EXHIBIT 23
To the Board of Trustees of
the Dreyfus High Yield Strategies Fund
and Securities and Exchange Commission:
We have examined management's assertion about the Dreyfus High Yield
Strategies Fund's (the "Fund") compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 under the Investment Company Act
of 1940 as of August 31, 2000 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 August 31, 2000 and for the period from May 31, 2000
(the date of our last examination) through August 31, 2000,
with respect to security transactions, without prior
notice to management:
* 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 August 31, 2000;
* 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;
* Agreement of pending trade activity for the Fund as of
August 31, 2000 to its corresponding subsequent bank statement;
* Review of the investment account 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 August 31, 2000 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 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
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KPMG LLP
New York, New York
October 20, 2000
October 20, 2000
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 (the "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 those 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
August 31, 2000 and for the period from May 31, 2000 (date of your
last examination) through August 31, 2000.
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 August 31, 2000 and for the
period from May 31, 2000 (date of your last examination) through
August 31, 2000, with respect to securities reflected in the
investment account of the Fund.
Dreyfus High Yield Strategies Fund
/s/ Stephen E. Canter
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Stephen E. Canter
Chief Operating Officer
The Dreyfus Corporation
