The Dreyfus Socially Responsible Growth Fund, Inc.
SEMIANNUAL REPORT June 30, 1999
(reg.tm)
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The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
12 Financial Highlights
13 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
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The Dreyfus Socially Responsible The Fund
Growth Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for The Dreyfus Socially
Responsible Growth Fund, Inc., covering the six-month period from January 1,
1999 through June 30, 1999. Inside you'll find valuable information about how
the fund was managed during the period, including a discussion with the fund's
portfolio managers, Paul A. Hilton and Maceo K. Sloan.
The past six months have been rewarding for most equity investors. Strong
economic growth, low inflation and high levels of consumer spending supported
continued strength in the stocks of many large companies. Several major market
indices set new records, including the Dow Jones Industrial Average's first-ever
close above the 10,000 level. The broader Standard & Poor's 500 Composite Stock
Price Index and the technology-laden NASDAQ Index also recorded new highs.
Beginning in April, many previously out-of-favor market sectors rallied
strongly, including value-oriented stocks. At the same time, large-cap growth
stocks appear to have paused in their advance. This has helped narrow the
valuation gap that had developed over the past several years between the growth
and value sectors of the large-cap stock market.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in The Dreyfus Socially Responsible Growth Fund,
Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
July 15, 1999
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DISCUSSION OF FUND PERFORMANCE
Paul A. Hilton and Maceo K. Sloan, Portfolio Managers
How did The Dreyfus Socially Responsible Growth Fund, Inc. perform relative to
its benchmark?
For the six-month period ended June 30, 1999, The Dreyfus Socially Responsible
Growth Fund, Inc. produced a total return of 12.77%.(1) The fund's benchmark,
the Standard & Poor' s 500 Composite Stock Price Index ("S&P 500"), produced a
total return of 12.38%, and the Dow Jones Industrial Average produced a total
return of 20.48%, for the same period.(2)
What is the fund's investment approach?
The fund primarily focuses on high-quality growth-oriented companies that
exhibit three characteristics: improving profitability measurements; a pattern
of consistent earnings; and reasonable prices. While the majority of the fund's
holdings are large-cap stocks, it also has the ability to purchase mid- and
small-cap stocks. Once candidates meet rigorous financial standards, they must
also show evidence that they conduct their business in a manner that contributes
to the enhancement of the quality of life in America.
What other factors influenced the fund's performance?
Early on in the period, the fund's strongest gains came from its technology,
telecommunications and health care investments. However, toward the middle of
the period, market sentiment shifted away from growth stocks and more toward
value-oriented stocks. In response, we increased our exposure to more cyclical
names - companies whose earnings are sensitive to changes in economic
conditions. Historically, these companies tend to perform best in an improving
economy.
Within the technology sector, the fund enjoyed solid returns from the same
companies that continued to drive the performance of the S&P 500, including
Microsoft, Intel, International Business Machines, Cisco Systems and Sun
Microsystems. We also benefited from smaller names
The Fund
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DISCUSSION OF FUND PERFORMANCE (CONTINUED)
within technology, including BMC Software and Linear Technologies. In addition,
telecommunications names, such as MCI WorldCom, AirTouch Communications, AT&T
and Ameritech provided strong returns.
Within health care, demand for medical services and products by the aging baby
boomers continues to increase. In addition, recent technological advances have
resulted in more timely FDA approvals and delivery of pharmaceutical products to
the marketplace. Finally, new television and radio advertising has raised
consumer brand awareness, thereby driving revenues of many names in the fund's
portfolio, most notably Johnson & Johnson, Guidant, Schering-Plough and Amgen.
On the other hand, financial stocks hindered performance as many of these
companies have not yet recovered fully from the global credit and currency
crisis that took place last fall. However, we viewed this as an excellent
opportunity to acquire several fundamentally sound, attractively priced names
for the portfolio.
What is the fund's current strategy?
Over the past several months, our added exposure to more cyclical names has
proved beneficial. When the stock market began to shift its emphasis toward more
reasonably priced value names, we followed suit. In doing so, we believe we have
been able to align the fund more closely with prevailing market conditions.
Can you give us an update on the fund's social investment program?
