[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:
811-527
Date examination completed: March 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 Funds, Inc.
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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 Funds, Inc.
and the Securities and Exchange Commission:
We have examined management's assertion about the Dreyfus/Laurel Funds,
Inc. (constituting the Dreyfus Basic S&P 500 Stock Funds, Dreyfus
Bond Market Index Fund, Dreyfus Disciplined Intermediate Bond Fund
, Dreyfus Disciplined Small Cap Stock Fund, Dreyfus Disciplined Stock
Fund, Dreyfus Institutional Government Money Market Fund, Dreyfus
Institutional Prime Money Market Fund, Dreyfus Institutional U.S.
Treasury Money Market Fund, Dreyfus Money Market Reserves, Dreyfus
Municipal Reserves, Dreyfus U.S. Treasury Reserves, Dreyfus Premier
Balanced Fund, Dreyfus Premier Large Company Stock Fund, Dreyfus
Premier Limited Term Income Fund, Dreyfus Premier Midcap Stock Fund,
Dreyfus Premier Smallcap Value Fund, Dreyfus Premier Small Company
Stock Fund, Dreyfus Premier Tax Managed Growth Fund, and Dreyfus
Tax Smart Growth 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 March 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 March 31, 1999 and for the period
from October 31, 1998 (the date of our last examination) through March 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 March 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
March 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 Funds, Inc. were in compliance with the requirements
of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of March 31, 1999 with respect to securities
reflected in the investment accounts of 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 Funds, Inc. 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
June 8, 1999
June 8, 1999
Management Statement Regarding Compliance with Certain Provisions of
the Investment Company Act of 1940
We, as members of management of The Dreyfus/Laurel Funds Inc.
(constituting the Dreyfus Basic S&P 500 Stock Funds, Dreyfus
Bond Market Index Fund, Dreyfus Disciplined Intermediate Bond Fund
, Dreyfus Disciplined Small Cap Stock Fund, Dreyfus Disciplined Stock
Fund, Dreyfus Institutional Government Money Market Fund, Dreyfus
Institutional Prime Money Market Fund, Dreyfus Institutional U.S.
Treasury Money Market Fund, Dreyfus Money Market Reserves, Dreyfus
Municipal Reserves, Dreyfus U.S. Treasury Reserves, Dreyfus Premier
Balanced Fund, Dreyfus Premier Large Company Stock Fund, Dreyfus
Premier Limited Term Income Fund, Dreyfus Premier Midcap Stock Fund,
Dreyfus Premier Smallcap Value Fund, Dreyfus Premier Small Company
Stock Fund, Dreyfus Premier Tax Managed Growth Fund, and Dreyfus
Tax Smart Growth 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
March 31, 1999 and for the period from October 31, 1998 (date of
last examination) through March 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 March 31, 1999 and for
the period from October 31, 1998 (date of last examination) through
March 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
