Transcription
SECURITIES AND EXCHANGE COMMISSIONFORM N-CSRCertified annual shareholder report of registered management investment companies filed on FormN-CSRFiling Date: 2006-02-16 Period of Report: 2005-12-31SEC Accession No. 0000890064-06-000001(HTML Version on secdatabase.com)FILERDREYFUS SOCIALLY RESPONSIBLE GROWTH FUND INCCIK:890064 IRS No.: 133689327 State of Incorp.:MD Fiscal Year End: 1231Type: N-CSR Act: 40 File No.: 811-07044 Film No.: 06624935Mailing AddressTHE DREYFUSCORPORATION200 PARK AVENUENEW YORK NY 10166Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This DocumentBusiness Address200 PARK AVENUETHE DREYFUSCORPORATIONNEW YORK NY 101662129226883
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM N-CSRCERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENTINVESTMENT COMPANIESInvestment Company Act file number 811-7044THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.(Exact name of Registrant as specified in charter)c/o The Dreyfus Corporation200 Park AvenueNew York, New York 10166(Address of principal executive offices) (Zip code)Mark N. Jacobs, Esq.200 Park AvenueNew York, New York 10166(Name and address of agent for service)Registrant's telephone number, including area code: (212) 922-6000Date of fiscal year end:12/31Date of reporting period:12/31/05FORM N-CSRItem 1. Reports to Stockholders.The Dreyfus SociallyResponsibleGrowth Fund, Inc.ANNUAL REPORT December 31, 2005Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarilyrepresent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based uponmarket or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investmentadvice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of tradingintent on behalf of any Dreyfus fund.Not FDIC-Insured Not Bank-Guaranteed May Lose ValueContentsTHE FUND2Letter from the Chairman3Discussion of Fund Performance8Fund Performance10 Understanding Your Fund's Expenses10 Comparing Your Fund's ExpensesWith Those of Other Funds11 Statement of Investments15 Statement of Assets and Liabilities16 Statement of Operations17 Statement of Changes in Net Assets19 Financial Highlights21 Notes to Financial Statements27 Report of Independent RegisteredCopyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
Public Accounting Firm30 Information About the Reviewand Approval of the Portfolio'sInvestment Advisory Agreement33 Board Members Information35 Officers of the FundFOR MORE INFORMATIONBack CoverThe Dreyfus Socially ResponsibleGrowth Fund, Inc.The FundLETTER FROM THE CHAIRMANDear Shareholder:We are pleased to present this annual report for The Dreyfus Socially Responsible Growth Fund, Inc., covering the 12-month period fromJanuary 1, 2005, through December 31, 2005. Inside, you'll find valuable information about how the fund was managed during the reportingperiod, including a discussion with the fund's portfolio managers, John O'Toole and Jocelin Reed.Stocks generally absorbed both good and bad news in 2005 to post modestly positive total returns. On the plus side, an expanding U.S.economy and low inflation helped support corporate earnings in most industry groups. Negative influences included rising short-term interestrates and escalating energy prices, which many analysts feared might erode corporate profits. In addition, hurricanes Katrina, Rita and Wilmadisrupted economic activity along the Gulf Coast.We expect the U.S. economy to continue its moderate expansion in 2006, fueled in part by a rebound in corporate capital spending andexports. The labor market likely will remain relatively strong while inflation should stay low, supporting consumers' real incomes. Risks in thenew year include the possible end of the boom in the housing market, where we believe prices are more likely to stall than plunge.As always, we encourage you to speak with your financial consultant about how these and other market forces may affect your investments.Thank you for your continued confidence and support.Sincerely,Stephen E. CanterChairman and Chief Executive OfficerThe Dreyfus CorporationJanuary 17, 2006Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
