PRESIDENT'S LETTER
Dear Shareholder:
We would like to take this opportunity to welcome you as a shareholder
in The Dreyfus Socially Responsible Growth Fund, Inc. The Fund marked its
first fiscal year-end on December 31, 1993. For the period beginning
October 7, 1993 (the Fund's inception date) through December 31, 1993,
the Fund produced a total return of 7.35%.* This performance does not
reflect the deduction of additional charges applicable to separate
accounts of participating insurance companies using the Fund as an
underlying investment.
The Fund seeks long-term capital appreciation by investing in
companies which, in management's opinion, have attractive investment
prospects, and also qualify for inclusion in the Fund's portfolio on the
basis of socially responsible criteria, as screened by the Dreyfus research
staff.
Accordingly, the Fund holds investments in a broad list of stocks which
management believes afford attractive opportunities for significant
appreciation. Initially, the Fund purchased small positions in order to
create a diversified list of holdings from the outset. More recently, focus
has been placed on investment outlook and valuation, rather than on
market capitalization of the issues. These positions will be adjusted and
the portfolio enhanced as opportunities present themselves.
Among the larger holdings in the Fund are Intel, Microsoft, Healthcare
COMPARE, Merck & Co. and Lennar. The Fund has also built positions in
other holdings such as Elan A.D.S.; EMC; Oracle Systems; COMPAQ
Computer; Adaptec; Health Care & Retirement; and Boston Chicken, among
others.
Contributors to the Fund's performance during the reporting period were
widely distributed through the Fund's holdings with the greater
contributions coming from Intel, Anadarko Petroleum, Adaptec, Associated
Natural Gas, Duracraft, Boston Chicken and Urban Outfitters.
During the reporting period, the Fund made a change in its management
policy by eliminating its restrictions on investing in companies operating
in South Africa or owning 10% or more of the voting securities of
companies operating in South Africa. The Fund, in its ongoing assessment
of companies which meet the Fund's special considerations, made this
change in response to the South African parliamentary vote and Nelson
Mandela's call to remove all economic sanctions.
In management's view, the outlook for the Fund's holdings is attractive.
Primarily, the Fund's investments exhibited the ability to grow through a
difficult recession and have maintained a promising outlook. There are
some companies that are in the process of restructuring, completing new-
product transitions (Intel, Microsoft, Read-Rite) or adjusting to the new
environment and opportunities created by health care reform (Healthcare
COMPARE, Merck & Co., Elan A.D.S., Charter Medical, Columbia Healthcare).
Management believes, underlying business trends in the United States
are favorable with this country coming out of its recession well ahead of
the rest of the industrialized world. In management's opinion, our
industries seem to be positioned very well with respect to
competitiveness, capacity and reliability; and should benefit from
anticipated improvement in export demand. Management believes it will be
some time into the future before such demand swells to the extent that it
causes meaningful inflationary pressures. Overall, the outlook remains
quite sanguine for U.S. equity investing.
We are pleased to have you as a shareholder in the Fund and we look
forward to serving your investment needs.
Sincerely,
Howard Stein
Chairman of the Board
January 20, 1994
New York, N.Y.
* Total return represents the change during the period in a hypothetical
account with dividends reinvested. This performance was for a short
period of time and is likely to change in the future.
