Report of Independent Registered Public Accounting Firm

The Board of Trustees of 
Dreyfus High Yield Strategies Fund:

We have examined management's assertion, included in the 
accompanying Management Statement Regarding Compliance With 
Certain Provisions of the Investment Company Act of 1940, 
that the Dreyfus High Yield Strategies Fund (the "Fund") 
complied with the requirements of subsections (b) and (c) 
of Rule 17f-2 under the Investment Company Act of 1940 (the 
Act) as of June 30, 2005.  Management is responsible for 
the Fund's compliance with those requirements.  Our 
responsibility is to express an opinion on management's 
assertion about the Fund's compliance based on our 
examination.

Our examination was conducted in accordance with the 
standards of the Public Company Accounting Oversight Board 
(United States) and, accordingly, included examining, on a 
test basis, evidence about the Fund'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 
June 30, 2005 and with respect to agreement of security 
purchases and sales, for the period from March 31, 2005 
(the date of our last examination), through June 30, 2005: 

1. 	Examination of Mellon Bank N.A.'s (the "Custodian") 
security position reconciliations for all securities 
held by sub custodians and in book entry form;

2. 	Confirmation of all securities hypothecated, pledged 
or placed in escrow with brokers;

3.	Inspection of documentation of other securities held 
in safekeeping by Custodian but not included in 1) and 
2) above;

4. 	Reconciliation between the Fund's accounting records 
and the custodian's records as of June 30, 2005 and 
verified reconciling items;

5.	Agreement of pending trade activity for the Fund as of 
June 30, 2005 to documentation of corresponding 
subsequent cash receipts or payments;

6.	Agreement of Dreyfus Family of Funds' trade tickets 
for seven purchases and eight sales or maturities for 
the period March 31, 2005 (the date of our last 
examination) through June 30, 2005, to the books and 
records of the Funds noting that they had been 
accurately recorded and subsequently settled;

7. 	Confirmation of all repurchase agreements with 
brokers/banks and agreement of underlying collateral 
with the Custodian's records;

8.	We reviewed Mellon Global Securities Services Report 
on Controls Placed in Operation and Tests of Operating 
Effectiveness ("SAS 70 Report") for the period January 
1, 2005 through June 30, 2005 and noted no negative 
findings were reported in the areas of Asset Custody 
and Control.	

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

In our opinion, management's assertion that the Dreyfus 
High Yield Strategies Fund complied with the requirements 
of subsections (b) and (c) of Rule 17f-2 of the Investment 
Company Act of 1940 as of June 30, 2005, with respect to 
securities reflected in the investment account of the Fund 
is fairly stated, in all material respects.

This report is intended solely for the information and use 
of management and the Board of Trustees of the Dreyfus High 
Yield Strategies Fund and the Securities and Exchange 
Commission and is not intended to be and should not be used 
by anyone other than these specified parties.
KPMG LLP 


New York, New York 
September 23, 2005


September 23, 2005

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

Management of the Dreyfus High Yield Strategies Fund (the 
"Fund") is 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. Management is also 
responsible for establishing and maintaining effective 
internal controls over compliance with those requirements. 
Management has performed an evaluation of the Fund's 
compliance with the requirements of subsections (b) and (c) 
of Rule 17f-2 as of June 30, 2005 and from March 31, 2005 
through June 30, 2005.

Based on this evaluation, Management asserts that the Fund 
was in compliance with the requirements of subsections (b) 
and (c) of Rule 17f-2 of the Investment Company Act of 1940 
as of June 30, 2005 and from March 31, 2005 through June 
30, 2005 with respect to securities reflected in the 
investment accounts of the Fund.

Dreyfus High Yield Strategies Fund


James Windels 
Treasurer