<PAGE>
Dreyfus
Socially Responsible Growth Fund, Inc.
Semi-Annual
Report
June 30, 1997
<PAGE>
The Dreyfus Socially Responsible Growth Fund, Inc.
- -------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this semi-annual report for The Dreyfus
Socially Responsible Growth Fund, Inc. for the six-month reporting period ended
June 30, 1997. Over this period, your Fund produced a total return of 16.33%,*
which compares with a total return of 20.60% for the Standard & Poor's 500
Composite Stock Price Index (S&P 500).**
ECONOMIC REVIEW
Will they or won't they? This year's cliffhanger, repeated each time the
Federal Reserve Board (the Fed) Open Market Committee meets, reflects differing
views on the need for monetary tightening between (1) those who point to a
fundamentally strong economy operating with little slack, and (2) those who
point to the absence of rising inflation. At issue is the business cycle, now in
its seventh year of expansion, which on one view may be vulnerable to renewed
inflation. The alternative theory is that the business and inflation cycles have
been eliminated by global capacity and the technology era. The benign economic
environment has kept market interest rates within their range of the past 18
months, swaying with the fluctuations of short-term economic evidence.
When the Fed tightened the Federal Funds rate 25 basis points in March, it
was primarily because real Gross Domestic Product (GDP) in the first calendar
quarter of 1997 was growing at a 5.8% annualized pace on the heels of 3.8%
growth in the fourth quarter of 1996. However, by the Fed's May meeting,
economic evidence indicated a slowing economy in March and April, allowing the
Fed to stand pat. Furthermore, the Fed took no action at its July meeting. Could
this be the long awaited slowdown? Evidence for the second quarter continues to
portray a slower economy, although the pace of manufacturing activity seems to
be quickening again.
Faster economic growth since last fall has been accompanied by slower price
inflation. Domestically, a stronger dollar this year is keeping down prices of
many import-competing products. Additionally though, rising hourly wages are not
yet translating into significant wage inflation. Rather, they are frequently
ascribed to well-earned productivity rewards, while employee benefit costs
continue to be contained.
The risk for corporate profits is probably more clear-cut. The combination
of weak pricing power and a tightening labor market would likely hurt profits in
a sustained economic slowdown. Through the second quarter, however, profits
continued to surprise on the upside, and we currently expect overall profits to
post modest gains in 1997.
MARKET OVERVIEW
Over the past 12 months the market has changed personalities several times as
investors have been keeping one eye on the economy and the Fed, and the other on
valuation and earnings of stocks. While pundits were alleging that the market
had crossed over the irrational level in its valuation of large-cap stocks,
economists were slugging it out over "slow to moderate growth" versus
"reacceleration" of economic growth. Confusion resulted, and that, combined with
fears of a vigilant Fed, led to a sharp correction last July, when the various
averages plunged anywhere from 6% on the S&P 500 to 10% on the Nasdaq. Since
then the market has been on a sometimes turbulent but persistent uptrend, with a
group of big-cap stocks leading the way. Alan Greenspan's implied threat of
raising rates to counter what he calls "irrational exuberance" has not deterred
the strong engine of money flow that continues to fuel the market. With economic
growth healthy but moderate, inflation all but absent from the economy, and
earnings growth weighing in at respectable levels for this time in the cycle,
most naysayers are capitulating and trying to look back in history to figure out
when the market has been so strong for so long.
<PAGE>
Nineteen ninety-seven got off to a good start as the market was fueled by
typical annual asset allocation shifts by investors, payment of 1996 bonuses,
and households continuing to invest for the future. Portfolio managers looked to
1996 laggards and stocks with cheap relative valuations, which were primarily in
the cyclical area. Early in 1997, the economy was beginning to show prospective
signs of strength. This resulted in the market focusing on economically
sensitive stocks, realizing that perhaps these companies' chances for profit had
been declared dead too soon. Consumer growth companies also continued their
reign as the market decided that large, liquid, stable, growing companies were
still the best hedge against an uncertain economy. But what really influenced
the market in the face of Mr. Greenspan's "irrational exuberance" comment was
the fact that the economy (along with the financial markets) was showing some
unnerving signs of strength. Housing data, labor market tightening, stronger
business spending than expected, retail sales, and increasing consumer
confidence levels due to low unemployment and strong financial market
performance all led to the Fed increasing interest rates in March as a
precautionary measure. This brought about a market setback in late March and
early April which proved short-lived.
