LETTER TO SHAREHOLDERS
Dear Shareholder:
The first six months of 1995 represented a period of new direction for
The Dreyfus Socially Responsible Growth Fund, Inc. NCM Capital Management
Group, Inc. (NCM) was retained as the Fund's sub-investment adviser in August
of 1994. During the remainder of that year, the Fund's portfolio was
restructured to reflect NCM's management style. In our previous letter, we
outlined the specific changes that the Fund had undergone. Many of those
changes provided positive returns for the portfolio during the semi-annual
period. For the first half of 1995, the Fund provided a total return of
17.76%.* However, the Fund trailed the S&P 500 Composite Stock Price Index,
which posted a total return of 20.19% for the same period.** This was largely
due to the fact that for the first half of 1995, the Fund's portfolio was
underweighted in consumer staple stocks as compared to the Index. The Fund's
performance does not reflect the deduction of additional charges imposed in
connection with investing in variable annuity contracts and variable life
insurance policies.
EQUITIES AND THE FEDERAL RESERVE BOARD
The most prominent issue confronting the equity markets in 1994 and so
far in 1995 has been the Federal Reserve Board's vigilance in fighting
inflation and overly expansive economic growth. The Fed acted by raising
interest rates an unprecedented seven times in a 12-month period. The hope
was that as a result businesses would seek to grow their bottom lines by
productivity enhancements and market share growth rather than simply by
raising prices, as had been the case in previous economic cycles. The volatili
ty that ensued made for a difficult environment for money managers. Despite
this environment our management team made several portfolio changes that have
contributed to the Fund's performance.
CHANGES IN SECTOR WEIGHTINGS
In terms of the economic sectors of the Fund, we changed many of the
weightings. We cut the basic industry sector weighting in half. That sector
includes chemicals, paper and forest products, and metals. The pricing
environment for these companies became more negative as the Fed made it clear
that inflation was going to be controlled in this economic cycle. We reduced
our weighting in the consumer cyclical sector as consumers' high debt
position appeared to be preventing their full participation in the economic
expansion. We moved into names that would be less sensitive to discretionary
spending. The most strategic change we made was to further increase our
weighting in the more traditional growth sectors of the economy, namely
consumer staples (which include foods and health care) and technology. These
weightings went from significantly underweighted to market weighted in the
consumer staples sector and from market weighted to overweighted in the
technology sector.
Other secondary sector adjustments we made were in the financials and
utilities sectors. NCM believes that it is appropriate to focus the portfolio
in areas that will provide above-average growth relative to the broad market
averages, and we therefore chose to reduce the weightings in these two areas.
However we did concentrate the weightings in the stocks of aggressively
growing companies in both sectors. In the financial area we focused on
fee-oriented businesses, which are less likely to be affected by changes in
interest rates. In the utilities sector we are focused on names that we
believe should experience good long term secular growth because of
technological or new product advancements.
SPOTLIGHTING KEY STOCKS
During the first six months of 1995, there are many individual securities
that have contributed nicely to the positive performance of the Fund. In the
consumer cyclical sector, Capital Cities/ABC, Disney (Walt), NIKE, Cl.B and
Philips Electronics, N.V. have had superior performance. These names
represent secular growth stocks that we think will grow regardless of the
economic environment due to their globally oriented, diversified operations.
Among consumer staple stocks that have contributed to the portfolio's
performance, Coca-Cola, Colgate-Palmolive, IBP, Amgen, Medtronic and Merck &
Co. are a few standouts. The food, beverage and household products companies
have benefited from more positive investor sentiment toward their long-term,
globally driven growth rates. The health care stocks benefited from an
improved outlook for their operations due to the collapse of the Clinton
health care reform initiative.
FINANCIAL AND TECHNOLOGY SECTORS
Stock selection in the financial area contributed significantly to the
Fund's positive results as did a more benign interest rate outlook. ADVANTA,
Cl.A, a credit card company, and banks such as Citicorp, Bank of New York and
Midlantic, and specialty financial service companies such as Green Tree
Financial, a provider of mobile home financing, and Federal National Mortgage
Association have performed well for the year-to-date period.
Our focus in the technology sector was in stocks of companies with fairly
established market positions, superior technology and outstanding management
teams. Individual issues such as 3Com, Applied Materials, Hewlett-Packard,
Linear Technology and Sun Microsystems were all stellar performers. Each of
these companies, we believe, stands to benefit not just from demand for a
single product but also from a broad, diversified product offering with
multiple downstream beneficiaries. In our judgment, these qualities lower the
risk profile of the Fund's technology weighting compared to the typical
technology stock, and lower the general level of volatility in that sector.
