lp1-018.htm - Generated by SEC Publisher for SEC Filing

N-CSRS 1 lp1-018.htm SEMI-ANNUAL REPORT lp1-018.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-01899

	Dreyfus Research Growth Fund, Inc.
	(Exact name of Registrant as specified in charter)

	c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166
	(Address of principal executive offices) (Zip code)

	Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		02/28(9)
Date of reporting period:		08/31/17

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Research Growth Fund, Inc.


		SEMIANNUAL REPORT August 31, 2017

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The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND


A Letter from the CEO of Dreyfus	2
Discussion of Fund Performance	3
Understanding Your Fund’s Expenses	5
Comparing Your Fund’s Expenses
With Those of Other Funds	5
Statement of Investments	6
Statement of Investments
in Affiliated Issuers	10
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	20
Information About the Renewal of
the Fund’s Management Agreement	28

FOR MORE INFORMATION

Back Cover


	Dreyfus Research Growth Fund, Inc.		The Fund

A LETTER FROM THE CEO OF DREYFUS

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Research Growth Fund, Inc., covering the six-month period from March 1, 2017 through August 31, 2017. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Financial markets generally rallied over the past six months as corporate earnings grew and global economic conditions improved. While the rally was relatively broad-based, U.S. stock market leadership shifted toward larger, growth-oriented companies and away from smaller, economically sensitive companies that had been expected to benefit from a new presidential administration’s stimulative policy proposals. International stocks fared particularly well amid more positive economic data from Europe and the emerging markets. In the bond market, despite short-term interest-rate hikes from the Federal Reserve Board, yields of longer-term U.S. government securities moderated somewhat and prices rose when it became clearer that major tax and fiscal reforms would take time and political capital to enact.

The markets’ strong performance has been supported by solid underlying fundamentals, most notably rising corporate profits, a robust labor market, and muted inflation. While we currently expect these favorable conditions to persist over the second half of the year, we remain watchful for economic and political risks that could derail the rallies. As always, we encourage you to discuss the risks and opportunities of today’s investment environment with your financial advisor.

Thank you for your continued confidence and support.

Sincerely,

Mark D. Santero
Chief Executive Officer
The Dreyfus Corporation
September 15, 2017

DISCUSSION OF FUND PERFORMANCE

For the period from March 1, 2017 through August 31, 2017, as provided by Elizabeth Slover, Barry Mills, and David Sealy, Portfolio Managers

Market and Fund Performance Overview

For the six-month period ended August 31, 2017, Dreyfus Research Growth Fund, Inc.’s Class A shares produced a total return of 6.97%, Class C shares returned 6.57%, Class I shares returned 7.13%, Class Y shares returned 7.14%, and Class Z shares returned 7.10%.¹ In comparison, the fund’s benchmark, the Russell 1000^® Growth Index (the “Index”), produced a total return of 10.69% over the same period.²

Equities gained ground during the reporting period in response to continued U.S. economic growth and rising corporate earnings. The fund lagged its benchmark, primarily due to disappointing returns in the health care, financials, energy, and consumer staples sectors.

The Fund’s Investment Approach

The fund seeks long-term capital growth consistent with the preservation of capital. Current income is a secondary goal.

The fund invests in stocks selected by a team of core research analysts, with each analyst responsible for fund investments in his or her area of expertise. These analysts utilize a fundamental, bottom-up research process to identify investments for the fund. The fund invests in those companies in which the analysts have the highest degree of conviction or have identified a strong near-term catalyst for earnings growth or share price appreciation. The analysts, under the direction of the head of the core research team, determine the fund’s allocations among market sectors. The fund’s portfolio is structured so that its sector weightings generally are similar to those of the Index.

The fund typically sells a security when the research analyst responsible for the investment believes there has been a negative change in fundamental factors surrounding the company, the company has become fully valued, or a more attractive opportunity has been identified.

Earnings Growth Bolstered Investor Confidence

Equity markets started the reporting period on an uncertain note in response to lackluster economic data and concerns about the new U.S. presidential administration’s ability to implement its business-friendly policy proposals. However, stocks began to gain ground in mid-April 2017, bolstered by rising corporate earnings, resilient consumer spending, and accelerating global economic activity.