Since then the market has come to realize that the corporate profit picture,
albeit in a slower growth mode, is still intact. And the economy, at least for
now, does not appear to be in any imminent danger of inflation. June marked the
sixth straight month of wholesale price index (PPI) decreases while retail sales
turned up after declining for three months.
PORTFOLIO FOCUS
The Fund's strongest return contributions came from the financial services,
consumer staples and technology sectors. We continue to favor these areas on the
secular themes of savings and investment, globalization and productivity. The
Fund's performance during the period benefited from its holdings in Allstate,
AFLAC, SunAmerica, Colgate-Palmolive, Gillette, Coca-Cola, Microsoft, BMC
Software, and US Robotics. Each of these companies not only outperformed the
market, but also outperformed their corresponding sectors. Each delivered robust
earnings gains during the past 12 months and convinced Wall Street that the
future was indeed bright for these companies.
After a dismal performance in the first quarter of 1997, technology regained
investors' attention and performed well during the second quarter of 1997. We
currently intend to take profits in this area on strength but will remain
slightly overweighted, as we continue to like the long-term picture for
technology. Consumer staple stocks continue to attract interest because of the
stability of their earnings, although many, we believe, are reaching full
valuation. The financial stocks benefited from a rebound in the bond market as
investors correctly concluded that the Fed will leave rates unchanged as it did
at its July meeting. We currently remain overweighted in this group as we
believe that company-specific fundamentals remain intact and also that the
long-term direction of interest rates is lower.
The transportation and industrial sectors performed well during the period.
However, our underweighting in these two sectors hurt performance. The portfolio
was also hurt by the poor performance of stocks in the consumer cyclical sector,
including OfficeMax and Viking Office Products.
SOCIAL GOALS
Social screening is part of the Fund's fundamental investment objective, and
Fund management is continually involved in ensuring that portfolio holdings
exhibit evidence that they conduct their business in a manner that contributes
to the enhancement of the quality of life in America based on the Fund's social
criteria. The Fund's strong performance relative to its Lipper peer group
reveals, in the opinion of Fund management, that solid social
<PAGE>
screening and attractive financial returns are not incompatible. For example, we
believe that companies with solid environmental policies and practices can
exhibit more stable returns over the long run as they benefit from increased
efficiencies and avoid potential costly liability settlements. In addition,
companies that take their environmental responsibilities seriously realize that
by reducing in-house waste and packaging costs, minimizing toxic releases, and
increasing the use of recycling, they can generate substantial cost savings, and
are able to foster better relations not only with the communities they operate
in but with the public at large.
We have positive news to report on a number of the Fund's core holdings. Sun
Microsystems recently received the EPA's "Energy Star Office Equipment Partner
of the Year Award" for promoting the importance of energy conservation
throughout the company. BankAmerica, one of the Fund's largest holdings for some
time, has signed the Coalition for Environmentally Responsible Economies (CERES)
principles. On the diversity front, two of the companies currently held in the
Fund's portfolio, Avon Products and Allstate, won 1997 Catalyst Awards for
initiatives that underscore their commitment to the promotion and advancement of
women.
OUTLOOK
Currently, the outlook for the stock market appears to be positive. Lower
interest rates, modest economic growth, no evident threat of inflation, and
continued money flows into equity mutual funds bode well for the market.
However, somewhat pricey valuations and whispers of potential reaccelerating
economic growth temper our enthusiasm in the short term. Yet, the overall
fundamentals appear to be strong.
