<PAGE>
Dreyfus
Large Company
Value Fund
Semi-Annual
Report
April 30, 1996
<PAGE>
Dreyfus Large Company Value Fund
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to inform you that Dreyfus Large Company Value Fund, a
Portfolio of Dreyfus Growth & Value Funds, Inc., achieved a total return of
25.87% for its latest semi-annual fiscal period ended April 30, 1996.* This
compares with a return of 13.76% for the Standard & Poor's 500 Composite
Stock Price Index during the same time span.**
ECONOMIC REVIEW
Several key U.S. economic indicators have rebounded in recent months,
implying that the economic slowdown that began in early 1995 may be ending.
However, overall corporate profit growth is slowing this year. The shift to
somewhat faster economic growth is promoting inflation fears and raising bond
yields. Higher bond yields have caused the yield curve to steepen, a
condition that usually favors continued economic growth. Hence, although this
is the sixth expansion year for this business cycle, we believe that it will
prove a long cycle.
The U.S. economy grew only 2.1% in 1995, and sequential economic shocks
since September threatened to keep it slow in 1996 too. But the underlying
trend of the economy proved resilient and real Gross Domestic Product
rebounded 2.8% in the first quarter. In recent months, steady job creation
has supported faster growth in real consumer incomes and spending. Home sales
are at high levels, and capital spending remains robust. Moreover,
inventories are now quite lean. Lean inventories when demand is rising typical
ly stimulate a period of somewhat faster economic growth though this may not
translate into continued fast growth of profits.
An imbalance caused by rising demand and low inventories has begun to
affect reported inflation. This symptom is currently most pronounced in the
oil sector, but the strength in overall consumer demand is reigniting fears
of yet higher future inflation. Thus, bond yields have risen substantially
since January. By contrast, short-term market rates have risen only
marginally, held stable by the steadiness of the Federal Funds rate.
Surviving the midcycle growth slowdown that prevailed in 1995 raises the
odds that economic expansion can be sustained. A key concern going forward is
whether faster growth will reignite inflation. Higher inflation, if it
occurs, would justify a tighter monetary policy.
THE MARKETS
The U.S. equity market benefited from one of its most vigorous price
increases during the early months of this year. One of the underlying
reasons, in addition to economic growth, was a decision by the Federal
Reserve Board to take no action in February to change short-term interest
rates. As winter turned into spring, however, the market's own forces brought
about a tightening of long-term rates. Several times in March and April, the
prospect of higher borrowing costs jolted the stock averages. Nonetheless, by
the time your Fund's latest fiscal period ended on April 30, 1996, the major
market indexes were all solidly ahead of last year's level.
As shown by the flood of money going into mutual funds, investors appear
to have a voracious appetite for owning stocks. Saving for retirement has
become a national preoccupation, as evidenced by the growth of 401(k) and
other retirement plans. Stock market valuations have, of course, benefited
from this trend. However, if interest rates rise high enough, the attraction
of equities could diminish. The coming months will tell whether this is a
likely possibility.
<PAGE>
Value Investing
At Dreyfus, we are passionate believers in value investing. Value
investors are frugal. We want to buy growing companies, but we do not want to
pay much for them. Investing in value stocks is somewhat counter to human
nature, a decided advantage. A successful value investor does not follow the
herd of other investors, does not blindly accept widely distributed
recommendations from brokerage firms, and does not just buy glamorous
investment stories which many others already know and own. A successful value
investor is more proactive than reactive, and takes advantage of other
investors' overreaction to events. Among the numerous reasons that value
stocks may appreciate in value are lower expectations, more thorough analysis
of actual, reported data instead of forecasts, typically higher dividends,
often more stock repurchases by the companies, and the potential for
takeovers and asset restructuring. Because of its focus on securities with
low valuations, we believe value investing should result in steady investment
gains rather than wildly volatile swings in investment performance. In this
sense, it may reduce risk, and be a more conservative style of equity
investing.