Several broad market indices hit new all-time highs in May and June as a wide range of companies posted stronger-than-expected earnings. U.S.-based multinational corporations particularly benefited from the weakening of the U.S. dollar compared to other major global currencies. In July and August, the U.S. economy showed additional signs of picking up steam, as evidenced by improved GDP growth and reports of increasing manufacturing activity. Stocks set new record highs as the reporting period ended, led by the information technology sector, while the energy and telecommunication services sectors trailed market averages.

Fund Returns Constrained by a Few Disappointments

The fund’s performance relative to its benchmark suffered due to a few disappointing individual holdings, primarily in the health care sector. Notable underperformers included medical

DISCUSSION OF FUND PERFORMANCE (continued)

equipment makers Danaher and Dentsply Sirona, and biotechnology companies TESARO and BioMarin Pharmaceutical. Several other health care holdings performed well, including plan providers UnitedHealth Group and Aetna, and equipment makers Zoetis and Boston Scientific. However, these winners failed to make up for the fund’s weaker holdings in the sector. A few of the fund’s holdings in other areas also fared relatively poorly, including consumer finance company Synchrony Financial and capital market firm The Goldman Sachs Group in the financials sector; drilling services provider Superior Energy Services and oil and gas exploration and production company Pioneer Natural Resources in the energy sector; and food producers Kraft Heinz and Conagra Brands, along with beverage maker Molson Coors in the consumer staples sector.

On a more positive note, the fund achieved stronger relative results in the industrials sector by avoiding lagging conglomerate General Electric and focusing instead on diversified manufacturer Honeywell International, which delivered better-than-expected earnings and revenues. The fund also dodged weakness in the real estate sector, which trailed the benchmark, and added value in the telecommunication services sector by avoiding Verizon Communications in favor of
T-Mobile USA, which captured additional market share. The fund participated in robust gains in the information technology sector through investments in companies such as payment processor Square, social networking leader Facebook, and online advertising giant Alphabet.

Focused on Continued Growth

We believe the current environment of low unemployment and stable wages is likely to remain positive for equity markets over the foreseeable future. We have positioned the fund to take advantage of a constructive market environment by emphasizing investments in areas such as the information technology sector, where growth generally is leveraged to innovation rather than government policy. At the same time, we remain watchful for challenges posed to the market by unforeseen natural disasters, the economy’s persistent lack of inflation, and domestic and global political challenges.

September 15, 2017

¹ Total return includes reinvestment of dividends and any capital gains paid. It does not take into consideration the maximum initial sales charge in the case of Class A shares, or the applicable contingent deferred sales charge imposed on redemptions in the case of Class C shares. Past performance is no guarantee 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 returns reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect through June 30, 2018, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.

² Source: Lipper Inc. — The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 1000^® Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Investors cannot invest directly in any index.

Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.

Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.

UNDERSTANDING 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 can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Research Growth Fund, Inc. from March 1, 2017 to August 31, 2017. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended August 31, 2017

	Class A		Class C		Class I		Class Y		Class Z
Expenses paid per $1,000^†		$5.48		$9.37		$4.18		$4.07		$4.23
Ending value (after expenses)		$1,069.70		$1,065.70		$1,071.30		$1,071.40		$1,071.00

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information 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 August 31, 2017

	Class A		Class C		Class I		Class Y		Class Z
Expenses paid per $1,000^†		$5.35		$9.15		$4.08		$3.97		$4.13
Ending value (after expenses)		$1,019.91		$1,016.13		$1,021.17		$1,021.27		$1,021.12

^†Expenses are equal to the fund’s annualized expense ratio of 1.05% for Class A, 1.80% for Class C, .80% for Class I, .78% for Class Y and .81% for Class Z, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
August 31, 2017 (Unaudited)