Sincerely,
Maceo K. Sloan Eric Steedman
Portfolio Manager Portfolio Manager
NCM Capital Management Group, Inc. The Dreyfus Corporation
July 21, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
** 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 U.S. stock market performance.
<PAGE>
The Dreyfus Socially Responsible Growth Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Investments June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Common Stocks--91.4% Shares Value
- ------------------------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C>
Consumer Non-Durables--13.8% Avon Products............................ 40,000 $ 2,822,500
CPC International........................ 30,000 2,769,375
Clorox................................... 28,500 3,762,000
Coca-Cola................................ 55,400 3,739,500
Colgate-Palmolive........................ 65,800 4,293,450
Gillette................................. 48,200 4,566,950
Interstate Bakeries...................... 32,600 1,933,587
Jones Apparel Group...................(a) 38,500 1,838,375
McCormick & Co........................... 27,900 704,475
-----------
26,430,212
-----------
Consumer Services--5.6% BET Holdings, Cl. A...................(a) 15,200 497,800
CUC International.....................(a) 106,700 2,754,193
Disney (Walt)............................ 49,300 3,956,325
Service Corp. International.............. 110,200 3,622,825
-----------
10,831,143
-----------
Electronic Technology--10.9% Cisco Systems.........................(a) 65,900 4,423,537
EMC...................................(a) 77,500 3,022,500
Intel.................................... 21,300 3,020,606
Linear Technology.....................(a) 45,800 2,370,150
Seagate Technology....................(a) 37,200 1,308,975
Sun Microsystems......................(a) 68,200 2,538,318
3COM..................................(a) 92,600 4,167,000
-----------
20,851,086
-----------
Finance--21.8% AFLAC................................... 43,200 2,041,200
Allstate................................. 33,000 2,409,000
American International Group............. 22,300 3,331,062
BANKBOSTON............................... 64,700 4,662,443
BankAmerica.............................. 63,600 4,106,175
Chase Manhattan.......................... 32,100 3,115,706
Citicorp................................. 37,300 4,496,981
Fannie Mae............................... 128,600 5,610,175
Green Tree Financial..................... 107,100 3,815,437
PNC Bank................................. 59,700 2,485,012
Summit Bancorp........................... 39,100 1,959,887
SunAmerica............................... 78,300 3,817,125
-----------
41,850,203
-----------
Health Technology--14.9% Amgen.................................(a) 58,900 3,423,562
Boston Scientific.....................(a) 25,000 1,535,937
Bristol-Myers Squibb..................... 61,200 4,957,200
Guidant.................................. 41,900 3,561,500
Johnson & Johnson........................ 72,400 4,660,750
Medtronic................................ 63,000 5,103,000
Merck & Co............................... 52,100 5,392,350
-----------
28,634,299
-----------
</TABLE>
<PAGE>
The Dreyfus Socially Responsible Growth Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C>
Industrial Services--3.3% Global Marine.........................(a) 40,000 $ 930,000
Schlumberger............................. 34,600 4,325,000
Seitel................................(a) 28,800 1,094,400
------------
6,349,400
------------
Process Industries--3.7% Avery Dennison........................... 54,500 2,186,812
Bemis.................................... 83,000 3,589,750
Fort Howard...........................(a) 24,100 1,220,062
------------
6,996,624
------------
Producer Manufacturing--2.4% Dover.................................... 74,500 4,581,750
------------
Retail Trade--4.6% Consolidated Stores...................(a) 78,250 2,719,187
OfficeMax.............................(a) 127,100 1,835,006
Sears, Roebuck & Co...................... 65,700 3,531,375
Viking Office Products................(a) 39,100 742,900
------------
8,828,468
------------
Technology Services--7.7% BMC Software..........................(a) 84,800 4,695,800
Computer Associates International........ 46,100 2,567,193
Microsoft.............................(a) 28,800 3,639,600
Oracle................................(a) 75,200 3,788,210
------------
14,690,803
------------
Transportation--.9% Federal Express.......................(a) 29,900 1,726,725
------------
Utilities--1.8% WorldCom..............................(a) 107,700 3,446,400
------------
TOTAL COMMON STOCKS
(cost $142,773,586).................... $175,217,113
============
</TABLE>
<TABLE>
<CAPTION>
Principal
Short-Term Investments--8.7% Amount
- ------------------------------------------------------------------------------- -----------
<S> <C> <C> <C>
U.S. Treasury Bills: 4.92%, 7/31/1997......................... $ 141,000 $ 140,412
5.22%, 8/7/1997.......................... 1,664,000 1,655,414
5.24%, 8/14/1997......................... 50,000 49,691
4.96%, 8/21/1997......................... 8,726,000 8,663,347
4.90%, 9/4/1997.......................... 334,000 330,937
4.91%, 9/18/1997......................... 5,881,000 5,815,486
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $16,658,501)..................... $ 16,655,287
============
TOTAL INVESTMENTS (cost $159,432,087)........................................... 100.1% $191,872,400
====== ============
LIABILITIES, LESS CASH AND RECEIVABLES.......................................... (.1%) $ (98,362)
====== ============
NET ASSETS...................................................................... 100.0% $191,774,038
====== ============
<FN>
Notes to Statement of Investments:
- ------------------------------------------------------------------------------
(a) Non-income producing.
