<PAGE>
Dreyfus
Large Company
Growth Fund
Annual Report
October 31, 1997
<PAGE>
Dreyfus Large Company Growth Fund
- -------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this annual report for Dreyfus Large
Company Growth Fund, a Dreyfus Growth & Value Fund, for the fiscal year ended
October 31, 1997. Over this period, your Fund produced a total return of
16.27%,* which compares with a total return of 32.10%** for the Standard &
Poor's 500 Composite Stock Price Index.
ECONOMIC REVIEW
The U.S. economy has registered a step-up in growth thus far in 1997 and
incoming evidence suggests that momentum is still building. Stronger growth this
year has helped keep corporate profits buoyant despite a substantially tighter
labor market. This is because nationwide shortages of labor have so far not
generated much wage inflation. Moreover, price inflation has decelerated
markedly during the year suppressed by the strong dollar, import competition and
continued disinflation in health care.
Although the Federal Reserve Board (the "Fed") has held a tightening bias
since mid-1996, the central bank has raised interest rates only once this year.
Expectations for further hikes have been continually postponed. They were first
dampened by the surprising drop in this year's price inflation, and more
recently by unfolding crises in foreign economies. Both events have helped to
cap short-term rates and to pull long-term interest rates lower since the
spring.
Real Gross Domestic Product ("GDP") growth accelerated to about 4% this year
from 3% in 1996. Virtually all economic sectors have been strong so far.
Consumer spending has been supported by rising real incomes. Capital spending
has been very robust and incoming orders imply continued strength. Even housing
demand, typically slowing at this phase of the business cycle, has reached new
highs. Most incoming signals support sustained fast growth. The exception is
that exporters' new orders have marginally slowed in recent months, indicating
that economic turmoil overseas may be impacting this sector. By contrast,
imports have been very robust and, if their growth is sustained, could help
mitigate the economic weakness abroad.
Overall corporate profits have continued to trend higher, although some
companies have been hurt by events overseas and the stronger dollar.
Domestically generated profits have typically remained solid, helped by strong
growth and contained wages.
MARKET OVERVIEW
The securities markets generally rose during the last year, though they
experienced several corrections along the way, including a small correction in
December 1996, a sharper broad-based decline in March-May 1997, a decline led
by large capitalization shares in August and another very volatile period in
October. While earnings growth was solid throughout the fiscal year, shifting
expectations for economic growth and interest rates, both domestic and abroad,
had the most impact on short-term stock market moves.
When economic growth expectations began to favor stronger growth and the Fed
raised short-term interest rates in early 1997, fears of even higher interest
rates caused a sharp and broad stock market correction similar to the stock drop
during the mid-1996 decline when U.S. interest rates also rose for a couple of
months. When commodity prices and interest rates then declined near mid-1997,
stocks rallied encouraged by solid first- and later second-quarter corporate
earnings growth. Only in August, when a few major companies like Coca-Cola and
Gillette indicated some disappointing fundamental growth prospects, did the
year-long leadership of large capitalization shares seem to pause. Extreme stock
price volatility in October was first caused by overseas events involving
extreme currency, economic and interest rate moves in many Asian countries and a
few Latin American emerging markets. This impact on U.S. stocks, now dubbed "the
Asian flu," hurt many large U.S. shares as analysts estimated the negative
impact of these overseas trends on earnings prospects for U.S. companies with
international operations.
<PAGE>
The shifting market volatility affected the relative performance of several
growth-oriented sectors unevenly during the fiscal year. Higher-beta (more
volatile) shares in the technology and health care sectors generally
outperformed during the rising markets in early 1997 and during the summer
months of June through September but sharply underperformed the market, as
represented by the S&P 500 Index, during the greatest periods of decline in
March, April and October.