2DISCUSSION OF FUND PERFORMANCEJohn O'Toole and Jocelin Reed, Portfolio ManagersHow did The Dreyfus Socially Responsible Growth Fund, Inc. perform relative to its benchmark?For the 12-month period ended December 31, 2005, the fund's Initial shares produced a 3.62% total return, and the fund's Service shares1produced a 3.35% total return. In comparison, the fund's benchmark, the Standard & Poor's 500 Composite Stock Price Index ("S&P 5002Index"), produced a 4.91% total return for the same period.We attribute these results to continued economic growth, which drove the stock market higher despite the countervailing forces of high energyprices and rising interest rates. However, uncertainty regarding the impact of these forces on future economic growth led investors to favortraditionally defensive, value-oriented issues over their growth-oriented counterparts. The fund's growth-oriented investment approachresponded less favorably to these conditions than the benchmark, which includes both value-oriented and growth-oriented issues. As a result,the fund's returns lagged slightly behind the benchmark.On a separate note, John O'Toole and Jocelin Reed became the fund's co-primary portfolio managers,effective December 1,2005,for both theselection of portfolio securities and the fund's areas of social concern.What is the fund's investment approach?The fund seeks to provide capital growth, with current income as a secondary objective.To pursue these goals, the fund invests at least 80% ofits assets in the common stocks of companies that, in the opinion of the fund's management, meet traditional investment standards whilesimultaneously conducting their businesses in a manner that contributes to the enhancement of the quality of life in America.Effective December 1, 2005, the fund modified its investment approach. The fund's investment strategy combines a disciplined investmentThe Fund 3DISCUSSION OF FUND PERFORMANCE (continued)process that consists of computer modeling techniques, fundamental analysis and risk management with a social investment process.In selecting stocks, the portfolio managers begin by using quantitative research to identify and rank stocks within an industry or sector, basedon several characteristics, including: value, or how a stock is priced relative to its perceived intrinsic worth growth, in this case the sustainability or growth of earnings financial profile, which measures the financial health of the companyNext, based on fundamental analysis, the portfolio managers designate the most attractive of the higher ranked securities as potential purchasecandidates, drawing on a variety of sources, including company management and internal as well as Wall Street research.Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
The portfolio managers then evaluate each stock considered to be a potential purchase candidate, by industry or sector, to determine whetherthe company enhances the quality of life in America by considering its record in the areas of: protection and improvement of the environment and the proper use of our natural resourcesoccupational health and safetyconsumer protection and product purityequal employment opportunityConsistent with its consumer protection screen, the fund will not purchase shares in a company that manufactures tobacco products.If the portfolio managers determine that a company fails to meet the fund's social criteria, the stock will not be purchased, or if it is alreadyowned, it will be sold as soon as reasonably possible, consistent with the best interests of the fund. If the portfolio managers' assessment doesnot reveal a negative pattern of conduct in these social areas, the company's stock is eligible for purchase or retention.The portfolio managers then further examine the companies determined to be eligible for purchase, by industry or sector, and selectinvestments from those companies the portfolio managers consider to be the most attractive based on financial considerations. If there is morethan one company to choose from, the portfolio managers can select stocks of companies that they consider to have records that exhibitpositive accomplishments in the fund's areas of social concern.4The fund normally focuses on large-cap growth stocks; however, the portfolio managers may emphasize different types of growth-orientedstocks and different market capitalizations within the large-capitalization range as market conditions warrant.The fund also may invest invalue-oriented stocks, midcap stocks and small-cap stocks.What other factors influenced the fund's performance?High oil and gas prices affected the economy and the stock market significantly, generating exceptional earnings for energy companies.Utilities also fared well in an environment of constrained supply and strong industrial demand. In fact, energy and utilities proved to be themarket's two best-performing sectors for the reporting period as a whole. However, because these are traditionally value-oriented