PORTFOLIO FOCUS
Particularly strong results during the semi-annual period were achieved
with, among other securities, Eastman Kodak, Jones Apparel, Fila Holdings
S.P.A., A.D.R., Grand Casinos, Hewlett Packard, Lucent Technologies, Texaco
Group, FINOVA Group, ContiFinancial, Warner-Lambert, Astra A, Sandoz AG,
Southern Peru Copper, Praxair, Allied Signal, Olin, and Intimate Brands.
Results were penalized by holdings such as Kimberly-Clark, American
Greetings, Cl.A, PMI Group, Bristol-Myers Squibb, Witco, James River and the
electric/communications utility sector in general.
As the fiscal year ended, our primary investment themes included:
* Depressed high growth securities
* Asset restructuring potential
* Neglected or misunderstood companies
* New, unappreciated growth opportunities
* Particularly undervalued situations.
Thank you for the privilege of managing your assets.
Sincerely,
[Timothy M. Ghriskey Signature Logo]
Timothy M. Ghriskey
Portfolio Manager
May 10, 1996
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>
Dreyfus Large Company Value Fund
- -----------------------------------------------------------------------------
Statement of Investments April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Common Stocks-94.9% Shares Value
---------- -----------
<S> <C> <C> <C>
Commercial Services-1.3% Sensormatic Electronics.................. 12,700 $ 258,763
-----------
Consumer Durables-4.7% Eastman Kodak............................ 4,000 306,000
Hasbro................................... 8,300 305,025
Newell................................... 11,500 327,750
-----------
938,775
-----------
Consumer Non-Durables-10.1% American Greetings, Cl. A................ 11,200 309,400
Fila Holding S.P.A., A.D.R. ............. 4,500 307,125
First Brands............................. 12,000 318,000
Jones Apparel Group......................(a) 6,000 308,250
Kimberly-Clark........................... 4,200 305,025
Philip Morris Cos. ...................... 3,500 315,438
Revlon, Cl. A............................ 6,000 162,000
-----------
2,025,238
-----------
Consumer Services-5.1% Carnival, Cl. A.......................... 8,900 258,100
Grand Casinos............................(a) 7,200 233,100
News Corp, A.D.R. ....................... 10,600 249,100
Planet Hollywood International, Cl. A.... 7,000 177,625
United States Satellite Broadcasting, Cl. A 3,000 102,750
-----------
1,020,675
-----------
Electronic Technology-12.2% Boeing.................................... 3,800 312,075
Digital Equipment.........................(a) 5,300 316,675
Hewlett-Packard........................... 2,900 307,038
Lucent Technologies....................... 6,700 235,338
Perkin-Elmer.............................. 5,500 301,812
Premier Technologies...................... 8,200 309,550
Seagate Technology........................(a) 5,600 324,800
Storage Technology........................(a) 11,000 338,250
-----------
2,445,538
-----------
Energy Minerals-7.5% Amerada Hess.............................. 5,300 300,113
Amoco..................................... 4,400 321,200
Exxon..................................... 2,900 246,500
Phillips Petroleum........................ 7,500 311,250
Tosco..................................... 6,100 326,350
-----------
1,505,413
-----------
Finance-11.9% AMBAC..................................... 6,500 316,062
Alexander & Alexander Services............ 14,900 281,238
CIGNA..................................... 2,700 306,113
ContiFinancial............................ 6,400 204,000
FINOVA Group.............................. 5,900 327,450
First Chicago NBD......................... 7,800 321,750
First Union............................... 4,700 289,050
PMI Group................................. 7,700 327,250