</TABLE>
See notes to financial statements.
<PAGE>
The Dreyfus Socially Responsible Growth Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Cost Value
-------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $159,432,087 $191,872,400
Cash............................................. 198,205
Dividends and interest receivable................ 78,043
Prepaid expenses................................. 18,410
------------
192,167,058
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 118,675
Payable for investment securities purchased...... 220,300
Accrued expenses................................. 54,045
------------
393,020
------------
NET ASSETS..................................................................... $191,774,038
============
REPRESENTED BY: Paid-in capital.................................. $155,882,895
Accumulated undistributed investment income--net.. 467,860
Accumulated net realized gain (loss) on investments 2,982,970
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4.......................... 32,440,313
------------
NET ASSETS..................................................................... $191,774,038
============
SHARES OUTSTANDING
(150 million shares of $.001 par value Common Stock authorized)................ 8,204,554
NET ASSET VALUE, offering and redemption price per share....................... $23.37
======
</TABLE>
See notes to financial statements.
<PAGE>
The Dreyfus Socially Responsible Growth Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Operations Six Months Ended June 30, 1997 (Unaudited)
<TABLE>
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Cash dividends .................................. $ 680,316
Interest......................................... 378,811
-------------
Total Income................................ $ 1,059,127
EXPENSES: Investment advisory fee--Note 3(a)................ 571,913
Professional fees................................ 24,780
Registration fees................................ 16,072
Custodian fees--Note 3(b)......................... 7,853
Directors' fees and expenses--Note 3(c).......... 5,342
Loan commitment fees--Note 2...................... 781
Shareholders' reports............................ 721
Miscellaneous.................................... 6,237
-------------
Total Expenses.............................. 633,699
-----------
INVESTMENT INCOME--NET.......................................................... 425,428
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments.......... $ 2,760,156
Net unrealized appreciation (depreciation)
on investments................................. 20,996,913
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS......................... 23,757,069
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $24,182,497
===========
</TABLE>
See notes to financial statements.
<PAGE>
The Dreyfus Socially Responsible Growth Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
June 30, 1997 Year Ended
(Unaudited) December 31, 1996
---------------- ------------------
OPERATIONS:
<S> <C> <C>
Investment income--net............................................... $ 425,428 $ 292,261
Net realized gain (loss) on investments.............................. 2,760,156 4,325,349
Net unrealized appreciation (depreciation) on investments............ 20,996,913 7,720,782
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 24,182,497 12,338,392
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................... -- (251,529)
Net realized gain on investments..................................... -- (4,505,355)
------------ -----------
Total Dividends.................................................. -- (4,756,884)
------------ -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 100,505,494 136,594,495
Dividends reinvested................................................. -- 4,756,884
Cost of shares redeemed.............................................. (47,483,946) (66,020,126)
------------ -----------
Increase (Decrease) in Net Assets from Capital Stock Transactions 53,021,548 75,331,253
------------ -----------
Total Increase (Decrease) in Net Assets........................ 77,204,045 82,912,761
NET ASSETS:
Beginning of Period.................................................. 114,569,993 31,657,232
------------ ------------
End of Period........................................................ $191,774,038 $114,569,993
============ ============
Undistributed investment income--net................................... $ 467,860 $ 42,432
------------ ------------
Shares Shares
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 4,688,984 7,039,912
Shares issued for dividends reinvested............................... -- 233,664
Shares redeemed...................................................... (2,188,621) (3,398,612)
----------- ------------
Net Increase (Decrease) in Shares Outstanding.................... 2,500,363 3,874,964
=========== ============
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
Six Months Ended Year Ended December 31,
June 30, 1997 --------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993(1)
