security has been determined in good faith under the
direction of the Board of Directors.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS GROWTH OPPORTUNITY FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES AUGUST 31, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $403,178,712)-see statement..................................... $406,542,388
Cash.................................................................... 542,958
Receivable for investment securities sold............................... 5,283,837
Dividends and interest receivable....................................... 793,734
Receivable for subscriptions to Common Stock............................ 246,657
Prepaid expenses........................................................ 75,186
--------------
413,484,760
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 257,358
Payable for investment securities purchased............................. 17,103,336
Payable for Common Stock redeemed....................................... 1,456,440
Accrued expenses........................................................ 173,470 18,990,604
------------- --------------
NET ASSETS ................................................................ $394,494,156
=============
REPRESENTED BY:
Paid-in capital......................................................... $320,674,911
Accumulated undistributed investment income-net......................... 1,978,513
Accumulated undistributed net realized gain on investments.............. 68,477,056
Accumulated net unrealized appreciation on investments-Note 3........... 3,363,676
--------------
NET ASSETS at value applicable to 37,804,415 outstanding shares of
Common Stock, equivalent to $10.44 per share (100 million shares
of $.01 par value authorized)........................................... $394,494,156
=============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS GROWTH OPPORTUNITY FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED AUGUST 31, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Cash dividends (net of $12,646 foreign taxes withheld at source)...... $ 2,651,815
Interest.............................................................. 1,571,239
-------------
TOTAL INCOME...................................................... $ 4,223,054
EXPENSES:
Management fee-Note 2(a).............................................. 1,526,022
Shareholder servicing costs-Note 2(b)................................. 611,088
Custodian fees........................................................ 43,237
Professional fees..................................................... 35,573
Prospectus and shareholders' reports.................................. 31,364
Directors' fees and expenses-Note 2(c)................................ 26,135
Registration fees..................................................... 16,835
Miscellaneous......................................................... 1,885
-------------
TOTAL EXPENSES.................................................... 2,292,139
--------------
INVESTMENT INCOME-NET............................................. 1,930,915
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments-Note 3................................. $ 4,561,393
Net unrealized (depreciation) on investments............................ (25,800,871)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (21,239,478)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(19,308,563)
=============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS GROWTH OPPORTUNITY FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
FEBRUARY 28, AUGUST 31, 1994
1994 (UNAUDITED)
---------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income (loss)-net...................................... $ (707,826) $ 1,930,915
Net realized gain on investments.................................. 110,183,296 4,561,393
Net unrealized (depreciation) on investments for the period....... (55,908,346) (25,800,871)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS. 53,567,124 (19,308,563)
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Net realized gain on investments.................................. (101,875,165) ---
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold..................................... 399,371,920 94,530,474
Dividends reinvested.............................................. 98,932,125 ---
Cost of shares redeemed........................................... (556,464,733) (144,050,370)
-------------- --------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ (58,160,688) (49,519,896)
-------------- --------------
TOTAL (DECREASE) IN NET ASSETS.............................. (106,468,729) (68,828,459)
NET ASSETS:
Beginning of period............................................... 569,791,344 463,322,615
-------------- --------------
End of period (including undistributed investment income-net:
$47,598 and $1,270,687, respectively)........................... $463,322,615 $394,494,156
============== ==============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 32,987,816 9,200,085
Shares issued for dividends reinvested............................ 8,859,503 ---
Shares redeemed................................................... (45,962,792) (13,946,221)
-------------- --------------
NET (DECREASE) IN SHARES OUTSTANDING............................ (4,115,473) (4,746,136)
============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS GROWTH OPPORTUNITY FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
SIX MONTHS ENDED
FISCAL YEAR ENDED FEBRUARY, AUGUST 31, 1994
---------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------ ------ ------ ------ ------ -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $10.42 $ 9.77 $10.27 $13.20 $12.21 $10.89
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income (loss)-net.......... .42 .24 .11 .01 (.02) .05
Net realized and unrealized gain (loss) on
investments......................... .20 .56 2.95 (.98) 1.30 (.50)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS.... .62 .80 3.06 (.97) 1.28 (.45)
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net.. (.46) (.28) (.13) (.02) -- --
Dividends from net realized gain on investments (.81) (.02) -- -- (2.60) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS................. (1.27) (.30) (.13) (.02) (2.60) --
------ ------ ------ ------ ------ ------
Net asset value, end of period........ $ 9.77 $10.27 $13.20 $12.21 $10.89 $10.44
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 5.71% 8.53% 29.91% (7.36%) 11.07% (4.13%)*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.00% .98% .95% 1.00% 1.09% .56%*
Ratio of net investment income (loss) to
average net assets.................. 3.13% 2.32% .85% .11% (.14%) .47%*
Portfolio Turnover Rate............... 126.11% 146.93% 56.95% 90.03% 194.59% 118.91%*
Net Assets, end of period (000's Omitted) $525,529 $511,854 $631,436 $569,791 $463,323 $394,494
</TABLE>
- ---------------------
* Not annualized.
See independent accountants' review report and notes to financial statements.
DREYFUS GROWTH OPPORTUNITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. ("Premier") was
engaged as the Fund's distributor. Premier, located at One Exchange Place,
Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional
Administrative Services, Inc., a provider of mutual fund administration
services, the parent company of which is Boston Institutional Group, Inc.
(A) PORTFOLIO VALUATION: Investments in securities (including options)
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. Short-term investments are carried at
amortized cost, which approximates value. Investments denominated in foreign
currencies are translated to U.S. dollars at the prevailing rates of
exchange.
(B) 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 discounts on investments, is recognized on
the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net and dividends from net realized
capital gain are normally declared and paid annually, but the Fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. To the extent that net realized
capital gain can be offset by capital loss carryovers, if any, it is the
policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of 3/4 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage
commissions and extraordinary expenses, exceed 1 1/2% of the average value of
the Fund's net assets for any full fiscal year. No expense reimbursement was
required for the six months ended August 31, 1994.
DREYFUS GROWTH OPPORTUNITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. 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. During the six months
ended August 31, 1994, the Fund was charged an aggregate of $322,946 pursuant
to the Shareholder Services Plan.
(C) Prior to August 24, 1994 certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each director who is not an "affiliated person"
receives an annual fee of $4,500 and an attendance fee of $500 per meeting.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
other than short-term securities, during the six months ended August 31,
1994, amounted to $389,761,286 and $486,809,423, respectively.
At August 31, 1994, accumulated net unrealized appreciation on
investments was $3,363,676, consisting of $12,025,117 gross unrealized
appreciation and $8,661,441 gross unrealized depreciation.
At August 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS GROWTH OPPORTUNITY FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS GROWTH OPPORTUNITY FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Growth Opportunity Fund, Inc., including the statement of
investments, as of August 31, 1994, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended August 31, 1994. These financial statements and financial highlights
are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
February 28, 1994 and financial highlights for each of the five years in the
period ended February 28, 1994 and in our report dated March 31, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
October 6, 1994
(Dreyfus Logo)
Growth Opportunity
Fund, Inc.
Semi-Annual
Report
August 31, 1994
(Dreyfus Lion "D" Logo)
DREYFUS GROWTH
OPPORTUNITY FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 018SA948
Dreyfus Growth Opportunity Fund, Inc.
Asset Allocation as of August 31, 1994
| --------------------------------------------------------- |
| Common Stocks 71.5% |
| Preferred Stocks 1.9% |
| Cash Equivalents 26.6% |
| --------------------------------------------------------- |