areas, thefund held no utilities stocks and allocated less than 3% of its assets to energy stocks, a group that made up more than 9% of the benchmark.Accordingly, while a small number of energy holdings, such as Anadarko Petroleum, generated strong gains for the fund, its relative lack ofexposure to energy and utilities stocks detracted significantly from its relative performance.Similarly, the fund's relatively overweighted exposure to traditionally growth-oriented sectors, including technology, consumer discretionaryand health care, also took a toll on its relative performance. However, strong individual stock selections in each of these sectors enabled thefund to more than offset any allocation-related weakness. In the health care sector, the fund generally avoided troubled large-cappharmaceutical manufacturers, focusing instead on biotechnology firms, such as Genzyme, and equipment and supply companies, such asAlcon. Among consumer discretionary holdings, the fund emphasized high-end and specialty retailers, such as Chico's FAS, Coach andAdvanceThe Fund 5Auto Parts, that were largely unaffected by the impact of rising interest rates and energy prices on lower-income consumers. Finally, in thetechnology sector, gains among some holdings, such as Motorola and Texas Instruments, helped balance the impact of declines in others, suchas Dell, Cognos and International Business Machines.What is the fund's current strategy?Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
The fund is currently maintaining its growth-oriented investment approach and will consider opportunities under the fund's modifiedinvestment approach as they arise. At the same time, during the final month of the reporting period we have made modest changes to thefund's holdings to manage risk, including enhancing diversification and bringing the fund's sector concentrations more closely in line with ourdesired growth strategy.As of the end of the reporting period, the fund has slightly overweight positions in the technology and health caresectors, and somewhat less exposure than the S&P 500 to financial stocks, particularly those that tend to be more sensitive to rising interestrates.Can you highlight some of the fund's socially responsible investing activities?Our commitment to socially responsible investing remains as strong and focused as ever, relying on the same screening procedures and beingconscious of the same issues as at the time of the fund's last report. We believe the recent strength in the market's energy sector calls particularattention to the impact of the fund's socially responsible criteria on investing in energy stocks.Energy companies face singular environmental challenges, with some companies more successful than others in minimizing the environmentalimpact of their activities and in focusing on renewable energy resources that promote sustainability. Rather than reduce the fund's exposure tothe sector, we largely mirror the percentage of energy stocks in the growth index, taking positions in those companies that meet ourquantitative investment criteria while emphasizing relatively clean-burning fuels, such as natural gas. For example, during the final6month of the reporting period, the fund initiated a position in Pioneer Natural Resources, an independent exploration and production companywith significant natural gas facilities in the United States and around the world.For further information regarding the fund's approach to socially responsible investing, search for "SRI" on the Dreyfus website(www.dreyfus.com) or consult the fund's prospectus.January 17, 2006The fund is only available as a funding vehicle under variable life insurance policies or variableannuity contracts issued by insurance companies. Individuals may not purchase shares of the funddirectly. A variable annuity is an insurance contract issued by an insurance company that enablesinvestors to accumulate assets on a tax-deferred basis for retirement or other long-term goals.Theinvestment objective and policies of The Dreyfus Socially Responsible Growth Fund, Inc. madeavailable through insurance products may be similar to other funds/portfolios managed or advisedby Dreyfus. However, the investment results of the fund may be higher or lower than, and maynot be comparable to, those of any other Dreyfus fund/portfolio.1Total return includes reinvestment of dividends and any capital gains paid. Past performance is noguarantee of future results. Share price and investment return fluctuate such that upon redemption,fund shares may be worth more or less than their original cost.The fund's performance does notreflect the deduction of additional charges and expenses imposed in connection with investing invariable insurance contracts, which will reduce returns.2SOURCE: LIPPER INC. Reflects reinvestment of dividends and, where applicable, capitalgain distributions.The Standard & Poor's 500 Composite Stock Price Index is a widely accepted,unmanaged index of U.S. stock market performance.The Fund 7Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