--------- -------- -------- ------------ ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period..... $20.09 $17.31 $13.23 $13.38 $12.50
------ ------ ------ ------ ------
Investment Operations:
Investment income--net................... .05 .05 .08 .35 .04
Net realized and unrealized gain (loss)
on investments........................ 3.23 3.63 4.49 (.15) .88
------ ------ ------ ------ ------
Total from Investment Operations......... 3.28 3.68 4.57 .20 .92
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net.... -- (.05) (.08) (.35) (.04)
Dividends from net realized gain
on investments........................ -- (.85) (.41) -- --
------ ------ ------ ------ ------
Total Distributions...................... -- (.90) (.49) (.35) (.04)
------ ------ ------ ------ ------
Net asset value, end of period........... $23.37 $20.09 $17.31 $13.23 $13.38
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN..................... 16.33% 21.23% 34.56% 1.49% 7.35%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets .41%(2) .95% 1.27% .25% .06%(2)
Ratio of interest expense to average net assets -- .01% -- -- --
Ratio of net investment income to
average net assets.................... .28%(2) .42% .70% 4.58% .64%(2)
Decrease reflected in above expense ratios
due to undertakings by Dreyfus and
sub-investment adviser................ -- .03% .06% 2.60% 6.19%(2)
Portfolio Turnover Rate.................. 18.91%(2) 126.41% 88.52% 373.68% --
Average commission rate paid (3)......... $.0587 $.0578 -- -- --
Net Assets, end of period (000's Omitted) $191,774 $114,570 $31,657 $10,406 $1,372
<FN>
- -----------------------------
(1) From October 7, 1993 (commencement of operations) to December 31, 1993.
(2) Not annualized.
(3) For fiscal years beginning January 1, 1996, the Fund is required to disclose
its average commission rate paid per share for purchases and sales of
investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
The Dreyfus Socially Responsible Growth Fund, Inc.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Socially Responsible Growth Fund, Inc. (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a diversified open-end
management investment company. The Fund's investment objective is to provide
capital growth through equity investments in companies that not only meet
traditional investment standards but which also show evidence that they conduct
their business in a manner that contributes to the enhancement of the quality of
life in America. 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. The Dreyfus Corporation
("Dreyfus") serves as the Fund's investment adviser. Dreyfus is a direct
subsidiary of Mellon Bank, N.A. ("Mellon"). NCM Capital Management Group, Inc.
("NCM") serves as the Fund's sub-investment adviser. Premier Mutual Fund
Services, Inc. is the distributor of the Fund's shares, which are sold without a
sales charge.
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.
(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 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--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. For the period ended June 30,
1997, the Fund did not borrow under the Facility.
<PAGE>
The Dreyfus Socially Responsible Growth Fund, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3--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 at the annual rate of .75 of 1% of the value
of the Fund's average daily net assets and is payable monthly.
Pursuant to a Sub-Investment Advisory Agreement with NCM, the
sub-investment advisory fees are payable monthly by Dreyfus, and are based upon
the value of the Fund's average daily net assets, computed at the following
annual rates:
Average Net Assets
------------------
0 to $32 million.......................................... .10 of 1%
In excess of $32 million to $150 million.................. .15 of 1%
In excess of $150 million to $300 million................. .20 of 1%
In excess of $300 million................................. .25 of 1%
(b) Under the Shareholder Services Plan, the Fund reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of Dreyfus, 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 period ended June 30, 1997, the
Fund was charged an aggregate of $5,774 pursuant to the Shareholder Services
Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund.
The Fund compensates Mellon under a custody agreement to provide custodial
services for the Fund. During the period ended June 30, 1997, $7,853 was charged
by Mellon pursuant to the custody agreement.
(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 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended June 30, 1997, amounted
to $71,350,843 and $25,931,923, respectively.
At June 30, 1997, accumulated net unrealized appreciation on investments
was 32,440,313, consisting of $32,944,882 gross unrealized appreciation and
$504,569 gross unrealized depreciation.
At June 30, 1997, 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).
<PAGE>
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 27705
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. 111SA976
