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 March 31, 2006.
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 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 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, 2006 and with respect to agreement
of security purchases and sales, for the period from August 31, 2005 (the
date of our last examination), through March 31, 2006:

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 Funds' accounting records and the custodian's
records as of March 31, 2006 and verified reconciling items;
5. Confirmation of pending purchases for the Fund as of March 31, 2006 with
brokers, where responses were not received, and inspection of documentation
corresponding to subsequent cash payments;
6. Agreement of pending sale activity for the Funds as of March 31, 2006 to
documentation of corresponding subsequent cash receipts;
7. Agreement of Dreyfus Family of Funds' trade tickets for eight purchases
and seven sales or maturities for the period August 31, 2005 (the date of
our last examination) through March 31, 2006, to the books and records of the
Funds noting that they had been accurately recorded and subsequently settled;
8. Confirmation of all repurchase agreements with brokers/banks and agreement
of underlying collateral with the Custodian's records;
9. We reviewed Mellon Global Securities Services Report on Controls Placed
in Operation and Tests of Operating Effectiveness ("SAS 70 Report") for the
period July 1, 2005 through December 31, 2005 and noted no negative findings
were reported in the areas of Asset Custody and Control; and
10. We inquired of the Custodian who concurred that all control policies and
procedures detailed in Section IV Control Objectives, Controls and Tests of
Operating Effectiveness of the SAS 70 Reports, have remained in operation and
functioned adequately from August 31, 2005 through March 31, 2006.
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 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 March 31, 2006, with respect to
securities reflected in the investment accounts 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
June 29, 2006


June 29, 2006


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 March 31, 2006 and from August 31, 2005
through March 31, 2006.

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 March 31, 2006 and from August 31, 2005 through
March 31, 2006 with respect to securities reflected in the investment accounts
of the Fund.

Dreyfus High Yield Strategies Fund


James Windels
Treasurer