DREYFUS AGGRESSIVE GROWTH FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
The latest semi-annual fiscal period for the Dreyfus Aggressive Growth
Fund ended February 28, 1997. Over this period, your Fund produced a total
return of -13.83%,* compared with a total return of 22.52% for the Standard &
Poor's 500 Composite Stock Price Index.**
The stock market for the past six months has favored large, mature blue
chip companies, rather than the kinds of small cap companies sought out by
Dreyfus Aggressive Growth.
This was one factor in the underperformance of your Fund. The period
included calendar year-end selling pressure during the October-December
quarter that sharply hurt many of the Fund's more volatile smallest
capitalization shares.
ECONOMIC REVIEW
Economic evidence in early 1997 indicates that real GDP growth has not
slowed significantly. A key economic risk now developing lies in a further
escalation of labor market tightness which could fuel faster wage inflation.
This is reigniting fears of higher future price inflation, even while current
prices are held low by the strong dollar. Market interest rates have recently
been led higher by rising expectations for a Federal Reserve tightening in
coming months, which could help temper demand and would support our view that
we are still in a long economic cycle.
In the household sector, confidence is soaring, job insecurity is
disappearing and real wages are rising. Hence, consumer spending growth
appears fairly solid in early 1997. Simultaneously, a rebound in production
of consumer goods is underway, both to meet the demand and replenish
inventories left depleted at year-end. Elsewhere, capital goods orders have
been slowing since last fall, while export orders are less strong in early
1997, somewhat hurt by the higher dollar. However, a rise in demand for consum
er goods typically will attract imports, bolstering growth overseas; better
foreign economic growth may help offset the higher dollar to sustain demand
for U.S. exports.
Although wages have been on the rise since the fall of 1996, price
inflation has continued to decelerate. Hence, real wages are rising,
rewarding productivity in many instances. The risks for the future from wage
hikes that are driven by labor shortages are twofold: first, they may fuel
overheating in the economy, ultimately promoting price inflation; second,
they may slow profits for some companies. Profits are also vulnerable this
year for import-competing companies and at multinationals that have not
hedged their foreign currency exposure. Nonetheless, we expect overall
profits to sustain steady growth in 1997.
Market interest rates have shifted higher recently. Short-term rates are
taking their cue from the Fed, expecting a tightening within a few months.
Long-term rates, still within the trading range established over the last 12
months, have nevertheless trended higher. Announcement of a balanced Federal
budget agreement would represent a positive development that could curtail
the rise in bond yields.
The economy will shortly begin its seventh expansion year, a trend that
we believe could continue. A step by the Federal Reserve to tighten interest
rates could prolong this favorable business cycle.
MARKET OVERVIEW
The stock market activity encompassed by the six-month fiscal period
under review was remarkable, by any standard. The Dow Jones Industrials began
the period in early September in the 5700s, broke through 6000 by
mid-October, churned around a bit in December, then resumed a steady rise,
breaking the 7000-point barrier Valentine's week. But that was not the end of
the story. In February, Federal Reserve Chairman Alan Greenspan returned to a
theme he had initiated earlier - his worries about stock market excesses and
an overheating economy, which could bring about a need for raising interest
rates. By the end of February, the market mood had changed. Investors were
preoccupied with Greenspan's warnings, even though the Fed Chairman explained
that the ongoing business expansion was moderate and did not appear to be
inflationary.
The stock market remains closely attuned to such factors as interest
rates and corporate profits. In this climate, larger companies appeared to
fare better than smaller ones, and "value" stocks - sought after for their
low price valuations - stood up better than growth stocks.
To judge by the market's performance, however, investors can quickly
ignore the market's fundamental strengths, particularly when scared by a hint
of higher interest rates, or by specific cases of disappointing profits. This
latter factor has affected such market keystones as AT&T, but also shows up
in recent valuations of some technology stocks, particularly the smaller
capitalized ones.
Thus, as the fiscal half-year ended, the mood of investors appeared to be
hopeful, but very wary.