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<CAPTION>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS DECEMBER 31, 1993
COMMON STOCKS__60.1% SHARES VALUE
---------- ----------
<S>
<C> <C>
Banking-1.7% BankAmerica........................ 300 $ 13,912
Wachovia........................... 300 $ 10,050
----------
23,962
----------
Banks-New York City-2.4% Bank Of New York................... 200 11,400
Citicorp(a)........................ 600 22,050
----------
33,450
----------
Basic Industries-.7% Sigma-Aldrich...................... 200 9,600
----------
Biotechnology-.6% Genetic Therapy(a)................. 500 8,125
----------
Capital Equipment-1.1% EMC(a)............................. 900 14,850
----------
Computer Services-2.0% General Motors Cl. E............... 200 5,850
QuickResponse Services(a).......... 400 8,800
SPS Transaction Services(a)........ 200 12,050
----------
26,700
----------
Computer Software/Services-5.2% FTP Software(a).................... 100 2,650
Informix(a)........................ 600 12,750
JetForm(a)......................... 1,000 9,500
Microsoft(a)....................... 400 32,250
Oracle Systems(a).................. 500 14,375
----------
71,525
----------
Computers-1.1% COMPAQ Computer(a)................. 200 14,800
----------
Construction/Housing-.9% Jacobs Engineering Group(a)........ 500 11,937
----------
Consumer Cyclical-1.1% Penney (J.C.)...................... 300 15,712
----------
Consumer Goods & Services-.7% Coca-Cola.......................... 200 8,925
----------
Consumer Growth Staples-1.0% NIKE Cl. B......................... 300 13,912
----------
Drugs-3.0% Elan A.D.S.(a)..................... 400 16,950
Merck & Co......................... 700 24,063
----------
41,013
----------
Electrical Components-3.0% Adaptec(a)......................... 300 11,925
Molex.............................. 300 10,650
Motorola........................... 200 18,475
----------
41,050
----------
Electronics-2.5% Read-Rite(a)....................... 1,300 19,500
Seagate Technology(a).............. 600 14,250
----------
33,750
----------
Entertainment-.7% Iwerks Entertainment(a)............ 100 2,675
Macromedia(a)...................... 400 6,700
----------
9,375
----------
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<CAPTION>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993
COMMON STOCKS (CONTINUED) SHARES VALUE
---------- ----------
<S> <C> <C>
Fast Foods-1.1% Boston Chicken(a).................. 300 $ 10,800
Pollo Tropical(a).................. 200 3,900
----------
14,700
----------
Financial-1.4% Banc One........................... 300 11,737
Morgan (J.P.)...................... 100 6,938
----------
18,675
----------
Gold Mining-.4% American Barrick Resource.......... 200 5,700
----------
Health Care-5.3% Biomet(a)...... 1,000 10,250
Health Care & Retirement(a)........ 600 13,350
Healthcare COMPARE(a).............. 1,100 27,087
Johnson & Johnson.................. 500 22,375
----------
73,062
----------
Homebuilding-1.7% Lennar............................. 700 23,888
----------
Hospital Management-1.5% Charter Medical(a)................. 300 7,763
Columbia Healthcare................ 400 13,300
----------
21,063
----------
Household Appliances-1.1% Duracraft(a)....................... 300 7,425
Singer N.V......................... 200 7,475
----------
14,900
----------
Insurance-.6% AFLAC.............................. 300 8,550
----------
Insurance-Life-2.0% Bankers Life Holding............... 400 8,600
First Colony....................... 300 7,613
Life USA Holding(a)................ 600 11,325
----------
27,538
----------
Insurance-Property & Casualty-.6% Phoenix Re......................... 300 8,175
----------
Machine Tools-.8% Ingersoll-Rand..................... 300 11,475
----------
Machinery-Industrial/Specialty--1.4% Elsag Bailey Process Auto N.V.(a).. 400 8,700
Quickturn Design Systems(a)........ 400 5,000
Submicron Systems.................. 1,000 5,687
----------
19,387
----------
Metals-Misc.-.3% Allegheny Ludlum................... 200 4,775
----------
Natural Gas-.5% Associated Natural Gas............. 200 6,325
----------
Oil & Gas Exploration-.7% Anadarko Petroleum................. 200 9,075
----------
Publishing-Books-.6% Scholastic(a)...................... 200 8,700
----------
Railroads-1.0% Illinois Central................... 400 14,350
----------
Real Estate-Investment Trust-.4% Chelsea GCA Realty................. 200 5,425
----------
</TABLE>
<TABLE>
<CAPTION>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993
COMMON STOCKS (CONTINUED) SHARES VALUE
---------- ----------
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Retail-Apparel-1.0% Urban Outfitters(a)................ 500 $ 13,375
----------
Retail Trade/Specialty-1.3% Duty Free International............ 500 9,938
PETsMART(a)........................ 300 8,175
----------
18,113
----------
Retail Trade-Misc.-2.3% Consolidated Stores(a)............. 800 15,900
Dollar General..................... 500 15,000
----------
30,900
----------
Technology-2.7% Intel.............................. 600 37,200