-----------
2,372,913
-----------
<PAGE>
<CAPTION>
Dreyfus Large Company Value Fund
- ----------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
Common Stocks (continued) Shares Value
---------- -----------
<S> <C> <C> <C>
Health Services-1.3% Value Health..............................(a) 8,600 $ 250,475
-----------
Health Technology-8.2% Astra AB, Ser. A.......................... 6,400 283,627
Bard (C.R.)............................... 8,300 302,950
Baxter International...................... 7,100 314,175
Bristol-Myers Squibb...................... 2,900 238,525
ChiRex.................................... 6,000 73,500
Sandoz AG................................. 201 219,096
Warner-Lambert............................ 1,800 201,150
-----------
1,633,023
-----------
Industrial Services-1.6% Western Waste Industries..................(a) 8,300 322,662
-----------
Non-Energy Minerals-1.6% Southern Peru Copper...................... 16,900 316,875
-----------
Process Industries-4.9% Grace (W.R.) & Co. ....................... 3,500 271,250
James River............................... 9,200 246,100
Praxair................................... 4,900 189,263
Witco..................................... 8,000 273,000
-----------
979,613
-----------
Producer Manufacturing-7.4% AlliedSignal.............................. 5,500 319,687
National Service Industries............... 7,500 277,500
Olin...................................... 2,800 247,800
Raychem................................... 4,100 319,287
Westinghouse Electric..................... 16,800 317,100
-----------
1,481,374
-----------
Retail Trade-4.3% Eckerd....................................(a) 4,900 233,975
Intimate Brands, Cl. A.................... 13,900 293,637
Tandy..................................... 5,000 259,375
Thrifty Payless Holdings, Cl. B........... 6,000 81,000
-----------
867,987
-----------
Transportation-1.4% Consolidated Freightways.................. 10,400 271,700
-----------
Utilities-11.4% AT&T...................................... 4,500 275,625
Ameritech................................. 2,400 140,100
British Telecommunications plc, A.D.R. ... 5,900 324,500
Century Telephone Enterprises............. 8,600 281,650
Entergy................................... 12,400 328,600
GTE....................................... 7,000 303,625
NYNEX..................................... 4,800 235,800
Public Service Company of Colorado........ 3,300 109,312
Texas Utilities........................... 7,100 285,775
-----------
2,284,987
-----------
TOTAL COMMON STOCKS
(cost $17,526,516)...................... $18,976,011
-----------
-----------
<PAGE>
<CAPTION>
Dreyfus Large Company Value Fund
- ---------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
Principal
Short-Term Investments-10.2% Amount Value
---------- -----------
<S> <C> <C> <C>
U.S. Treasury Bills: 4.74%, 5/16/96............................ $ 7,000 $ 6,986
4.92%, 7/5/96............................. 1,931,000 1,913,660
4.98%, 7/25/96............................ 115,000 113,644
-----------
TOTAL SHORT-TERM INVESTMENTS
(cost $2,034,493)....................... $ 2,034,290
-----------
-----------
TOTAL INVESTMENTS (cost $19,561,009).............................................. 105.1% $21,010,301
------ -----------
------ -----------
LIABILITIES, LESS CASH AND RECEIVABLES............................................ (5.1%) $(1,017,104)
------ -----------
------ -----------
NET ASSETS.................................................................. 100.0% $19,993,197
------ -----------
------ -----------
</TABLE>
Note to Statement of Investments;
- ------------------------------------------------------------------------------
(a) Non-income producing.