PORTFOLIO FOCUS
The portfolio's primary overweightings continue to be in health care,
technology, and consumer shares, emphasizing smaller capitalization
companies. Many of the stock holdings have a market capitalization under $250
million. Smaller capitalization shares that declined sharply during the
June-July 1996 broad market fall were subject to severe tax-loss selling by
mutual funds in October and general investors in November and December. Many
of the Fund's holdings fell vulnerable to severe liquidation during this
period even though, in our view, the longer-term fundamental outlook remains
favorable. The investment focus on a one-year and longer fundamental time
horizon continues to represent the Fund's primary strategic approach.
The seven largest portfolio holdings represent over 25% of the Fund's
assets and reflect an aggressive growth emphasis on technology (TriTeal, MRV
Communications, Mercury Interactive), health care (Oncor, Complete
Management) and consumer growth (Ultrafem, Cinar Films). These are companies
with strong above-average growth opportunities through important new product
introductions in 1997 and 1998. The largest fund holdings all have strong new
revenue growth expected to evolve during the first half of 1997 as new
products continue to be successfully introduced.
Four of the Fund's holdings accounted for much of the decline in total
return, both due to the degree of their price changes and to the relative
importance of these positions in the portfolio. The four are: Ultrafem,
Complete Management, Commodore Applied Technologies, and Fuisz Technologies.
We still have confidence in these companies and continue to hold significant
positions in these issues.
For the longer term, we continue to believe strongly in the growth
potential of small capitalization stocks with strong fundamental growth
prospects over a time frame of twelve to eighteen months.
Thank you for allowing Dreyfus to invest money on your behalf. We
appreciate the opportunity to serve you.
Sincerely,
[Michael L. Schonberg signature logo]
Michael L. Schonberg
Portfolio Manager
March 19, 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.
<TABLE>
DREYFUS AGGRESSIVE GROWTH FUND
STATEMENT OF INVESTMENTS FEBRUARY 28,1997 (UNAUDITED)
Common Stocks-100.3% Shares Value
------- -------
<S> <C> <C> <C>
Commercial Services-3.1% Ensec International 150,000 $ 862,500
Quintel Entertainment................ (a) 180,000 2,160,000
-------
3,022,500
-------
Consumer Durables-.3% Black Rock Golf........ 147,000 330,750
-------
Consumer Non-Durables-4.7% American Craft Brewing International 95,000 178,125
American Craft Brewing International (Warrants) (a) 85,000 58,438
Ultrafem............................... 265,000 4,372,500
-------
4,609,063
-------
Consumer Services-9.0% Alma International.... (a) 1,000,000 2,625,000
Cinar Films, Cl. B................... (a) 150,000 3,750,000
Famous Dave's of America (Units)....... 110,000 976,250
Wiztec Solutions....................... 250,000 1,562,500
-------
8,913,750
-------
Electronic Technology-10.3% Advanced Photonix, Cl. A (a) 520,000 1,170,000
Allin Communications................... 60,000 1,140,000
Larson Davis......................... (a) 155,000 1,705,000
MRV Communications................... (a) 183,000 4,437,750
Personal Computer Products........... (a) 283,000 1,662,625
-------
10,115,375
-------
Energy Minerals-2.8% Rutherford-Moran Oil.... 37,500 764,062
Transmontaigne Oil................... (a) 135,000 1,991,250
-------
2,755,312
-------
Finance-3.3% American Medical Technologies... (a) 350,000 623,438
Commodore Environmental Services..... (a) 995,000 1,368,125
Preferred Employers Holdings........... 171,200 1,305,400
-------
3,296,963
