<PAGE> PAGE 1
000 B000000 03/31/2000
000 C000000 0001057861
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 DREYFUS HIGH YIELD STRATEGIES FUND
001 B000000 811-8703
001 C000000 2129226805
002 A000000 200 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10166
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
008 A000001 THE DREYFUS CORPORATION
008 B000001 A
008 C000001 801-8147
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10166
018 000000 Y
019 A000000 Y
019 B000000 173
019 C000000 DREYFUSFAM
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 LEHMAN BROTHERS INC.
022 B000001 13-2518466
022 C000001 1530600
022 D000001 12230
022 A000002 GOLDMAN, SACHS & CO.
022 B000002 13-5108880
022 C000002 863669
022 D000002 0
<PAGE> PAGE 2
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
022 C000003 507188
022 D000003 13712
022 A000004 CHASE SECURITIES, INC.
022 B000004 13-3112953
022 C000004 285024
022 D000004 6125
022 A000005 WASSERSTEIN PERELLA SECURITIES, INC.
022 B000005 13-3502273
022 C000005 41653
022 D000005 122780
022 A000006 MORGAN STANLEY DEAN WITTER & CO.
022 B000006 13-2655998
022 C000006 148194
022 D000006 0
022 A000007 SALOMON SMITH BARNEY
022 B000007 13-1912900
022 C000007 123763
022 D000007 6891
022 A000008 CS FIRST BOSTON CORPORATION
022 B000008 13-5659485
022 C000008 118393
022 D000008 1915
022 A000009 NATIONSBANK
022 B000009 75-0520130
022 C000009 79107
022 D000009 970
022 A000010 UBS SECURITIES LLC
022 B000010 13-3873456
022 C000010 55716
022 D000010 0
023 C000000 4022816
023 D000000 274420
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 1.5
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 124.5
062 Q000000 8.4
<PAGE> PAGE 3
062 R000000 0.0
063 A000000 0
063 B000000 6.0
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
071 A000000 267133
071 B000000 307649
071 C000000 941717
071 D000000 28
072 A000000 12
072 B000000 114655
072 C000000 5056
072 D000000 0
072 E000000 0
072 F000000 8787
072 G000000 0
072 H000000 0
072 I000000 1043
072 J000000 79
072 K000000 0
072 L000000 132
072 M000000 203
072 N000000 52
072 O000000 1
072 P000000 15724
072 Q000000 0
072 R000000 80
072 S000000 57
072 T000000 0
072 U000000 49
072 V000000 68
072 W000000 19
072 X000000 26294
072 Y000000 0
072 Z000000 93417
072AA000000 11105
072BB000000 77383
072CC010000 0
072CC020000 45624
072DD010000 94286
072DD020000 0
072EE000000 0
073 A010000 1.4784
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
<PAGE> PAGE 4
074 A000000 0
074 B000000 0
074 C000000 9927
074 D000000 805180
074 E000000 50742
074 F000000 3582
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 10362
074 K000000 0
074 L000000 33251
074 M000000 465
074 N000000 913509
074 O000000 15629
074 P000000 710
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 250494
074 S000000 0
074 T000000 646676
074 U010000 64259
074 U020000 0
074 V010000 10.06
074 V020000 0.00
074 W000000 0.0000
074 X000000 907
074 Y000000 0
075 A000000 0
075 B000000 976311
076 000000 8.87
077 A000000 Y
077 B000000 Y
080 A000000 VIGILANT INSURANCE COMPANY
080 B000000 NATIONAL UNION FIRE INS. CO. OF PITTS. PA.
080 C000000 125
081 A000000 Y
081 B000000 186
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE WILLIAM MCDOWELL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001057861
<NAME> DREYFUS HIGH YIELD STRATEGIES FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 1079594
<INVESTMENTS-AT-VALUE> 869431
<RECEIVABLES> 43613
<ASSETS-OTHER> 465
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 913509
<PAYABLE-FOR-SECURITIES> 15629
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 251204
<TOTAL-LIABILITIES> 266833
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 954105
<SHARES-COMMON-STOCK> 64259
<SHARES-COMMON-PRIOR> 62815
<ACCUMULATED-NII-CURRENT> 10550
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (114430)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (203549)
<NET-ASSETS> 646676
<DIVIDEND-INCOME> 5056
<INTEREST-INCOME> 114655
<OTHER-INCOME> 0
<EXPENSES-NET> 26294
<NET-INVESTMENT-INCOME> 93417
<REALIZED-GAINS-CURRENT> (66278)
<APPREC-INCREASE-CURRENT> (45624)
<NET-CHANGE-FROM-OPS> (18485)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (94286)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1444
<NET-CHANGE-IN-ASSETS> (96157)
<ACCUMULATED-NII-PRIOR> 11420
<ACCUMULATED-GAINS-PRIOR> (48152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8787
<INTEREST-EXPENSE> 15724
<GROSS-EXPENSE> 26294
<AVERAGE-NET-ASSETS> 976311
<PER-SHARE-NAV-BEGIN> 11.83
<PER-SHARE-NII> 1.46
<PER-SHARE-GAIN-APPREC> (1.75)
<PER-SHARE-DIVIDEND> (1.48)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 3.710
</TABLE>
To the Board of Trustees and Shareholders of
Dreyfus High Yield Strategies Fund
In planning and performing our audit of the financial statements of the
Dreyfus High Yield Strategies Fund (the "Fund") for the year ended March 31,
2000, we considered its internal control, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including procedures for
safeguarding securities that we consider to be material weaknesses as defined
above as of March 31, 2000.
This report is intended solely for the information and use of management, the
Board of Trustees of 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.
New York, New York
May 26, 2000