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus Large Company Value Fund
- -----------------------------------------------------------------------------
Statement of Assets and Liabilities April 30, 1996 (Unaudited)
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $19,561,009)-see statement...................................... $21,010,301
Cash.................................................................... 510,344
Dividends and interest receivable....................................... 10,731
Receivable for shares of Common Stock subscribed........................ 5,000
Net unrealized appreciation on forward currency exchange contracts-Note 4(a) 8,485
Prepaid expenses........................................................ 16,098
------------
21,560,959
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 22,872
Due to Distributor...................................................... 3,244
Payable for investment securities purchased............................. 1,519,348
Accrued expenses........................................................ 22,298 1,567,762
---------- ------------
NET ASSETS.................................................................. $19,993,197
------------
------------
REPRESENTED BY:
Paid-in capital......................................................... $17,540,731
Accumulated undistributed investment income-net......................... 20,632
Accumulated undistributed net realized gain on investments
and foreign currency transactions..................................... 974,060
Accumulated net unrealized appreciation on investments
and foreign currency transactions..................................... 1,457,774
------------
NET ASSETS at value applicable to 1,182,043 outstanding shares of
Common Stock, equivalent to $16.91 per share
(100 million shares of $.001 par value authorized)...................... $19,993,197
------------
------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus Large Company Value Fund
- ----------------------------------------------------------------------------
Statement of Operations six months ended April 30, 1996 (Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Income:
Cash dividends (net of $422 foreign taxes withheld at source)......... $ 86,470
Interest.............................................................. 15,378
---------
Total Income.................................................... $ 101,848
Expenses:
Management fee-Note 3(a).............................................. 35,564
Shareholder servicing costs-Note 3(b)................................. 13,900
Registration fees..................................................... 8,581
Professional fees .................................................... 5,979
Custodian fees........................................................ 3,701
Prospectus and shareholders' reports.................................. 3,632
Directors' fees and expenses-Note 3(c)................................ 2,535
Miscellaneous......................................................... 3,705
---------
Total Expenses.................................................. 77,597
Less-reduction in management fee due to
undertaking-Note 3(a)............................................... 17,618
---------
Net Expenses................................................... 59,979
------------
INVESTMENT INCOME-NET.......................................... 41,869
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 4(a).............................. $969,958
Net realized gain on forward currency exchange contracts-
Short transactions.................................................... 5,518
---------
Net Realized Gain..................................................... 975,476
Net unrealized appreciation on investments and foreign currency transactions 1,138,680
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 2,114,156
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $2,156,025
------------
------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus Large Company Value Fund
- -----------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Six Months Ended
October 31, April 30, 1996
1995 (Unaudited)
----------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 94,447 $ 41,869
Net realized gain on investments.................................. 924,046 975,476
Net unrealized appreciation on investments for the period......... 318,810 1,138,680
----------- -----------
Net Increase In Net Assets Resulting From Operations............ 1,337,303 2,156,025
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................. (130,949) (91,396)
Net realized gain on investments.................................. - (870,437)
----------- -----------
Total Dividends................................................. (130,949) (961,833)
----------- -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold..................................... 224,848 12,415,453
Dividends reinvested.............................................. 130,949 961,690
Cost of shares redeemed........................................... (43,446) (1,265,241)
----------- -----------
Increase In Net Assets From Capital Stock Transactions.......... 312,351 12,111,902
----------- -----------
Total Increase In Net Assets................................ 1,518,705 13,306,094
NET ASSETS:
Beginning of period............................................... 5,168,398 6,687,103
----------- -----------
End of period (including undistributed investment income-net of
$70,159 in 1995 and $20,632 in 1996)............................ $ 6,687,103 $19,993,197
----------- -----------
----------- -----------
Shares Shares
------------ -----------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 15,585 763,118
Shares issued for dividends reinvested............................ 11,116 65,600
Shares redeemed................................................... (3,424) (79,169)
----------- -----------
Net Increase In Shares Outstanding.............................. 23,277 749,549
----------- -----------
----------- -----------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus Large Company Value Fund
- -----------------------------------------------------------------------------
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>
Year Ended October 31, Six Months Ended
------------------------ April 30,1996
PER SHARE DATA: 1994(1) 1995 (Unaudited)
------ ------ ----------
<S> <C> <C> <C>
Net asset value, beginning of period............ $12.50 $12.63 $15.46
------ ------ ------
Investment Operations:
Investment income-net........................... .26 .22 .07
Net realized and unrealized gain (loss) on investments (.13) 2.93 3.59
------ ------ ------
Total from Investment Operations.............. .13 3.15 3.66
------ ------ ------
Distributions:
Dividends from investment income-net............ - (.32) (.21)
Dividends from net realized gain on investments. - - (2.00)
------ ------ ------
Total Distributions........................... - (.32) (2.21)
------ ------ ------
Net asset value, end of period.................. $12.63 $15.46 $16.91
------ ------ ------
------ ------ ------
TOTAL INVESTMENT RETURN............................. 1.04%(2) 25.73% 25.87%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets......... - .83% .63%(2)
Ratio of net investment income to average net assets 2.08%(2) 1.64% .44%(2)
Decrease reflected in above expense ratios due to
undertakings by the Manager................... 2.01%(2) 1.76% .18%(2)
Portfolio Turnover Rate......................... 48.35%(2) 143.61% 91.50%(2)
Average commission rate paid(3)................. - - $.0469
Net Assets, end of period (000's omitted)....... $5,168 $6,687 $19,993
<FN>
- ----------------------
(1) From December 29, 1993 (commencement of operations) to October 31, 1994.