Description	Shares		Value ($)
Common Stocks - 97.4%
Automobiles & Components - 2.0%
Delphi Automotive	165,320		15,936,848
Tesla	53,444	^a,b	19,020,720
			34,957,568
Banks - .8%
JPMorgan Chase & Co.	147,886		13,441,359
Capital Goods - 8.0%
Fortive	338,039		21,962,394
Honeywell International	260,051		35,957,252
PACCAR	251,500		16,681,995
Quanta Services	456,389	^b	16,398,057
Raytheon	134,554		24,490,173
United Technologies	203,916		24,412,823
			139,902,694
Consumer Durables & Apparel - 1.3%
Newell Brands	456,006		22,015,970
Consumer Services - 1.0%
Las Vegas Sands	284,179		17,678,776
Diversified Financials - 1.2%
Ameriprise Financial	147,684		20,455,711
Food & Staples Retailing - 1.5%
Costco Wholesale	170,426		26,712,571
Food, Beverage & Tobacco - 3.7%
Kraft Heinz	200,125		16,160,094
Monster Beverage	256,816	^b	14,335,469
PepsiCo	292,808		33,886,670
			64,382,233
Health Care Equipment & Services - 5.9%
Aetna	155,386		24,504,372
Boston Scientific	715,319	^b	19,707,038
UnitedHealth Group	293,424		58,362,034
			102,573,444
Insurance - 1.3%
Progressive	477,332		22,186,391
Materials - 3.2%
Dow Chemical	378,740		25,243,021
Nucor	293,047		16,149,820



Description	Shares		Value ($)
Common Stocks - 97.4% (continued)
Materials - 3.2% (continued)
Vulcan Materials	125,377		15,203,215
			56,596,056
Media - 4.1%
Charter Communications, Cl. A	65,265	^b	26,010,713
Comcast, Cl. A	1,105,002		44,874,131
			70,884,844
Pharmaceuticals, Biotechnology & Life Sciences - 9.5%
BioMarin Pharmaceutical	201,524	^b	18,175,450
Celgene	271,658	^b	37,741,446
Clovis Oncology	108,910	^b	8,284,784
Eli Lilly & Co.	346,163		28,139,590
Merck & Co.	217,824		13,910,241
Neurocrine Biosciences	273,089	^a,b	15,456,837
Regeneron Pharmaceuticals	28,305	^b	14,064,754
TESARO	86,637	^a,b	11,188,302
Zoetis	302,926		18,993,460
			165,954,864
Retailing - 11.5%
Amazon.com	84,630	^b	82,988,178
Dollar Tree	205,235	^b	16,344,915
Home Depot	240,453		36,036,691
Nordstrom	271,384	^a	12,109,154
Priceline Group	19,925	^b	36,902,694
Ulta Beauty	76,370	^b	16,878,534
			201,260,166
Semiconductors & Semiconductor Equipment - 6.3%
Broadcom	169,154		42,638,649
NVIDIA	217,093		36,784,238
Texas Instruments	373,799		30,958,033
			110,380,920
Software & Services - 29.6%
Activision Blizzard	276,476		18,125,767
Alphabet, Cl. A	19,671	^b	18,790,526
Alphabet, Cl. C	68,566	^b	64,406,101
Citrix Systems	240,449	^b	18,805,516
Facebook, Cl. A	519,179	^b	89,283,213
First Data, Cl. A	942,047	^b	17,343,085
Fortinet	436,978	^b	16,692,560

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Shares		Value ($)
Common Stocks - 97.4% (continued)
Software & Services - 29.6% (continued)
HubSpot	123,995	^a,b	9,095,033
Microsoft	1,320,870		98,761,450
PayPal Holdings	478,005	^b	29,483,348
salesforce.com	317,071	^b	30,277,110
ServiceNow	167,123	^b	19,418,021
Splunk	212,914	^a,b	14,284,400
Square, Cl. A	509,406	^b	13,300,591
Teradata	412,136	^a,b	13,155,381
Twilio, Cl. A	339,236	^a,b	9,932,830
Visa, Cl. A	333,225		34,495,452
			515,650,384
Technology Hardware & Equipment - 4.2%
Apple	387,506		63,550,984
Arista Networks	52,742	^b	9,290,503
			72,841,487
Telecommunication Services - 1.0%
T-Mobile US	274,603	^b	17,769,560
Transportation - 1.3%
Union Pacific	214,732		22,611,280
Total Common Stocks (cost $1,232,117,353)			1,698,256,278

Other Investment - 2.8%
Registered Investment Company;
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $48,614,264)	48,614,264	^c	48,614,264



Description	Shares		Value ($)
Investment of Cash Collateral for Securities Loaned - 3.1%
Registered Investment Company;
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares (cost $54,409,236)	54,409,236	^c	54,409,236
Total Investments (cost $1,335,140,853)	103.3%		1,801,279,778
Liabilities, Less Cash and Receivables	(3.3%)		(56,748,609)
Net Assets	100.0%		1,744,531,169

^aSecurity, or portion thereof, on loan. At August 31, 2017, the value of the fund’s securities on loan was $59,089,518 and the value of the collateral held by the fund was $59,575,134, consisting of cash collateral of $54,409,236 and U.S. Government & Agency securities valued at $5,165,898.