-------
Health Services-15.2% Atlantic Pharmaceuticals (a,b) 140,000 788,375
Complete Management.................. (a) 310,000 3,642,500
Comprehensive Care................... (a) 130,000 1,982,500
Core........................................ (a) 167,500 1,486,562
HemaCare............................. (a) 350,000 1,093,750
OMEGA Health Systems................. (a) 250,000 1,656,250
OncorMed............................. (a) 250,000 1,453,125
OnGard Systems....................... (a) 220,000 550,000
Patient Infosystems.................... 253,500 2,344,875
-------
14,997,937
-------
Health Technology- 20.8% Avigen.............. 330,000 1,644,844
BioCryst Pharmaceuticals............. (a) 75,000 1,125,000
Bone Care International................ 110,000 1,100,000
ChiRex...................................... 290,000 3,298,750
Cytoclonal Pharmaceutics............. (a) 135,000 472,500
DREYFUS AGGRESSIVE GROWTH FUND
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28,1997 (UNAUDITED)
Common Stock (continued) Shares Value
------- -------
Health Technology (continued) Cytoclonal Pharmaceutics (Warrants) (a) 200,000 $ 250,000
Fuisz Technologies................... (a) 235,000 1,615,625
MacroChem............................ (a) 280,000 1,960,000
NeoPharm............................... 120,000 1,050,000
Oncor....................................... (a) 1,100,000 4,400,000
Sepracor............................. (a) 65,000 1,568,125
VIMRx Pharmaceuticals................ (a) 800,000 2,000,000
-------
20,484,844
-------
Industrial Services-4.4% Commodore Applied Technologies 525,000 3,248,438
Commodore Applied Technologies (Warrants) (a) 300,000 562,500
ERD Waste............................ (a) 285,000 543,281
-------
4,354,219
-------
Process Industries-2.0% Chromatics Color Science International (a) 240,000 1,350,000
Ocal........................................ 150,000 600,000
-------
1,950,000
-------
Technology Services-22.3% Crystal Systems Solutions 175,000 2,067,188
EA Industries........................ (a) 250,000 1,312,500
Four Media............................. 250,000 2,531,250
Image Guided Technologies.............. 150,000 1,050,000
Imnet Systems........................ (a) 85,000 2,071,875
Integrated Technology USA.............. 150,000 225,000
Integrated Technology USA (Warrants). (a) 150,000 32,812
Level 8 Systems...................... (a) 170,000 1,785,000
Mercury Interactive.................. (a) 290,000 3,770,000
Microvision............................ 140,000 717,500
Microvision (Warrants)............... (a) 140,000 196,875
Smallworldwide, A.D.R. ................ 50,000 812,500
TriTeal..................................... 325,000 5,362,500
-------
21,935,000
-------
Utilities-2.1% Amnex......................... (a) 225,000 801,562
Intellicell............................ 50,000 400,000
U.S. Energy Systems.................. (a) 150,000 768,750
U.S. Energy Systems (Warrants)....... (a) 50,000 62,500
-------
2,032,812
-------
TOTAL COMMON STOCKS
(cost $111,334,616).................. $98,798,525
=======
DREYFUS AGGRESSIVE GROWTH FUND
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28,1997 (UNAUDITED)
Principal
Short-Term Investments-1.0% Amount Value
------- -------
U.S. Treasury Bills; 5.06%, 5/29/97
(cost $999,341)...................... $ 1,012,000 $ 999,269
=======
TOTAL INVESTMENTS (cost $112,333,957)....................................... 101.3% $99,797,794
==== =======
LIABILITIES, LESS CASH AND RECEIVABLES...................................... (1.3%) $ (1,281,454)
==== =======
NET ASSETS.................................................................. 100.0% $98,516,340
==== =======
</TABLE>
Notes to Statement of Investments:
(a) Non-income producing.
