NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Emerging Leaders Fund (the "Fund") is a series of Dreyfus Growth and Value Funds, Inc. (the
"Company") which is registered under the Investment Company Act of 1940 ("Act") as a diversified open-end
management investment company and operates as a series company currently offering eight series, including the
Fund. The Fund's investment objective is capital growth. The Dreyfus Corporation ("Manager") serves as the
Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A. ("Mellon"). Premier Mutual
Fund Services, Inc. (the "Distributor") is the distributor of the Fund's shares, which are sold to the public without
a sales charge.
The Company accounts separately for the assets, liabilities and operations of each fund. Expenses directly
attributable to each fund are charged to that fund's operations; expenses which are applicable to all funds are
allocated among them on a pro rata basis.
The Fund's financial statements are prepared in accordance with generally accepted accounting principles which
may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: The Fund's investments in securities (including options and financial futures)
are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the
last sales price on the national securities market. Securities not listed on an exchange or the national securities
market, or securities for which there were no transactions, are valued at the average of the most recent bid and
asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is
used when no asked price is available. Investments denominated in foreign currencies are translated to U.S.
dollars at the prevailing rates of exchange.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are recorded
on a trade date basis. Rea