^bNon-income producing security.

^cInvestment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†	Value (%)
Software & Services	29.6
Retailing	11.5
Pharmaceuticals, Biotechnology & Life Sciences	9.5
Capital Goods	8.0
Semiconductors & Semiconductor Equipment	6.3
Money Market Investments	5.9
Health Care Equipment & Services	5.9
Technology Hardware & Equipment	4.2
Media	4.1
Food, Beverage & Tobacco	3.7
Materials	3.2
Automobiles & Components	2.0
Food & Staples Retailing	1.5
Transportation	1.3
Insurance	1.3
Consumer Durables & Apparel	1.3
Diversified Financials	1.2
Telecommunication Services	1.0
Consumer Services	1.0
Banks	.8
	103.3

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)


Registered Investment Companies	Value 2/28/2017 ($)	Purchases ($)	Sales ($)	Value 8/31/2017 ($)	Net Assets (%)	Dividends/ Distributions ($)
Dreyfus Institutional Preferred Government Plus Money Market Fund	17,221,270	244,272,246	212,879,252	48,614,264	2.8	93,822
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares	24,919,660	244,565,447	215,075,871	54,409,236	3.1	-
Total	42,140,930	488,837,693	427,955,123	103,023,500	5.9	93,822

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
August 31, 2017 (Unaudited)



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $59,089,518)—Note 1(b):
Unaffiliated issuers	1,232,117,353	1,698,256,278
Affiliated issuers	103,023,500	103,023,500
Cash		6,105
Dividends and securities lending income receivable		2,441,608
Receivable for shares of Common Stock subscribed		78,621
Prepaid expenses		80,554
		1,803,886,666
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		1,386,716
Liability for securities on loan—Note 1(b)		54,409,236
Payable for shares of Common Stock redeemed		3,347,767
Accrued expenses		211,778
		59,355,497
Net Assets ($)		1,744,531,169
Composition of Net Assets ($):
Paid-in capital		1,192,888,586
Accumulated undistributed investment income—net		3,620,924
Accumulated net realized gain (loss) on investments		81,882,734
Accumulated net unrealized appreciation (depreciation) on investments		466,138,925
Net Assets ($)		1,744,531,169


Net Asset Value Per Share	Class A	Class C	Class I	Class Y	Class Z
Net Assets ($)	474,659,494	106,580,890	463,080,217	257,084,932	443,125,636
Shares Outstanding	31,264,474	7,545,143	30,428,808	16,918,437	28,678,215
Net Asset Value Per Share ($)	15.18	14.13	15.22	15.20	15.45

See notes to financial statements.

STATEMENT OF OPERATIONS
Six Months Ended August 31, 2017 (Unaudited)





Investment Income ($):
Income:
Cash dividends:
Unaffiliated issuers					11,463,940
Affiliated issuers					93,822
Income from securities lending—Note 1(b)					184,530
Total Income					11,742,292
Expenses:
Management fee—Note 3(a)					6,432,067
Shareholder servicing costs—Note 3(c)					1,407,192
Distribution fees—Note 3(b)					421,126
Directors’ fees and expenses—Note 3(d)					52,527
Professional fees					52,227
Registration fees					45,620
Custodian fees—Note 3(c)					41,259
Prospectus and shareholders’ reports					24,170
Loan commitment fees—Note 2					14,277
Interest expense—Note 2					1,135
Miscellaneous					11,108
Total Expenses					8,502,708
Less—reduction in expenses due to undertaking—Note 3(a)					(377,154)
Less—reduction in fees due to earnings credits—Note 3(c)					(14,758)
Net Expenses					8,110,796
Investment Income—Net					3,631,496
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					83,053,245
Net unrealized appreciation (depreciation) on investments					30,924,217
Net Realized and Unrealized Gain (Loss) on Investments					113,977,462
Net Increase in Net Assets Resulting from Operations					117,608,958

