DREYFUS HIGH YIELD STRATEGIES FUND
40-17F2/A, 2000-02-29
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                                                                  [C]
          SECURITIES AND EXCHANGE COMMISSION            ------------------------
                WASHINGTON, D.C. 20549                            OMB Approval
                     FORM N-17f-2                       ------------------------
                                                        OMB Number   3235-0360
   Certificate of Accounting of Securities and Similar  Expires:  July 31, 1994
             Investments in the Custody of              Estimated average burden
            Management Investment Companies             hours per response. 0.05

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

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1. Investment Company Act File Number:

      811-8703

   Date examination completed:  October 31, 1998

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2. State identification Number:  N/A
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     AL        AK        AZ        AR       CA        CO
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     CT        DE        DC        FL       GA        HI
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     ID        IL        IN        IA       KS        KY
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     LA        ME        MD        MA       MI        MN
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     MS        MO        MT        NE       NV        NH
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     NJ        NM        NY        NC       ND        OH
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     OK        OR        PA        RI       SC        SD
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     TN        TX        UT        VT       VA        WA
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     WV        WI        WY        PUERTO RICO
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     Other (specify):
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3. Exact name of investment company as specified in registration statement:

     The Dreyfus High Yield Strategies Fund
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4. Address of principal executive office (number, street, city, state, zip code)

      200 Park Avenue, 55th Floor, New York, NY10166
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							EXHIBIT 23

To the Board of Directors of
the Dreyfus High yield Strategies Fund
and the Securities and Exchange Commission:


We have examined management's assertion about The Dreyfus High Yield
Strategies Fund's compliance with the requirements of subsection
(b) and (c) of Rule 17f-2 under the Investment Company Act of
1940 (the Act) as of October 31, 1998 included in the accompanying
Management Statement Regarding Compliance with Certain Provisions
of the Investment Company Act of 1940.  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 made in accordance with standards established by the
American Institute of Certified Public Accountants 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 October 31, 1998 and for the period
from June 30, 1998 (the date of our last examination) through October 31,
1998, with respect to securities transactions, without prior notice to
management:

	1.  Count and inspection of all securities located in the Mellon
	Trust- Global Trust Services ("Mellon Trust") vault at 120
	Broadway, New York, New York as of October 31, 1998;

	2.  Review of Mellon Trust's systems of reconciliation and control
	including their reconciliations with the Federal Reserve Bank of
	Boston, Depository Trust Company, Participant Trust Company and
	other depositories/intermediaries, as well as their reconciliation
	of these holdings with customers' positions.  Such review included
	analysis and testing of a sample of reconciling items;

	3.  Agreement of pending trade activity for the Fund as of
	October 31, 1998 to their corresponding subsequent bank
	statements;

	4.  Review of the investment accounts and supporting records
	of the Fund, including tests of security transactions since our
	last report, on a test basis.

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 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, 1998 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 of The Dreyfus High Yield Strategies Fund and the
Securities and Exchange Commission and should not be used for
any other purpose.


					/s/ KPMG  LLP
					-------------------------
					KPMG  LLP

New York, New York
December 17, 1998





December 17, 1998



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



We, as members of management of The Dreyfus High Yield Strategies Fund
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 internal controls
over compliance with the requirements.  We have performed an evaluation
of the Fund's compliance with the requirements of subsections(b) and (c)
of Rule 17f-2 as of October 31, 1998 and for the period from June 30, 1998
(date of last examination) through October 31, 1998.

Based on this evaluation, we assert 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 October 31, 1998 and for
the period from June 30, 1998 (date of last examiniation) through
October 31, 1998, with respect to securities reflected in the
investment accounts of the Fund.


Sincerely,


/s/ Stephen E. Canter
- ------------------
Stephen E. Canter
Chief Operating Officer
The Dreyfus Corporation






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