(b) Security restricted as to public resale. Investment in restricted
security, with an aggregate market value of $788,375, represents
approximately .8% of net assets;
<TABLE>
Acquisition Purchase Percentage of
Issuer Date Price Net Assets Valuation*
- ------ ---------- ---------- -------------- --------------
<S> <C> <C> <C> <C>
Atlantic Pharmaceuticals...................... 8/16/96 $6.12 .8% 15% discount
to market value
</TABLE>
* The valuation of this security has been determined in good faith under
the direction of the Board of Directors.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
DREYFUS AGGRESSIVE GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES FEBRUARY 28, 1997 (UNAUDITED)
Cost Value
------- -------
<S> <C> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $112,333,957 $ 99,797,794
Cash....................................... 465,192
Receivable for investment securities sold.. 1,554,730
Receivable for shares of Common Stock subscribed 105,626
Dividends and interest receivable.......... 4,042
Prepaid expenses........................... 52,134
-------
101,979,518
-------
LIABILITIES: Due to The Dreyfus Corporation and affiliates 76,116
Due to Distributor......................... 21,244
Payable for shares of Common Stock redeemed 3,165,573
Payable for investment securities purchased 118,125
Loan commitment fees and interest payable.. 26,906
Accrued expenses........................... 55,214
-------
3,463,178
-------
NET ASSETS.................................................................. $ 98,516,340
=======
REPRESENTED BY: Paid-in capital............................ $126,684,796
Accumulated investment (loss).............. (1,640,148)
Accumulated net realized gain (loss) on investments (13,992,145)
Accumulated net unrealized appreciation (depreciation)
on investments-Note 4 (12,536,163)
-------
NET ASSETS.................................................................. $ 98,516,340
=======
SHARES OUTSTANDING
(100 MILLION SHARES OF $.001 PAR VALUE COMMON STOCK AUTHORIZED)............. 5,035,246
NET ASSET VALUE, offering and redemption price per share ................... $19.57
=======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
DREYFUS AGGRESSIVE GROWTH FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED FEBRUARY 28, 1997 (UNAUDITED)
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME: Cash dividends............................. $ 21,580
Interest................................... 20,684
-------
Total Income........................... $ 42,264
EXPENSES: Management fee-Note 3(a)................... 397,588
Interest-Note 2............................ 410,668
Shareholder servicing costs-Note 3(b)...... 254,310
Loan commitment fees-Note 2................ 25,694
Prospectus and shareholders' reports....... 22,745
Professional fees.......................... 13,572
Registration fees.......................... 12,736
Directors' fees and expenses-Note 3(c)..... 11,119
Custodian fees-Note 3(b)................... 5,753
Miscellaneous.............................. 1,049
-------
Total Expenses......................... 1,155,234
-------
INVESTMENT (LOSS)........................................................... (1,112,970)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 4:
Net realized gain (loss) on investments.... $(11,837,559)
Net unrealized appreciation (depreciation) on investments (4,483,106)
-------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... (16,320,665)
-------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(17,433,635)
=======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
DREYFUS AGGRESSIVE GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
February 28, 1997 Year Ended
(Unaudited) August 31, 1996*
---------- ---------
<S> <C> <C>
OPERATIONS:
Investment (loss).................................................... $ (1,112,970) $ (527,178)
Net realized gain (loss) on investments.............................. (11,837,559) (2,154,586)
Net unrealized appreciation (depreciation) on investments............ (4,483,106) (8,053,057)
-------- --------
Net Increase (Decrease) in Net Assets Resulting from Operations.... (17,433,635) (10,734,821)
-------- --------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 135,011,670 320,310,618
Cost of shares redeemed.............................................. (138,447,887) (190,235,261)
-------- --------
Increase (Decrease) in Net Assets from Capital Stock Transactions.. (3,436,217) 130,075,357
-------- --------
CAPITAL CONTRIBUTION FROM AN AFFILIATE OF THE ADVISER-Note 3(d)........ 45,656 ---
-------- --------
Total Increase (Decrease) in Net Assets.......................... (20,824,196) 119,340,536
NET ASSETS:
Beginning of Period.................................................. 119,340,536 ---
-------- --------
End of Period........................................................ $ 98,516,340 $ 119,340,536
======== ========
UNDISTRIBUTED INVESTMENT (LOSS)........................................ $ (1,640,148) ---
-------- --------
Shares Shares
-------- --------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 6,421,268 13,250,405
Shares redeemed...................................................... (6,642,100) (7,994,327)
-------- --------
Net Increase (Decrease) in Shares Outstanding...................... (220,832) 5,256,078
======== ========
______________________________
*From September 29, 1995 (commencement of operations) to August 31, 1996.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS AGGRESSIVE GROWTH 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>
Six Months Ended Year Ended
February 28, 1997 August 31,
PER SHARE DATA: (Unaudited) 1996(1)
-------------- ------------
<S> <C> <C>
Net asset value, beginning of period................................ $22.71 $12.50
---- ----
Investment Operations:
Investment (loss)................................................... (.23) (.10)
Net realized and unrealized gain (loss)
on investments.................................................... (2.92) 10.31(2)
---- ----
Total from Investment Operations.................................... (3.15) 10.21
---- ----
Capital Contribution from an affiliate of the Adviser............... .01 -
---- ----
Net asset value, end of period...................................... $19.57 $22.71
==== ====
TOTAL INVESTMENT RETURN(3).............................................. (13.83%) 81.68%
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets(3)................ .67% 1.16%
Ratio of interest expense and loan commitment fees
to average net assets(3).......................................... .41% .24%
Ratio of net investment (loss)
to average net assets(3).......................................... (1.04%) (1.04%)
Decrease reflected in above expense ratios
due to undertaking by the Manager(3).............................. - .17%
Portfolio Turnover Rate(3).......................................... 42.97% 125.17%
Average commission rate paid(4)..................................... $.0492 $.0543
Net Assets, end of period (000's Omitted)........................... $98,516 $119,341
_____________________________
(1) From September 29, 1995 (commencement of operations) to August 31, 1996.