This has been a very busy proxy season for social shareholder resolutions, not
just for companies held in the fund' s portfolio, but for a wide array of
companies in general. In fact, so far in 1999, shareholders have filed
approximately 220 resolutions concerning social and environmental policies with
over 150 major U.S. companies. The most popular resolutions were those
concerning the environment, equal employment
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opportunity, global corporate accountability, international health and tobacco,
and executive compensation. While we carefully examine each resolution on a
case-by-case basis, in most cases, we vote the fund's shares in support of
social shareholder resolutions if we believe they support the fund's areas of
social concern. At all times, we strive to maintain open communications with the
companies' management so that we can encourage improvement in socially
responsible areas.
For example, this past year Home Depot faced two resolutions: to release
diversity data on its employment practices and to stop the sale of products made
from old-growth wood. We voted in favor of both of these resolutions and are
currently engaged in an ongoing dialogue with Home Depot's management team
regarding these issues. In response to the resolutions, Home Depot recently
released equal employment opportunity data in its publicly available social
responsibility report. While the company had already banned the sale of
old-growth redwood prior to the resolution, it continues to work together with
the Forest Stewardship Council to identify suitable old-growth alternatives. We
are pleased with Home Depot' s responses to these resolutions, however, we
believe the company can still do more. Our view is that Home Depot is a leader
in its industry and we will continue to work with the company to encourage
further improvements.
July 15, 1999
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT
RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. THE FUND'S PERFORMANCE DOES NOT REFLECT THE
DEDUCTION OF ADDITIONAL CHARGES AND EXPENSES IMPOSED IN CONNECTION WITH
INVESTING IN VARIABLE INSURANCE CONTRACTS, WHICH WILL REDUCE RETURNS.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC. - REFLECTS THE REINVESTMENT OF
INCOME DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. BOTH THE
STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX AND THE DOW JONES INDUSTRIAL
AVERAGE ARE WIDELY ACCEPTED UNMANAGED INDICES OF U.S. STOCK MARKET PERFORMANCE.
The Fund
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STATEMENT OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS--94.8% Shares Value ($)
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<S> <C> <C>
COMMERCIAL SERVICES--1.2%
At Home, Ser. A 62,600 (a) 3,376,487
Interpublic Group Cos. 56,200 4,868,325
8,244,812
CONSUMER DURABLES--.6%
Newell Rubbermaid 93,400 4,343,100
CONSUMER NON-DURABLES--7.6%
Clorox 77,400 8,267,287
Kimberly-Clark 250,000 14,250,000
PepsiCo 271,975 10,522,033
Procter & Gamble 128,600 11,477,550
Quaker Oats 93,900 6,232,613
50,749,483
ELECTRONIC TECHNOLOGY--19.5%
Cisco Systems 261,600 (a) 16,873,200
EMC 156,000 (a) 8,580,000
Global TeleSystems Group 93,400 (a) 7,565,400
Intel 122,400 7,282,800
International Business Machines 181,800 23,497,650
Linear Technology 104,800 7,047,800
Lucent Technologies 203,800 13,743,762
Nokia, A.D.S. 87,600 8,020,875
Solectron 110,000 (a) 7,335,625
Sun Microsystems 227,800 (a) 15,689,725
Tellabs 220,200 (a) 14,877,262
130,514,099
FINANCE--13.5%
American Express 111,000 14,443,875
American International Group 100,600 11,776,487
Bank of America 89,400 6,554,138
Citigroup 129,300 6,141,750
Federal National Mortgage Association 284,800 19,473,200
Fifth Third Bancorp 121,600 8,094,000
Marsh & McLennan Cos. 78,800 5,949,400
Merrill Lynch 140,900 11,263,194
State Street 77,200 6,590,950
90,286,994
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COMMON STOCKS (CONTINUED) Shares Value ($)
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HEALTH SERVICES--2.1%
Cardinal Health 141,100 9,048,038
United HealthCare 78,700 4,928,587
13,976,625
HEALTH TECHNOLOGY--11.0%
Amgen 108,400 (a) 6,598,850
Guidant 177,600 9,135,300
Johnson & Johnson 115,900 11,358,200
Lilly (Eli) & Co. 122,200 8,752,575
Merck & Co. 305,500 22,607,000
Schering-Plough 171,300 9,078,900
Watson Pharmaceuticals 182,000 (a) 6,381,375
73,912,200
NON-ENERGY MINERALS--1.0%
Alcoa 108,000 6,682,500
PROCESS INDUSTRIES--1.3%
Avery Dennison 66,200 3,996,825
Ecolab 109,000 4,755,125
8,751,950
PRODUCER MANUFACTURING--8.6%
Emerson Electric 142,000 8,928,250
Illinois Tool Works 113,000 9,266,000
Minnesota Mining & Manufacturing 101,200 8,798,075