(2) Not annualized.
(3) For fiscal years beginning on or after September 1, 1995, the Fund is
required to disclose its average commission rate
paid per share for purchases and sales of investment securities.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus Large Company Value Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-Significant Accounting Policies:
Dreyfus Growth and Value Funds, Inc. (the "Company") is registered under
the Investment Company Act of 1940 ("Act") as a diversified open-end
management investment company and operates as a series company currently
offering eight series, including the Dreyfus Large Company Value Fund (the
"Fund"). The Fund's investment objective is capital appreciation. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager
is a direct subsidiary of Mellon Bank, N.A. ("Mellon"). Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge.
The Company accounts separately for the assets, liabilities and
operations of each fund. Expenses directly attributable to each fund are
charged to that fund's operations; expenses which are applicable to all
series are allocated among them on a pro rata basis.
As of April 30, 1996, Major Trading Corporation, a subsidiary of Mellon
Bank Investments Corporation, the parent company of which is Mellon Bank
Corporation, held 475,168 shares of the Fund.
(a) Portfolio valuation: The Fund's investments in securities (including
options and financial futures) 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, except for open short positions, where the asked price is used
for valuation purposes. Bid price is used when no asked price is available.
Investments denominated in foreign currencies are translated to U.S. dollars
at the prevailing rates of exchange. Forward currency exchange contracts are
valued at the forward rate.
(b) Foreign currency transactions: The Fund does not isolate that portion
of the results of the operations resulting from changes in foreign exchange
rates on investments from the fluctuations arising from changes in market
prices of securities held. Such fluctuations are included with the net
realized and unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency
gains or losses realized on securities transactions, the difference between
the amount of dividends, interest, and foreign withholding taxes recorded on
the Fund's books, and the U.S. dollar equivalent of the amounts actually
received or paid. Net unrealized foreign exchange gains or losses arise from
changes in the value of assets and liabilities other than investments in
securities, resulting from changes in exchange rates. Such gains and losses
are included with net realized and unrealized gain or loss on investments.
(c) 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.
(d) 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
<PAGE>
Dreyfus Large Company Value Fund
- ----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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.
(e) 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:
In accordance with an agreement with a bank, the Fund may borrow up to $2
million under a short-term unsecured line of credit. Interest on borrowings
is charged at rates which are related to Federal Funds rates in effect from
time to time.
During the six months ended April 30, 1996, there were no borrowings
under the line of credit.
NOTE 3-Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager,
the management 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. The Agreement
provides that if in any full fiscal year the aggregate expenses of the Fund,
exclusive of 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 payments to be made to the Manager, or the
Manager will bear the amount of such excess to the extent required by state
law. The most stringent state expense limitation applicable to the Fund
presently requires reimbursement of expenses in any full fiscal year that
such expenses (exclusive of certain expenses as described above) exceed 2-1/2%
of the first $30 million, 2% of the next $70 million and 1-1/2% of the excess
over $100 million of the average value of the Fund's net assets in accordance
with California "blue sky" regulations. The Manager has currently undertaken
from November 1, 1995 through October 31, 1996 to reduce the management fee
paid by or reimburse such excess expenses of the Fund, to the extent that the
Fund's aggregate annual expenses (exclusive of certain expenses as described
above) exceed an annual rate of 1.25 of 1% of the value of the Fund's average
daily net assets. The reduction in management fee, pursuant to the
undertaking, amounted to $17,618 for the six months ended April 30, 1996.