PORTFOLIO FOCUS
The Fund's emphasis on companies with high earnings-growth expectations for
the next 12 to 18 months included many health care, electronic technology and
energy service industrial shares that experienced volatile stock price moves,
both up and down, consistent with the overall market swings during the fiscal
year. Beyond the overall market influences, company-specific news also had a
notable impact on overall Fund performance. Rising earnings expectations
benefited shares of Sunbeam (consumer durables), ENSCO International (energy
service), Crompton & Knowles (chemicals), AES (utilities), Starwood Lodging
(hotels) and Mylan Laboratories (pharmaceuticals). New product approvals and
introductions, for example, were especially beneficial for raising expectations
for Mylan Laboratories' earnings. Negative news and reduced expectations hurt
performance of Teva Pharmaceuticals Industries, A.D.R. and Interneuron
Pharmaceuticals, McAfee Associates (software), Sun International Hotels
(hotels), and Corrections Corporation of America (prison management).
At present, health care, technology, industrial services and finance holdings
represent over 63% of the Fund's assets. The nine largest positions represent
over 40% of the Fund's assets and reflect strong 1998 earnings growth
expectations in selected technology (Check Point Software Technologies, Texas
Instruments), health care (Mylan Laboratories, Agouron Pharmaceuticals), lodging
(Starwood Lodging), energy (AES, Smith International), finance (Green Tree
Financial) and chemical companies (Crompton & Knowles). The Fund continues to
maintain a near fully invested equity position.
As the end of the calendar year approaches, we are concentrating on economic
and corporate fundamentals for 1998 and beginning to make calculations for 1999.
Sincerely,
/s/ Michael Schonberg
Michael Schonberg
Portfolio Manager
November 18, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor's 500 Composite Stock Price Index is a widely accepted
unmanaged index of U.S. stock market performance.
<PAGE>
Dreyfus Large Company Growth Fund October 31, 1997
- -------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
DREYFUS LARGE COMPANY GROWTH FUND
AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX
Dollars
$21,466
Standard & Poor's 500
Composite Stock
Price Index*
$17,290
Dreyfus Large Company
Growth Fund
*Source: Lipper Analytical Services, Inc.
Average Annual Total Returns
- -------------------------------------------------------------------------------
One Year Ended From Inception (12/29/93)
October 31, 1997 to October 31, 1997
------------------ -------------------------
16.27% 15.32%
- -------------------
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus Large Company
Growth Fund on 12/29/93 (Inception Date) to a $10,000 investment made in the
Standard & Poor's 500 Composite Stock Price Index on that date. For comparative
purposes, the value of the Index on 12/31/93 is used as the beginning value on
12/29/93. All dividends and capital gain distributions are reinvested.
The Fund's performance shown in the line graph takes into account all applicable
fees and expenses. The Standard & Poor's 500 Composite Stock Price Index is a
widely accepted, unmanaged index of overall stock market performance, which does
not take into account charges, fees and other expenses. Further information
relating to Fund performance, including expense reimbursements, if applicable,
is contained in the Financial Highlights section of the Prospectus and elsewhere
in this report.
<PAGE>
Dreyfus Large Company Growth Fund
- -------------------------------------------------------------------------------
Statement of Investments October 31, 1997
<TABLE>
<CAPTION>
Common Stocks--98.5% Shares Value
- ----------------------------------------------------------------- ------ ------------
<S> <C> <C> <C>
Commercial Services--2.6% At Home, Cl. A.................. 13,300 $ 320,863
-----------
Consumer Durables--3.0% Sunbeam......................... 8,000 362,500
-----------
Consumer Non-Durables--3.8% Coca-Cola....................... 4,000 226,000
Philip Morris .................. 3,000 118,875
Warnaco Group, Cl. A............ 4,000 113,000
-----------
457,875
-----------
Consumer Services--5.9% Clear Channel Communications..(a) 3,000 198,000
Host Marriott.................(a) 15,000 313,125
Sun International Hotels......(a) 6,000 216,000
-----------
727,125
-----------
Electronic Technology--12.9% Applied Materials.............(a) 6,000 200,250
Cisco Systems.................(a) 4,000 328,125
Etec Systems..................(a) 8,000 357,000
Intel............................ 2,000 154,000
Texas Instruments................ 5,000 533,437
-----------
1,572,812
-----------
Finance--21.0% American International Group..... 1,500 153,094
Associates First Capital, Cl. A.. 2,500 159,062
ContiFinancial................(a) 11,000 312,812
Fremont General.................. 8,000 373,000