FUND PERFORMANCEAverage Annual Total Returns as of 12/31/051 Year5 Years10 YearsInitial shares3.62%(5.27)%5.93%Service shares3.35%(5.52)%5.79%The data for Service shares includes the results of Initial shares for the period prior to December 31, 2000(inception date of Service shares). Actual Service shares' average annual total return and hypothetical growthresults would have been lower. See notes below. Source: Lipper Inc.Past performance is not predictive of future performance.The fund's performance shown in the graph and table does notreflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.The fund's performance does not reflect the deduction of additional charges and expenses imposed in connectionwith investing in variable insurance contracts which will reduce returns.The above graph compares a 10,000 investment made in Initial and Service shares of The Dreyfus SociallyResponsible Growth Fund, Inc. on 12/31/95 to a 10,000 investment made in the Standard & Poor's 500Composite Stock Price Index (the "Index") on that date.8The fund's Initial shares are not subject to a Rule 12b-1 fee.The fund's Service shares are subject to a 0.25% annual Rule 12b-1 fee.The performance figures for Service sharesreflect the performance of the fund's Initial shares from their inception date through December 30, 2000, and the performance of the fund's Service shares from December 31,2000 (inception date of Service shares) to December 31, 2005 (blended performance figures).The blended performance figures have not been adjusted to reflect the higheroperating expenses of the Service shares. If these expenses had been reflected, the blended performance figures would have been lower. All dividends and capital gaindistributions are reinvested. The fund's performance shown in the line graph takes into account all applicable fund fees and expenses.The Index is a widely accepted, unmanagedindex of U.S. stock market performance, which does not take into account charges, fees and other expenses. Further information relating to fund performance, including expensereimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
The Fund 9UNDERSTANDING YOUR FUND'S EXPENSES (Unaudited)As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you canestimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transactionexpenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher totalexpenses. For more information, see your fund's prospectus or talk to your financial adviser.Review your fund's expensesThe table below shows the expenses you would have paid on a 1,000 investment in The Dreyfus Socially Responsible Growth Fund, Inc.from July 1, 2005 to December 31, 2005. It also shows how much a 1,000 investment would be worth at the close of the period, assumingactual returns and expenses.Expenses and Value of a 1,000 Investmentassuming actual returns for the six months ended December 31, 2005Expenses paid per 1,000 Ending value (after expenses)Initial SharesService Shares 4.15 5.45 1,059.30 1,057.60COMPARING YOUR FUND'S EXPENSESWITH THOSE OF OTHER FUNDS (Unaudited)Using the SEC's method to compare expensesThe Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, thetable below shows your fund's expenses based on a 1,000 investment, assuming a hypothetical 5% annualized return. You can use thisinformation to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.Allmutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use thisinformation to estimate your actual ending account balance and expenses paid during the period.Expenses and Value of a 1,000 Investment assuming a hypothetical 5% annualized return for the six months ended December 31, 2005Expenses paid per 1,000 Ending value (after expenses) Initial SharesService Shares 4.08 5.35 1,021.17 1,019.91Expenses are equal to the fund's annualized expense ratio of .80% for Initial shares and 1.05% for Service shares; multiplied by the average account value over the period,multiplied by 184/365 (to reflect the one-half year period).10STATEMENT OF INVESTMENTSDecember 31, 2005Common Stocks 98.8%SharesValue ( )Consumer Cyclical 10.5%Advance Auto Parts122,200a5,310,812Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