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Six Months Ended August 31, 2017 (Unaudited)	Year Ended February 28, 2017
Operations ($):
Investment income—net	3,631,496	5,950,860
Net realized gain (loss) on investments	83,053,245	138,808,305
Net unrealized appreciation (depreciation) on investments	30,924,217	152,514,448
Net Increase (Decrease) in Net Assets Resulting from Operations	117,608,958	297,273,613
Distributions to Shareholders from ($):
Investment income—net:
Class A	-	(704,203)
Class I	(427,784)	(2,525,061)
Class Y	(384,681)	(1,716,931)
Class Z	(142,331)	(2,008,079)
Net realized gain on investments:
Class A	(11,240,207)	(25,177,036)
Class C	(2,780,410)	(6,160,717)
Class I	(10,858,436)	(19,949,221)
Class Y	(5,507,097)	(11,321,619)
Class Z	(10,188,056)	(19,900,558)
Total Distributions	(41,529,002)	(89,463,425)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	14,067,731	30,743,748
Class C	1,084,128	6,342,079
Class I	47,613,633	106,697,648
Class Y	47,426,996	52,949,629
Class Z	895,425	2,075,626
Distributions reinvested:
Class A	10,538,587	24,501,586
Class C	2,295,324	4,660,270
Class I	9,715,859	19,463,886
Class Y	2,900,753	6,057,626
Class Z	9,701,840	20,532,050
Cost of shares redeemed:
Class A	(57,228,312)	(166,791,490)
Class C	(19,638,311)	(24,578,584)
Class I	(61,579,119)	(131,955,628)
Class Y	(34,004,629)	(66,123,652)
Class Z	(17,361,802)	(32,423,034)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(43,571,897)	(147,848,240)
Total Increase (Decrease) in Net Assets	32,508,059	59,961,948
Net Assets ($):
Beginning of Period	1,712,023,110	1,652,061,162
End of Period	1,744,531,169	1,712,023,110
Undistributed investment income—net	3,620,924	944,224

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Six Months Ended August 31, 2017 (Unaudited)	Year Ended February 28, 2017
Capital Share Transactions (Shares):
Class A^a
Shares sold	943,395	2,210,979
Shares issued for distributions reinvested	703,510	1,793,674
Shares redeemed	(3,840,775)	(11,838,330)
Net Increase (Decrease) in Shares Outstanding	(2,193,870)	(7,833,677)
Class C
Shares sold	78,081	485,717
Shares issued for distributions reinvested	164,539	364,084
Shares redeemed	(1,410,635)	(1,865,676)
Net Increase (Decrease) in Shares Outstanding	(1,168,015)	(1,015,875)
Class I^a
Shares sold	3,191,477	7,594,287
Shares issued for distributions reinvested	647,724	1,421,822
Shares redeemed	(4,138,639)	(9,371,507)
Net Increase (Decrease) in Shares Outstanding	(299,438)	(355,398)
Class Y^a
Shares sold	3,201,070	3,760,999
Shares issued for distributions reinvested	193,642	442,874
Shares redeemed	(2,278,518)	(4,726,725)
Net Increase (Decrease) in Shares Outstanding	1,116,194	(522,852)
Class Z^a
Shares sold	59,536	146,949
Shares issued for distributions reinvested	636,604	1,478,574
Shares redeemed	(1,145,539)	(2,273,019)
Net Increase (Decrease) in Shares Outstanding	(449,399)	(647,496)

^{a During the period ended August 31, 2017, 128,835 Class Y shares representing $1,895,675 were exchanged for 128,674 Class I shares and 20,172 Class A shares representing $302,170 were exchanged for 20,132 Class I shares. During the period ended February 28, 2017, 182,886 Class Y shares representing $2,557,789 were exchanged for 182,822 lass I shares, 6,472 Class A shares representing $86,591 were exchanged for 6,362 Class Z shares and 21,559 Class Z shares representing $310,659 were exchanged for 21,847 Class Y shares.}
See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund’s financial statements.