Green Tree Financial............. 12,500 526,563
Starwood Lodging Trust........... 11,500 687,844
Vornado Realty Trust............. 8,000 357,000
-----------
2,569,375
-----------
Health Technology--17.9% Agouron Pharmaceuticals.......(a) 12,000 547,500
Boston Scientific.............(a) 9,000 409,500
Mylan Laboratories............... 35,000 767,813
Teva Pharmaceutical Industries,
A.D.R.......................... 10,000 467,500
-----------
2,192,313
-----------
Industrial Services--12.3% AES...........................(a) 14,000 554,750
ENSCO International.............. 10,000 420,625
Smith International...........(a) 7,000 533,750
-----------
1,509,125
-----------
Process Industries--4.1% Crompton & Knowles............... 20,000 505,000
-----------
</TABLE>
<PAGE>
Dreyfus Large Company Growth Fund
- -------------------------------------------------------------------------------
Statement of Investments (Continued) October 31, 1997
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ----------------------------------------------------------------- ------ ------------
<S> <C> <C> <C>
Producer Manufacturing--2.9% Corporate Express............(a) 15,000 $ 220,312
General Electric................ 2,000 129,125
-----------
349,437
-----------
Technology Services--12.1% America Online................. 6,000 462,000
Check Point Software
Technologies..............(a) 15,000 639,375
McAfee Associates...........(a) 5,000 248,750
Microsoft...................(a) 1,000 130,000
-----------
1,480,125
-----------
TOTAL INVESTMENTS (cost $9,498,016)............................. 98.5% $12,046,550
====== ===========
CASH AND RECEIVABLES (NET)...................................... 1.5% $ 182,602
====== ===========
NET ASSETS...................................................... 100.0% $12,229,152
====== ===========
<FN>
Notes to Statement of Investments:
- -----------------------------------------------------------------------------------------
(a) Non-income producing.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Large Company Growth Fund
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities October 31, 1997
<TABLE>
<CAPTION>
Cost Value
---------- -----------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of
Investments.................................... $9,498,016 $12,046,550
Cash............................................. 937,603
Receivable for investment securities sold........ 2,063,456
Dividends and interest receivable................ 457
Prepaid expenses................................. 21,420
-----------
15,069,486
-----------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 3,338
Due to Distributor............................... 2,986
Payable for investment securities purchased...... 1,476,136
Bank loan payable--Note 2........................ 1,350,000
Interest payable--Note 2......................... 223
Accrued expenses................................. 7,651
-----------
2,840,334
-----------
NET ASSETS....................................................... $12,229,152
===========
REPRESENTED BY: Paid-in capital.................................. $ 8,581,142
Accumulated net realized gain (loss) on investments 1,099,476
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4......................... 2,548,534
-----------
NET ASSETS....................................................... $12,229,152
===========
SHARES OUTSTANDING
(100 million shares of $.001 par value Common Stock authorized).. 624,176
NET ASSET VALUE, offering and redemption price per share--Note 3(d) $19.59
======
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Large Company Growth Fund
- -------------------------------------------------------------------------------
Statement of Operations Year Ended October 31, 1997
INVESTMENT INCOME
<TABLE>
<S> <C> <C> <C>
INCOME: Cash dividends (net of $753 foreign taxes
withheld at source)...................... $ 54,416
Interest................................... 16,699
----------
Total Income............................. $ 71,115
EXPENSES: Management fee--Note 3(a).................. 86,822
Shareholder servicing costs--Note 3(b)..... 28,263
Registration fees.......................... 24,190
Auditing fees.............................. 15,674
Prospectus and shareholders' reports....... 6,268
Custodian fees--Note 3(b).................. 4,393
Legal fees................................. 2,099
Directors' fees and expenses--Note 3(c).... 1,488
Interest expense--Note 2................... 223
Miscellaneous.............................. 7,259
----------
Total Expenses........................... 176,679
Less--reduction in management fee due to
undertaking--Note 3(a)................... (37,897)
Net Expenses............................. 138,782
----------
INVESTMENT (LOSS).......................................... (67,667)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments.... $1,102,422
Net unrealized appreciation (depreciation)