Pitney Bowes 89,600 5,756,800
Tyco International 150,200 14,231,450
Xerox 184,600 10,902,938
57,883,513
RETAIL TRADE--9.7%
CVS 143,500 7,282,625
Home Depot 167,700 10,806,169
Kroger 286,000 (a) 7,990,125
Safeway 249,400 (a) 12,345,300
Sears, Roebuck & Co. 249,400 11,113,888
TJX Cos. 244,000 8,128,250
Wal-Mart Stores 148,400 7,160,300
64,826,657
The Fund
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STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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TECHNOLOGY SERVICES--10.1%
America Online 32,400 (a) 3,580,200
BMC Software 408,200 (a) 22,042,800
Microsoft 261,000 (a) 23,538,937
Oracle 499,950 (a) 18,560,644
67,722,581
UTILITIES--8.6%
AES 215,000 (a) 12,496,875
AT&T 228,750 12,767,109
AT&T - Liberty Media Group, Cl. A 167,800 (a) 6,166,650
Ameritech 89,500 6,578,250
MCI WorldCom 127,800 (a) 11,022,750
Vodafone AirTouch, A.D.R. 44,650 8,796,050
57,827,684
TOTAL COMMON STOCKS
(cost $472,689,521) 635,722,198
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Principal
SHORT-TERM INVESTMENTS--5.0% Amount ($) Value ($)
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CERTIFICATES OF DEPOSIT--.0%
Self Help Credit Union,
4.56%, 9/21/1999 100,000 100,000
U.S.TREASURY BILLS--5.0%
4.47%, 8/5/1999 64,000 63,760
4.47%, 8/19/1999 8,044,000 7,996,042
4.49%, 8/26/1999 3,282,000 3,259,738
4.50%, 9/9/1999 505,000 500,521
4.52%, 9/16/1999 5,393,000 5,340,165
4.57%, 9/23/1999 14,145,000 13,994,822
4.65%, 9/30/1999 961,000 949,699
4.67%, 10/7/1999 1,418,000 1,400,048
33,504,795
TOTAL SHORT-TERM INVESTMENTS
(cost $33,603,102) 33,604,795
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TOTAL INVESTMENTS (cost $506,292,623) 99.8% 669,326,993
CASH AND RECEIVABLES (NET) .2% 1,460,130
NET ASSETS 100.0% 670,787,123
(A) NON-INCOME PRODUCING.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 506,292,623 669,326,993
Cash 1,520,402
Dividends and interest receivable 407,249
Prepaid expenses 10,073
671,264,717
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 393,657
Accrued expenses 83,937
477,594
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NET ASSETS ($) 670,787,123
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 483,784,966
Accumulated undistributed investment income--net 245,152
Accumulated net realized gain (loss) on investments 23,722,635
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 163,034,370
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NET ASSETS ($) 670,787,123
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SHARES OUTSTANDING
(150 million shares of $.001 par value Common Stock authorized) 19,138,439
NET ASSET VALUE, offering and redemption price per share ($) 35.05
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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STATEMENT OF OPERATIONS
Six Months Ended June 30, 1999 (Unaudited)
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INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $5,507 foreign taxes withheld at source) 1,955,087
Interest 529,772
TOTAL INCOME 2,484,859
EXPENSES:
Investment advisory fee--Note 3(a) 2,117,085
Registration fees 36,740
Custodian fees--Note 3(b) 25,913
Prospectus and shareholders' reports 25,842
Professional fees 13,670
Shareholder servicing costs--Note 3(b) 12,259
Directors' fees and expenses--Note 3(c) 4,206
Loan commitment fees--Note 2 946
Miscellaneous 3,046
TOTAL EXPENSES 2,239,707
INVESTMENT INCOME--NET 245,152
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 24,103,098
Net unrealized appreciation (depreciation) on investments 43,714,339
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 67,817,437
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 68,062,589
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1999 Year Ended
(Unaudited) December 31, 1998
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OPERATIONS ($):
Investment income--net 245,152 707,159
Net realized gain (loss) on investments 24,103,098 16,201,927
Net unrealized appreciation (depreciation)
on investments 43,714,339 72,812,354
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 68,062,589 89,721,440
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DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net -- (738,546)
Net realized gain on investments -- (17,127,023)
TOTAL DIVIDENDS -- (17,865,569)
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CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 218,301,010 310,414,650
Dividends reinvested -- 17,865,378
Cost of shares redeemed (93,373,650) (198,226,018)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 124,927,360 130,054,010
TOTAL INCREASE (DECREASE) IN NET ASSETS 192,989,949 201,909,881
