[C]
SECURITIES AND EXCHANGE COMMISSION ------------------------
WASHINGTON, D.C. 20549 OMB Approval
FORM N-17f-2 ------------------------
OMB Number 3235-0360
Certificate of Accounting of Securities and Similar Expires: July 31, 1994
Investments in the Custody of Estimated average burden
Management Investment Companies hours per response. 0.05
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number:
811-370
Date examination completed: October 31, 1999
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2. State identification Number: N/A
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in registration statement:
The Dreyfus/Laurel Tax-Free Municipal Funds
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4. Address of principal executive office (number, street, city, state, zip code)
200 Park Avenue, 55th Floor, New York, NY10166
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EXHIBIT 23
To the Board of Directors of
the Dreyfus/Laurel Tax-Free Municipal
Funds and the Securities and Exchange Commission:
We have examined management's assertion about the Dreyfus/Laurel Tax-Free
Muncipal Funds (constituting the Dreyfus Premier Limited Term Massachusetts
Municipal Fund, Dreyfus Premier Limited Term Municipal Fund, Dreyfus
BASIC New York Municipal Money Market Fund, Dreyfus BASIC California
Municipal Money Market Fund, and Dreyfus BASIC Massachusetts Municipal
Money Market Fund) (the "Funds")compliance with the requirements of
subsection (b) and (c) of Rule 17f-2 under the Investment Company Act
of 1940 (the Act) as of October 31, 1999 included in the accompanying
Management Statement Regarding Compliance with Certain Provisions of
the Investment Company Act of 1940. Management is responsible for the
Funds' compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Funds'compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary
in the circumstances. Included among our procedures were the following tests
performed as of October 31, 1999 and for the period from June 30, 1999
(the date of our last examination) through October 31, 1999, with respect
to securities transactions, without prior notice to management:
1. Count and inspection of all securities located in the Mellon
Trust- Global Trust Services ("Mellon Trust") vault at 120
Broadway, New York, New York as of October 31, 1999;
2. Review of Mellon Trust's systems of reconciliation and control
including their reconciliations with the Federal Reserve Bank of
Boston, Depository Trust Company, Participant Trust Company and
other depositories/intermediaries, as well as their reconciliation
of these holdings with customers' positions. Such review included
analysis and testing of a sample of reconciling items;
3. Agreement of pending trade activity for the Funds as of
October 31, 1999 to their corresponding subsequent bank
statements;
4. Review of the investment accounts and supporting records
of the Funds, including tests of security transactions since our
last report, on a test basis.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Funds'
compliance with specified requirements.
In our opinion, management's assertion that The Dreyfus/Laurel Tax-Free
Municipal Funds were in compliance with the requirements of subsections
(b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of
October 31, 1999 with respect to securities reflected in the investment
accountsof the Funds is fairly stated, in all material respects.
This report is intended solely for the information and use of management
of the Dreyfus/Laurel Tax-Free Municipal Funds and the Securities and
Exchange Commission and should not be used for any other purpose.
/s/ KPMG LLP
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KPMG LLP
New York, New York
November 16, 1999
November 16, 1999
Management Statement Regarding Compliance with Certain Provisions of
the Investment Company Act of 1940
We, as members of management of The Dreyfus/Laurel Tax-Free
Municipal Funds (constituting the Dreyfus Premier Limited Term
Massachusetts Municipal Fund, Dreyfus Premier Limited Term Municipal
Fund, Dreyfus BASIC New York Municipal Money Market Fund, Dreyfus BASIC
California Municipal Money Market Fund, and Dreyfus BASIC Massachusetts
Municipal Money Market Fund) (the "Funds"), are responsible for complying
with the requirements of subsections (b) and (c) of Rule 17f-2, "Custody of
Investments by Registered Management Investment Companies," of the Investment
Company Act of 1940. We are also responsible for establishing and maintaining
effective internal controls over compliance with the requirements. We have
performed an evaluation of the Funds' compliance with the requirements
of subsections(b) and (c) of Rule 17f-2 as of October 31, 1999 and for
the period from June 30, 1999 (date of last examination) through October
31, 1999
Based on this evaluation, we assert that the Funds were in compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 of
the Investment Company Act of 1940 as of October 31, 1999 and for
the period from June 30, 1999 (date of last examiniation) through
October 31, 1999, with respect to securities reflected in the
investment accounts of the Funds.
Sincerely,
/s/ Stephen E. Canter
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Stephen E. Canter
Chief Operating Officer
The Dreyfus Corporation