LOOKING AHEAD
Going forward, we believe that the Federal Reserve's hold on the market will
persist; however, this time we expect that the Fed's action will benefit
stocks because we expect interest rates will be reduced further rather than
raised as the economy shows signs of slowing.
Sincerely,
Diane Coffey Maceo K. Sloan, CFA
Portfolio Manager Portfolio Manager
The Dreyfus Corporation NCM Capital Management Group, Inc.
July 14, 1995
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>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
COMMON STOCKS-86.2% SHARES VALUE
-------------- ----------------
<S> <C> <C> <C>
CONSUMER DURABLES-1.4% American Greetings, Cl. A................. 8,000 $ 235,000
----------------
CONSUMER
NON-DURABLES-10.9% Campbell Soup............................. 5,200 254,800
Coca-Cola................................. 6,100 388,875
Colgate-Palmolive......................... 3,800 277,875
Gillette.................................. 7,200 321,300
IBP....................................... 4,400 191,400
NIKE, Cl. B............................... 2,200 184,800
PepsiCo................................... 4,900 223,563
----------------
1,842,613
----------------
CONSUMER SERVICES-3.6% Capital Cities/ABC........................ 3,000 324,000
Disney (Walt)............................. 5,000 278,125
----------------
602,125
----------------
ENERGY-4.0% Imperial Oil.............................. 9,500 352,688
Schlumberger.............................. 5,300 329,262
----------------
681,950
----------------
FINANCE-12.5% ADVANTA, Cl. A............................ 3,700 154,244
AFLAC 3,200 140,000
American International Group.............. 2,440 278,160
Bank of New York.......................... 4,000 161,500
BayBanks.................................. 3,700 293,225
Citicorp.................................. 5,800 335,675
Federal National Mortgage Association..... 2,300 217,063
Green Tree Financial...................... 6,500 288,437
Midlantic................................. 6,400 256,000
----------------
2,124,304
----------------
HEALTH CARE-13.6% Amgen..................................(a) 4,000 321,750
Becton, Dickinson......................... 5,500 320,375
Bristol-Myers Squibb...................... 5,300 361,063
Cordis.................................(a) 4,000 267,000
HealthCare COMPARE.....................(a) 5,500 165,000
Johnson & Johnson......................... 2,400 162,300
Medtronic................................. 4,250 327,781
Merck & Co................................ 7,700 377,300
----------------
2,302,569
----------------
INDUSTRIAL SERVICES-1.1% Empresas ICA Sociedad, A.D.S.............. 18,000 184,500
----------------
NON-ENERGY MINERALS-2.7% British Steel, A.D.S...................... 4,700 130,425
Santa Fe Pacific Gold..................... 7,080 85,845
Terra Industries.......................... 19,600 237,650
----------------
453,920
----------------
PROCESS INDUSTRIES-.8% Scott Paper............................... 2,800 138,600
----------------
PRODUCER
MANUFACTURING-9.0% AGCO...................................... 3,700 138,750
Briggs & Stratton......................... 7,000 241,500
Dover..................................... 3,900 283,725
Eaton..................................... 4,900 284,813
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
COMMON STOCKS (CONTINUED) SHARES VALUE
-------------------- ------------------
PRODUCER
MANUFACTURING (CONTINUED) Parker-Hannifin....................... 6,450 $ 233,812
Philips Electronics, N.V. ............ 8,000 342,000
-------------------- ------------------
1,524,600
------------------
RETAIL TRADE-2.7% Consolidated Stores................(a) 12,500 260,937
Sears, Roebuck & Co................... 3,200 191,600
------------------
452,537
------------------
TECHNOLOGY-17.9% Apple Computer........................ 7,200 334,350
Applied Materials..................(a) 2,400 207,900
Computer Associates International..... 4,400 298,100
DSC Communications.................(a) 6,900 320,850
EMC................................(a) 15,700 380,725
Hewlett-Packard....................... 3,200 238,400
Linear Technology..................... 5,100 336,600
Oracle.............................(a) 10,400 401,700
Sun Microsystems...................(a) 7,200 349,200
3Com...............................(a) 2,300 154,100
------------------
3,021,925
------------------
TRANSPORTATION-.7% Federal Express....................(a) 2,000 121,500
------------------
UTILITIES-5.3%. Century Telephone Enterprises......... 5,100 144,713
Duke Power............................ 5,700 236,550
GTE................................... 9,300 317,362
Public Service Enterprise Group....... 7,200 199,800
------------------
898,425
------------------
TOTAL COMMON STOCKS
(cost $12,543,258)..................... $14,584,568
==================
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM INVESTMENTS-6.3% AMOUNT
-------------
<S> <C> <C> <C>
U.S. TREASURY BILLS: 5.54%, 7/6/95......................... $ 197,000 $ 196,856
5.57%, 7/20/95........................ 72,000 71,804
5.56%, 7/27/95........................ 119,000 118,554
5.60%, 8/3/95......................... 146,000 145,299
5.36%, 8/24/95........................ 408,000 404,699
5.53%, 8/31/95........................ 42,000 41,615
5.39%, 9/7/95......................... 85,000 84,130
==================
TOTAL SHORT-TERM INVESTMENTS
(cost $1,062,870)...................... $ 1,062,957
==================
TOTAL INVESTMENTS (cost $13,606,128)........................................... 92.5% $15,647,525
