The Dreyfus Socially Responsible
Growth Fund, Inc.
SEMIANNUAL REPORT June 30, 2000
(reg.tm)
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
Contents
THE FUND
--------------------------------------------------
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
The Fund
The Dreyfus Socially Responsible 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,
2000 through June 30, 2000. Inside, you'll find valuable information about how
the fund was managed during the reporting period, including a discussion with
the fund's portfolio managers, Paul Hilton, Clifford Mpare and Maceo Sloan.
While stock prices were little changed on average over the past six months, the
period was marked by high levels of volatility and dramatic shifts in investor
sentiment. Between January and mid-March, large-cap stocks generally continued
to advance, led by fast-growing technology stocks that, many investors believed,
would benefit most from the "new economy." Subsequently, however, technology
stocks corrected sharply over concerns about rising interest rates and extremely
high valuations. Other sectors of the large-cap stock market also declined,
erasing the gains achieved earlier in the year.
Also, primarily because of the precipitous drop in technology stock prices,
value-oriented stocks generally outperformed growth stocks during the reporting
period, a reversal of the trend established over the past several years. In
addition, small-capitalization stocks generally outperformed large-cap stocks,
particularly in the value-oriented segment of the market. In our view, these
short-term swings in investor sentiment highlight once again the importance of
broad diversification and a long-term perspective for most investors.
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 17, 2000
DISCUSSION OF FUND PERFORMANCE
Paul A. Hilton, Clifford Mpare and Maceo 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, 2000, The Dreyfus Socially Responsible
Growth Fund, Inc. produced a total return of 2.55%.(1) In contrast, the fund's
benchmark, the Standard & Poor' s 500 Composite Stock Price Index ("S&P 500
Index" ) produced a total return of -0.43% and the Dow Jones Industrial Average
produced a total return of -8.44%, for the same period.(2)
What is the fund's investment approach?
The fund seeks to provide capital growth with growth-oriented companies that
generally exhibit three characteristics: improving profitability measurements, a
pattern of consistent earnings and reasonable prices. The fund looks for current
income as a secondary objective. To pursue these goals, the fund invests
primarily in the common stock of companies that, in the opinion of the fund's
management, meet traditional investment standards while simultaneously
conducting their businesses in a manner that contributes to the enhancement of
the quality of life in America.
What factors influenced the fund's performance?
Three primary factors influenced the fund's performance over the past six
months: heightened volatility within the stock market, specifically within the
technology sector; continued strength of the U.S. economy; and three short-term
interest-rate hikes by the Federal Reserve Board (the "Fed"). There was a total
increase of 1.00 percentage points in short-term interest rates during the
reporting period as a result of the Fed's attempts to slow economic growth and
forestall the buildup of inflationary pressures. The uncertainty caused by these
interest-rate hikes created volatility for both the market and the fund.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
From the beginning of the reporting period until mid-March 2000, the U.S. stock
market advanced sharply, driven primarily by strong gains within the technology
group. The fund benefited from maintaining above-average exposure to this area.
By mid-March, however, that trend had reversed itself when many technology
stocks, especially those related to the Internet, quickly fell out of favor
In response, we trimmed our technology exposure, choosing instead to deploy
those assets primarily to diversified financial services companies. That move
proved to be beneficial for the fund. With our financial holdings already a
significant contributor to the fund's overall performance, we concentrated these
holdings in global, diversified financial services companies that we believed
were less likely to be affected by rising interest rates. Examples include
Citigroup, Merrill Lynch and State Street.
What is the fund's current strategy?
We have continued to concentrate on financial companies that have global
subdivisions and franchises. In addition, we have begun to increase our exposure
to health care companies. In our view, many of these companies are very
reasonably valued and offer predictable and consistent earnings.
We are also pleased that the Fed left short-term interest rates unchanged at its
June 28th meeting. In our opinion, the Fed's decision not to raise interest
rates signaled a belief that domestic economic growth may have slowed enough to
warrant no further action.
Can you give us an update on the fund's socially responsible investing
activities?
Over the past six months, fund management has hosted two meetings with the
management of Coca-Cola in an effort to encourage them to increase the amount of
recycled polyethylene terepthalate (PET) content in their plastic soft drink
containers. While recycled content in aluminum beverage containers and glass
bottles is roughly about 50% and 25%, respectively, currently there is almost no
recycled content in most plastic bottles.