----------
Telecommunications-1.0% Nationwide Cellular Service(a)..... 1,000 13,250
----------
Utilities-Telephone-2.7% Pacific Telesis Group.............. 300 16,200
Southwestern Bell.................. 500 20,750
----------
36,950
----------
TOTAL COMMON STOCKS
(cost $795,120)................. $ 824,237
==========
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SHORT-TERM INVESTMENTS-57.4% PRINCIPAL
AMOUNT
----------
<S> <C> <C>
U.S.Treasury Bills: 3.10%, 1/6/94...................... $ 20,000 $ 19,992
3.15%, 1/20/94..................... 52,000 51,918
3.24%, 1/27/94..................... 25,000 24,945
3.25%, 2/3/94...................... 50,000 49,861
3.32%, 2/10/94..................... 186,000 185,377
3.14%, 2/17/94..................... 79,000 78,694
3.12%, 2/24/94..................... 97,000 96,546
3.12%, 3/3/94...................... 37,000 36,811
3.09%, 3/10/94..................... 135,000 134,231
3.06%, 3/17/94..................... 110,000 109,301
----------
TOTAL SHORT-TERM INVESTMENTS
(cost $787,676) $ 787,676
==========
TOTAL INVESTMENTS (cost $1,582,796).................................... 117.5% $1,611,913
====== ==========
LIABILITIES, LESS CASH AND RECEIVABLES................................. (17.5%) $ (240,215)
====== ==========
NET ASSETS............................................................. 100.0% $1,371,698
====== ==========
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See notes to financial statements.
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<TABLE>
<CAPTION>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1993
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $1,582,796)-see statement........................................ $1,611,913
Cash....................................................................... 95,989
Dividends receivable....................................................... 404
Prepaid expenses-Note 1(e)................................................. 43,700
Due from The Dreyfus Corporation........................................... 33,692
----------
1,785,698
LIABILITIES:
Payable for investment securities purchased................................ $ 336,263
Payable for Common Stock redeemed.......................................... 15
Accrued expenses and other liabilities..................................... 77,722 414,000
---------- ----------
NET ASSETS..................................................................... $1,371,698
==========
REPRESENTED BY:
Paid-in capital............................................................ $1,342,910
Accumulated distributions in excess of investment income-net............... (346)
Accumulated undistributed net realized gain on investments................. 17
Accumulated net unrealized appreciation on investments-Note 3.............. 29,117
----------
NET ASSETS at value applicable to 102,503 shares outstanding
(150 million shares of $.001 par value Common Stock authorized)............ $1,371,698
==========
NET ASSET VALUE, offering and redemption price per share
($1,371,698 / 102,503 shares).............................................. $13.38
======
STATEMENT OF OPERATIONS
FROM OCTOBER 7, 1993 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1993
INVESTMENT INCOME:
INCOME:
Cash dividends......................................................... $ 3,484
Interest............................................................... 404
----------
TOTAL INCOME....................................................... $ 3,888
EXPENSES:
Investment advisory fee-Note 2(a)...................................... 858
Sub-investment advisory fee-Note 2(a).................................. 132
Auditing fees.......................................................... 15,000
Shareholders' reports.................................................. 8,000
Legal fees............................................................. 4,000
Directors' fees and expenses-Note 2(c)................................. 2,310
Organization expenses-Note 1(e)........................................ 2,300
Custodian fees......................................................... 765
Registration fees...................................................... 427
Shareholder servicing costs-Note 2(b).................................. 313
Miscellaneous.......................................................... 907
----------
35,012
Less-expense reimbursement from The Dreyfus Corporation due to
undertaking-Note 2(a).............................................. 34,682
----------
TOTAL EXPENSES................................................. 330
----------
INVESTMENT INCOME-NET.......................................... 3,558
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3.................................... $ 17
Net unrealized appreciation on investments................................. 29,117
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS........................ 29,134
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $ 32,692
==========
See notes to financial statements.