========= ==================
CASH AND RECEIVABLES (NET)..................................................... 7.5% $ 1,269,469
========= ==================
NET ASSETS..................................................................... 100.0% $16,916,994
========= ==================
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $13,606,128)-see statement......................................... $15,647,525
Cash....................................................................... 1,248,617
Dividends and interest receivable.......................................... 19,349
Prepaid expenses........................................................... 45,722
---------------
16,961,213
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $10,688
Accrued expenses........................................................ 33,531 44,219
--------- ---------------
NET ASSETS ................................................................ $16,916,994
================
REPRESENTED BY:
Paid-in capital......................................................... $14,866,011
Accumulated undistributed investment income-net......................... 76,775
Accumulated net realized (loss) on investments.......................... (67,189)
Accumulated net unrealized appreciation on investments-Note 3........... 2,041,397
----------------
NET ASSETS at value applicable to 1,085,565 outstanding shares of
Common Stock, equivalent to $15.58 per share
(150 million shares of $.001 par value authorized)...................... $16,916,994
================
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Cash dividends (net of $2,538 foreign taxes withheld at source)....... $ 83,586
Interest.............................................................. 79,653
------------
TOTAL INCOME...................................................... $ 163,239
EXPENSES:
Investment advisory fee-Note 2(a)..................................... 48,772
Auditing fees......................................................... 22,134
Directors' fees and expenses-Note 2(c)................................ 7,025
Shareholder servicing costs-Note 2(b)................................. 4,230
Legal fees............................................................ 4,149
Custodian fees........................................................ 3,248
Registration fees..................................................... 1,565
Miscellaneous......................................................... 4,777
----------------
95,900
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 11,445
----------------
TOTAL EXPENSES.................................................. 84,455
----------------
INVESTMENT INCOME-NET........................................... 78,784
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (5,493)
Net unrealized appreciation on investments.............................. 2,158,980
----------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 2,153,487
----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $2,232,271
================
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1995
1994 (UNAUDITED)
---------------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 264,288 $ 78,784
Net realized (loss) on investments..................................... (61,713) (5,493)
Net unrealized appreciation (depreciation) on investments for the period (146,700) 2,158,980
---------------------- -------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................. 55,875 2,232,271
---------------------- -------------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.................................................. (265,951) ---
---------------------- -------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......................................... 10,922,467 5,774,540
Dividends reinvested................................................... 265,951 ---
Cost of shares redeemed................................................ (1,943,759) (1,496,098)
---------------------- -------------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS............... 9,244,659 4,278,442
---------------------- -------------------
TOTAL INCREASE IN NET ASSETS..................................... 9,034,583 6,510,713
NET ASSETS:
Beginning of period.................................................... 1,371,698 10,406,281
---------------------- -------------------
End of period [including distributions in excess of investment
income-net; ($2,009) in 1994 and undistributed investment
income-net; $76,775 in 1995]......................................... $10,406,281 $16,916,994
====================== ===================
SHARES SHARES
---------------------- -------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 808,182 404,328
Shares issued for dividends reinvested................................. 20,087 ---
Shares redeemed........................................................ (144,061) (105,474)
---------------------- -------------------
NET INCREASE IN SHARES OUTSTANDING................................... 684,208 298,854
====================== ===================
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH 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
YEAR ENDED DECEMBER 31, JUNE 30, 1995
----------------------------
PER SHARE DATA: 1993(1) 1994 (UNAUDITED)
----------- ---------- -----------------
<S> <C> <C> <C>
Net asset value, beginning of period................................... $12.50 $13.38 $13.23
----------- ---------- -----------------