The undertaking may be extended, modified or terminated by the Manager,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(b) Under the Shareholder Services Plan, the Fund pays the Distributor at
an annual rate of .25 of 1% of the value of the Fund's average daily net
assets for the provision of certain services. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
The Distributor may make payments to Service Agents (a securities dealer,
financial institution or other industry professional) in respect of these
services. The Distributor determines the amounts to be paid to Service
Agents. During the six months ended April 30, 1996, the Fund was charged an
aggregate of $11,855 pursuant to the Shareholder Services Plan.
<PAGE>
Dreyfus Large Company Value Fund
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $1,553 for the period from
December 1, 1995 through April 30, 1996.
Effective May 10, 1996, the Fund entered into a Custody Agreement with
Mellon to provide custodial services for the Fund.
(c) Each director who is not an "affiliated person" as defined in the Act
receives from the Company an annual fee of $5,000 and an attendance fee of
$500 per meeting. The Chairman of the Board receives an additional 25% of
such compensation.
(d) Brokerage commissions: For the six months ended April 30, 1996, the
Fund incurred total brokerage commissions of $29,035, of which $7,076 was
paid to Dreyfus Investment Services Corporation, a subsidiary of Mellon Bank
Corporation.
NOTE 4-Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the six months ended April 30, 1996,
amounted to $19,203,947 and $9,020,971, respectively.
The following summarizes open forward currency contracts at April 30,
1996:
<TABLE>
<CAPTION>
Foreign Currency U.S. Dollar Unrealized
Forward Currency Sale Contracts Amount Proceeds Value Appreciation
------------------------------ --------------- --------- ----------- ------------
<S> <C> <C> <C> <C>
Swedish Krona, expiring 6/18/96........... 1,600,000 $236,354 $235,873 $ 481
Swiss Francs, expiring 6/18/96............ 230,000 193,908 185,904 8,004
-------
$8,485
-------
-------
</TABLE>
The Fund enters into forward currency exchange contracts in order to
hedge its exposure to changes in foreign currency exchange rates on its
foreign portfolio holdings. When executing forward currency exchange
contracts, the Fund is obligated to buy or sell a foreign currency at a
specified rate on a certain date in the future. With respect to sales of
forward currency exchange contracts, the Fund would incur a loss if the value
of the contract increases between the date the forward contract is opened and
the date the forward contract is closed. The Fund realizes a gain if the
value of the contract decreases between those dates. With respect to
purchases of forward currency exchange contracts, the Fund would incur a loss
if the value of the contract decreases between the date the forward contract
is opened and the date the forward contract is closed. The Fund realizes a
gain if the value of the contract increases between those dates. The Fund is
also exposed to credit risk associated with counter party nonperformance on
these forward currency exchange contracts which is typically limited to the
unrealized gains on such contracts that are recognized in the Statement of
Assets and Liabilities.
(b) At April 30, 1996, accumulated net unrealized appreciation on
investments and foreign currency exchange contracts was $1,457,777,
consisting of $1,583,507 gross unrealized appreciation and $125,730 gross
unrealized depreciation.
At April 30, 1996, 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>
Dreyfus Large Company Value Fund
- --------------------------------------------------------------------------
Review Report of Ernst & Young LLP, Independent Accountants
Shareholders and Board of Directors
Dreyfus Large Company Value Fund
We have reviewed the accompanying statement of assets and liabilities,
including the statement of investments, of Dreyfus Large Company Value Fund
(one of the Funds constituting Dreyfus Growth and Value Funds, Inc.) as of
April 30, 1996, and the related statements of operations and changes in net
assets and financial highlights for the six month period ended April 30,
1996. 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
October 31, 1995 and financial highlights for each of the two years in the
period ended October 31, 1995 and in our report dated December 7, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
Ernset & Young LLP
New York, New York
May 30, 1996
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Dreyfus Large Company Value Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 251SA964