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
FROM OCTOBER 7, 1993 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1993
OPERATIONS:
Investment income-net...................................................... $ 3,558
Net realized gain on investments........................................... 17
Net unrealized appreciation on investments for the period.................. 29,117
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................... 32,692
----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net...................................................... (3,904)
----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.............................................. 1,471,438
Dividends reinvested....................................................... 3,904
Cost of shares redeemed.................................................... (232,432)
----------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS................. 1,242,910
----------
TOTAL INCREASE IN NET ASSETS....................................... 1,271,698
NET ASSETS:
Beginning of period-Note 1............................................. 100,000
----------
End of period (including distributions in excess of investment
income-net of ($346)).................................................. $1,371,698
==========
SHARES
----------
CAPITAL SHARE TRANSACTIONS:
Shares sold................................................................ 112,080
Shares issued for dividends reinvested..................................... 292
Shares redeemed............................................................ (17,869)
----------
NET INCREASE IN SHARES OUTSTANDING..................................... 94,503
==========
See notes to financial statements.
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THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
FINANCIAL HIGHLIGHTS
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<CAPTION>
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 the period October 7, 1993 (commencement of operations) to December 31, 1993.
This information has been derived from information provided in the Fund's financial statements.
<S> <C>
PER SHARE DATA:
Net asset value, beginning of period....................................... $12.50
------
INVESTMENT OPERATIONS:
Investment income-net...................................................... .04
Net realized and unrealized gain on investments............................ .88
------
TOTAL FROM INVESTMENT OPERATIONS....................................... .92
------
DISTRIBUTIONS;
Dividends from investment income-net....................................... (.04)
------
Net asset value, end of period............................................. $13.38
======
TOTAL INVESTMENT RETURN 7.35%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................................... .06%*
Ratio of net investment income to average net assets....................... .64%*
Decrease reflected in above expense ratio due to undertaking
by The Dreyfus Corporation............................................. 6.19%*
Portfolio Turnover Rate.................................................... --
Net Assets, end of period (000's Omitted).................................. $1,372
- ----------------
* Not annualized.
See notes to financial statements.
</TABLE>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Dreyfus Socially Responsible Growth Fund, Inc. (the "Fund") was
incorporated on July 20, 1992, and had no operations until October 7, 1993
(when operations commenced) other than matters relating to its
organization and registration as a diversified open-end management
investment company under the Investment Company Act of 1940 ("Act")
and the Securities Act of 1933 and the sale and issuance of 8,000 shares
of Common Stock ("Initial Shares") to The Dreyfus Corporation
("Dreyfus"). The Fund is intended to be a funding vehicle for variable
annuity contracts and variable life insurance policies to be offered by the
separate accounts of life insurance companies. Dreyfus serves as the
Fund's investment adviser. Tiffany Capital Advisors, Inc. ("Tiffany")
serves as the Fund's
sub-investment adviser. Dreyfus Service Corporation ("Distributor"), a
wholly-owned subsidiary of Dreyfus, acts as the exclusive distributor of
the Fund's shares, which are sold without a sales charge. As of December
31, 1993, Dreyfus held 8,023 shares.
(A) PORTFOLIO VALUATION: Investments in securities 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. Short-term investments are carried at
amortized cost, which approximates value.
(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 discount 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. This may result in
distributions that are in excess of investment income-net on a fiscal year
basis. 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 qualify as a
regulated investment company, if such qualification is in the best
interests of its shareholders, by complying with the provisions available
to certain investment companies, as defined in applicable sections of the
Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from all, or substantially all, Federal income
taxes.
(E) OTHER: Organization expenses paid by the Fund are included in
prepaid expenses and are being amortized to operations from October 7,
1993, the date operations commenced, over the period during which it is
expected that a benefit will be realized, not to exceed five years. At
December 31, 1993, the unamortized balance of such expenses amounted
to $43,700. In the event that any of the Initial Shares are redeemed during
the amortization period, the redemption proceeds will be reduced by any
unamortized organization expenses in the same proportion as the number
of such shares being redeemed bears to the number of such shares
outstanding at the time of such redemption.
