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 August 31, 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 August 31, 2005 and with respect to agreement of security 
purchases and sales, for the period from June 30, 2005 (the date of our last 
examination), through August 31, 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 August 31, 2005 and verified reconciling items;
5.	Agreement of pending trade activity for the Fund as of August 31, 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 June 30, 2005 (the date of 
our last examination) through August 31, 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 August 31, 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 
November 29, 2005


November 29, 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 August 31, 2005 and from June 30, 2005
through August 31, 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 August 31, 2005 and from June 30, 2005
through August 31, 2005 with respect to securities reflected in the investment
accounts of the Fund.

Dreyfus High Yield Strategies Fund

James Windels 
Treasurer