(2) In addition to the net realized and unrealized loss on investments, this amount includes an increase in net asset value
per share resulting from the timing of issuances and redemptions of Fund
shares in relation to fluctuating market values for the portfolio.
(3) Not annualized.
(4) 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.
DREYFUS AGGRESSIVE GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Aggressive Growth Fund (the "Fund") is a series of Dreyfus Growth
and Value Funds, Inc. (the "Company") which 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 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") is 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 funds
are allocated among them on a pro rata basis.
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: 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.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net and dividends from net realized
capital gain, if any, are normally declared and paid annually, but the Fund
may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code. To the extent that
net realized capital gain can be offset by capital loss carryovers, it is the
policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $33,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to August 31, 1996. The
carryover does not include net realized securities losses from November 1,
1995 through August 31, 1996 which are treated, for Federal income tax
purposes, as arising in fiscal 1997. If not applied, the carryover expires in
fiscal 2004.
NOTE 2-BANK LINE OF CREDIT:
The Fund may borrow up to $40 million for leveraging purposes under a
short-term unsecured line of credit and participates with other
Dreyfus-managed Funds in a $100 million unsecured line of credit primarily to
be utilized for temporary or emergency purposes, including the financing of
redemptions. Interest is charged to the Fund at rates
DREYFUS AGGRESSIVE GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
which are related to the Federal Funds rate in effect at the time of
borrowings and an additional commitment fee is paid on the line of credit
utilized for leveraging. At February 28, 1997, there were no outstanding
borrowings under either line of credit.
The average daily amount of borrowings outstanding under both
arrangements during the period ended February 28, 1997 was approximately
$13.0 million with a related weighted average annualized interest rate of
6.38%. The maximum amount borrowed at any time during the period ended
February 28, 1997, was $26.4 million.
NOTE 3-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management 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.
(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 period ended February 28, 1997, the Fund was charged an
aggregate of $132,529 pursuant to the Shareholder Services Plan.
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 $66,975 during the period ended February 28, 1997.
The Fund compensates Mellon under a custody agreement to provide
custodial services for the Fund. During the period ended February 28, 1997,
$5,753 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 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) During the period ended February 28, 1997, an affiliate of the Fund's
adviser reimbursed the Fund for certain capital stock transactions.
(E) Effective March 1, 1997, a 1% redemption fee is charged on certain
redemptions of Fund shares (including redemption through use of the Fund
Exchanges service) where the shares being redeemed were issued subsequent to
a specified effective date and the redemption or exchange occurs less than
fifteen days following the date of issuance.
NOTE 4-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended February 28, 1997,
amounted to $50,715,466 and $73,609,934, respectively.
At February 28, 1997, accumulated net unrealized depreciation on
investments was $12,536,163, consisting of $8,300,178 gross unrealized
appreciation and $20,836,341 gross unrealized depreciation.
At February 28, 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).
[Dreyfus lion "d" logo]
Registration Mark
DREYFUS AGGRESSIVE GROWTH 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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 256SA972
[Dreyfus logo]
Registration Mark
Aggressive Growth
Fund
Semi-Annual
Report
February 28, 1997