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2-INVESTMENT ADVISORY FEE, SUB-INVESTMENT ADVISORY FEE AND
OTHER TRANSACTIONS WITH AFFILIATES:
(A) Fees payable by the Fund pursuant to the provisions of an
Investment Advisory Agreement with Dreyfus and a Sub-Investment
Advisory Agreement with Tiffany (together "Agreements") are payable
monthly and computed on the average daily value of the Fund's net assets
at the following annual rates:
TOTAL NET ASSETS DREYFUS TIFFANY
---------------- --------- ---------
The first $200 million................. .65 of 1% .10 of 1%
$200 up to $300 million................ .55 of 1% .20 of 1%
In excess of $300 million.............. .375 of 1% .375 of 1%
The Agreements further provide that if in any full year the aggregate
expenses of the Fund, excluding taxes, brokerage, interest on borrowings
and extraordinary expenses, exceed the expense limitation of any state
having jurisdiction over the Fund, the Fund may deduct from the fees to be
paid to Dreyfus and Tiffany, or Dreyfus and Tiffany will bear, such excess,
up to the amount of their respective fees, on a pro rata basis in proportion
to the relative fees otherwise payable to each pursuant to the
Agreements. However, Dreyfus has undertaken from October 7, 1993
through June 30, 1994 or until such time as the net assets of the Fund
exceed $25 million, regardless of whether they remain at that level, to
waive receipt of the investment advisory fee payable to it by the Fund. In
addition, from October 7, 1993 through December 31, 1993, Dreyfus
voluntarily assumed other expenses of the Fund, to the extent that these
expenses exceeded specified annual percentages of the Fund's average
daily net assets. The expense reimbursement, pursuant to the undertaking
amounted to $34,682 for the period ended December 31, 1993.
The undertaking may be modified by Dreyfus from time to time,
provided that the resulting expense reimbursement would not be less than
the amount required pursuant to the Agreements.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund
reimburses the Distributor 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
period ended December 31, 1993, no amounts were charged to the Fund
pursuant to the Shareholder Services Plan.
(C) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Investment Adviser and/or the Distributor.
Each director who is not an "affiliated person" receives an annual fee of
$2,500.
(D) On December 5, 1993, Dreyfus entered into an Agreement and Plan of
Merger providing for the merger of Dreyfus with a subsidiary of Mellon
Bank Corporation ("Mellon").
Following the merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including the receipt of certain regulatory
approvals and the approvals of the stockholders of the Manager and of
Dreyfus and of Mellon. The merger is expected to occur in mid-1994, but
could occur significantly later.
Because the merger will constitute an "assignment" of the Fund's
Investment Advisory Agreement with Dreyfus under the Investment
Company Act of 1940, and thus a termination of such Agreement, Dreyfus
will seek prior approval from the Fund's Board and shareholders.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases of investment securities amounted
to $795,155, other than short-term securities during the period ended
December 31, 1993.
At December 31, 1993, accumulated net unrealized appreciation on
investments was $29,117, consisting of $38,495 gross unrealized
appreciation and $9,378 gross unrealized depreciation.
At December 31, 1993, 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).
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
We have audited the accompanying statement of assets and liabilities
of The Dreyfus Socially Responsible Growth Fund, Inc., including the
statement of investments, as of December 31, 1993, and the related
statements of operations and changes in net assets and financial
highlights for the period from October 7, 1993 (commencement of
operations) to December 31, 1993. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1993 by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of The Dreyfus Socially Responsible Growth Fund, Inc. at
December 31, 1993, and the results of its operations, the changes in its
net assets and the financial highlights for the period from October 7,
1993 to December 31, 1993, in conformity with generally accepted
accounting principles.
Ernst and Young
New York, New York
January 28, 1994
(Dreyfus Lion "D" Logo)
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
INVESTMENT ADVISER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
SUB-INVESTMENT ADVISER
Tiffany Capital Advisors, Inc.
2300 Computer Avenue, Suite D-21
Willow Grove, PA 19090
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 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. 111AR9312
(Dreyfus Logo)
Socially Responsible
Growth Fund, Inc.
Annual Report
December 31, 1993