We are very pleased to inform shareholders that Coca-Cola is working toward a
new goal of increasing the amount of recycled PET to 10% in one-quarter of the
plastic bottles they produce this year. Coca-Cola is the first soft drink
company to make such an effort across its complete product line. Currently, the
company spends over $2 billion annually on recycled content materials in the
U.S. alone and over $5 billion worldwide.
July 17, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND
INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST. THE FUND'S PERFORMANCE DOES NOT REFLECT
THE DEDUCTION OF ADDITIONAL CHARGES AND EXPENSES IMPOSED IN CONNECTION WITH
INVESTING IN VARIABLE INSURANCE CONTRACTS, WHICH WILL REDUCE RETURNS.
(2) SOURCE: LIPPER INC. -- REFLECTS THE REINVESTMENT OF DIVIDENDS AND, WHERE
APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. BOTH THE STANDARD & POOR'S 500 COMPOSITE
STOCK PRICE INDEX AND THE DOW JONES INDUSTRIAL AVERAGE ARE WIDELY ACCEPTED,
UNMANAGED INDICES OF U.S. STOCK MARKET PERFORMANCE.
The Fund
STATEMENT OF INVESTMENTS
June 30, 2000 (Unaudited)
STATEMENT OF INVESTMENTS
<TABLE>
<CAPTION>
COMMON STOCKS--98.2% Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES--1.4%
<S> <C> <C>
Omnicom Group 175,200 15,603,750
CONSUMER NON-DURABLES--3.5%
Clorox 284,800 12,762,600
Coca-Cola 304,800 17,506,950
Kimberly-Clark 150,000 8,606,250
38,875,800
CONSUMER SERVICES--2.2%
McDonald's 196,000 6,455,750
Time Warner 237,300 18,034,800
24,490,550
ELECTRONIC TECHNOLOGY--22.6%
Applied Materials 94,000 (a) 8,518,750
Cisco Systems 603,200 (a) 38,340,900
Cree 100,800 (a) 13,456,800
EMC 312,000 (a) 24,004,500
Flextronics International 200,000 (a) 13,737,500
International Business Machines 161,000 17,639,562
Lexmark International Group, Cl. A 147,200 (a) 9,899,200
Lucent Technologies 270,000 15,997,500
Nokia, ADS 243,600 12,164,775
Nortel Networks 347,897 23,743,970
Sanmina 140,000 (a) 11,970,000
Solectron 345,800 (a) 14,480,375
Sun Microsystems 315,600 (a) 28,699,875
Tellabs 212,800 (a) 14,563,500
Vishay Intertechnology 207,000 (a) 7,853,062
255,070,269
ENERGY MINERALS--1.7%
Royal Dutch Petroleum (New York Shares) 306,000 18,838,125
FINANCE--17.6%
AFLAC 389,100 17,874,281
American Express 377,400 19,671,975
American International Group 224,250 26,349,375
Capital One Financial 289,200 12,905,550
Citigroup 383,700 23,117,925
Fannie Mae 541,800 28,275,187
Marsh & McLennan Cos. 100,000 10,443,750
COMMON STOCKS (CONTINUED) Shares Value ($)
-----------------------------------------------------------------------------------------------------------------------------------
FINANCE (CONTINUED)
Merrill Lynch 229,300 26,369,500
Providian Financial 149,500 13,455,000
State Street 100,000 10,606,250
Wells Fargo 230,000 8,912,500
197,981,293
HEALTH SERVICES--1.9%
Cardinal Health 296,000 21,904,000
HEALTH TECHNOLOGY--15.5%
Amgen 324,800 (a) 22,817,200
Guidant 266,600 (a) 13,196,700
Johnson & Johnson 264,900 26,986,687
Merck & Co. 581,500 44,557,438
Pfizer 723,500 34,728,000
Schering-Plough 630,500 31,840,250
174,126,275
INDUSTRIAL SERVICES--1.0%
Halliburton 241,000 11,372,187
PROCESS INDUSTRIES--1.6%
Avery Dennison 117,300 7,873,763
Ecolab 266,000 10,390,625
18,264,388
PRODUCER MANUFACTURING--2.1%
Miller (Herman) 240,000 6,210,000
Tyco International 378,000 17,907,750
24,117,750
RETAIL TRADE--4.2%
Dollar General 375,000 7,312,500
Gap 272,800 8,525,000
Home Depot 226,550 11,313,341
Safeway 209,400 (a) 9,449,175
Wal-Mart Stores 193,400 11,144,675
47,744,691
SEMICONDUCTORS--4.5%
Altera 120,000 (a) 12,232,500
Intel 189,400 25,320,413
Linear Technology 209,600 13,401,300
50,954,213
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
-----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY SERVICES--9.3%
America Online 299,300 (a) 15,788,075
Microsoft 547,000 (a) 43,760,000
Oracle 531,000 (a) 44,637,188
104,185,263
UTILITIES--9.1%
AES 298,800 (a) 13,632,750
AT&T--Liberty Media, Cl. A 653,600 (a) 15,849,800
Bell Atlantic 245,000 12,449,063
Broadwing 350,000 9,078,125
Calpine 140,000 (a) 9,205,000
Global Crossing 276,000 (a) 7,262,250
Sprint (FON Group) 178,000 9,078,000
Vodafone AirTouch, ADR 223,250 9,250,922
WorldCom 366,700 (a) 16,822,363
102,628,273