Six Months Ended August 31, 2017		Year Ended February 28/29
Class A Shares	(Unaudited)	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	14.53	12.87	14.50	14.49	10.83	9.90
Investment Operations:
Investment income—net^a	.02	.03	.02	.01	.01	.04
Net realized and unrealized gain (loss) on investments	.99	2.36	(.75)	1.03	3.72	.92
Total from Investment Operations	1.01	2.39	(.73)	1.04	3.73	.96
Distributions:
Dividends from investment income—net	-	(.02)	-	-	(.02)	(.03)
Dividends from net realized gain on investments	(.36)	(.71)	(.90)	(1.03)	(.05)	-
Total Distributions	(.36)	(.73)	(.90)	(1.03)	(.07)	(.03)
Net asset value, end of period	15.18	14.53	12.87	14.50	14.49	10.83
Total Return (%)^b	6.97^c	18.91	(5.52)	7.61	34.52	9.68
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.13^d	1.17	1.16	1.17	1.18	1.26
Ratio of net expenses to average net assets	1.05^d	1.13	1.13	1.13	1.13	1.13
Ratio of net investment income to average net assets	.30^d	.24	.14	.08	.05	.36
Portfolio Turnover Rate	29.20^c	62.74	53.69	49.29	46.34	52.78
Net Assets, end of period ($ x 1,000)	474,659	486,156	531,434	578,656	643,506	471,404

^a Based on average shares outstanding.

^b Exclusive of sales charge.

^c Not annualized.

^d Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



Six Months Ended August 31, 2017		Year Ended February 28/29
Class C Shares	(Unaudited)	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	13.59	12.15	13.84	13.98	10.52	9.67
Investment Operations:
Investment (loss)—net^a	(.03)	(.07)	(.08)	(.09)	(.08)	(.04)
Net realized and unrealized gain (loss) on investments	.93	2.22	(.71)	.98	3.59	.90
Total from Investment Operations	.90	2.15	(.79)	.89	3.51	.86
Distributions:
Dividends from investment income—net	-	-	-	-	-	(.01)
Dividends from net realized gain on investments	(.36)	(.71)	(.90)	(1.03)	(.05)	-
Total Distributions	(.36)	(.71)	(.90)	(1.03)	(.05)	(.01)
Net asset value, end of period	14.13	13.59	12.15	13.84	13.98	10.52
Total Return (%)^b	6.57^c	18.04	(6.23)	6.79	33.43	8.90
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.87^d	1.91	1.90	1.91	1.95	2.01
Ratio of net expenses to average net assets	1.80^d	1.88	1.88	1.88	1.88	1.88
Ratio of net investment (loss) to average net assets	(.44)^d	(.51)	(.61)	(.67)	(.70)	(.40)
Portfolio Turnover Rate	29.20^c	62.74	53.69	49.29	46.34	52.78
Net Assets, end of period ($ x 1,000)	106,581	118,442	118,252	135,359	128,347	94,187

^a Based on average shares outstanding.
^b Exclusive of sales charge.
^c Not annualized.
^d Annualized.

See notes to financial statements.



	Six Months Ended August 31, 2017		Year Ended February 28/29
Class I Shares		(Unaudited)	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period		14.56	12.92	14.58	14.53	10.89	9.96
Investment Operations:
Investment income—net^a		.04	.07	.06	.05	.04	.06
Net realized and unrealized gain (loss) on investments		.99	2.37	(.76)	1.04	3.73	.93
Total from Investment Operations		1.03	2.44	(.70)	1.09	3.77	.99
Distributions:
Dividends from investment income—net		(.01)	(.09)	(.06)	(.01)	(.08)	(.06)
Dividends from net realized gain on investments		(.36)	(.71)	(.90)	(1.03)	(.05)	-
Total Distributions		(.37)	(.80)	(.96)	(1.04)	(.13)	(.06)
Net asset value, end of period		15.22	14.56	12.92	14.58	14.53	10.89
Total Return (%)		7.13^b	19.25	(5.28)	7.92	34.84	9.98
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.85^c	.88	.88	.87	.86	.90
Ratio of net expenses to average net assets		.80^c	.87	.86	.86	.84	.86
Ratio of net investment income to average net assets		.55^c	.51	.42	.37	.32	.63
Portfolio Turnover Rate		29.20^b	62.74	53.69	49.29	46.34	52.78
Net Assets, end of period ($ x 1,000)		463,080	447,384	401,688	307,239	395,794	85,640

^a Based on average shares outstanding.
^b Not annualized.
^c Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