Chico's FAS176,900Claire's ,180Costco Wholesale89,0004,402,830Home om117,4004,390,76045,180,581Consumer Services 2.1%Target165,9009,119,523Anadarko Petroleum69,6006,594,600Pioneer Natural Resources86,100Energy 3.4%Pride inance 700Health Care 17.5%3,978,720Amgen65,100a5,133,786Baxter International113,9004,288,335Becton, Dickinson & 0Gilead Sciences67,600Johnson & Johnson368,100Novartis, ADR158,100WellPoint103,200Zimmer 82475,560,387Hotels, Resorts & Cruise Lines 1.1%Marriott International, Cl. A67,3004,507,081The Fund 11STATEMENT OF INVESTMENTS (continued)Common Stocks (continued)SharesValue ( )657,40017,191,010American Express137,8007,091,188Capital One Financial86,9007,508,160CIT Group44,9002,324,922Goldman Sachs Group79,00010,089,090JPMorgan Chase & Co.173,9006,902,091Lincoln National42,5002,253,775Information Technology 4.0%MicrosoftInterest Sensitive 9.8%Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
Radian Group105,5006,181,24542,350,471Medical Services .7%Quest Diagnostics62,1003,196,908Air Products & Chemicals44,8002,651,712Burlington Northern Santa 6,597,513Emerson Electric123,8009,247,860Rockwell Automation54,3003,212,3883M59,0004,572,500Tyco International129,5003,737,370United Technologies123,6006,910,476Producer Goods 10.4%44,769,846Services 14.9%Accenture, Cl. ower82,3003,826,950McGraw-Hill Cos.83,5004,311,105Moody's74,3004,563,506bNews, Cl. B398,8006,624,068PepsiCo250,60014,805,448Procter & Gamble266,30015,413,44412Common Stocks (continued)SharesValue ( )303,8007,282,086Services (continued)Walt Disney64,383,100Technology 23.3%aApple Computer62,300Cisco Systems517,100Cognizant Technology Solutions, Cl. usetts360,900Google, Cl. l Business Machines135,30011,121,660Microchip 2National 292Texas Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
100,623,521Total Common Stocks(cost 389,253,431)426,015,470PrincipalShort-Term Investments 1.4%Amount ( )Value ( )100,000100,0003.71%, 3/2/20063,487,0003,465,3113.87%, 3/23/20062,600,0002,577,536Certificate of Deposit .0%Self Help Credit Union,4.49%, 3/14/2006U.S. Treasury Bills 1.4%6,042,847Total Short-Term Investments(cost 6,142,777)6,142,847The Fund 13STATEMENT OF INVESTMENTS (continued)Investment of Cash Collateralfor Securities Loaned .9%SharesValue ( )Registered Investment Company;Dreyfus Institutional Cash Advantage Plus Fundc(cost 3,987,333)3,987,3333,987,333Total Investments (cost 399,383,541)101.1%436,145,650Liabilities, Less Cash and Receivables(1.1%)(4,918,611)Net Assets100.0%431,227,039ADR American Depository Receipts.abNon-income producing.All or a portion of this security is on loan. At December 31, 2005, the total market value of the fund's security onloan is 3,895,859 and the total market value of the collateral held by the fund is 3,987,333.cInvestment in affiliated money market mutual fund.Portfolio Summary Value (%)Value (%)Technology23.3Interest Sensitive9.8Health Care17.5Information Technology4.0Services14.9Energy3.4Consumer Cyclical10.5Other7.3Producer Goods10.4 101.1Based on net assets.See notes to financial statements.Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
14STATEMENT OF ASSETS AND LIABILITIESDecember 31, 2005CostValueAssets ( ):Investments in securities See Statement of Investments (including securitieson loan, valued at 3,895,859) Note 1(b):Unaffiliated issuers395,396,208432,158,317Affiliated issuers3,987,3333,987,333Cash2,621Dividends and interest receivable323,966Receivable for shares of Common Stock subscribed11,098Prepaid expenses10,127436,493,462Liabilities ( ):Due to The Dreyfus Corporation and affiliates Note 3(c)293,263Liability for securities on loan Note 1(b)3,987,333Payable for shares of Common Stock redeemed904,005Accrued expenses81,8225,266,423Net Assets ( )431,227,039Composition of Net Assets ( ):Paid-in capital610,844,382Accumulated undistributed investment income net425,025Accumulated net realized gain (loss) on investments(216,804,477)Accumulated net unrealized appreciation(depreciation) on investments36,762,109Net Assets ( )431,227,039Net Asset Value Per ShareInitial SharesService SharesNet Assets ( )418,915,54812,311,491Shares Outstanding16,061,765475,301Net Asset Value Per Share ( )26.0825.90See notes to financial statements.The Fund 15STATEMENT OF OPERATIONSYear Ended December 31, 2005Investment Income ( ):Income:Cash dividends (net of 53,604 foreign taxes withheld at source)3,975,433Interest151,631Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