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NET ASSETS ($):
Beginning of Period 477,797,174 275,887,293
END OF PERIOD 670,787,123 477,797,174
Undistributed investment income--net 245,152 --
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CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 6,627,072 10,975,458
Shares issued for dividends reinvested -- 575,478
Shares redeemed (2,861,356) (7,226,680)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 3,765,716 4,324,256
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased
(or decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
<CAPTION>
Six Months Ended
June 30, 1999 Year Ended December 31,
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(Unaudited) 1998 1997 1996 1995 1994
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 31.08 24.97 20.09 17.31 13.23 13.38
Investment Operations:
Investment income--net .01(a) .05 .09 .05 .08 .35
Net realized and unrealized
gain (loss) on investments 3.96 7.28 5.63 3.63 4.49 (.15)
Total from Investment Operations 3.97 7.33 5.72 3.68 4.57 .20
Distributions:
Dividends from investment
income--net -- (.05) (.10) (.05) (.08) (.35)
Dividends from net realized gain
on investments -- (1.17) (.74) (.85) (.41) --
Total Distributions -- (1.22) (.84) (.90) (.49) (.35)
Net asset value, end of period 35.05 31.08 24.97 20.09 17.31 13.23
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TOTAL RETURN (%) 12.77(b) 29.38 28.44 21.23 34.56 1.49
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of operating expenses to
average net assets .39(b) .80 .82 .95 1.27 .25
Ratio of interest expense and
loan commitment fees to
average net assets .00(b,c) .00(c) .00(c) .01 -- --
Ratio of net investment income
to average net assets .04(b) .20 .46 .42 .70 4.58
Decrease reflected in above
expense ratios due to
undertakings by Dreyfus -- -- -- .03 .06 2.60
Portfolio Turnover Rate 42.10(b) 67.60 58.50 126.41 88.52 373.68
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Net Assets, end of period
($ x 1,000) 670,787 477,797 275,887 114,570 31,657 10,406
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) NOT ANNUALIZED.
(C) AMOUNT REPRESENTS LESS THAN .01%.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
The Dreyfus Socially Responsible Growth Fund, Inc. (the "fund") is registered
under the Investment Company Act of 1940, as amended (the "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. 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.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss
The Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
from securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on the
accrual basis. Under the terms of the custody agreement, the fund received net
earnings credits of $2,430 during the period ended June 30, 1999 based on
available cash balances left on deposit. Interest earned under this arrangement
is included in interest income.
(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 of 1986, as amended (the "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 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 (the "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. During the period ended June
30, 1999, the fund did not borrow under the Facility.
<PAGE>
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 fee is payable monthly by Dreyfus, and is 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, 1999, the fund was
charged $3,900 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. During the period
ended June 30, 1999, the fund was charged $144 pursuant to the transfer agency
agreement.
The fund compensates Mellon under a custody agreement for providing custodial
services for the fund. During the period ended June 30, 1999, the fund was
charged $25,913 pursuant to the custody agreement.
The Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(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, 1999, amounted to
$347,281,620 and $231,089,705, respectively.
At June 30, 1999, accumulated net unrealized appreciation on investments was
$163,034,370, consisting of $169,246,222 gross unrealized appreciation and
$6,211,852 gross unrealized depreciation.
At June 30, 1999, 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>
For More Information
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
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-554-4611 or 516-338-3300
BY MAIL Write to: The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
Attn: Institutional Servicing
Printed on recycled paper.
50% post-consumer
Process chlorine free.
Vegetable-based ink.
Printed in U.S.A.
(c) 1999 Dreyfus Service Corporation 111SA996
<PAGE>