on investments........................... 742,711
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS..... 1,845,133
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....... $1,777,466
==========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Large Company Growth Fund
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, October 31,
1997 1996
----------- ----------
<S> <C> <C>
OPERATIONS:
Investment (loss)................................................ $ (67,667) $ (41,852)
Net realized gain (loss) on investments.......................... 1,102,422 733,358
Net unrealized appreciation (depreciation) on investments........ 742,711 807,517
----------- ----------
Net Increase (Decrease) in Net Assets Resulting from Operations 1,777,466 1,499,023
----------- ----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net........................................... -- (19,280)
Net realized gain on investments................................. (676,051) --
----------- ----------
Total Dividends................................................ (676,051) (19,280)
----------- ----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.................................... 4,831,482 1,970,510
Dividends reinvested............................................. 674,094 19,280
Cost of shares redeemed.......................................... (3,450,411) (584,373)
----------- ----------
Increase (Decrease) in Net Assets from Capital Stock
Transactions................................................. 2,055,165 1,405,417
----------- ----------
Total Increase (Decrease) in Net Assets.................... 3,156,580 2,885,160
NET ASSETS:
Beginning of Period.............................................. 9,072,572 6,187,412
----------- ----------
End of Period.................................................... $12,229,152 $9,072,572
=========== ==========
Shares Shares
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Shares sold..................................................... 268,164 114,424
Shares issued for dividends reinvested.......................... 41,078 1,246
Shares redeemed................................................. (183,083) (35,949)
----------- ----------
Net Increase (Decrease) in Shares Outstanding................ 126,159 79,721
----------- ----------
----------- ----------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Large Company 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>
<CAPTION>
Year Ended October 31,
-------------------------------------------
PER SHARE DATA: 1997 1996 1995 1994(1)
------ ------ ------ --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $18.22 $14.79 $13.05 $12.50
------ ------ ------ ------
Investment Operations:
Investment income (loss)--net.............................. (.11) (.08) .07 .17
Net realized and unrealized gain (loss) on investments..... 2.81 3.56 1.88 .38
------ ------ ------ ------
Total from Investment Operations........................... 2.70 3.48 1.95 .55
------ ------ ------ ------
Distributions:
Dividends from investment income--net...................... -- (.05) (.21) --
Dividends from net realized gain on investments............ (1.33) -- -- --
------ ------ ------ ------
Total Distributions........................................ (1.33) (.05) (.21) --
------ ------ ------ ------
Net asset value, end of period............................. $19.59 $18.22 $14.79 $13.05
------ ------ ------ ------
------ ------ ------ ------
TOTAL INVESTMENT RETURN....................................... 16.27% 23.55% 15.29% 4.40%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................... 1.20% 1.26% .85% --
Ratio of net investment income (loss) to average net assets (.58%) (.56%) .54% 1.37%(2)
Decrease reflected in above expense ratios due to
undertakings by the Manager............................. .33% .32% 1.69% 1.97%(2)
Portfolio Turnover Rate.................................... 195.27% 153.78% 86.59% 12.08%(2)
Average commission rate paid(3)............................ $.0513 $.0521 -- --
Net Assets, end of period (000's Omitted).................. $12,229 $9,073 $6,187 $5,281
<FN>
- ----------------------
(1) From December 29, 1993 (commencement of operations) to October 31, 1994.
(2) Not annualized.
(3) For fiscal years beginning November 1, 1995, the Fund is required to
disclose its average commission rate paid per share for purchases and sales
ofinvestment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Large Company Growth Fund
- -----------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus Large Company 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 nine 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"), which is a
wholly-owned subsidiary of Mellon Bank Corporation. 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.
As of October 31, 1997, MBIC Investment Corp., an indirect subsidiary
of Mellon Bank Corporation, held 441,284 shares of the Fund.