TOTAL COMMON STOCKS
(cost $795,646,937) 1,106,156,827
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Principal
SHORT-TERM INVESTMENTS--2.0% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--.0%
Self Help Credit Union,
5.92%, 9/21/2000 100,000 100,000
U.S. TREASURY BILLS--2.0%
5.85%, 9/14/2000 4,440,000 4,389,206
5.67%, 10/5/2000 12,961,000 12,767,752
5.69%, 10/12/2000 4,635,000 4,560,608
21,717,566
TOTAL SHORT-TERM INVESTMENTS
(cost $21,810,252) 21,817,566
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $817,457,189) 100.2% 1,127,974,393
LIABILITIES, LESS CASH AND RECEIVABLES (.2%) (1,721,022)
NET ASSETS 100.0% 1,126,253,371
A NON-INCOME PRODUCING.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 817,457,189 1,127,974,393
Cash 4,353,330
Dividends and interest receivable 356,999
Receivable for shares of Common Stock subscribed 561,709
Prepaid expenses 10,640
1,133,257,071
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 719,326
Payable for investment securities purchased 4,284,614
Payable for shares of Common Stock redeemed 1,908,798
Accrued expenses 90,962
7,003,700
--------------------------------------------------------------------------------
NET ASSETS ($) 1,126,253,371
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 824,044,561
Accumulated undistributed investment income--net 8,983,173
Accumulated net realized gain (loss) on investments (17,291,567)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 310,517,204
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NET ASSETS ($) 1,126,253,371
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SHARES OUTSTANDING
(150 million shares of $.001 par value Common Stock authorized) 28,117,332
NET ASSET VALUE, offering and redemption price per share ($) 40.06
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2000 (Unaudited)
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INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $45,045 foreign taxes withheld at source) 12,050,893
Interest 805,323
TOTAL INCOME 12,856,216
EXPENSES:
Investment advisory fee--Note 3(a) 3,719,302
Registration fees 52,466
Custodian fees--Note 3(b) 40,952
Professional fees 23,513
Prospectus and shareholders' reports 20,928
Shareholder servicing costs--Note 3(b) 6,437
Directors' fees and expenses--Note 3(c) 4,997
Loan commitment fees--Note 2 2,890
Miscellaneous 1,714
TOTAL EXPENSES 3,873,199
INVESTMENT INCOME--NET 8,983,017
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (17,124,640)
Net unrealized appreciation (depreciation) on investments 38,275,327
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 21,150,687
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 30,133,704
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 2000 Year Ended
(Unaudited) December 31, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 8,983,017 265,584
Net realized gain (loss) on investments (17,124,640) 30,035,205
Net unrealized appreciation (depreciation)
on investments 38,275,327 152,921,846
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 30,133,704 183,222,635
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (154,649) (110,779)
Net realized gain on investments -- (29,821,669)
TOTAL DIVIDENDS (154,649) (29,932,448)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 257,846,037 420,752,466
Dividends reinvested 154,649 29,932,448
Cost of shares redeemed (59,264,874) (184,233,771)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 198,735,812 266,451,143
TOTAL INCREASE (DECREASE) IN NET ASSETS 228,714,867 419,741,330
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 897,538,504 477,797,174
END OF PERIOD 1,126,253,371 897,538,504
Undistributed investment income--net 8,983,173 154,805
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 6,684,878 12,274,415
Shares issued for dividends reinvested 3,916 770,462
Shares redeemed (1,544,426) (5,444,636)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 5,144,368 7,600,241
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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, 2000 Year Ended December 31,
-----------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period 39.07 31.08 24.97 20.09 17.31 13.23
Investment Operations:
Investment income--net .35(a) .01(a) .05 .09 .05 .08
Net realized and unrealized
gain (loss) on investments .65 9.34 7.28 5.63 3.63 4.49
Total from Investment Operations 1.00 9.35 7.33 5.72 3.68 4.57
Distributions:
Dividends from investment
income--net (.01) (.01) (.05) (.10) (.05) (.08)
Dividends from net realized
gain on investments -- (1.35) (1.17) (.74) (.85) (.41)
Total Distributions (.01) (1.36) (1.22) (.84) (.90) (.49)
Net asset value, end of period 40.06 39.07 31.08 24.97 20.09 17.31
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.55(b) 30.08 29.38 28.44 21.23 34.56
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of operating expenses to
average net assets .39(b) .79 .80 .82 .95 1.27
Ratio of interest expense and
loan commitment fees
to average net assets .00(b),(c) .00(c) .00(c) .00(c) .01 --
Ratio of net investment income
to average net assets .90(b) .04 .20 .46 .42 .70
Decrease reflected in above
expense ratios due to
undertakings by
The Dreyfus Corporation -- -- -- -- .03 .06
Portfolio Turnover Rate 33.49(b) 70.84 67.60 58.50 126.41 88.52
-----------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 1,126,253 897,539 477,797 275,887 114,570 31,657
(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>
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"), which is a wholly-owned
subsidiary of Mellon Financial Corporation. NCM Capital Management Group, Inc.
("NCM" ) serves as the fund's sub-investment adviser. Effective March 22, 2000,
Dreyfus Service Corporation ("DSC" ), a wholly-owned subsidiary of Dreyfus,
became the distributor of the fund's shares, which are sold to the public
without a sales charge. Prior to March 22, 2000, Premier Mutual Fund Services,
Inc. was the distributor.
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.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(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. Under the terms of the custody agreement, the fund receives net
earnings credits based on available cash balances left on deposit.
(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 $500 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, 2000, the fund did not borrow under the Facility.
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 DSC 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, 2000, 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, 2000, the fund was charged $232 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, 2000, the fund was
charged $40,952 pursuant to the custody agreement.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(c) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective April 13, 2000, each
Board member who is not an "affiliated person" as defined in the Act receives an
annual fee of $25,000 and an attendance fee of $4,000 for each in person meeting
and $500 for telephone meetings. These fees are allocated among the funds in the
Fund Group. The Chairman of the Board receives an additional 25% of such
compensation. Prior to April 13, 2000, each Board member who was not an
"affiliated person" as defined in the Act received from the fund an annual fee
of $2,500. The Chairman of the Board received an additional 25% of such
compensation. Subject to the fund's Director Emeritus Program Guidelines,
Emeritus Board members, if any, receive 50% of the fund's annual retainer fee
and per meeting fee paid at the time the Board member achieves emeritus status.
(d) During the period ended June 30, 2000, the fund incurred total brokerage
commissions of $685,454, of which $30,592 was paid to Dreyfus Brokerage
Services, a wholly-owned subsidiary of Mellon Financial Corporation.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended June 30, 2000, amounted to
$552,739,371 and $325,825,359, respectively.
At June 30, 2000, accumulated net unrealized appreciation on investments was
$310,517,204, consisting of $334,108,466 gross unrealized appreciation and
$23,591,262 gross unrealized depreciation.
At June 30, 2000, 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 Fund
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 22705
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
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 111SA006