Six Months Ended August 31, 2017		Year Ended February 28/29
Class Y Shares	(Unaudited)	2017	2016	2015	2014^a
Per Share Data ($):
Net asset value, beginning of period	14.55	12.92	14.58	14.54	11.51
Investment Operations:
Investment income—net^b	.04	.08	.07	.06	.01
Net realized and unrealized gain (loss) on investments	1.00	2.37	(.75)	1.03	3.10
Total from Investment Operations	1.04	2.45	(.68)	1.09	3.11
Distributions:
Dividends from investment income—net	(.03)	(.11)	(.08)	(.02)	(.03)
Dividends from net realized gain on investments	(.36)	(.71)	(.90)	(1.03)	(.05)
Total Distributions	(.39)	(.82)	(.98)	(1.05)	(.08)
Net asset value, end of period	15.20	14.55	12.92	14.58	14.54
Total Return (%)	7.14^c	19.34	(5.16)	7.91	27.13^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.78^d	.80	.79	.81	.92^d
Ratio of net expenses to average net assets	.78^d	.79	.79	.79	.83^d
Ratio of net investment income to average net assets	.58^d	.58	.48	.39	.13^d
Portfolio Turnover Rate	29.20^c	62.74	53.69	49.29	46.34
Net Assets, end of period ($ x 1,000)	257,085	229,861	210,912	268,554	2,721

^a From July 1, 2013 (commencement of initial offering) to February 28, 2014.
^b Based on average shares outstanding.
^c Not annualized.
^d Annualized.

See notes to financial statements.



	Six Months Ended August 31, 2017		Year Ended February 28/29
Class Z Shares		(Unaudited)	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period		14.77	13.09	14.75	14.69	10.99	10.03
Investment Operations:
Investment income—net^a		.04	.06	.05	.04	.03	.05
Net realized and unrealized gain (loss) on investments		1.01	2.40	(.76)	1.05	3.77	.94
Total from Investment Operations		1.05	2.46	(.71)	1.09	3.80	.99
Distributions:
Dividends from investment income—net		(.01)	(.07)	(.05)	(.00)^b	(.05)	(.03)
Dividends from net realized gain on investments		(.36)	(.71)	(.90)	(1.03)	(.05)	-
Total Distributions		(.37)	(.78)	(.95)	(1.03)	(.10)	(.03)
Net asset value, end of period		15.45	14.77	13.09	14.75	14.69	10.99
Total Return (%)		7.10^c	19.17	(5.31)	7.86	34.70	9.91
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.83^d	.93	.91	.90	.95	1.04
Ratio of net expenses to average net assets		.81^d	.93	.90	.90	.94	1.01
Ratio of net investment income to average net assets		.55^d	.44	.37	.31	.24	.47
Portfolio Turnover Rate		29.20^c	62.74	53.69	49.29	46.34	52.78
Net Assets, end of period ($ x 1,000)		443,126	430,180	389,776	441,658	451,517	356,959

^a Based on average shares outstanding.
^bAmount represents less than $.01 per share.
^c Not annualized.
^d Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Dreyfus Research Growth Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified open-end management investment company. The fund’s investment objective is to seek long-term capital growth consistent with the preservation of capital. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

Effective March 31, 2017, the fund authorized the issuance of Class T shares, but, as of the date of this report, the fund did not offer Class T shares for purchase. The fund authorized 100 million Class T shares which resulted in the fund’s total authorized shares increasing from 500 million to 600 million.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares. The fund is authorized to issue 100 million shares of $.001 par value Common Stock in each of the following classes of shares: Class A, Class C, Class I, Class T, Class Y and Class Z. Class A and Class T shares generally are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I and Class Y shares are sold at net asset value per share generally to institutional investors. Class Z shares are sold at net asset value per share to certain shareholders of the fund. Class Z shares generally are not available for new accounts. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

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. These securities are generally categorized within Level 2 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the fund’s Board of Directors (the “Board”). Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of August 31, 2017 in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities - Domestic Common Stocks^†	1,655,617,629	-	-	1,655,617,629
Equity Securities - Foreign Common Stocks^†	42,638,649	-	-	42,638,649
Registered Investment Companies	103,023,500	-	-	103,023,500

^† See Statement of Investments for additional detailed categorizations.

At August 31, 2017, there were no transfers between levels of the fair value hierarchy.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses 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, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended August 31, 2017, The Bank of New York Mellon earned $34,296 from lending portfolio securities, pursuant to the securities lending agreement.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act.