INVESTMENT OPERATIONS:
Investment income-net.................................................. .04 .35 .07
Net realized and unrealized gain (loss) on investments .88 (.15) 2.28
----------- ---------- -----------------
TOTAL FROM INVESTMENT OPERATIONS......................................... .92 .20 2.35
----------- ---------- -----------------
DISTRIBUTIONS;
Dividends from investment income-net....................................... (.04) (.35) ---
----------- ---------- -----------------
Net asset value, end of period............................................. $13.38 $13.23 $15.58
=========== ========== =================
TOTAL INVESTMENT RETURN........................................................ 7.35%(2) 1.49% 17.76%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................................... .06%(2) .25% .64%(2)
Ratio of net investment income to average net assets .64%(2) 4.58% .60%(2)
Decrease reflected in above expense ratios due to undertakings
by Dreyfus and sub-investment adviser.................................... 6.19%(2) 2.60% .09%(2)
Portfolio Turnover Rate.................................................... --- 373.68% 69.19%(2)
Net Assets, end of period (000's Omitted).................................. $1,372 $10,406 $16,917
(1) From October 7, 1993 (commencement of operations) to December 31, 1993.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH 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. 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. Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares which are sold without a sales charge. The
Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a
wholly-owned subsidiary of FDI Distribution Services, Inc., a provider of
mutual fund administration services, which in turn is a wholly-owned
subsidiary of FDI Holdings, Inc., the parent company of which is Boston
Institutional Group, Inc. The Dreyfus Corporation ("Dreyfus") serves as the
Fund's investment adviser. NCM Capital Management Group, Inc. serves as the
Fund's sub-investment adviser. Dreyfus is a direct subsidiary of Mellon Bank,
N.A.
(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.
(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, if any, 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, 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.
The Fund has an unused capital loss carryover of approximately $51,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1994. If not
applied, the carryover expires in 2002.
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2-INVESTMENT ADVISORY FEE, SUB-INVESTMENT ADVISORY FEE AND OTHER TRANSACT
IONS WITH AFFILIATES:
(A) Pursuant to an Investment Advisory Agreement with Dreyfus, the
investment advisory fee is computed at the annual rate of .75 of 1% of the
average daily value of the Fund's net assets and is payable monthly. The
Investment Advisory Agreement further provides 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 fee to
be paid to Dreyfus, or Dreyfus will bear, such excess expense to the extent
required by state law. However, Dreyfus had undertaken from January 1, 1995
through July 11, 1995 to reduce the investment advisory fee paid by the Fund,
to the extent that the Fund's aggregate expenses (excluding certain expenses
as described above) exceeded specified annual percentages of the Fund's
average daily net assets. The reduction in management fee, pursuant to the
undertakings, amounted to $11,445 for the six months ended June 30, 1995.
Pursuant to a Sub-Investment Advisory Agreement with NCM Capital
Management Group, Inc., the sub-investment advisory fee is computed at an
annual rate of .10 of 1% on the first $500 million and .20 of 1% on the
excess of the average daily value of the Fund's net assets and is payable
monthly by Dreyfus.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses with respect to
servicing and/or maintaining shareholder accounts. During the six months
ended June 30, 1995, $1,560 was charged to the Fund pursuant to the
Shareholder Services Plan.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500. The Chairman of the Board
receives an additional 25% of such compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
other than short-term securities, during the six months ended June 30, 1995,
amounted to $13,695,246 and $7,067,186, respectively.
At June 30, 1995, accumulated net unrealized appreciation on investments
was $2,041,397, consisting of $2,081,918 gross unrealized appreciation and
$40,521 gross unrealized depreciation.
At June 30, 1995, 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.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
The Dreyfus Socially Responsible Growth Fund, Inc., including the statement
of investments, as of June 30, 1995, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended June 30, 1995. 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
December 31, 1994 and financial highlights for each of the two years in the
period ended December 31, 1994 and in our report dated February 1, 1995, 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
August 1, 1995
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC.
200 Park Avenue
New York, NY 10166
INVESTMENT ADVISER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
SUB-INVESTMENT ADVISER
NCM Capital Management Group, Inc.
103 West Main Street
Durham, NC 27701
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. 111SA956
Socially Responsible
Growth Fund, Inc.
Semi-Annual
Report
June 30, 1995
(Dreyfus Logo)