Income from securities lending13,486Total Income4,140,550Expenses:Investment advisory fee Note 3(a)3,409,195Prospectus and shareholders' reports81,384Professional fees75,690Shareholder servicing costs Note 3(c)46,920Custodian fees Note 3(c)40,209Distribution fees Note 3(b)32,412Directors' fees and expenses Note 3(d)14,936Loan commitment fees Note 22,049Registration fees309Miscellaneous15,501Total Expenses3,718,605Less reduction in custody feesdue to earnings credits Note 1(b)(3,080)Net Expenses3,715,525Investment Income Net425,025Realized and Unrealized Gain (Loss) on Investments Note 4 ( ):Net realized gain (loss) on investments66,981,589Net unrealized appreciation (depreciation) on investments(52,689,108)Net Realized and Unrealized Gain (Loss) on Investments14,292,481Net Increase in Net Assets Resulting from Operations14,717,506See notes to financial statements.16STATEMENT OF CHANGES IN NET ASSETSYear Ended December 31,20052004Investment income net425,0251,874,645Net realized gain (loss) on 2214,717,50629,518,536Initial shares (1,891,537)Service shares (19,888)Total Dividends (1,911,425)17,384,09330,639,929Operations ( ):Net unrealized appreciation(depreciation) on investmentsNet Increase (Decrease) in Net AssetsResulting from OperationsDividends to Shareholders from ( ):Investment income net:Capital Stock Transactions ( ):Net proceeds from shares sold:Initial sharesCopyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
Service shares1,656,3592,361,742Initial shares 1,891,537Service shares 19,888Initial shares(101,794,701)(91,661,913)Service shares(3,222,562)(1,835,549)Capital Stock Transactions(85,976,811)(58,584,366)Total Increase (Decrease) in Net Assets(71,259,305)(30,977,255)Beginning of Period502,486,344533,463,599End of Period431,227,039502,486,344Undistributed investment income net425,025 Dividends reinvested:Cost of shares redeemed:Increase (Decrease) in Net Assets fromNet Assets ( ):The Fund 17STATEMENT OF CHANGES IN NET ASSETS (continued)Year Ended December 31,20052004Shares sold695,0151,268,633Shares issued for dividends reinvested 75,115Shares redeemed(4,060,531)(3,826,643)Net Increase (Decrease) in Shares Outstanding(3,365,516)(2,482,895)Shares sold66,88399,344Shares issued for dividends reinvested 793Shares redeemed(129,971)(76,854)Net Increase (Decrease) in Shares Outstanding(63,088)23,283Capital Share Transactions:Initial SharesService SharesSee notes to financial statements.18FINANCIAL HIGHLIGHTSThe following tables describe the performance for each share class for the fiscal periods indicated.All information (except portfolio turnoverrate) reflects financial results for a single fund share.Total return shows how much your investment in the fund would have increased (ordecreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund'sfinancial statements.Year Ended December 31,Initial Shares20052004200320022001Copyright 2012 www.secdatabase.com. All Rights Reserved.Please Consider the Environment Before Printing This Document
Per Share Data ( ):Net asset value, beginning of period25.1723.7918.9026.6734.47.03.09.02.05.02gain (loss) on investments.881.394.89(7.77)(7.80)Total from Investment Operations.911.484.91(7.72)(7.78)Dividends from investment income net (.10)(.02)(.05)(.02)Net asset value, end of period26.0825.1723.7918.9026.67Total Return 2.84.80.78to average net assets.10.38.12.20.06Portfolio Turnover Rate94.9955.5463.1790.07110.82Net Assets, end of period ( x t Operations:Investment income netaNet realized and unrealizedDistributions:Ratios/Supplemental Data (%):Ratio of total expensesto average net assetsRatio of net expensesto average net assetsRatio of net investment incomeaBased on average shares outstanding at each month end.See notes to financial statements.The Fund 19FINANCIAL HIGHLIGHTS (continued)Year Ended December 31,Service 7(.04).04(.03)(.00)gain (loss) on investments.881.374.88(7.75)(7.82)Total from Investment Operations.841.414.85(7.75)(7.88)Dividends from investment income net (.04)(.00)Net asset value, end of period25.9025.0623.6918.8426.59Total Return 1.061.061.091.031.09Per Share Data ( ):Net asset value, beginning
The Dreyfus Socially Responsible Growth Fund, Inc. The Fund LETTER FROM THE CHAIRMAN Dear Shareholder: We are pleased to present this annual report for The Dreyfus Socially Responsible Growth Fund, Inc., covering the 12-month period from January 1, 2005, through December 31, 2005. Inside, you'll find valuable information about how the fund was .