(d) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gains, 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 of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(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 Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended August 31, 2017, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended August 31, 2017, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended February 28, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended February 28, 2017 was as follows: ordinary income $6,954,274 and long-term capital gains $82,509,151. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in an $810 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2017, was approximately $109,200 with a related weighted average annualized interest rate of 2.06%.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement (the “Agreement”) with Dreyfus, the management fee is computed at the annual rate of .75% 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 Class Z (excluding taxes, brokerage fees, interest expense, commitment fees on borrowings, and extraordinary expenses) exceed 1½% of the value of Class Z shares’ average daily net assets, Dreyfus will bear such excess expense. In addition, Dreyfus had contractually agreed, from March 1, 2017 through April 20, 2017, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the expenses of none of the classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceeded .88% for Class A, C, I and Z shares and .80% for Class Y shares of the value of the respective class’ average daily net assets. Dreyfus has also contractually agreed, from April 21, 2017 through June 30, 2018, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the expenses of none of the classes (excluding certain expenses as described above) exceed .78% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $377,154 during the period ended August 31, 2017.

During the period ended August 31, 2017, the Distributor retained $5,403 from commissions earned on sales of the fund’s Class A shares and $5,380 from CDSCs on redemptions of the fund’s Class C shares.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended August 31, 2017, Class C shares were charged $421,126 pursuant to the Distribution Plan.

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets and Class Z shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of its average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended August 31, 2017, Class A, Class C and Class Z shares were charged $600,197, $140,375 and $38,055, respectively, pursuant to the Shareholder Services Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended August 31, 2017, the fund was charged $173,413 for transfer agency services and $14,710 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were offset by earnings credits of $14,710.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended August 31, 2017, the fund was charged $41,259 pursuant to the custody agreement. These fees were partially offset by earnings credits of $48.

During the period ended August 31, 2017, the fund was charged $5,604 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $1,069,548, Distribution Plan fees $66,383, Shareholder Services Plan fees $144,561, custodian fees $31,805, Chief Compliance Officer fees $4,670 and transfer agency fees $76,700, which are offset against an expense reimbursement currently in effect in the amount of $6,951.

(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended August 31, 2017, amounted to $493,293,486 and $577,102,017, respectively.

At August 31, 2017, accumulated net unrealized appreciation on investments was $466,138,925, consisting of $470,047,873 gross unrealized appreciation and $3,908,948 gross unrealized depreciation.

At August 31, 2017, 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).

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the fund’s Board of Directors held on March 9-10, 2017, the Board considered the renewal of the fund’s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting and compliance infrastructures. The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended January 31, 2017, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds. They also considered that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance. The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods except the two- and five-year periods when it was at or above the medians. The Board members considered the proximity of the fund’s performance to the Performance Universe median in certain periods when the fund’s performance was below the median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index and noted that the returns of the fund’s Class Z shares were above those of the index in seven of the ten calendar years shown.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were below the Expense Group and Expense Universe medians.

Dreyfus representatives stated that Dreyfus has contractually agreed to waive receipt of its fees and/or assume the expenses of the fund, until July 1, 2017, so that annual direct fund operating expenses of the fund’s Class A, C, I, Y and Z shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 0.88%, 0.88%, 0.88%, 0.80% and 0.88%, respectively, of the fund’s average daily net assets.

Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Broadridge category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.

Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also stated that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and took into consideration the soft dollar arrangements in effect for trading the fund’s investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

· The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.

· The Board expressed concern about the fund’s performance and agreed to closely monitor performance.

· The Board concluded that the fee paid to Dreyfus supported the renewal of the Agreement in light of the considerations described above.

· The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of Dreyfus and the services provided to the fund by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of the Agreement for the fund, or substantially similar agreements for other Dreyfus funds that the Board oversees, during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the fund’s arrangements, or similar arrangements for other Dreyfus funds that the Board oversees, in prior years. The Board determined to renew the Agreement.

NOTES

For More Information

Dreyfus Research Growth Fund, Inc.

200 Park Avenue
New York, NY 10166

Manager

The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Custodian

The Bank of New York Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor

MBSC Securities Corporation
200 Park Avenue
New York, NY 10166


Ticker Symbols:	Class A: DWOAX Class C: DWOCX Class I: DWOIX Class Y: DRYQX Class Z: DREQX

Telephone Call your financial representative or 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (phone 1-800-SEC-0330 for information).

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.


© 2017 MBSC Securities Corporation 6232SA0817

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Research Growth Fund, Inc.

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak

President

Date: October 27, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak

President

Date: October 27, 2017

By: /s/ James Windels

James Windels

Treasurer

Date: October 27, 2017

EXHIBIT INDEX

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)