DOCUMENT
TYPE-40-17F2
SEQUENCE-1
FILENAME-r4017f2-073004.txt
DESCRIPTION-DREYFUS HIGH YIELD STRATEGIES FUND
TEXT
United States
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, 2006
Investments in the Custody of Estimated average burden
Management Investment Companies hours per response. 0.15
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number:
811-524
Date examination completed: July 30, 2004
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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:
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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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 July 30, 2004. 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 attestation standards
established by 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 July 30, 2004, and with respect to agreement
of security purchases and sales, for the period from May 28, 2004
(the date of our last examination), through July 30, 2004:
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 July 30, 2004 and verified reconciling items;
5. Agreement of pending trade activity for the Fund as of
July 30, 2004 to documentation of corresponding subsequent cash receipts
or payments;
6. Agreement of Dreyfus Family of Funds' trade tickets for eight
purchases and seven sales or maturities for the period May 28, 2004
(the date of our last examination) through July 30, 2004, 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, 2004 through June 30, 2004 and noted no
negative findings were reported in the areas of Asset Custody and Control; and
9. 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 Report, have remained in operation
nd functioned adequately from July 1, 2004 through July 30, 2004.
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 July 30,
2004, 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
October 28, 2004
October 28, 2004
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
July 30, 2004 and from May 28, 2004 through July 30, 2004.
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 July 30, 2004 and
from May 28, 2004 through July 30, 2004 with respect to
securities reflected in the investment accounts of the Fund.
Dreyfus High Yield Strategies Fund
James Windels
Treasurer