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: 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.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions
are recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest income, including, where
applicable, amortization of discount on investments, is recognized on the
accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net and dividends from net realized
capital gain are normally declared and paid annually, but the Fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. To the extent that net realized
capital gain can be offset by capital loss carryovers, if any, it is the policy
of the Fund not to distribute such gain.
At year end, the Fund reclassified the current year investment loss of
$67,667 to paid-in capital. This reclassification had no effect on net assets or
net asset value per share.
(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.
<PAGE>
Dreyfus Large Company Growth Fund
- --------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2--Bank Line of Credit:
The Fund may borrow up to $2 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 which are related to the Federal Funds
rate in effect at the time of borrowings. Outstanding borrowings under both
arrangements on October 31, 1997 amounted to $1,350,000.
The average daily amount of borrowings outstanding under both arrangements
during the period ended October 31, 1997 was approximately $3,700, with a
related weighted average annualized interest rate of 6.02%. The maximum amount
borrowed at any time during the period ended October 31, 1997 was $1,350,000.
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. The Manager has undertaken from
November 1, 1996 through October 31, 1997 to reduce the management fee paid by
the Fund, to the extent that the Fund's aggregate expenses, exclusive of taxes,
brokerage, interest on borrowings and extraordinary expenses, exceed an annual
rate of 1.25% of the value of the Fund's average daily net assets. The reduction
in management fee, pursuant to the undertaking, amounted to $37,897 during the
period ended October 31, 1997.
(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
October 31, 1997, the Fund was charged $28,263 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. During the period
ended October 31, 1997, the Fund was charged $2,996 pursuant to the transfer
agency agreement.
The Fund compensates Mellon under a custody agreement to provide custodial
services for the Fund. During the period ended October 31, 1997, the Fund was
charged $4,393 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) Effective March 3, 1997, a 1% redemption fee is charged and retained
by the Fund on certain redemptions of
<PAGE>
Dreyfus Large Company Growth Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
Fund shares (including redemptions 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.
(E) During the period ended October 31, 1997, the Fund incurred total
brokerage commissions of $37,951, of which $6,757 was paid to Dreyfus Investment
Services Corporation, a subsidiary of Mellon.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended October 31, 1997
amounted to $22,932,936 and $21,575,200, respectively.
At October 31, 1997, accumulated net unrealized appreciation on
investments was $2,548,534, consisting of $2,826,019 gross
unrealized appreciation and $277,485 gross unrealized depreciation.
At October 31, 1997, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
<PAGE>
Dreyfus Large Company Growth Fund
- -------------------------------------------------------------------------
Report of Ernst & Young LLP, Independent Auditors
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS LARGE COMPANY GROWTH FUND
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of Dreyfus Large Company Growth Fund,
one of the Series constituting Dreyfus Growth and Value Funds, Inc., as of
October 31, 1997 and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and financial highlights for each of the years indicated
therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included verification by
examination of securities held by the custodian as of October 31, 1997 and
confirmation of securities not held by the custodian by correspondence with
others. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Large Company Growth Fund at October 31, 1997, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the indicated years, in conformity with generally accepted accounting
principles.
Ernst & Young LLP
New York, New York
December 12, 1997
Important Tax Information
For Federal tax purposes the Fund hereby designates $1.335 per share
as a long-term capital gain distribution paid on December 16, 1996.
<PAGE>
Dreyfus Large Company
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. 250AR9710
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
DREYFUS LARGE COMPANY GROWTH FUND AND THE STANDARD
AND POOR'S 500 COMPOSITE STOCK PRICE INDEX
EXHIBIT A:
DREYFUS STANDARD
LARGE & POOR'S 500
PERIOD COMPANY COMPOSITE STOCK
GROWTH FUND PRICE INDEX*
12/29/93 10,000 10,000
10/31/94 10,440 10,360
10/31/95 12,036 13,096
10/31/96 14,871 16,250
10/31/97 17,290 21,466
*Source: Lipper Analytical Services, Inc.
