Report of Independent Registered Public Accounting Firm

To the Board of Directors
The Dreyfus Fund Incorporated


We have examined management's assertion about The Dreyfus Fund Incorporated's
(the "Company") compliance with the requirements of subsections (b) and (c)
of Rule 17f-2 of the Investment Company Act of 1940 ("the Act") as of
October 31, 2003, with respect to securities and similar investments
reflected in the investment account of the Company, included in the
accompanying Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940.  Management is responsible
for the Company's compliance with those requirements.  Our responsibility is
to express an opinion on management's assertion about the Company's compliance
based on our examination.

Our examination was made in accordance with attestation standards established
by the Public Company Accounting Oversight Board (United States) and
accordingly, included examining, on a test basis, evidence about the Company's
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, 2003, and with respect to
agreement of security and similar investments purchases and sales, for the
period from May 31, 2003 (the date of last examination) through
October 31, 2003;

Count and inspection of all securities and similar investments located in the
vault of Mellon Bank in New York, without prior notice to management;

Confirmation of all securities and similar investments held by institutions
in book entry form (i.e., the Federal Reserve Bank of Boston, the Depository
Trust Company and the Participant Trust Company);

Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Company and Mellon Bank;

Confirmation of all repurchase agreements, if any, with brokers/banks and
agreement of underlying collateral with Mellon Bank's records;

We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Company's
compliance with specified requirements.

In our opinion, management's assertion that The Dreyfus Fund Incorporated was
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, 2003 with respect
to securities and similar investments reflected in the investment account of
the Company is fairly stated, in all material respects.

This report is intended solely for the information and use of management of
The Dreyfus Fund Incorporated and the Securities and Exchange Commission and
should not be used for any other purpose.


                         ERNST & YOUNG LLP

New York, New York
December 15, 2003




                   UNITED STATES
        SECURITIES AND EXCHANGE COMMISSION
               Washington, DC 20549

                   FORM N-17f-2

Certificate of Accounting or Securities and Similar
          Investments in the Custody of
          Management Investment Companies

     Pursuant to Rule 17f-2 [17 CRF 270.17f-2]

1. Investment Company Act File     Date examination
    Number:              	     completed:
    811- 523           	     12/15/2003

2.   State Identification Number:

AL   AK   AZ   AR   CA   CO
CT   DE   DC   FL   GA   HI
ID   IL   IN   IA   KS   KY
LA   ME   MD   MA   MI   MN
MS   MO   MI   NE   NV   NH
NJ   NM   NY   NC   ND   OH
OK   OR   PA   RI   SC   SD
TN   TX   UT   VT   VA   WA
WV   WI   WY   PUERTO
               RICO

Other
Specify:

3.   Exact name of investment company as specified in registration statement:

4.   Address of principal executive office: (number, street, city, state,
	zip code)
     200 Park Avenue, 55th Floor , New York, NY 10166

INSTRUCTIONS

     The Form must be completed by investment companies that have custody of
     securities or similar investments

Investment Company

1.   All items must be completed by the investment company.

2.   Give this Form to the independent public accountant who, in compliance
     with Rule 17f-2 under the Act and applicable state law, examine
     securities and similar investments in the custody of the investment
     company.

Accountant

3.   Submit this Form to the Securities and Exchange Commission and
     appropriate state securities administrators when filing the certificate
     of accounting required by Rule 17f-2 under the Act and applicable state
     law.  File the original and one copy with the Securities and Exchange
     Commissions's principal office in Washington D.C., one copy with the
     regional office for the region in which the investment company's
     principal business operations are conducted, and one copy with the
     appropriate state administrator(s), if applicable.

         THIS FORM MUST BE GIVEN TO YOUR
           INDEPENDENT PUBLIC ACCOUNTANT


  Management Statement Regarding Compliance with
                Certain Provisions
       of the Investment Company Act of 1940

We, as members of management of The Dreyfus Fund Incorporated (the
"Company"), 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 controls over compliance with those
requirements.  We have performed an evaluation of the Company's compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of October
31, 2003.

Based on this evaluation, we assert that the Company was 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, 2003 with respect to securities and
similar investments reflected in the investment account of the Company.

The Dreyfus Fund Incorporated

By:

     /s/Jim Windels
     Jim Windels,
     Treasurer
     The Dreyfus Corporation